CVB Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended of December 31, 2016
January 18, 2017 at 05:34 pm
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CVB Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended of December 31, 2016. For the quarter, the company’s total interest income was $67,364,000 compared to $65,087,000 a year ago. Net interest income after recapture of provision for loan losses was $69,841,000 compared to $64,358,000 a year ago. Earnings before income taxes were $43,321,000 compared to $41,160,000 a year ago. Net earnings were $27,076,000 compared to $28,613,000 a year ago. Basic and diluted earnings per share were $0.25 compared to $0.27 a year ago. Return on average assets, annualized was 1.33% compared to 1.47% a year ago. Return on average equity, annualized was 10.60% compared to 12.17% a year ago. Book value per share was $9.15 compared to $8.68 a year ago. Tangible book value per share was $8.28 compared to $7.96 a year ago. Net interest income, before provision for loan losses, was $65.4 million for the fourth quarter of 2016, compared to $63.2 million for the third quarter of 2016 and $63.3 million for the fourth quarter of 2015.
For the full year, the company’s total interest income was $265,050,000 compared to $261,513,000 a year ago. Net interest income after recapture of provision for loan losses was $263,474,000 compared to $258,542,000 a year ago. Earnings before income taxes were $162,286,000 compared to $151,366,000 a year ago. Net earnings were $101,429,000 compared to $99,145,000 a year ago. Basic and diluted earnings per share were $0.94 compared to $0.93 a year ago. Return on average assets, annualized was 1.26% compared to 1.31% a year ago. Return on average equity, annualized was 10.26% compared to 10.87% a year ago. Net interest income, before provision for loan losses, totaled $257.1 million for the year ended December 31, 2016, compared to $252.9 million for 2015.
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.