CVB Financial Corp (CVBF) has reported a 5.37 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $27.08 million, or $0.25 a share in the quarter, compared with $28.61 million, or $0.27 a share for the same period last year.
Revenue during the quarter grew 7.09 percent to $78.25 million from $73.07 million in the previous year period. Net interest income for the quarter rose 3.45 percent over the prior year period to $65.44 million. Non-interest income for the quarter fell 3.47 percent over the last year period to $8.41 million.
CVB Financial Corp has made negative provision of $4.40 million for loan losses during the quarter, compared with a negative provision of $1.10 million in the same period last year.
Net interest margin contracted 5 basis points to 3.47 percent in the quarter from 3.52 percent in the last year period. Efficiency ratio for the quarter deteriorated to 47.30 percent from 44.34 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Chris Myers, president and chief executive officer of Citizens Business Bank, commented, "2016 was a solid year for the bank. We recruited several new banking teams and successfully completed the acquisition and integration of County Commerce Bank. We also purchased a new building to house our operations and technology personnel, along with several other bank departments. This new facility should provide the foundation to support our growth for many years to come.” Myers commented further, “For 2017, our focus will remain the same. We will continue to execute our growth-oriented strategy of increasing same store sales, opening new center locations by recruiting banking teams, and small bank acquisitions."
Assets outpace liabilities growth
Total assets stood at $8,073.71 million as on Dec. 31, 2016, up 5.25 percent compared with $7,671.20 million on Dec. 31, 2015. On the other hand, total liabilities stood at $7,082.84 million as on Dec. 31, 2016, up 4.97 percent from $6,747.80 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $4,333.52 million as on Dec. 31, 2016, up 9.49 percent compared with $3,957.78 million on Dec. 31, 2015. Deposits stood at $6,309.68 million as on Dec. 31, 2016, up 6.63 percent compared with $5,917.26 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $3,673.54 million or 58.22 percent of total deposits on Dec. 31, 2016, compared with $3,250.17 million or 54.93 percent of total deposits on Dec. 31, 2015.
Investments stood at $3,182.14 million as on Dec. 31, 2016, down 1.16 percent or $37.49 million from year-ago. Shareholders equity stood at $990.86 million as on Dec. 31, 2016, up 7.31 percent or $67.46 million from year-ago.
Return on average assets moved down 14 basis points to 1.33 percent in the quarter from 1.47 percent in the last year period. At the same time, return on average equity decreased 157 basis points to 10.60 percent in the quarter from 12.17 percent in the last year period.
Nonperforming assets moved down 58.31 percent or $16.33 million to $11.68 million on Dec. 31, 2016 from $28.01 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.14 percent in the quarter, down from 0.37 percent in the last year period.
Book value per share was $9.15 for the quarter, up 5.41 percent or $0.47 compared to $8.68 for the same period last year.
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