Business
CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2021
Net Earnings of $47.7 million, or $0.35 per share for Fourth Quarter2021 Net Earnings of $212.5 million, or $1.56 per share Core loan growth of $235.3 million
About this update from Cvb Financial Corporation
[{"type":"text","content":"Net Earnings of $47.7 million, or $0.35 per share for Fourth Quarter2021 Net Earnings of $212.5 million, or $1.56 per share Core loan growth of $235.3 million year-over-yearDeposit growth of $1.24 billion or 10.6% year-over-yearCompletion of the acquisition of Suncrest Bank on January 7, 2022 ONTARIO, Calif., Jan. 26, 2022 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter and the year ended December 31, 2021. CVB Financial Corp. reported net income of $47.7 million for the quarter ended December 31, 2021, compared with $49.8 million for the third quarter of 2021 and $50.1 million for the quarter ended December 31, 2020. Diluted earnings per share were $0.35 for the fourth quarter, compared to $0.37 for the prior quarter and $0.37 for the same period last year. The fourth quarter of 2021 did not include a recapture of provision for credit losses, compared to $4.0 million of provision recaptured in the third quarter of 2021. The fourth quarter of 2020 did not include a (recapture of) or provision for credit losses. Net income of $47.7 million for the fourth quarter of 2021 produced an annualized return on average equity (“ROAE”) of 9.05%, an annualized return on average tangible common equity (“ROATCE”) of 13.89%, and an annualized return on average assets (“ROAA”) of 1.18%. Our net interest margin, tax equivalent, (“NIM”) was 2.79% for the fourth quarter of 2021, while our efficiency ratio was 41.80%. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “The Bank delivered another solid quarter and full year of strong earnings. The 2021 earnings represented the highest earnings in the Company’s history. Since the onset of the COVID-19 pandemic, Citizens Business Bank has maintained its high level of performance and confirmed our position as a safe, sound, and secure financial institution. We were also pleased to complete the acquisition of Suncrest Bank on January 7, 2022 and to welcome Suncrest Bank’s associates, customers and shareholders to Citizens Business Bank. As I look forward to 2022, I believe we remain well positioned to benefit from improving economic conditions and rising interest rates. I want to thank our associates for remaining focused on our customers and our vision, our custome...