Business
CVB Financial Corp. Reports Earnings for the First Quarter of 2020
172nd Consecutive Quarter of Profitability Net Earnings of $38.0 million for the first quarter of 2020, or $0.27 per share Return on Average Tangible Common
About this update from Cvb Financial Corporation
[{"type":"text","content":"\n\n172nd Consecutive Quarter of Profitability\n\n\nNet Earnings of $38.0 million for the first quarter of 2020, or $0.27 per share\n\n\nReturn on Average Tangible Common Equity of 12.27% for the first quarter of 2020\n\n\nTCE Ratio of 11.3%, Total Risk-based Capital Ratio of 15.5% and CET1 Ratio of 14.1%\n\n\nGrowth in Noninterest-bearing Deposits of $474 million, or 9% year-over-year\n\n\n ONTARIO, Calif.--(BUSINESS WIRE)--\nCVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended March 31, 2020.\n\n\nCVB Financial Corp. reported net income of $38.0 million for the quarter ended March 31, 2020, compared with $51.3 million for the fourth quarter of 2019 and $51.6 million for the first quarter of 2019. Diluted earnings per share were $0.27 for the first quarter, compared to $0.37 for the prior quarter and $0.37 for the same period last year. The Company adopted the Current Expected Credit Losses (“CECL”) accounting standard for credit losses on January 1, 2020 and recorded $12 million in provision for credit losses during the quarter as a result of the forecasted economic impact from the coronavirus pandemic.\n\n\nDavid Brager, Chief Executive Officer of Citizens Business Bank, commented: “While it is impossible to know how this crisis will continue to unfold, Citizens Business Bank will focus on our commitment to our customers, our associates, and our shareholders. Our strong capital, liquidity, and credit quality will allow us to continue to support the communities we serve and navigate through this pandemic. Although our earnings in the first quarter were negatively impacted by the economic uncertainties that have been brought on by this virus, which among other things, resulted in our $12 million provision for credit losses, we believe our Bank will successfully navigate this crisis just as we have throughout our 45-year history. I am proud of our associates and confident in our ability to succeed despite these challenges.”\n\n\nNet income of $38.0 million for the first quarter of 2020 produced an annualized return on average equity (“ROAE”) of 7.61% and an annualized return on average tangible common equity (“ROATCE”) of 12.27%. ROAE and ROATCE for the fourth quarter of 2019 were 10.21% and 16.36%, respectively, and 11.14% and 18.75%, respectively...