Higher fee income and lower costs tied to deposits and operations helped CVB Financial Corp. more than double its fourth-quarter profit from a year ago.
Net income at the Ontario, Calif., company rose 120% from a year earlier, to $21.7 million, or 21 cents per share, meeting analysts’ average estimate, according to Thomson Reuters. Compared to the previous quarter, however, net income declined 2.9%.
The holding company for Citizens Business Bank said Thursday that noninterest income rose 49.3% from a year ago, to $10.7 million. Noninterest expenses fell 17%, to $34.7 million, led by lower costs tied to foreclosed properties. Total cost of deposits fell 18 basis points, to 0.15%. For the third straight quarter, CVB did not take a provision for loan losses.
CVB, which operates in parts of Southern California that were devastated by the collapse of the real estate market, took a $3.3 million charge in the quarter after it prepaid $100 of debt to the Federal Home Loan Bank.
