Business
CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2023
Fourth Quarter 2023 Net Earnings of $48.5 million, or $0.35 per share FDIC Special Assessment of $9.2 million ($0.04 decrease in EPS) Full Year 2023 Net
About this update from Cvb Financial Corporation
[{"type":"text","content":"Fourth Quarter 2023 Net Earnings of $48.5 million, or $0.35 per share FDIC Special Assessment of $9.2 million ($0.04 decrease in EPS) Full Year 2023 Net Earnings of $221.4 million, or $1.59 per shareEfficiency Ratio of 42.0%Return on Average Assets of 1.35%Return on Average Tangible Common Equity of 18.48% ONTARIO, Calif., Jan. 24, 2024 (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, 2023. CVB Financial Corp. reported net income of $48.5 million for the quarter ended December 31, 2023, compared with $57.9 million for the third quarter of 2023 and $66.2 million for the fourth quarter of 2022. Diluted earnings per share were $0.35 for the fourth quarter, compared to $0.42 for the prior quarter and $0.47 for the same period last year. Fourth quarter net income was negatively impacted by a $9.2 million expense accrual for the FDIC’s final rule that implements a special assessment that will be collected over eight quarters starting in 2024. Net income of $48.5 million for the fourth quarter of 2023 produced an annualized return on average equity (“ROAE”) of 9.65%, an annualized return on average tangible common equity (“ROATCE”) of 16.21%, and an annualized return on average assets (“ROAA”) of 1.19%. For the year ended December 31, 2023, the Company reported net income of $221.4 million, compared with $235.4 million for the year ended December 31, 2022. Diluted earnings per share were $1.59 for the year ended December 31, 2023, compared to $1.67 for the same period last year. For the year ended December 31, 2023, ROAA was 1.35% and ROATCE was 18.48%, which compares to a 1.39% ROAA and 18.85% ROATCE for 2022. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “During the course of 2023, Citizens Business Bank not only remained safe and sound but also produced earnings that were the second highest in the Company’s history, despite the difficult operating environment. We remain committed to our strategy of banking the best small to medium sized businesses and their owners. We work hard to earn and maintain the trust of our customers and business partners, and we wish to thank our customers and associates for their loyalty and dedication over the past year.” Highlights...