Business
CVB Financial Corp. Reports Strong Earnings for the Second Quarter 2022
Net Earnings of $59.1 million, or $0.42 per share for Second QuarterReturn on Average Tangible Common Equity of 18.67% for the Second QuarterNet Interest
About this update from Cvb Financial Corporation
[{"type":"text","content":"Net Earnings of $59.1 million, or $0.42 per share for Second QuarterReturn on Average Tangible Common Equity of 18.67% for the Second QuarterNet Interest Margin expands to 3.16%Quarterly annualized core loan growth of 7% ONTARIO, Calif., July 20, 2022 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended June 30, 2022. CVB Financial Corp. reported net income of $59.1 million for the quarter ended June 30, 2022, compared with $45.6 million for the first quarter of 2022 and $51.2 million for the second quarter of 2021. Diluted earnings per share were $0.42 for the second quarter, compared to $0.31 for the prior quarter and $0.38 for the same period last year. The second quarter of 2022 included $3.6 million in provision for credit losses, compared to $2.5 million in provision for the first quarter and a provision recapture of $2.0 million in the second quarter of 2021. Net income of $59.1 million for the second quarter of 2022 produced an annualized return on average equity (“ROAE”) of 11.33%, an annualized return on average tangible common equity (“ROATCE”) of 18.67%, and an annualized return on average assets (“ROAA”) of 1.39%. Our net interest margin, tax equivalent (“NIM”), was 3.16% for the second quarter of 2022, while our efficiency ratio was 37.24%. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We produced approximately $86 million in pretax pre-provision income during the second quarter, which is a 30% increase from the first 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 inflationary pressures resulted in a record level of quarterly pretax pre-provision income. This growth supported a 6% increase in our quarterly dividend, which represented a dividend payout ratio of 45%. 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, customers, and shareholders for their commitment and support.” INCOME STATEMENT HIGHLIGHTS Three Months Ended Six Months Ended June 30,2022 March 31,2022 June 30,2021 June 30,2022 June 30,2021 (Dollars in thousands, except per share amounts) Net...