Business
CVB Financial Corp. Reports Earnings for the Second Quarter 2024
Second Quarter 2024 Net Earnings of $50 million, or $0.36 per share Return on Average Assets of 1.24%Return on Average Tangible Common Equity of 15.51% Net
About this update from Cvb Financial Corporation
[{"type":"text","content":"Second Quarter 2024 Net Earnings of $50 million, or $0.36 per share Return on Average Assets of 1.24%Return on Average Tangible Common Equity of 15.51% Net Interest Margin of 3.05% ONTARIO, CA, July 24, 2024 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended June 30, 2024. CVB Financial Corp. reported net income of $50.0 million for the quarter ended June 30, 2024, compared with $48.6 million for the first quarter of 2024 and $55.8 million for the second quarter of 2023. Diluted earnings per share were $0.36 for the second quarter, compared to $0.35 for the prior quarter and $0.40 for the same period last year. Net income of $50.0 million for the second quarter of 2024 produced an annualized return on average equity (“ROAE”) of 9.57%, an annualized return on average tangible common equity (“ROATCE”) of 15.51%, and an annualized return on average assets (“ROAA”) of 1.24%. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “For nearly 50 years, Citizens Business Bank has focused on benefiting our customers, communities, and our associates. The second quarter financial results represent our 189th consecutive quarter of profitability and the Bank has maintained its steady and stable performance in the face of a challenging environment.” Highlights for the Second Quarter of 2024 Average deposits increased $245.3 million compared to the first quarter of 2024Noninterest-bearing deposits were 60% of total deposits for the second quarter of 2024Net charge-offs were $31,000 for the second quarter of 2024CET1 Ratio > 15% and TCE Ratio = 8.7% as of June 30, 2024Noninterest expense decreased by $3.3 million compared to the first quarter of 2024Efficiency Ratio improved to 45.1%, compared to 47.2% in the first quarter of 2024Net interest margin of 3.05%, declined by 5 basis points compared to the first quarter of 2024Dividend payout ratio was 56% for the second quarter of 2024 INCOME STATEMENT HIGHLIGHTS Three Months Ended Six Months Ended June 30, 2024 March 31, 2024 June 30, 2023 June 30, 2024 June 30, 2023 (Dollars in thousands, except per share amounts)Net interest income$110,849 $112,461 $119,535 $223,310 $245,263 Recapure of (provision for) credit losses - - (500) - (2,000)Noninterest income 14,4...