Citizens Business Bank hits all-time highs for earnings
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 firstname.lastname@example.org.