CVB Financial in Ontario, Calif., reported lower quarterly profit after selling some underwater securities.
The $15.4 billion-asset company said in a press release that its third-quarter profit fell by 12% from a year earlier, to $51.2 million. CVB sold $312 million of securities at an $11.6 million loss during the quarter.
The company offset some of that hit through the sale-leaseback of two banking centers for a pretax gain of $9.1 million. CVB agreed to 15- and 18-year leases for the properties.
Loans fell by 1.3% from the second quarter to $109.4 million. The decrease included a $46.3 million decline in commercial real estate loans, a $37.5 million decrease in construction loans, a $19.7 million decline in commercial-and-industrial loans, and a $8.1 million reduction in dairy, livestock and agribusiness loans.