Cvb Financial Corp (CVBF) SEC Filing 10-Q Quarterly Report for the period ending Saturday, September 30, 2023

Exhibit 99.1

Press Release

For Immediate Release

CVB Financial Corp. Reports Earnings for the Third Quarter 2023

Ontario, Calif., Oct. 25, 2023-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

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