CVB Financial has reported a net income of $12.3 million or $0.14 diluted earnings per share for the fourth quarter ended December 31, 2008, compared to $13.4 million or $0.16 diluted earnings per share in the fourth quarter of 2007.
Net interest income, after provision for credit losses, totalled $34.2 million for the fourth quarter of 2008. This represented a decrease of $3.2 million or 8.65% from the net interest income of $37.4 million for the fourth quarter of 2007.
The company reported a net income of $63.1 million or $0.75 diluted earnings per share for the year ended December 31, 2008, compared to net earnings of $60.6 million or $0.72 diluted earnings per share for the year ended December 31, 2007.
Net interest income, after provision for credit losses, totalled $167.1 million for the year ended December 31, 2008. This represents an increase of $9.9 million or 6.32% over the net interest income of $157.1 million for the same period in 2007.
Christopher Myers, president and CEO of CVB Financial, said: I am extremely proud of our 2008 earnings results given the depressed economic environment. Although we did not achieve our annual objective to increase earnings by 15%, we are, nonetheless, pleased.
