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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Financial Data and Key Metrics Changes - The company reported net earnings of $57.9 million or $0.42 per share for Q3 2023, compared to $55.8 million or $0.40 per share in Q2 2023 and $64.6 million or $0.46 per share in Q3 2022 [4][31] - Return on average tangible common equity was 18.82% and return on average assets was 1.4% for Q3 2023 [9] - Pretax pre-provision income grew by 5.7% from Q2 2023 to $82.6 million, with total revenue increasing by 4.2% while expenses grew by only 1.9% [9] - The net interest margin increased by 9 basis points to 3.31% in Q3 2023, reversing a declining trend from the previous two quarters [32][48] Business Line Data and Key Metrics Changes - Total loans outstanding decreased by approximately $30 million to $8.88 billion at the end of Q3 2023, with a notable decline in commercial real estate loans by $61 million [10][35] - Dairy and livestock loans increased by $49 million, while C&I loans decreased by approximately $11 million [14][15] - New loan production at the end of Q3 2023 was generated at average yields of approximately 7% [15] Market Data and Key Metrics Changes - Noninterest-bearing deposits declined by $292 million, while interest-bearing deposits increased by $253 million from the end of Q2 2023 [11] - The cost of deposits averaged 52 basis points in Q3 2023, up from 35 basis points in Q2 2023 [12] - Total deposits were $12.4 billion at the end of Q3 2023, a decrease from June 30, 2023, with a significant decline of $773 million in deposits from the end of 2022 [33][34] Company Strategy and Development Direction - The company aims to continue growing deposits and managing its capital effectively, with a focus on maintaining a strong capital position [20][24] - The management expressed a cautious outlook on loan growth, anticipating challenges in the pipeline but remaining optimistic about seasonal increases in the fourth quarter [85] - The company is actively evaluating opportunities in the M&A environment, particularly for banks willing to sell below book value [94] Management's Comments on Operating Environment and Future Outlook - Management noted headwinds in the current operating environment but emphasized a strong history of solid quarterly earnings [4] - The economic forecast includes a modest decline in GDP in early 2024, with an expected unemployment rate of 5.2% in 2024 [42] - Management remains cautious about credit quality, with stable trends observed despite some increases in classified loans [39][98] Other Important Information - The company's tangible common equity ratio was 7.73% at the end of Q3 2023, consistent with the prior quarter [22] - Noninterest income for Q3 2023 was $14.3 million, an increase from $12.7 million in the prior quarter [51] - The efficiency ratio improved to 39.99% for Q3 2023, compared to 40.86% in the prior quarter [55] Q&A Session Summary Question: Plans for $850 million due next year - The company aims to grow deposits and pay it off with deposits and security paydowns over time [57] Question: Update on deposit pipeline - The deposit pipeline remains strong, although the sales cycle is longer [58][60] Question: Appetite for restructuring the securities portfolio - The company is always evaluating opportunities but does not foresee significant changes at this time [61] Question: Increase in classified loans - The increase was primarily due to one relationship, which is well collateralized and expected to close in Q4 [62] Question: Outlook for loan growth - The company anticipates low single-digit growth, with new loan originations being lower than the previous year [86] Question: Changes in prospective sellers' willingness - The company is actively looking for opportunities, especially those willing to sell below book value [74] Question: Credit quality outlook - Credit trends have remained stable, with no significant changes observed in the loan book [98]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or Commission File Number: 000-10140 California 95-3629339 (State or other jurisdiction of Incorporation or organization) (I.R.S. Employer Identification No.) (909) 980-4030 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d ...

Capital • CET1 Ratio = 14.1% • Total Risk-Based Ratio = 14.9% • Tangible Common Equity Ratio = 7.8% cbbank.com • ROATCE = 18.39% • ROAA = 1.36% • NIM = 3.22% • Efficiency Ratio = 40.86% 12 Selected Ratios | --- | --- | --- | --- | --- | --- | --- | --- | |-------------|---------------------------------------------|--------|--------|---------|--------|--------|--------| | | | 2020 | 2021 | 2022 | Q2'22 | Q1'23 | Q2'23 | | | ROATCE | 14.25% | 15.93% | 18.85% | 18.67% | 20.59% | 18.39% | | | NIM | 3.59% | 2.97 ...

CVB Financial Corp. (NASDAQ:CVBF) Q2 2023 Earnings Call Transcript July 27, 2023 10:30 AM ET Company Participants Christina Carrabino - Investor Relations Dave Brager - President and Chief Executive Officer Allen Nicholson - Executive Vice President and Chief Financial Officer Conference Call Participants Ben Gerlinger - Hovde Group Gary Tenner - DA Davidson Matthew Clark - Piper Sandler Kelly Motta - KBW Tim Coffey - Janney Montgomery Operator Good morning, ladies and gentlemen, and welcome to the Second Q ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 000-10140 CVB FINANCIAL CORP. (Exact name of registrant as specified in its charter) (State or other jurisdiction of Incorporation or organization) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly pe ...

Financial Data and Key Metrics Changes - For Q1 2023, the company reported net earnings of $59.3 million or $0.42 per share, a decrease from $66.2 million or $0.47 per share in Q4 2022, but an increase from $45.6 million or $0.31 per share in Q1 2022 [5][6] - The pretax pre-provision return on average assets exceeded 2% for the fourth consecutive quarter [6] - The net interest margin expanded by 55 basis points year-over-year but decreased by 24 basis points compared to Q4 2022 due to a rise in the cost of funds [7][49] - The efficiency ratio was 39.5% for Q1 2023, compared to 36.31% in the prior quarter and 46.93% in the year-ago quarter [26] Business Line Data and Key Metrics Changes - Average outstanding loan balances grew by $95 million or 4% annualized compared to Q4 2022, while total loans decreased by $137 million or 1.5% from the end of 2022 [14][39] - Dairy and livestock loans decreased by $127 million due to seasonal paydowns [14] - Commercial real estate loans grew by $65 million or approximately 4% annualized from the end of the year [15] Market Data and Key Metrics Changes - Total deposits and customer repos averaged $13.3 billion in Q1 2023, a decrease of $943 million or 6.6% compared to the prior quarter [36] - Noninterest-bearing deposits averaged $8.1 billion, a decrease of $610 million or approximately 7% from Q4 2022 [36] - The company maintained a high percentage of noninterest-bearing deposits, with 61% of deposits being noninterest-bearing as of March 31, 2023 [10] Company Strategy and Development Direction - The company continues to focus on banking financially strong, lower middle-market businesses, emphasizing a high-touch relationship banking model [33][28] - The strategy remains consistent, targeting privately held small to medium-sized businesses and their owners [28] - The company aims to grow core deposits and has opened new accounts totaling more than $269 million in Q1 2023 [13] Management's Comments on Operating Environment and Future Outlook - Management noted that the current interest rate environment and expectations of a near-term recession are impacting the bank, but strong earnings generation continues [6] - The economic forecast includes a GDP increase of 1.4% in 2023, with a decline expected in the second half of the year [44] - Management expressed cautious optimism regarding loan growth, targeting low single-digit growth despite higher interest rates and economic uncertainty [41][99] Other Important Information - The company recorded a provision for credit losses of $1.5 million for Q1 2023, reflecting a further deterioration in the economic forecast [17][32] - The investment portfolio declined by $69 million from the end of Q4 2022 to $5.7 billion, primarily due to a decline in available-for-sale securities [45] - The company has ample off-balance sheet sources of liquidity, including $3.5 billion of secured and unused capacity with the Federal Home Loan Bank [20] Q&A Session Summary Question: Can you provide insights on deposit trends in the quarter? - Management indicated that the fourth and first quarters are generally weaker for deposits, but as of April 25, deposits increased by $152 million from the end of Q1, suggesting a potential stabilization [79][80] Question: What are the trends in commercial real estate (CRE) lending? - Management stated that they are closely monitoring the CRE portfolio, with no classified loans in the office portfolio and a cautious approach to underwriting [82][84] Question: How is the company managing loan growth amid economic uncertainty? - Management acknowledged a slowdown in loan demand but emphasized a focus on high-quality loans and maintaining strong relationships with top clients [87][99]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. (State or other jurisdiction of incorporation or organization) 701 N. Haven Avenue, Suite 350 Ontario, California (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, includ ...