Business
CVB Financial Corp. Reports Earnings for the First Quarter 2025
First Quarter 2025 Net Earnings of $51.1 million, or $0.36 per share Return on Average Assets of 1.37%Return on Average Tangible Common Equity of 14.51% Net
About this update from Cvb Financial Corporation
[{"type":"text","content":"First Quarter 2025 Net Earnings of $51.1 million, or $0.36 per share Return on Average Assets of 1.37%Return on Average Tangible Common Equity of 14.51% Net Interest Margin of 3.31% ONTARIO, CA, April 23, 2025 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended March 31, 2025. CVB Financial Corp. reported net income of $51.1 million for the quarter ended March 31, 2025, compared with $50.9 million for the fourth quarter of 2024 and $48.6 million for the first quarter of 2024. Diluted earnings per share were $0.36 for the first quarter, compared to $0.36 for the prior quarter and $0.35 for the same period last year. For the first quarter of 2025, annualized return on average equity (“ROAE”) was 9.31%, annualized return on average tangible common equity (“ROATCE”) was 14.51%, and an annualized return on average assets (“ROAA”) was 1.37%. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the first quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 192 consecutive quarters, or 48 years, of profitability, and our 142 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.” Highlights for the First Quarter of 2025 Pretax income was $69.5 million, up $1.5 million or 2%, from the prior quarterEfficiency ratio of 46.7%Net gain of $2.2 million on sale of $19.3 million of OREO assetsNet interest margin of 3.31%, increased by 13 basis points compared to the fourth quarter of 2024Cost of funds decreased to 1.04% from 1.13% in the fourth quarter of 2024Noninterest bearing deposits grew by $147 million from the end of 2024Dairy and Livestock loans decreased by $168 million or 44% from the end of 2024Net Recoveries of $130,000 and $2 million recapture of credit lossesTCE Ratio of 10.0% & CET1 Ratio of 16.5% INCOME STATEMENT HIGHLIGHTS Three Months Ended March 31, 2025 December 31, 2024 March 31, 2024 (Dollars in thousands, except per share amounts) Net interest income$110,444 $110,418 $112,461 Rec...