CVB Financial Corp (CVBF) has reported 21.86 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $28.50 million, or $0.26 a share in the quarter, compared with $23.39 million, or $0.22 a share for the same period last year. Revenue during the quarter grew 10.47 percent to $78.66 million from $71.20 million in the previous year period. Net interest income for the quarter rose 4.67 percent over the prior year period to $65.43 million. Non-interest income for the quarter rose 0.45 percent over the last year period to $8.72 million.
Net interest margin contracted 1 basis points to 3.51 percent in the quarter from 3.52 percent in the last year period. Efficiency ratio for the quarter improved to 46.01 percent from 48.26 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Chris Myers, President and Chief executive officer of Citizens Business Bank, commented, “We are pleased to complete the merger with Valley Commerce Bancorp. This acquisition adds approximately $400 million in assets and $300 million in loans to our balance sheet, while further strengthening our market share in the Central Valley area of California.” Myers commented further, “With the systems conversion of Valley Business Bank scheduled for May and the relocation of our operations and technology center to be completed in June, we should be well positioned for future growth.”
Liabilities outpace assets growth
Total assets stood at $8,559.12 million as on Mar. 31, 2017, up 8.06 percent compared with $7,920.84 million on Mar. 31, 2016. On the other hand, total liabilities stood at $7,512.79 million as on Mar. 31, 2017, up 8.11 percent from $6,948.97 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $4,556.28 million as on Mar. 31, 2017, up 10.75 percent compared with $4,114.07 million on Mar. 31, 2016. Deposits stood at $6,842.81 million as on Mar. 31, 2017, up 10.08 percent compared with $6,216.28 million on Mar. 31, 2016. Noninterest-bearing deposit liabilities were $3,999.11 million or 58.44 percent of total deposits on Mar. 31, 2017, compared with $3,352.13 million or 53.93 percent of total deposits on Mar. 31, 2016.
Investments stood at $3,156.76 million as on Mar. 31, 2017, up 1.58 percent or $49.21 million from year-ago. Shareholders equity stood at $1,046.33 million as on Mar. 31, 2017, up 7.66 percent or $74.47 million from year-ago.
Return on average assets moved up 20 basis points to 1.42 percent in the quarter from 1.22 percent in the last year period. At the same time, return on average equity increased 143 basis points to 11.39 percent in the quarter from 9.96 percent in the last year period.
Nonperforming assets moved down 39.75 percent or $9.82 million to $14.87 million on Mar. 31, 2017 from $24.69 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.17 percent in the quarter, down from 0.31 percent in the last year period.
Book value per share was $9.50 for the quarter, up 5.32 percent or $0.48 compared to $9.02 for the same period last year.
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