Business
CVB Financial Corp. Reports Record Earnings for the Fourth Quarter and the Year Ended 2022
Fourth Quarter 2022 Highlights Net Earnings of $66.2 million, or $0.47 per share Return on Average Tangible Common Equity of 23.65% Return on average assets
About this update from Cvb Financial Corporation
[{"type":"text","content":"Fourth Quarter 2022 Highlights Net Earnings of $66.2 million, or $0.47 per share Return on Average Tangible Common Equity of 23.65% Return on average assets of 1.60%Net Interest Margin expands by 0.23% to 3.69% Efficiency Ratio of 36.31% Full Year 2022 Highlights Net Earnings grew by 11% to $235.4 millionPretax/Pre-provision income grew by 25% ONTARIO, Calif., Jan. 25, 2023 (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, 2022. CVB Financial Corp. reported net income of $66.2 million for the quarter ended December 31, 2022, compared with $64.6 million for the third quarter of 2022 and $47.7 million for the fourth quarter of 2021. Diluted earnings per share were $0.47 for the fourth quarter, compared to $0.46 for the prior quarter and $0.35 for the same period last year. Pretax pre-provision income grew from $91.9 million for the third quarter of 2022 to $95.4 million in the fourth quarter, while growing by approximately 43% from the fourth quarter of 2021. The fourth quarter of 2022 included $2.5 million in provision for credit losses, compared to $2.0 million in provision for the third quarter and no provision or recapture in the fourth quarter of 2021. Net income of $66.2 million for the fourth quarter of 2022 produced an annualized return on average equity (“ROAE”) of 13.68%, an annualized return on average tangible common equity (“ROATCE”) of 23.65%, and an annualized return on average assets (“ROAA”) of 1.60%. Our net interest margin, tax equivalent (“NIM”), increased to 3.69% for the fourth quarter of 2022, while our efficiency ratio was 36.31%. For the year ended December 31, 2022, the Company reported record net income of $235.4 million, compared with $212.5 million for the year ended December 31, 2021. Diluted earnings per share were $1.67 for the year ended December 31, 2022, compared to $1.56 for the same period last year. Pretax pre-provision income grew from $272.1 million for 2021 to $338.9 million for the year ended December 31, 2022. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We are pleased with our record results in 2022 and remain committed to the mission and vision of Citizens Business Bank. The fourth quarter and full year of 2022 r...