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Citizens Business Bank hits all-time highs for earnings

By   /   Wednesday, January 24th, 2018  /   Comments Off on Citizens Business Bank hits all-time highs for earnings

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CVB Financial Corp., parent company for Citizens Business Bank, reported all-time highs in fourth quarter and year end earnings for 2017 on Jan. 24.

The company’s net earnings for the fourth quarter were $17.9 million, or 16 cents per share, compared to $29.7 million for the third quarter. Its full year net earnings for 2017 were $104.4 million, or 95 cents per share. Net income totaled $31.1 million for the fourth quarter, or 28 cents per share.

An income tax expense included a one-time charge of $13.2 million due to the Tax Cuts and Jobs Act.

“Excluding the nonrecurring charge to tax expense, fourth quarter net income was $31.1 million and year-end earnings were $117.6 million, both all-time highs for the bank — 2017 was truly an outstanding year,” said Citizens Business Bank President and CEO Chris Meyers.

• Contact Robert Shutt at [email protected]

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