Citizens Business Bank reports increase in net income for Q2
CVB Financial Corp., the parent company of Citizens Business Bank, reported net income of $59.1 million for the second quarter ended June 30, an increase compared to $51.2 million for the same quarter last year.
Citizens Business Bank in based in Ontario and has four branches in Ventura County and one in Santa Barbara.
Diluted earnings per share were 42 cents for the second quarter of 2022, compared to 38 cents for the same period in 2021, according to the earnings statement the company released on July 20.
The second quarter of 2022 included $3.6 million in provision for credit losses, compared to a provision recapture of $2 million in the second quarter a year earlier.
The bank’s total equity was $1.98 billion at June 30, an overall decrease of $99.3 million from total equity of $2.08 billion at Dec. 31, 2021.
The company produced about $86 million in pretax pre-provision income during the second quarter of 2022, which is a 30% increase from the first 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 6% increase in our quarterly dividend, which represented a dividend payout ratio of 45%.”
