Business
CVB Financial Corp. Reports Earnings for the Second Quarter of 2020
173rd Consecutive Quarter of Profitability Net Earnings of $41.6 million for the second quarter of 2020, or $0.31 per share Return on Average Tangible Common
About this update from Cvb Financial Corporation
[{"type":"text","content":"\n\n173rd Consecutive Quarter of Profitability \n\n\nNet Earnings of $41.6 million for the second quarter of 2020, or $0.31 per share\n\n\nReturn on Average Tangible Common Equity of 13.80% for the second quarter of 2020\n\n\nTCE Ratio of 9.6%, CET1 Ratio of 14.5% and Total Risk-based Capital Ratio of 16.0%\n\n\nGrowth in Noninterest-bearing Deposits of $1.65 billion or 31% year-over-year\n\n\n$1.1 billion in loans under SBA’s Paycheck Protection Program (“PPP”)\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 June 30, 2020.\n\n\nCVB Financial Corp. reported net income of $41.6 million for the quarter ended June 30, 2020, compared with $38.0 million for the first quarter of 2020 and $54.5 million for the second quarter of 2019. Diluted earnings per share were $0.31 for the second quarter, compared to $0.27 for the prior quarter and $0.39 for the same period last year. The Company recorded $11.5 million in provision for credit losses during the quarter as a result of the further deterioration in the forecasted economic impact from the coronavirus pandemic. During the second quarter of 2020, the Company originated, under the SBA Paycheck Protection Program, approximately 4,100 loans, of which $1.1 billion was outstanding at June 30, 2020.\n\n\nDavid Brager, Chief Executive Officer of Citizens Business Bank, commented: “Citizens Business Bank remains well positioned to succeed with strong capital, consistent earnings, solid credit, and excellent liquidity. We will continue to focus on these key attributes that continue to make our Bank a high performer. I am exceptionally proud of the commitment and effort of our associates who have provided outstanding service to our customers during these unprecedented times and supported our customers by originating more than 4,000 PPP loans.”\n\n\nNet income of $41.6 million for the second quarter of 2020 produced an annualized return on average equity (“ROAE”) of 8.51% and an annualized return on average tangible common equity (“ROATCE”) of 13.80%. ROAE and ROATCE for the first quarter of 2020 were 7.61% and 12.27 %, respectively, and 11.38% and 18.81%, respectively, for the second quarter of 2019. Annualized return on average assets (“ROAA”) was 1.33% for the second ...