Citizens Business Bank income jumps in '09
Written by Business Journal Staff
Friday, 29 January 2010 08:39       

CVB Financial Corp. and its subsidiary, Citizens Business Bank, announced net income of $65.4 million in 2009, up from net income of $63.1 million in 2008.
Ontario, Calif. - based Citizens Business Bank has 46 business financial centers and five commercial banking centers throughout the state, including locations in Fresno, Madera, Porterville, Tulare and Visalia.
Diluted earnings per share were 56 cents in 2009, down 19 cents from diluted earnings per share of 75 cents for 2008.
In a statement, Chris Myers, president and CEO, said, "We achieved several goals in 2009: we raised $132.5 million in capital, re-paid all of our TARP funds, acquired San Joaquin Bank, increased our allowance for loan losses by $55 million and had substantial organic deposit growth. All of these efforts contributed to strengthening the bank and helped us grow and prosper in this challenging environment."
Other key 2009 year-end figures reported by Citizens Business Bank:
           Net interest income totaling $222.3 million.
           Total assets of $6.74 billion.
           Total deposits and customer repos of $4.92 billion.
           Non-performing loans of $69.8 million
           Bank-owned properties worth $3.9 million.


http://www.thebusinessjournal.com/finance/3768-citizens-business-bank-income-jumps-in-09