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.