CVB Financial (CVBF) Misses Q2 EPS by 1c

CVB Financial (NASDAQ: CVBF) reported Q2 EPS of $0.23, $0.01 worse than the analyst estimate of $0.24.

• Total loans and leases, net of deferred fees and discounts, increased by $65 million for the quarter, or 1.6%.
• Average noninterest-bearing deposits grew by $157 million for the quarter, or 4.8%.

Chris Myers, President and CEO of Citizens Business Bank, commented, “We continue to focus on executing our strategy of organic growth combined with small, strategic acquisitions. During the second quarter, we successfully completed the integration of County Commerce Bank (“CCB”) and are optimistic that we are well positioned in the Ventura County/Santa Barbara County region to expand our market share at an accelerated pace.” Myers commented further on the quarter, “Loan production for the second quarter was solid as both our new and existing banking teams have combined to produce the highest loan levels in company history. Notwithstanding, we are still experiencing heightened loan prepayment pressure, primarily due to the low interest rate environment.”

For earnings history and earnings-related data on CVB Financial (CVBF) click here.

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