Business
CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2019
Net Earnings of $51.3 million for the fourth quarter of 2019, or $0.37 per share Record Earnings in 2019 of $207.8 million, or $1.48 per share 2019 Return on
About this update from Cvb Financial Corporation
[{"type":"text","content":"\n\nNet Earnings of $51.3 million for the fourth quarter of 2019, or $0.37 per share\n\n\nRecord Earnings in 2019 of $207.8 million, or $1.48 per share\n\n\n2019 Return on Average Assets of 1.84%\n\n\n2019 Return on Average Tangible Common Equity of 17.56%\n\n\n171st Consecutive quarter of profitability\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 and record earnings for the year ended December 31, 2019.\n\n\nCVB Financial Corp. reported net income of $51.3 million for the quarter ended December 31, 2019, compared with $50.4 million for the third quarter of 2019 and $43.2 million for the fourth quarter of 2018. Diluted earnings per share were $0.37 for the fourth quarter, compared to $0.36 for the prior quarter and $0.31 for the same period last year.\n\n\nChris Myers, President and CEO of Citizens Business Bank, commented, “2019 was an extraordinary year for our Company, highlighted by achieving record annual earnings of $207.8 million, a 37% increase over the prior year.” Myers continued, “We successfully completed the integration of the largest merger in the Bank’s history and generated industry leading financial metrics, including return on average assets of 1.84%, a return on average tangible capital of almost 18%, and an efficiency ratio of 40%.”\n\n\nNet income of $51.3 million for the fourth quarter of 2019 produced an annualized return on average equity (“ROAE”) of 10.21% and an annualized return on average tangible common equity (“ROATCE”) of 16.36%. ROAE and ROATCE for the third quarter of 2019 were 10.18% and 16.53%, respectively, and 9.29% and 15.93%, respectively, for the fourth quarter of 2018. Annualized return on average assets (“ROAA”) was 1.79% for the fourth quarter, compared to 1.78% for the third quarter of 2019 and 1.49% for the fourth quarter of 2018. The efficiency ratio for the fourth quarter of 2019 was 41.01%, compared to 39.60% for the third quarter of 2019 and 49.15% for the fourth quarter of 2018.\n\n\nNet income totaled $207.8 million for the year ended December 31, 2019. This represented a $55.8 million, or 36.73%, increase from the prior year. Diluted earnings per share were $1.48 for the year ended December 31, 2019, compared to $1.24 for the same period of 2018. Net inc...