Business
CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2024
Fourth Quarter 2024 Net Earnings of $51 million, or $0.36 per share Return on Average Assets of 1.30%Net Interest Margin of 3.18% Full Year 2024 Net Earnings
About this update from Cvb Financial Corporation
[{"type":"text","content":"Fourth Quarter 2024 Net Earnings of $51 million, or $0.36 per share Return on Average Assets of 1.30%Net Interest Margin of 3.18% Full Year 2024 Net Earnings of $201 million, or $1.44 per share Return on Average Tangible Common Equity of 14.95% Ontario, CA, Jan. 22, 2025 (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, 2024. CVB Financial Corp. reported net income of $50.9 million for the quarter ended December 31, 2024, compared with $51.2 million for the third quarter of 2024 and $48.5 million for the fourth quarter of 2023. Diluted earnings per share were $0.36 for the fourth quarter, compared with $0.37 for the prior quarter and $0.35 for the same period last year. For the fourth quarter of 2024, annualized return on average equity (“ROAE”) was 9.14%, annualized return on average tangible common equity (“ROATCE”) was 14.31%, and annualized return on average assets (“ROAA”) was 1.30%. For the year ended December 31, 2024, the Company reported net income of $200.7 million, compared with $221.4 million for the year ended December 31, 2023. Diluted earnings per share were $1.44 for the year ended December 31, 2024, compared to $1.59 for the same period last year. For the year ended December 31, 2024, ROAA was 1.24% and ROATCE was 14.95%, which compares to a 1.35% ROAA and 18.48% ROATCE for 2023. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We are pleased with our fourth quarter results which represents our 191st consecutive quarter of profitability. I would like to thank our customers for their loyalty and our associates for their commitment.” Highlights for the Fourth Quarter of 2024 Net interest margin of 3.18%Efficiency Ratio of 47.34%TCE Ratio = 9.82% & CET1 Ratio > 16%Announced 10 million Share Repurchase ProgramQ4 average deposits and customer repurchase agreements increased by $150 millionNoninterest-bearing deposits were 59% of total depositsExecuted the sale and leaseback of two buildings generating pre-tax gains of $16.8 millionSold $155 million in AFS securities for a pre-tax loss of $16.7 millionLoans declined by $36 million, or 0.4% from the end of the third quarter of 2024Net recoveries were $180,000 for the fourth quarter of 2024$19 millio...