First Quarter 2024 Net Earnings of $48.6 million, or $0.35 per share Return on Average Assets of 1.21%Return on Average Tangible Common Equity of 15.13% Net Interest Margin of 3.10% ONTARIO, CA, April 24, 2024 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the "Company"), announced earnings for the quarter ended March 31, 2024. CVB Financial Corp. reported net income of $48.6 million for the quarter ended March 31, 2024, compared with $48.5 million for the ...

ONTARIO, CA, March 20, 2024 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) (the "Company") announced a twenty cent ($0.20) per share cash dividend with respect to the first quarter of 2024. This dividend was approved at the Company's regularly scheduled Board of Directors meeting held on March 20, 2024. The quarterly dividend will be payable on or about April 17, 2024 to shareholders of record as of April 3, 2024. "We are pleased to announce our 138th consecutive quarterly cash dividend paid to our s ...

sshepard Shares of California bank holding company CVB Financial Corp. (NASDAQ:CVBF) have fallen some 20% since December 2023 on a plethora of nagging concerns regarding the regional bank sector. That said, 2023 was the business-centric bank's second most profitable year in its history, and it has been in the black every quarter since 1977. With a 4.8% dividend yield but 76% of its loan portfolio in commercial real estate, the recent insider buying merited a deeper dive. An analysis follows below. Seeking A ...

Financial Performance - For the year ended December 31, 2023, the company reported net earnings of $221.4 million, a decrease of $14.0 million, or 5.94%, compared to $235.4 million for 2022[63] - Diluted earnings per share for 2023 were $1.59, down by $0.08, or 4.8%, from $1.67 in 2022[63] - The company's net interest income for 2023 was $488.0 million, a decrease of $17.5 million, or 3.47%, compared to $505.5 million for 2022[76] - Noninterest income increased by $2.6 million, driven by a $4.2 million (24.66%) rise in service charges on deposit accounts and a $2.4 million net gain from property sales[82] - Total interest income and fees on loans for 2023 reached $448.3 million, an increase of $59.1 million, or 15.19%, compared to 2022, driven by a growth in average loans of $216.5 million and higher loan yields of 5.04%[110] Equity and Assets - The company's total equity increased to $2.08 billion as of December 31, 2023, up $129.5 million from $1.95 billion at the end of 2022[68] - The bank's total assets as of December 31, 2023, were $16.03 billion, with net loans at $8.82 billion and total deposits at $11.48 billion[164] - As of December 31, 2023, the Company had total consolidated assets of $16.02 billion, net loans of $8.82 billion, deposits of $11.43 billion, and shareholders' equity of $2.08 billion[198] Loans and Credit Quality - The percentage of nonperforming assets to total assets was 0.13% as of December 31, 2023[100] - Nonperforming loans increased to $21.3 million, or 0.24% of total loans, from $4.9 million, or 0.05% at the end of 2022[138] - The allowance for credit losses (ACL) totaled $86.8 million as of December 31, 2023, representing 0.98% of total loans, up from 0.94% in 2022[139] - Classified loans increased by $10 million quarter-over-quarter to $102.2 million, with a percentage of total loans rising to 1.15%[138] - The loan coverage ratio increased to 0.98% as of December 31, 2023, compared to 0.94% in the previous year[153] Deposits and Funding - Total liabilities decreased by $585 million (4.03%) to $13.94 billion as of December 31, 2023, with total deposits declining by $1.4 billion (10.93%)[87] - Average interest-bearing deposits decreased by $444.4 million, or 9.51%, to $4.23 billion at December 31, 2023, compared to $4.67 billion at the end of 2022[67] - Average savings deposits decreased by $526 million, or 10.81%, to $4.34 billion in 2023 from $4.87 billion in 2022[144] - Average noninterest-bearing deposits decreased by $1.05 billion, or 11.84%, from $8.84 billion in 2022 to $7.79 billion in 2023, accounting for 62.66% of total average deposits[155] Regulatory and Compliance - The Company is subject to significant regulation and restrictions by Federal and State laws, which may affect the cost of doing business and limit permissible activities[254] - The Company must maintain a Tier 1 Risk-Based Capital Ratio of 6.0% or greater and a Total Risk-Based Capital Ratio of 10.0% or greater to meet regulatory requirements[215] - The Capital Conservation Buffer is currently at its fully phased-in level of 2.5%, increasing the required minimum risk-based capital ratios[216] - The FDIC finalized a special assessment of approximately 13.4 basis points annually based on uninsured deposits, resulting in an accrued expense of $9.2 million for the Bank in December 2023[235] Workforce and Corporate Culture - The Company employed 1,107 associates as of December 31, 2023, reflecting a 3.3% increase from 1,072 associates at the end of 2022[179] - 93% of associates earned an incentive bonus in 2023, compared to 94% in 2022[183] - The Company reported a 61% increase in nominations for the Citizens Experience Service Awards in 2023, with 708 nominations received[180] - The Company’s Diversity and Inclusion Program aims to enhance workplace diversity, with 38% of the Board of Directors being female or ethnically diverse[181] Economic Outlook - The economic forecast predicts a modest decline in GDP during the first three quarters of 2024, with a return to positive growth in Q4 2024, and a full-year GDP increase of 0.92% in 2025, followed by 2.6% in 2026[106] - The unemployment rate is forecasted to exceed 5% in 2024, peaking at 5.7% in Q1 2025, before declining to less than 5% in Q3 2026[106] Cybersecurity and Risk Management - The Company has implemented multiple layers of cybersecurity controls to manage risks associated with cyber-attacks, which are expected to remain high[239] - The Company does not undertake any obligation to update forward-looking statements, which may involve risks and uncertainties affecting actual results[170]

CVB Financial Corp. (NASDAQ:CVBF) Q4 2023 Earnings Conference Call January 25, 2024 10:30 AM ET Company Participants Christina Carrabino - Investor Relations Dave Brager - President & Chief Executive Officer Allen Nicholson - Executive Vice President & Chief Financial Officer Conference Call Participants Matthew Clark - Piper Sandler Tim Coffey - Janney Montgomery Scott Matt Fedorjaka - KBW Operator Good morning, ladies and gentlemen, and welcome to the Fourth Quarter and Year Ended 2023 CVB Financial Corpo ...

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For the quarter ended December 2023, CVB Financial (CVBF) reported revenue of $138.52 million, down 7.6% over the same period last year. EPS came in at $0.39, compared to $0.47 in the year-ago quarter.The reported revenue represents a surprise of +2.70% over the Zacks Consensus Estimate of $134.88 million. With the consensus EPS estimate being $0.38, the EPS surprise was +2.63%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall St ...

CVB Financial (CVBF) came out with quarterly earnings of $0.39 per share, beating the Zacks Consensus Estimate of $0.38 per share. This compares to earnings of $0.47 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.63%. A quarter ago, it was expected that this bank holding company would post earnings of $0.40 per share when it actually produced earnings of $0.42, delivering a surprise of 5%.Over the last four quarters, the co ...

Fourth Quarter 2023 Net Earnings of $48.5 million, or $0.35 per share FDIC Special Assessment of $9.2 million ($0.04 decrease in EPS) Full Year 2023 Net Earnings of $221.4 million, or $1.59 per shareEfficiency Ratio of 42.0%Return on Average Assets of 1.35%Return on Average Tangible Common Equity of 18.48% ONTARIO, Calif., Jan. 24, 2024 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the "Company"), announced earnings for the quarter and the year ended De ...

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