- Net Earnings of $57.9 million, or $0.42 per share
- Return on Average Tangible Common Equity of 18.82%
- Return on Average Assets of 1.40%
- Efficiency Ratio of 39.99%
ONTARIO, Calif., Oct. 25, 2023 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended September 30, 2023.
CVB Financial Corp. reported net income of $57.9 million for the quarter ended September 30, 2023, compared with $55.8 million for the second quarter of 2023 and $64.6 million for the third quarter of 2022. Diluted earnings per share were $0.42 for the third quarter, compared to $0.40 for the prior quarter and $0.46 for the same period last year. Net income of $57.9 million for the third quarter of 2023 produced an annualized return on average equity (“ROAE”) of 11.33%, an annualized return on average tangible common equity (“ROATCE”) of 18.82%, and an annualized return on average assets (“ROAA”) of 1.40%.
David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We reported $57.9 million of net income in the third quarter of 2023. Our focus on banking the best privately held small to medium sized businesses and building meaningful long-term relationships has continued to produce solid results. I would like to thank our customers and associates for their loyalty and support”.
Highlights for the Third Quarter of 2023
- 5.7% growth in Pretax Pre-Provision income compared to prior quarter
- Net interest margin of 3.31% expanded by 9 basis points compared to prior quarter
- 0.52% cost of deposits for the third quarter, reflects a cumulative through the cycle beta of