CVB Financial Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Effective Tax Rate Guidance for the Full Year of 2016
July 20, 2016 at 06:01 pm EDT
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CVB Financial Corp. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported total interest income was $68,015,000 against $64,515,000 a year ago. Earnings before income taxes were $40,792,000 against $41,570,000 a year ago. Net earnings were $25,514,000 or $0.23 per basic and diluted share against $26,813,000 or $0.25 per basic and diluted share a year ago. Net interest income was $67,334,000 against $64,504,000 a year ago. Return on average assets, annualized was 1.28% against 1.44% a year ago. Return on average equity, annualized was 10.39% against 11.80% a year ago. Total investment income was $16,761,000 against $17,539,000 a year ago.
For the six months period, the company reported total interest income was $132,515,000 against $128,695,000 a year ago. Earnings before income taxes were $77,627,000 against $66,118,000 a year ago. Net earnings were $48,905,000 or $0.45 per diluted share against $42,646,000 or $0.40 per diluted share a year ago. Net interest income was $131,386,000 against $127,350,000 a year ago. Return on average assets, annualized was 1.25% against 1.15% a year ago. Return on average equity, annualized was 10.18% against 9.55% a year ago. Book value per share as at June 30, 2016 was $9.18 against $8.41 as at June 30, 2015. Tangible book value per share as at June 30, 2016 was $8.32 against $7.68 as at June 30, 2016. Total investment income was $34,908,000 against $35,511,000 a year ago.
For the full year, effective tax rate expected to be 37%. In comparison the increase in the effective tax rate was impacted by the decline in tax-exempt municipal bond interest income.
CVB Financial Corp. is a bank holding company for Citizens Business Bank (the Bank). The Bank offers personalized service combined with a range of banking and trust services for businesses, professionals and individuals located in the service areas of its centers. It offers a range of bank deposit instruments, including checking, savings, money market and time certificates of deposit for both business and personal accounts, municipalities and districts, and specialized deposit products for title and escrow. It provides lending products, including commercial, agribusiness, consumer, small business administration loans, real estate loans, construction loans and equipment and vehicle leasing. It offers a range of financial services and trust services through its CitizensTrust division, including fiduciary services, mutual funds, annuities, 401(k) plans and individual investment accounts. It also offers a range of specialized services designed for the needs of its commercial customers.
CVB Financial Corp. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Effective Tax Rate Guidance for the Full Year of 2016