Cvb Financial Corp (CVBF) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Exhibit 99.1

CVB Financial Corp. Reports Earnings for the Second Quarter of 2021

Ontario, CA, July 21, 2021-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended June 30, 2021.

CVB Financial Corp. reported net income of $51.2 million for the quarter ended June 30, 2021, compared with $63.9 million for the quarter ended March 31, 2021 and $41.6 million for the quarter ended June 30, 2020. Diluted earnings per share were $0.38 for the second quarter, compared to $0.47 for the prior quarter and $0.31 for the same period last year. The second quarter of 2021 included $2.0 million in recapture of provision for credit losses, as a result of a modest improvement in our economic forecast. In comparison, the first quarter of 2021 included a $19.5 million recapture of provision. The Company’s allowance for credit losses at June 30, 2021 of $69.3 million, compares to the pre-pandemic allowance of $68.7 million at December 31, 2019.

David Brager, Chief Executive Officer of Citizens Business Bank, commented, “Despite the on-going impact of the COVID-19 pandemic and the continuing low interest rate environment, our pre-tax, pre-provision earnings remain strong. However, the significant liquidity within the economy continues to impact our balance sheet and weigh on our loan growth, with lower than normal utilization rates on lines of credit. Nevertheless, we are seeing positive signs with increased new loan pipelines, and we remain committed to our customer acquisition strategy of seeking to bank the top businesses in our local markets.”

Net income of $51.2 million for the second quarter of 2021 produced an annualized return on average equity (“ROAE”) of 10.02% and an annualized return on average tangible common equity (“ROATCE”) of 15.60%. ROAE and ROATCE for the first quarter of 2021 were 12.75% and 19.85%, respectively, and 8.51% and 13.80%, respectively, for the second quarter of 2020. Annualized return on average assets (“ROAA”) was 1.35% for the second quarter, compared to 1.79% for the first quarter of 2021 and 1.33% for the second quarter of 2020. The efficiency ratio for the second quarter of 2021 was 40.05%, compared to 40.26% for the first quarter of 2021 and 39.75% for the second quarter of 2020.

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