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.