Business
CVB Financial Corp. Reports Record Earnings for the Third Quarter 2022
Third Quarter Highlights: Net Earnings of $64.6 million, or $0.46 per share Return on Average Tangible Common Equity of 21.34% Net Interest Margin expands to
About this update from Cvb Financial Corporation
[{"type":"text","content":"Third Quarter Highlights: Net Earnings of $64.6 million, or $0.46 per share Return on Average Tangible Common Equity of 21.34% Net Interest Margin expands to 3.46% Efficiency Ratio of 36.59% Quarterly annualized loan growth of 6% ONTARIO, Calif., Oct. 19, 2022 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended September 30, 2022. CVB Financial Corp. reported net income of $64.6 million for the quarter ended September 30, 2022, compared with $59.1 million for the second quarter of 2022 and $49.8 million for the third quarter of 2021. Diluted earnings per share were $0.46 for the third quarter, compared to $0.42 for the prior quarter and $0.37 for the same period last year. Pretax pre-provision income grew from $85.7 million for the second quarter of 2022 to $91.9 million in the third quarter. The third quarter of 2022 included $2.0 million in provision for credit losses, compared to $3.6 million in provision for the second quarter and a provision recapture of $4.0 million in the third quarter of 2021. Net income of $64.6 million for the third quarter of 2022 produced an annualized return on average equity (“ROAE”) of 12.72%, an annualized return on average tangible common equity (“ROATCE”) of 21.34%, and an annualized return on average assets (“ROAA”) of 1.52%. Our net interest margin, tax equivalent (“NIM”), was 3.46% for the third quarter of 2022, while our efficiency ratio was 36.59%. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We produced approximately $92 million in pretax pre-provision income during the third quarter of 2022, which is a 7% increase from the second quarter. The combination of strong loan growth, expansion of our net interest margin, and our continuing efforts to closely manage expenses in the face of significant inflationary pressure resulted in a record level of quarterly pretax pre-provision income. This growth supported a 5% increase in our quarterly dividend for the third quarter, which represented a dividend payout ratio of 43% and is our second increase in our quarterly dividend in 2022. We continue to focus on executing on our core strategies and supporting our customers through these unpredictable times and I would like to thank our associates, custome...