CVB Financial Q3 net income rises on higher net interest income after Heritage acquisition
CVBF•CVB Financial reported Q3 net income of $78.1 million and diluted EPS of $0.44, up 16% year over year. Net interest income was $179.1 million, and the company repurchased $17.5 million in common stock.
1. Quarterly results
CVB Financial said Q3 net income rose year over year, with diluted EPS increasing 16% to $0.44. Net income was $78.1 million and net interest income was $179.1 million.
2. Acquisition and margin
The company attributed net interest income growth largely to the full-quarter impact of its Heritage acquisition, higher net interest margin and increased average earning assets. Reduced acquisition-related expenses also contributed to improved profitability. CVB Financial repurchased $17.5 million in common stock during the quarter.
