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CVB Financial (CVBF) in Ontario, Calif., has agreed to buy America Bancshares in Newport Beach, Calif.
February 18 -
The California company ended three years of loan runoff after expanding into San Diego and adding managers for its agribusiness, construction and mortgage operations. What it would really like to do next is find the perfect acquisition.
February 14
CVB Financial in Ontario, Calif., reported a slight uptick in third-quarter earnings after loans and expenses increased from its acquisition of American Security Bank.
The $7.4 billion-asset company said Thursday that its quarterly profit increased 0.4%, to $24.3 million, from a year earlier.
Loans and leases increased more than 7%, to $3.7 billion, from a year earlier, and included roughly $236 million of loans from the acquisition of American Security Bank in May. Net interest income before the provision for loan losses rose more than 13%, to $61.2 million, as investment income soared 40%, to $17.6 million. The net interest margin compressed by seven basis points, to 3.61%, from a year earlier.
Noninterest income almost doubled to $8 million, reflecting gains from trust and investment services and service charges on deposits.
Noninterest expenses increased more than 26%, to $32.5 million, partly driven by $640,000 in non-recurring costs related to the