CVB Financial and its subsidiary, Citizens Business Bank, saw net income rise for the quarter ended Sept. 30, it announced on Oct. 19.
In a news release, the bank reported a net income of $29.7 million or 27 cents per share, an increase from $28.4 million for the second quarter of 2017 and $25.4 million for the third quarter of 2016.
“The third quarter was a solid and fundamental quarter for CVBF,” said Chris Myers, president and CEO of Citizens Business Bank. “We consolidated three center locations and continued to focus on the quality of our deposit funding and earning assets. Our profit ratios improved as did asset quality.”
The net income of $29.7 million for the third quarter brought an annualized return on beginning equity of 11.1 percent, an annualized return on average equity of 10.93 percent and an annualized return on average assets of 1.41 percent.
Efficiency ratio for the third quarter of 2017 was 42.44 percent compared to 45.63 percent for the third quarter of 2016.
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