CVB Financial Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015
January 20, 2016 at 10:09 pm
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CVB Financial Corp. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company's total interest income was $65,087,000 compared to $65,330,000 a year ago. Net interest income before recapture of provision for loan losses was $63,258,000 compared to $61,175,000 a year ago. Net interest income after recapture of provision for loan losses was $64,358,000 compared to $61,175,000 a year ago. Earnings before income taxes were $41,160,000 compared to $39,763,000 a year ago. Net earnings was $28,613,000 or $0.27 per diluted share compared to $25,581,000 or $0.24 per diluted share a year ago. Net income for the fourth quarter of 2015 produced an annualized return on beginning equity of 12.33%, an annualized return on average equity of 12.17% and an annualized return on average assets of 1.47%.
For the year, the company's total interest income was $261,513,000 compared to $252,903,000 a year ago. Net interest income before recapture of provision for loan losses was $252,942,000 compared to $236,514,000 a year ago. Net interest income after recapture of provision for loan losses was $258,542,000 compared to $252,614,000 a year ago. Earnings before income taxes were $151,366,000 compared to $162,797,000 a year ago. Net earnings was $99,145,000 or $0.93 per diluted share compared to $104,021,000 or $0.98 per diluted share a year ago. The company announced return on beginning equity of 11.29%, a return on average equity of 10.87%, and a return on average assets of 1.31%. Tangible book value per share as on December 31, 2015 was $7.96. Book value per share as on December 31, 2015 was $8.68.
CVB Financial Corp. is a bank holding company for Citizens Business Bank (the Bank). The Bank offers personalized service combined with a range of banking and trust services for businesses, professionals and individuals located in the service areas of its centers. It offers a range of bank deposit instruments, including checking, savings, money market and time certificates of deposit for both business and personal accounts, municipalities and districts, and specialized deposit products for title and escrow. It provides lending products, including commercial, agribusiness, consumer, small business administration loans, real estate loans, construction loans and equipment and vehicle leasing. It offers a range of financial services and trust services through its CitizensTrust division, including fiduciary services, mutual funds, annuities, 401(k) plans and individual investment accounts. It also offers a range of specialized services designed for the needs of its commercial customers.