Citizens Business Bank reports decline in income for Q1
CVB Financial, the parent of Citizens Business Bank, reported net income of $45.6 million, or diluted earnings per share of 31 cents, for the first quarter ended March 31.
Citizens Business Bank is based in Ontario, California, and four locations in Ventura County and one in Santa Barbara. In earnings reported April 20, the bank said its net income was down 28.6% from the first quarter of 2021, when it had income of $63.9 million, or 47 cents per share.
The first quarter of 2022 included $2.5 million in provision for credit losses, compared with $19.5 million of provision for credit losses recaptured in the first quarter of 2021.
The bank reported net interest income of $112.8 million for the first quarter of 2022, a 9% increase from the first quarter a year earlier.
Total assets were $17.54 billion at the end of the quarter, an increase of 10.42% from the end of 2021.
On Jan. 7, the bank completed the acquisition of Suncrest Bank, with about $1.4 billion in total assets. Suncrest Bank, previously headquartered in Visalia, had seven branch locations and two loan production offices in California’s Central Valley and the Sacramento area. The sites opened as Citizens Business Bank locations on Jan. 10.
The latest financial statements for the first quarter included more than 80 days of Suncrest operations, post-merger, according to a news release.
David Brager, the president and CEO of Citizens Business Bank, said in a statement than the latest earning “demonstrate our ongoing commitment to our customers in the face of rising interest rates, labor constraints, and geopolitical turmoil resulting in inflation and supply chain disruptions.”