Citizens Business Bank reports earnings growth
CVB Financial Corp., the parent company of Citizens Business Bank, reported net income of $64.6 million for the third quarter ended June 30, an increase from $49.7 million in the same quarter a year ago.
Diluted earnings per share were 46 cents for the third quarter of 2022, compared to 37 cents for the same period in 2021, according to the earnings statement the company released on Oct. 19.
Citizens Business Bank in based in Ontario, California, and has four branches in Ventura County and one in Santa Barbara. CVB Financial is one of the 10 largest bank holding companies headquartered in California with more than $16 billion in total assets.
In addition to rising net income, CVB Financial also produced net interest income worth $133.3 million for the third quarter of 2022, a 29%, increase from the third quarter of 2021.
CVB Financial trades on the Nasdaq and closed Oct. 20 at $27.50 a share, up 0.2% from the day before. The company beat analysts’ expectations of earnings per share worth 44 cents for the quarter.
The bank’s revenue was $144.9 million, a 27% increase from the same quarter a year ago, and 11.8% higher than analysts’ expectations of $129.6 million, according to Investors Observer.
The bank’s total equity was $1.88 billion at the end of the quarter, down from $2.08 billion at the end of 2021.
The bank produced about $90 million in pretax pre-provision income during the third quarter of 2022, a 7% increase from the second quarter of 2022, according to David Brager, president and CEO of Citizens Business Bank.
“The combination of strong loan growth, expansion of our net interest margin and our continuing efforts to closely manage expenses in the face of inflationary pressures resulted in a record level of quarterly pretax pre-provision income,” Brager said in a company news release.
“This growth supported a 5% increase in our quarterly dividend, which represented a dividend payout ratio of 43% and is our second increase in our quarterly dividend in 2022.”