Business
CVB Financial Corp. Reports Earnings for the First Quarter 2022
Net Earnings of $45.6 million, or $0.31 per share for First QuarterAssets total $17.54 billion as acquisition of Suncrest Bank completed on January 7,
About this update from Cvb Financial Corporation
[{"type":"text","content":"Net Earnings of $45.6 million, or $0.31 per share for First QuarterAssets total $17.54 billion as acquisition of Suncrest Bank completed on January 7, 2022Quarterly annualized core loan growth of 8%Net Interest Margin expands to 2.90% ONTARIO, Calif., April 20, 2022 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended March 31, 2022. CVB Financial Corp. reported net income of $45.6 million for the quarter ended March 31, 2022, compared with $47.7 million for the fourth quarter of 2021 and $63.9 million for the first quarter of 2021. Diluted earnings per share were $0.31 for the first quarter, compared to $0.35 for the prior quarter and $0.47 for the same period last year. The first quarter of 2022 included $2.5 million in provision for credit losses, compared to $19.5 million of provision recaptured in the first quarter of 2021. The fourth quarter of 2021 did not include a recapture of or provision for credit losses. Net income of $45.6 million for the first quarter of 2022 produced an annualized return on average equity (“ROAE”) of 8.24%, an annualized return on average tangible common equity (“ROATCE”) of 13.08%, and an annualized return on average assets (“ROAA”) of 1.06%. Our net interest margin, tax equivalent (“NIM”), was 2.90% for the first quarter of 2022, while our efficiency ratio was 46.93%, or 42.38% when $5.6 million of acquisition expenses are excluded. On January 7, 2022, we completed the acquisition of Suncrest Bank (“Suncrest”). Our financial statements for the first quarter included 83 days of Suncrest operations, post-merger. At close, Citizens Business Bank acquired loans with a fair value of $774.5 million, assumed $512.8 million of noninterest-bearing deposits, and $669.8 million of interest-bearing deposits. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We produced $45.6 million in net income during the first quarter, which is a testament to our committed associates and the consistency and focus to executing our core strategies . We also closed and integrated the acquisition of Suncrest Bank, while continuing to organically grow our core loans and deposits. The results demonstrate our ongoing commitment to our customers in the face of rising interest rates, labo...