CVB Gets Boost on Q1 Earnings

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Shares in CVB Financial Corp. added nearly 7 percent Friday after the parent company of Citizens Business Bank reported strong first quarter earnings.


CVB reported first-quarter net income Thursday of $16.2 million (19 cents per share), a 6.8 percent increase from $15.1 million (18 cents) from the same period a year earlier.


The results bested Wall Street projections of 17 cents per share, according to Thomson Financial.


Profit was hurt by a provision of $1.7 million for credit losses, the company said.


Net interest income for the Ontario-based bank was up 6.7 percent to $42.4 million.


Shares in CVB closed up 5 percent Thursday and added another 6.5 percent Friday to $10.97.

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