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CVB Financial sees YOY increase in Q3 net earnings

Ontario, Calif.-based CVB Financial Corp. reported third-quarter net earnings of $50.4 million, or 36 cents per share, up from $38.6 million, or 30 cents per share, recorded for the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the most recent quarter was 37 cents.

The company's net interest margin on a tax-equivalent basis was 4.34% for the third quarter, up from the 4.06% reported for the same period in 2018.

Total deposits stood at $8.79 billion at the end of the third quarter, compared to $9.11 billion at Sept. 30, 2018. Gross loans, net of deferred fees and discounts, amounted to $7.49 billion at Sept. 30, down from $7.58 billion at the end of the third quarter of 2018.

The company's provision for loan losses was $1.5 million for the three months ended Sept. 30, compared to $500,000 for the same period in 2018.