CVB Financial Corp. and its subsidiary Citizens Business Bank reported $25.5 million net income for the second quarter of 2016, or 23 cents per share. That was down from $26.8 million for the second quarter of 2015, or 25 cents per share.
Citizens Business Bank completed the integration of County Commerce Bank in the second quarter, which positions the bank to expand its market share at an accelerated pace, Citizens President and CEO Chris Myers said.
“Loan production for the second quarter was solid as both our new and existing banking teams have combined to produce the highest loan levels in company history,” Myers said in a news release. “Notwithstanding, we are still experiencing heightened loan prepayment pressure, primarily due to the low interest rate environment.”
Total loans and leases of $4.24 billion increased by $453.7 million, or 11.99 percent, from the second quarter of last year. The growth was primarily due to an increase in commercial real estate loans, which grew $291.2 million over the last two quarters.
Deposits and customer repurchase agreements increased by $520.2 million, or 7.82 percent, compared to $6.66 billion in total deposits and customer repurchase agreements reported over the same period last year. The total deposits growth included $91.5 million of noninterest-bearing deposits and $229.6 million of total deposits associated with the acquired CCB branches.
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