CVB Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 22, 2014 at 04:40 pm
Share
CVB Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company's total interest income was $59,293,000 compared to $60,133,000 a year ago. Net interest income before provision for loan losses was $55,109,000 compared to $55,644,000 a year ago. Net interest income after provision for loan losses was $61,909,000 compared to $55,644,000 a year ago. Earnings before income taxes was $38,531,000 compared to $32,394,000 a year ago. Net earnings was $25,288,000 or $0.24 per diluted share compared to $22,136,000 or $0.21 per diluted share a year ago. Return on average assets, annualized was 1.50% compared to 1.37% a year ago. Return on average equity, annualized was 12.86% compared to 11.52% a year ago.
For the year, the company's total interest income was $232,773,000 compared to $262,222,000 a year ago. Net interest income before provision for loan losses was $216,266,000 compared to $236,950,000 a year ago. Net interest income after provision for loan losses was $233,016,000 compared to $236,950,000 a year ago. Earnings before income taxes was $144,275,000 compared to $114,693,000 a year ago. Net earnings was $95,608,000 or $0.91 per diluted share compared to $77,280,000 or $0.74 per diluted share a year ago. Return on average assets, annualized was 1.48% compared to 1.19% a year ago. Return on average equity, annualized was 12.34% compared to 10.31% a year ago. Tangible book value per share as on December 31, 2013 was $6.78.
CVB Financial Corp. is a bank holding company for Citizens Business Bank (the Bank). The Bank offers personalized service combined with a range of banking and trust services for businesses, professionals and individuals located in the service areas of its centers. It offers a range of bank deposit instruments, including checking, savings, money market and time certificates of deposit for both business and personal accounts, municipalities and districts, and specialized deposit products for title and escrow. It provides lending products, including commercial, agribusiness, consumer, small business administration loans, real estate loans, construction loans and equipment and vehicle leasing. It offers a range of financial services and trust services through its CitizensTrust division, including fiduciary services, mutual funds, annuities, 401(k) plans and individual investment accounts. It also offers a range of specialized services designed for the needs of its commercial customers.