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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) announced a cash dividend of $0.18 per share for Q3 2021, approved on September 22, 2021. This dividend will be payable on approximately October 21, 2021 to shareholders of record as of October 6, 2021. With a history of 177 consecutive quarters of profitability, the company has maintained cash dividends for 128 quarters, highlighting its strong capital and liquidity positions.
CVB Financial Corp. announced its second largest acquisition, merging with Suncrest Bank in a deal valued at $204 million, or $16.18 per Suncrest share. This merger will enhance Citizens Business Bank's presence in Central California and expand into Sacramento, significantly boosting its competitive position. The transaction is expected to add approximately 3.5% to earnings per share by 2023, although initial dilution to tangible book value is anticipated. The merger completion is subject to regulatory approvals and is expected in late 2021 or early 2022.
CVB Financial Corp. (NASDAQ: CVBF) reported net earnings of $51.2 million for Q2 2021, or $0.38 per share, a decline from $63.9 million in Q1 2021. The company's return on average tangible common equity was 15.60%, while return on average assets was 1.35%. Total assets increased 4.71% to $15.54 billion, and the company recaptured $2.0 million of provision for credit losses. However, total loans decreased by 2.67% to $8.07 billion, driven by declines in PPP loans due to forgiveness.
CVB Financial Corp. (NASDAQ: CVBF) declared an 18-cent cash dividend per share for Q2 2021, approved during the Board meeting on June 16, 2021. This dividend is set to be paid on or about July 15, 2021, to shareholders of record as of June 30, 2021. CEO David A. Brager emphasized the company's strong capital and liquidity, noting 176 consecutive quarters of profitability and 127 consecutive quarters of cash dividends paid to shareholders. CVBF operates Citizens Business Bank with over $14 billion in total assets across 57 banking centers in California.
CVB Financial Corp. (NASDAQ: CVBF) reported net earnings of $63.9 million for Q1 2021, translating to $0.47 per share. This marks an increase from $50.1 million in Q4 2020 and $38.0 million in Q1 2020. The company achieved a 19.85% return on average tangible common equity and 1.79% return on average assets. Deposit growth reached $2.97 billion, a 33% year-over-year increase. A notable factor in earnings was the $19.5 million recapture of provision for credit losses following improved economic forecasts.
CVB Financial Corp. (CVBF) has appointed Brian T. Mauntel as President of Citizens Business Bank (CBB), effective April 26, 2021. Mauntel brings over 29 years of banking experience, including 23 years at Fifth Third Bank and recent service as President of Heartland Bank. His leadership aims to enhance CBB's organic growth in deposits, lending, and investments. CEO David A. Brager expressed confidence in Mauntel's ability to lead the bank’s 57 centers and specialized lending groups. CVBF manages over $14 billion in assets and is recognized for its strong performance.
CVB Financial Corp. (NASDAQ: CVBF) declared a cash dividend of $0.18 per share for Q1 2021, approved on March 17, 2021. This dividend will be payable on or about April 14, 2021, to shareholders of record as of March 31, 2021. The company has maintained a robust capital and liquidity position, boasting 175 consecutive quarters of profitability, allowing for 126 straight quarters of cash dividends to shareholders. With over $14 billion in total assets, CVBF ranks among the top 10 bank holding companies in California.
CVB Financial Corp. (CVBF) announces the appointment of Jane Olvera as a new Board Member, expanding the board from nine to ten members. Olvera brings expertise in branding and marketing, which aligns with the Bank's growth strategy. Her ties to the Central Valley are expected to enhance the Bank's regional presence and support for diverse businesses. With over $14 billion in total assets, CVBF is among California's top ten bank holding companies, emphasizing its commitment to performance and community service.
CVB Financial Corp. (NASDAQ: CVBF) has been recognized as the “Best Bank in America” for the second consecutive year by Forbes in its 2021 rankings. This accolade reflects CVBF's strong financial performance and commitment to customer relationships. The bank, with over $14 billion in assets, serves various regions in California through 57 banking centers. Forbes evaluated 100 major publicly-traded banks based on metrics like credit quality, growth, and profitability. This marks the third time in five years that CVBF has achieved this top position.
CVB Financial Corp. (NASDAQ:CVBF) reported net earnings of $50.1 million or $0.37 per share for Q4 2020, marking a 14.76% decline from 2019's total of $177.2 million for the year. Despite a challenging economic environment, the company achieved a deposit growth of $3.03 billion or 35% year-over-year. The 175th consecutive quarter of profitability was noted, and the net interest margin slightly declined to 3.33%.
Annualized ROAE was 8.90% for 2020, down from 10.71% in 2019.
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