Net earnings up 47.7 percent at Citizens Business Bank
Ontario-based Citizens Business Bank reported a 47.7 percent increase in net earnings for the first quarter of 2016.
CVB Financial Corp. and its subsidiary Citizens Business Bank reported a $23.4 million net income, or 22 cents a share, up from $15.8 million in the first quarter of 2015. It was an increase of $7.6 million — nearly 48 percent.
Total loans and leases, net of deferred fees and discounts, increased by $156.5 million for the quarter, or 3.9 percent.
Noninterest-bearing deposits totaled $3.35 billion, or 53.9 percent of total deposits.
Citizens completed its acquisition of County Commerce Bank in February, along with CCB’s locations in Ventura, Oxnard, Camarillo and Westlake Village. At close, Citizens Business Bank acquired $168 million of loans, assumed $80.6 million of noninterest-bearing deposits and $224.2 million of total deposits.
Citizens reported $7.92 billion in total assets.
• Contact Alex Kacik at akacik@pacbiztimes.com.
