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Citizens Business Bank fourth quarter earnings up over last year’s

By   /   Thursday, January 21st, 2016  /   Comments Off on Citizens Business Bank fourth quarter earnings up over last year’s

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Ontario-based Citizens Business Bank reported $28.6 million in net earnings for the fourth quarter of 2015, or 27 cents a share. That was up $3 million from the fourth quarter of 2014.

For the year, net earnings were $99.1 million, or 93 cents per share. That was down $4.9 million, or 4.69 percent, from the prior year.

Total loans increased by $194.8 million for the quarter, or 5.1 percent. Seasonal dairy loans accounted for close to half of that growth, the bank said.

“We are pleased with our financial results for the fourth quarter and 2015 as a whole,” Citizens President and CEO Chris Myers said in a news release. “We experienced significant loan growth in the fourth quarter as new business production was strong and loan prepayment pressure moderated. The increase in loans was driven not only by the addition of our new banking teams in Ventura, Los Angeles, and San Diego, but also by our existing business financial centers as a whole.”

Citizens’ acquisition of County Commerce Bank is expected to go through in February. The bank recently opened an office at 1101 Anacapa St.

The bank reported total assets of $7.67 billion at the end of the year. That was a $44.7 million increase from the third quarter.

• Contact Alex Kacik at [email protected]

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