CVB Financial Corp. Reports Earnings for the Third Quarter 2024

On October 23, 2024, CVB Financial Corp. (NASDAQ: CVBF) issued a press release detailing its financial results for the quarter ended September 30, 2024. The company reported net earnings of $51 million, corresponding to $0.37 per share. This performance translated to a return on average assets of 1.23% and a return on average tangible common equity of 14.93%. The net interest margin stood at 3.05%.

David Brager, the President and Chief Executive Officer of Citizens Business Bank, expressed satisfaction with the results, highlighting their strategy of serving small to medium-sized businesses and their consistent profitability over 190 consecutive quarters.

Key highlights for the third quarter of 2024 included a net interest margin of 3.05%, an efficiency ratio of 46.5%, and significant growth in deposits and customer repurchase agreements. Notable financial moves during the quarter included the early redemption of $1.3 billion of Bank Term Funding Program borrowings.

In terms of balance sheet highlights, total assets stood at $15.4 billion at the end of the quarter. The company reported a decrease in interest-earning balances due from the Federal Reserve, investment securities, and net loans compared to the previous quarter.

Regarding asset quality, CVB Financial Corp. experienced credit charge-offs of $26,000 and net recoveries of $156,000 during the quarter. Nonperforming loans decreased, and the allowance for credit losses represented 0.97% of gross loans outstanding.

Deposit and customer repurchase agreements totaled $12.47 billion at September 30, 2024, with a notable increase compared to the previous quarter. Additionally, the company successfully executed sale-leaseback transactions during the quarter, resulting in a pre-tax net gain of $9.1 million.

CVB Financial Corp.’s total equity at September 30, 2024, was reported at $2.20 billion, reflecting an increase from the end of the previous year. The company’s tangible book value per share stood at $10.17, with capital ratios remaining comfortably above regulatory standards under the Basel III framework.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CVB Financial’s 8K filing here.

About CVB Financial

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.