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CVB Financial beats 1Q profit forecasts

ONTARIO, Calif. (AP) _ CVB Financial Corp. (CVBF) on Tuesday reported first-quarter profit of $28.5 million.

The bank, based in Ontario, California, said it had earnings of 26 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The bank holding company posted revenue of $76.2 million in the period. Its adjusted revenue was $74.2 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $77.3 million.

CVB Financial shares have declined almost 5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $21.80, a rise of 26 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CVBF at https://www.zacks.com/ap/CVBF

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Keywords: CVB Financial, Earnings Report