Welcome to our dedicated page for CVB Financial news (Ticker: CVBF), a resource for investors and traders seeking the latest updates and insights on CVB Financial stock.
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) reported a net income of $66.2 million, or $0.47 per share, for Q4 2022, marking an increase from $64.6 million in Q3 2022 and $47.7 million in Q4 2021. The full-year net earnings rose to $235.4 million, up 11% year-over-year. The return on average tangible common equity was a robust 23.65%, while the net interest margin expanded to 3.69%. Factors affecting these results included a provision for credit losses of $2.5 million in Q4, reflecting economic uncertainties. The bank successfully increased its noninterest income and maintained a strong efficiency ratio of 36.31%.
CVB Financial Corp. (NASDAQ: CVBF) has declared a cash dividend of $0.20 per share for Q4 2022, scheduled for payment on January 13, 2023, to shareholders of record by December 29, 2022. This marks the 133rd consecutive dividend paid, highlighting the company's strong capital and liquidity. With over $16 billion in total assets, CVBF operates Citizens Business Bank, recognized as one of the leading banks in California.
CVB Financial Corp. (NASDAQ: CVBF) announces the passing of esteemed board member Rodrigo Guerra, Jr. on November 4, 2022. Mr. Guerra was a pivotal presence on the boards since 2017, contributing significantly as Chair of the Nominating and Corporate Governance Committee and as a member of several other key committees. He was also a partner at Skadden, Arps, Slate, Meagher & Flom, LLP. The company expresses deep condolences, highlighting Mr. Guerra's invaluable insights and contributions that enhanced board effectiveness. CVBF remains a top California bank with over $16 billion in assets.
CVB Financial Corp. (NASDAQ: CVBF) reported a strong performance in Q3 2022, with net earnings reaching $64.6 million, or $0.46 per share, marking a 9% increase from Q2 2022. The net interest margin expanded to 3.46%, driven by robust loan growth of 6% and effective expense management. The annualized return on average tangible common equity was an impressive 21.34%. Notably, the company raised its quarterly dividend by 5%. However, provisions for credit losses saw a slight increase to $2.0 million due to anticipated economic challenges.
CVB Financial Corp. (NASDAQ: CVBF) has announced a cash dividend of $0.20 per share for Q3 2022, marking a $0.01 increase from the previous quarter. This dividend is set to be distributed around October 20, 2022, to shareholders of record as of October 5, 2022, representing the 132nd consecutive quarterly cash dividend. The company highlights its robust capital and liquidity, along with a history of 181 consecutive profitable quarters, affirming its commitment to shareholder returns through this dividend increase and its stock repurchase plan.
CVB Financial Corp. (NASDAQ: CVBF) reported net earnings of $59.1 million, or $0.42 per share, for Q2 2022, up from $45.6 million in Q1 2022 and $51.2 million in Q2 2021. The company achieved an annualized return on average tangible common equity of 18.67% and a net interest margin of 3.16%, reflecting strong loan growth and effective expense management. A 6% dividend increase was also announced. However, a $3.6 million provision for credit losses was recorded.
CVB Financial Corp. (NASDAQ: CVBF) declared a cash dividend of $0.19 per share for Q2 2022, marking a $0.01 increase from the previous quarter. This dividend reflects the company's strong capital and liquidity position, continuing its streak of 131 consecutive quarterly cash dividends. The increase follows the successful integration of Suncrest Bank. The dividend is set to be paid on July 15, 2022, to shareholders on record as of June 30, 2022. CVBF has approximately $17 billion in total assets and maintains over 60 banking centers across California.
CVB Financial Corp. (CVBF) has appointed Kimberly Sheehy as a new Board Member, expanding the Board's capacity from eight to nine members for both CVBF and Citizens Business Bank (CBB). Sheehy will chair the Audit Committee and serve on several other key committees. With over 30 years of experience in finance and technology across multiple sectors, her expertise aims to enhance the Board's strategic oversight. The company emphasizes its commitment to diversity in leadership as part of its growth strategy.
CVB Financial Corp. (NASDAQ: CVBF) announced on May 18, 2022, that Raymond V. O’Brien III will step down as Chairman of the Boards of CVBF and Citizens Business Bank following the annual meetings. Hal W. Oswalt, a current director since 2014, is elected as the new Chairman. O’Brien will remain a director and continue as Chair of the Credit Committee. Oswalt noted O’Brien's leadership contributed significantly to the bank's growth, including five acquisitions and surpassing $10 billion in assets. CVBF is among California's top ten bank holding companies with over $17 billion in total assets.
CVB Financial Corp. (NASDAQ: CVBF) reported net earnings of $45.6 million or $0.31 per share for Q1 2022, a decline from $47.7 million in Q4 2021 and $63.9 million in Q1 2021. Assets grew to $17.54 billion, bolstered by the acquisition of Suncrest Bank on January 7, 2022. Despite a core loan growth of 8%, a provision for credit losses of $2.5 million was noted, contrasting with $19.5 million recaptured in the prior year. The net interest margin expanded to 2.90%, reflecting strategic asset deployment amidst rising interest rates.
FAQ
What is the current stock price of CVB Financial (CVBF)?
What is the market cap of CVB Financial (CVBF)?
What services does Citizens Business Bank offer?
How did CVB Financial Corp perform financially in 2023?
Where is Citizens Business Bank located?
What is CitizensTrust?
How can I invest in CVB Financial Corp?
What recent achievements has CVB Financial Corp announced?
What is the tax equivalent net interest margin for CVB Financial Corp?
How does CVB Financial Corp support local businesses?
What is the financial condition of CVB Financial Corp?
Where can I find detailed financial reports of CVB Financial Corp?
