CVB Financial Corp. Reports Earnings for the First Quarter 2025

Core Insights - CVB Financial Corp. reported a net income of $51.1 million for Q1 2025, showing a slight increase from $50.9 million in Q4 2024 and $48.6 million in Q1 2024, with diluted earnings per share remaining stable at $0.36 [2][4][7] Financial Performance - The annualized return on average equity (ROAE) was 9.31%, return on average tangible common equity (ROATCE) was 14.51%, and return on average assets (ROAA) was 1.37% for Q1 2025 [3][7] - Net interest income for Q1 2025 was $110.4 million, nearly unchanged from Q4 2024, but down by $2.02 million or 1.79% from Q1 2024 [10][11] - The net interest margin (NIM) increased to 3.31%, up 13 basis points from Q4 2024 and 21 basis points from Q1 2024 [12][13] Income Statement Highlights - Noninterest income rose to $16.2 million in Q1 2025, compared to $13.1 million in Q4 2024 and $14.1 million in Q1 2024 [18] - Noninterest expense was $59.1 million, slightly higher than $58.5 million in Q4 2024 but lower than $59.8 million in Q1 2024 [19][20] Balance Sheet Highlights - Total assets increased to $15.26 billion as of March 31, 2025, up $102.9 million from December 31, 2024, but down $1.2 billion from March 31, 2024 [22][23] - Total loans and leases decreased to $8.36 billion, down 2.02% from Q4 2024 and 4.64% from Q1 2024 [26][27] Asset Quality - The allowance for credit losses was 0.94% of gross loans as of March 31, 2025, consistent with the previous quarters [28] - Nonperforming assets totaled $26.1 million, a decrease from $47.1 million at December 31, 2024, primarily due to the sale of OREO properties [30] Capital and Ratios - Total equity increased to $2.23 billion, with a tangible common equity (TCE) ratio of 10.0% and a common equity tier 1 (CET1) ratio of 16.5% [36][38] - The efficiency ratio improved to 46.69% in Q1 2025, compared to 47.34% in Q4 2024 [20][9] Deposits and Borrowings - Total deposits and customer repurchase agreements reached $12.27 billion, reflecting a net increase of $55.8 million from December 31, 2024 [32] - Total borrowings decreased significantly by $1.5 billion from March 31, 2024, with current borrowings consisting of $500 million of FHLB advances [34]