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CVB Financial Corp (NASDAQ: CVBF), headquartered in Ontario, California, is a prominent financial holding company for Citizens Business Bank. It ranks among the top 10 largest bank holding companies in California. The bank operates through 67 business financial centers and three trust office locations, primarily serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California.
Core Business and Services: Citizens Business Bank provides a comprehensive suite of financial services including banking, lending, and investing. Their lending products encompass commercial, agribusiness, consumer, Small Business Administration (SBA), real estate, and construction loans. Additionally, they offer equipment and vehicle leasing. The bank’s commercial products include lines of credit, working capital financing, accounts receivable lending, and letters of credit.
Financial Performance: For the year ended December 31, 2023, CVB Financial Corp. reported net income of $221.4 million, indicating a strong financial performance despite a challenging economic environment. The company achieved an annualized return on average equity (ROAE) of 9.65%, return on average tangible common equity (ROATCE) of 16.21%, and return on average assets (ROAA) of 1.19% for the fourth quarter.
Recent Highlights: In the first quarter of 2024, CVB Financial Corp. reported net income of $48.6 million. Their tax equivalent net interest margin stood at 3.10% for the first quarter, reflecting a decrease primarily due to higher interest expenses. The bank has maintained strong asset quality with a significant allowance for credit losses and a conservative lending approach.
Partnerships and Projects: Citizens Business Bank continues to build robust relationships with privately held small to medium-sized businesses, focusing on long-term growth and customer loyalty. They have also invested in technological enhancements to improve service delivery and maintain competitive advantage.
Community and Trust Services: CitizensTrust, a division of Citizens Business Bank, had approximately $4.3 billion in assets under management and administration as of March 31, 2024. CitizensTrust offers trust, investment, and brokerage services, as well as financial, estate, and business succession planning.
CVB Financial Corp.'s stock is publicly traded on NASDAQ under the ticker symbol “CVBF”. For more detailed investor information, visit their website at www.cbbank.com.
CVB Financial Corp. (NASDAQ: CVBF) has declared its 141st consecutive quarterly cash dividend of $0.20 per share for the fourth quarter of 2024. The dividend will be paid on or about January 15, 2025 to shareholders of record as of December 31, 2024. The company, which is among the 10 largest bank holding companies headquartered in California with over $15 billion in assets, operates through Citizens Business Bank with more than 60 banking centers and three trust office locations across California.
CVB Financial Corp. (NASDAQ:CVBF) announced that its Board of Directors has authorized a new share repurchase program for up to 10 million shares of the company's common stock. The 2024 Repurchase Program, which includes provisions for open market purchases and private transactions, replaces the previous 2022 program that had 4,300,059 shares remaining. The company, which holds over $15 billion in total assets, is among the 10 largest bank holding companies headquartered in California and operates Citizens Business Bank with more than 60 banking centers and 3 trust office locations across California.
Genesis Bank, through its Genesis for Good Foundation, announced its first round of grant awards to five small businesses through the Catalyst Empowerment Grant Program. The program provides grants up to $10,000 to eligible small businesses, focusing on historically marginalized and underinvested entrepreneurs across Southern California. The initiative received support from Fiserv, Inc., Federal Home Loan Bank of San Francisco, and CVB Financial Corp. Grant recipients include Gutierrez Chiropractic, Prisma Communications, San & Wolves Bakeshop, Spark Studios, and Vinos Unidos, each receiving funds for specific business expansion and improvement projects.
Genesis for Good Foundation (GFG) has been awarded a $100,000 grant from the Federal Home Loan Bank of San Francisco's AHEAD Program, in partnership with Citizens Business Bank. The grant will support GFG's Catalyst Empowerment Grant Program, which provides up to $10,000 to eligible small businesses in Southern California's low to moderate-income communities. The program focuses on supporting historically marginalized and underinvested entrepreneurs by providing essential resources, capacity building, networking opportunities, education, and capital. Genesis Bank, as one of only five diverse, multiracial Minority Depository Institutions among approximately 4,600 U.S. banks, collaborated with Citizens Business Bank to secure this competitive grant.
CVB Financial Corp. reported net income of $51.2 million for Q3 2024, up from $50.0 million in Q2 2024 but down from $57.9 million in Q3 2023. Diluted earnings per share were $0.37, compared to $0.36 in Q2 2024 and $0.42 in Q3 2023. Key metrics include a net interest margin of 3.05%, efficiency ratio of 46.5%, and return on average assets of 1.23%. Notable events include early redemption of $1.3 billion Bank Term Funding Program borrowings, sale of $312 million in AFS securities for an $11.6 million loss, and execution of building sale-leasebacks generating $9.1 million in gains.
CVB Financial Corp. (NASDAQ: CVBF) has announced its 140th consecutive quarterly cash dividend of $0.20 per share for the third quarter of 2024. The dividend will be payable on or about October 14, 2024 to shareholders of record as of September 30, 2024. This decision was approved at the Company's Board of Directors meeting on September 16, 2024.
CVBF is the holding company for Citizens Business Bank, one of the 10 largest bank holding companies headquartered in California with over $15 billion in total assets. The bank offers a wide array of banking, lending, and investing services through more than 60 banking centers and three trust office locations in California.
CVB Financial Corp. (NASDAQ: CVBF) reported second quarter 2024 net earnings of $50 million, or $0.36 per share, a slight improvement from $48.6 million in the prior quarter but down from $55.8 million in Q2 2023.
Key metrics include a return on average assets of 1.24%, return on average tangible common equity of 15.51%, and a net interest margin of 3.05%. Despite the earnings growth, net interest income declined to $110.8 million, a decrease of 1.43% Q/Q and 7.27% Y/Y due to a drop in net interest margin.
Highlights for Q2 2024 include:
- Average deposits grew by $245.3 million compared to Q1 2024.
- Noninterest-bearing deposits represented 60% of total deposits.
- Net charge-offs were minimal at $31,000.
- Noninterest expense decreased by $3.3 million Q/Q.
- Efficiency ratio improved to 45.1% from 47.2% in Q1 2024.
However, nonperforming assets increased to $25.6 million from $14.5 million in Q1 2024, primarily due to a rise in nonperforming commercial real estate loans.
CVB Financial Corp. (NASDAQ: CVBF) announced a $0.20 per share cash dividend for Q2 2024, marking its 139th consecutive quarterly cash payment. The dividend, approved during the Board of Directors meeting on June 26, 2024, will be payable on July 25, 2024, to shareholders on record as of July 11, 2024.
CVBF, the holding company for Citizens Business Bank, is one of California's 10 largest bank holding companies, boasting approximately $16 billion in total assets. The bank is renowned for its high performance and offers extensive banking, lending, and investment services through over 60 banking centers and three trust offices in California. Shares are traded on NASDAQ under the ticker 'CVBF'.
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