CVB Financial Corp. (CVBF), the holding company for Citizens Business Bank, on Wednesday reported a profit for the fourth quarter that more than doubled from last year on lower operating expenses and the absence of a provision for credit losses. Earnings per share matched analysts' expectations.
The company's net earnings for the fourth quarter rose to $21.65 million or $0.21 per share from $9.83 million or $0.09 per share in the year-ago period. On average, twelve analysts polled by Thomson Reuters expected the company to earn $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
In late December 2011, Citizens Business Bank prepaid $100 million in Federal Home Loan Bank or FHLB debt and took a $3.3 million charge.
Net interest income for the quarter, before provision for credit losses, declined 6.7 percent to $55.20 million from $59.15 million in the prior-year quarter due to a decrease in interest income, partially offset by a $2.6 million decline in interest expense. Net interest margin was 3.71 percent, down from 4.03 percent last year.
Total other operating income increased to $10.73 million from $7.19 million in year-ago quarter. Analysts had a consensus revenue estimate for the quarter of $58.94 million.
The company did not record any provision for credit losses in the latest quarter, compared to provision of $12.70 million in the year-ago period.
Total other operating expenses in the quarter was $34.71 million, down from $41.81 million in the same period last year.
For fiscal year 2011, CVB Financial's net income rose to $81.44 million or $0.77 per share from $62.72 million or $0.59 per share in the previous year. Analysts expected the company to report earnings of $0.77 per share for the year.
The company noted that 2011 was the most profitable year in its history. Previously, 2006 was the company's most profitable year with $70.6 million in net profit.
Net interest income for the year, before the provision for credit losses, declined to $234.68 million from $259.32 million last year. Total other operating income was $34.22 million, down from $57.11 million a year ago. Analysts expected revenues of $238.99 million for the year.
The allowance for credit losses decreased to $93.96 million from $105.26 million in the prior year. The decrease was due to net loan charge-offs totaling $18.4 million versus a provision for credit losses of $7.07 million in the previous year. In 2010, the company experienced net charge-offs of $65.5 million versus a provision for credit losses of $61.20 million.
As at December 31, 2011, total loans and leases declined 7.15 percent from the prior year to $3.48 billion. Deposits and customer repurchase agreements at year-end increased 10.5 percent from the prior year to $5.11 billion.
CVB closed Wednesday's trading at $11.21, up $0.33 or 3.03 percent on a volume of 1.25 million shares.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.