Business
CVB Financial Corp. Reports Earnings for the Third Quarter of 2020
174th Consecutive Quarter of Profitability Net Earnings of $47.5 million for the third quarter of 2020, or $0.35 per share Return on Average Tangible Common
About this update from Cvb Financial Corporation
[{"type":"text","content":"\n\n174th Consecutive Quarter of Profitability \n\n\nNet Earnings of $47.5 million for the third quarter of 2020, or $0.35 per share\n\n\nReturn on Average Tangible Common Equity of 15.20% for the third quarter of 2020\n\n\nTCE Ratio of 9.8%, CET1 Ratio of 14.6% and Total Risk-based Capital Ratio of 16.1% \n\n\nDeposit growth of $2.37 billion or 27% year-over-year\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 September 30, 2020.\n\nCVB Financial Corp. reported net income of $47.5 million for the quarter ended September 30, 2020, compared with $41.6 million for the second quarter of 2020 and $50.4 million for the third quarter of 2019. Diluted earnings per share were $0.35 for the third quarter, compared to $0.31 for the prior quarter and $0.36 for the same period last year. The third quarter of 2020 did not include a provision for credit losses, as the economic outlook is generally consistent with the forecast from the prior quarter end. In comparison, the Company recorded a provision for credit losses of $23.5 million in the first half of 2020, including $11.5 million in the second quarter.\n\nDavid Brager, Chief Executive Officer of Citizens Business Bank, commented “Although the current uncertain economic situation, coronavirus outlook and low interest rate environment present near term challenges to earnings growth, we will continue to maintain our long-term focus on credit quality, strong capital levels, and consistent earnings. We believe that Citizens Business Bank will be well positioned as we return to a more normal economic environment and continue to generate stable, long-term shareholder returns.”\n\nNet income of $47.5 million for the third quarter of 2020 produced an annualized return on average equity (“ROAE”) of 9.51% and an annualized return on average tangible common equity (“ROATCE”) of 15.20%. ROAE and ROATCE for the second quarter of 2020 were 8.51% and 13.80%, respectively, and 10.18% and 16.53%, respectively, for the third quarter of 2019. Annualized return on average assets (“ROAA”) was 1.38% for the third quarter, compared to 1.33% for the second quarter of 2020 and 1.78% for the third quarter of 2019. The efficiency ratio for the third quarter of 2020 was 42.57%, compared to...