Business
CVB Financial Corp. Reports Earnings for the Second Quarter 2023
Net Earnings of $55.8 million, or $0.40 per share Return on Average Tangible Common Equity of 18.39% Return on Average Assets of 1.36% Efficiency Ratio of
About this update from Cvb Financial Corporation
[{"type":"text","content":"Net Earnings of $55.8 million, or $0.40 per share Return on Average Tangible Common Equity of 18.39% Return on Average Assets of 1.36% Efficiency Ratio of 40.86%$126 million Deposit Growth QTR/QTR ONTARIO, Calif., July 26, 2023 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended June 30, 2023. CVB Financial Corp. reported net income of $55.8 million for the quarter ended June 30, 2023, compared with $59.3 million for the first quarter of 2023 and $59.1 million for the second quarter of 2022. Diluted earnings per share were $0.40 for the second quarter, compared to $0.42 for the prior quarter and $0.42 for the same period last year. The second quarter of 2023 included $500,000 in provision for credit losses, compared to $1.5 million in provision for the first quarter and $3.6 million in the second quarter of 2022. Net income of $55.8 million for the second quarter of 2023 produced an annualized return on average equity (“ROAE”) of 11.03%, an annualized return on average tangible common equity (“ROATCE”) of 18.39%, and an annualized return on average assets (“ROAA”) of 1.36%. Our net interest margin, tax equivalent (“NIM”), was 3.22% for the second quarter of 2023, while our efficiency ratio was 40.86%. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We are pleased to present our second quarter results. Despite the challenging environment, the Bank continued to produce solid financial performance across our key operating metrics. We will continue to focus on executing on our core strategies and supporting our customers through these demanding times. I would like to thank our customers and associates for their commitment and loyalty.” INCOME STATEMENT HIGHLIGHTS Three Months Ended Six Months Ended June 30, 2023 March 31, 2023 June 30, 2022 June 30, 2023 June 30, 2022 (Dollars in thousands, except per share amounts)Net interest income$119,535 $125,728 $121,940 $245,263 $234,780 Provision for credit losses (500) (1,500) (3,600) (2,000) (6,100)Noninterest income 12,656 13,202 14,670 25,858 25,934 Noninterest expense (54,017) (54,881) (50,871) (108,898) (109,109)Income taxes (21,904) (23,279) (23,081) (45,183) (40,887) Net earnings$55,770 $59,270 $59,058 $115,040 $104,618 Earnings per common ...