CVB Financial Corp. in Ontario, Calif., said fourth-quarter earnings fell, but full-year earnings set a record.
Fourth-quarter net income fell 5.11% from a year earlier, to $16.3 million, the $6 billion-asset CVB said Friday that.
Net interest income declined 10.76%, to $39.6 million, because of an increase in interest expenses from higher rates on certificates of deposit and more borrowings, a $600,000 loan-loss provision resulting from a rise in earning assets, and a 55-basis-point decline in the net interest margin, to 3.31%. That decline was mitigated somewhat by a growth in noninterest demand deposits, which make up more than 40% of its deposits.
CVB's full-year net income rose 1.83%, to $71.9 million, because of strong loan growth. Loans and leases rose 15.25% last year, to $3 billion.
