By Madeleine Benn Wednesday, January 25th, 2023

CVB Financial Corp., the parent company of Citizens Business Bank, reported a net income of $66.2 million for the quarter ending Dec. 31, representing a 38% increase from $47.7 million in the same quarter in 2021.

Diluted earnings per share hit 47 cents in the fourth quarter, compared to 35 cents for the same period in 2021.

Citizens Business Bank is 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 $16.5 billion in total assets.

In addition to rising net income, CVB Financial also produced net interest income worth $137.4 million for the fourth quarter of 2022, a 34.18% increase from the third quarter of 2021.

The bank’s revenue was $137.4 million, a 25.5% increase from the same quarter a year ago. The bank’s total equity was $1.95 billion at the end of the quarter, down from $2.08 billion at the end of 2021.

CVB Financial trades on the Nasdaq and closed on Jan. 25 at $42.75 a share, up 2.2% from the day before.

The bank produced about $95.4 million in pretax pre-provision income during the fourth quarter of 2022, a 3.8% increase from the third quarter of 2022, according to David Brager, president and CEO of Citizens Business Bank.

“We are pleased with our record results in 2022 and remain committed to the mission and vision of Citizens Business Bank. The fourth quarter and full year of 2022 represented record quarterly and annual earnings for the Bank, and we ended the fourth quarter with a return on average assets of 1.60% and a return on tangible common equity of 23.65%,” Brager said in the company’s press release.

“Our focus on banking the best privately held small to medium-sized businesses and their owners has stood the test of time.”