CVB Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017
January 25, 2018 at 04:09 am IST
Share
CVB Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, total interest income was $73,319,000 against $67,364,000 a year ago. Net interest income was $72,221,000 against $66,586,000 a year ago. Earnings before income taxes were $50,300,000 against $43,321,000 a year ago. Net earnings were $17,851,000 against $27,076,000 a year ago. Basic and diluted earnings per common share were $0.16 against $0.25 a year ago. Adjusted net earnings were $31,059,000 against $27,076,000 a year ago. Return on average assets was 0.85% against 1.33% a year ago. Adjusted return on average assets was 1.48% against 1.33% a year ago. Return on average equity was 6.48% against 10.60% a year ago. Adjusted return on average equity was 11.28% against 10.60% a year ago. Adjusted earnings per basic and diluted common share were $0.28 against $0.25 a year ago. Book value per share as at December 31, 2017 was $9.70 against $9.15 a year ago. Tangible book value per share as at December 31, 2017 was $8.58 against $8.28 a year ago.
For the year, total interest income was $287,226,000 against $265,050,000 a year ago. Net interest income was $282,938,000 against $262,382,000 a year ago. Earnings before income taxes were $188,795,000 against $162,286,000 a year ago. Net earnings were $104,411,000 against $101,429,000 a year ago. Basic and diluted earnings per common share were $0.95 against $0.94 a year ago. Adjusted net earnings were $117,619,000 against $101,429,000 a year ago. Return on average assets was 1.26% against 1.26% a year ago. Adjusted return on average assets was 1.42% against 1.26% a year ago. Return on average equity was 9.84% against 10.26% a year ago. Adjusted return on average equity was 11.08% against 10.26% a year ago. Adjusted earnings per basic and diluted common share were $1.07 against $0.94 a year ago.
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.