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Exhibit 99.1
Press Release
For Immediate Release
Contact: David A. Brager | ||
President and Chief Executive Officer | ||
(909) 980-4030 |
CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2023
Fourth Quarter 2023
● | Net Earnings of $48.5 million, or $0.35 per share |
● | FDIC Special Assessment of $9.2 million ($0.04 decrease in EPS) |
Full Year 2023
● | Net Earnings of $221.4 million, or $1.59 per share |
● | Efficiency Ratio of 42.0% |
● | Return on Average Assets of 1.35% |
● | Return on Average Tangible Common Equity of 18.48% |
Ontario, Calif., January 24, 2024-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the Company), announced earnings for the quarter and the year ended December 31, 2023.
CVB Financial Corp. reported net income of $48.5 million for the quarter ended December 31, 2023, compared with $57.9 million for the third quarter of 2023 and $66.2 million for the fourth quarter of 2022. Diluted earnings per share were $0.35 for the fourth quarter, compared to $0.42 for the prior quarter and $0.47 for the same period last year. Fourth quarter net income was negatively impacted by a $9.2 million expense accrual for the FDICs final rule that implements a special assessment that will be collected over eight quarters starting in 2024. Net income of $48.5 million for the fourth quarter of 2023 produced an annualized return on average equity (ROAE) of 9.65%, an annualized return on average tangible common equity (ROATCE) of 16.21%, and an annualized return on average assets (ROAA) of 1.19%.
For the year ended December 31, 2023, the Company reported net income of $221.4 million, compared with $235.4 million for the year ended December 31, 2022. Diluted earnings per share were $1.59 for the year ended December 31, 2023, compared to $1.67 for the same period last year. For the year ended December 31, 2023, ROAA was 1.35% and ROATCE was 18.48%, which compares to a 1.39% ROAA and 18.85% ROATCE for 2022.
David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, During the course of 2023, Citizens Business Bank not only remained safe and sound but also produced earnings that were the second highest in the Companys history, despite the difficult operating environment. We remain committed to our strategy of banking the best small to medium sized businesses and their owners. We work hard to earn and maintain the trust of our customers and business partners, and we wish to thank our customers and associates for their loyalty and dedication over the past year.
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Cvb Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:
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The process to estimate the allowance for credit losses requires considerable judgment and our economic forecasts may continue to vary due to the uncertainty of the future impact from the recent rise in interest rates, geopolitical events in Europe, and global inflation will have on future interest rates, unemployment, the overall economy and resulting impact on our customers.
Separate account BOLI policies that fund deferred compensation increased in value in 2023, compared to declines in value in 2022, due to the overall performance of the selected investments within these policies.
The provision for (recapture of) credit losses is a charge to earnings to maintain the allowance for credit losses at a level consistent with management’s assessment of expected lifetime losses in the loan portfolio as of the balance sheet date.
Our ability to control noninterest expenses in relation to the level of total revenue (net interest income before provision for credit losses plus noninterest income) can be measured by the efficiency ratio and indicates the percentage of net revenue that is used to cover expenses.
The 33 basis point increase in our net interest margin was primarily the result of a 34 basis point increase in earning asset yield, while maintaining our very low cost of funds that increased from five basis points for 2021 to six basis for 2022, during a period of time when the Federal Reserve increased short-term interest rates by 425 basis points.
The Bank has entered into...Read more
This 77 basis point increase...Read more
No assurance can be given...Read more
The ratio was negatively impacted...Read more
Discount accretion on acquired loans...Read more
Average interest-bearing liabilities were $589.9...Read more
The increase in this ratio...Read more
This increase was driven by...Read more
This increase in income was...Read more
They provide a variety of...Read more
Interest and fee income from...Read more
Likewise, the rate on interest-bearing...Read more
Noninterest income for 2021 included...Read more
The increase in fees in...Read more
Loan yields grew year-over-year, as...Read more
Throughout 2022, we deployed some...Read more
The increase in interest income...Read more
The increase in the efficiency...Read more
Investment securities were $5.94 billion...Read more
At December 31, 2022, CitizensTrust...Read more
Offsetting this transfer of assets...Read more
Due to recent increases in...Read more
Increases in the cash value...Read more
At December 31, 2023, CitizensTrust...Read more
The year-over-year increase also included...Read more
The increase in this ratio...Read more
Rate and Volume Analysis for...Read more
Market conditions have continued to...Read more
This 49 basis point increase...Read more
Noninterest bearing deposits continued to...Read more
Overall, the tax-equivalent yield on...Read more
There were no executed swap...Read more
As we continue to invest...Read more
Average investments as a percentage...Read more
The new policies will have...Read more
Average noninterest-bearing deposits were 62.66%...Read more
Although short-term interest rates were...Read more
The year-over-year increase included a...Read more
Average loans as a percentage...Read more
We manage net interest income...Read more
Income from BOLI declined by...Read more
Noninterest income includes income derived...Read more
Our estimated annual effective tax...Read more
Income from our BOLI policies...Read more
Excluding the impact of these...Read more
On average, noninterest-bearing deposits were...Read more
Additionally, a large trust relationship...Read more
Income from our BOLI policies...Read more
We executed on swap agreements...Read more
Offsetting the $2.1 million gain...Read more
The 74 basis point increase...Read more
After excluding discount accretion and...Read more
In general, we stop accruing...Read more
The tax-equivalent yield on investment...Read more
Our overall cost of funds...Read more
Cost of funds for 2023...Read more
During 2022, we purchased approximately...Read more
Investment Services provides self-directed brokerage,...Read more
Marketing and promotion expense increased...Read more
As interest-bearing deposit costs only...Read more
Service fees on deposits include...Read more
When a loan is placed...Read more
Noninterest expense divided by net...Read more
As of December 31, 2022...Read more
Service charges on deposit accounts...Read more
During the fourth quarter and...Read more
As of December 31, 2023...Read more
These conditions include short-term and...Read more
Investment income growth resulted from...Read more
CitizensTrust generated fees of $11.5...Read more
Average loans as a percentage...Read more
Noninterest expense of $229.9 million...Read more
The Bank’s investment in BOLI...Read more
The average rate paid on...Read more
Noninterest expense of $216.6 million...Read more
Swap fee income decreased $382,000...Read more
Our ability to control noninterest...Read more
These increases were partially offset...Read more
The effective tax rates are...Read more
This ratio was negatively impacted...Read more
A $1.7 million increase in...Read more
The increase in software expense...Read more
Professional service expense grew by...Read more
The positive carry on these...Read more
After excluding discount accretion, nonaccrual...Read more
Average loans grew by approximately...Read more
Our ability to manage net...Read more
Also included in noninterest income...Read more
The changes in the fair...Read more
The modest changes in projected...Read more
There was no interest income...Read more
The level of interest rates...Read more
Generally speaking, our volume of...Read more
For 2023, service fees on...Read more
As our excess liquidity held...Read more
There was no interest income...Read more
Net interest margin is net...Read more
The year-over-year decrease also included...Read more
The transition was completed by...Read more
Swap fee income was higher...Read more
The net interest spread is...Read more
The increase in technology costs...Read more
The volume of interest rate...Read more
Our net interest income, interest...Read more
CitizensTrust generated fees of $12.6...Read more
Acquisition expense related to the...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
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Cvb Financial Corp provided additional information to their SEC Filing as exhibits
Ticker: CVBF
CIK: 354647
Form Type: 10-K Annual Report
Accession Number: 0000950170-24-022216
Submitted to the SEC: Wed Feb 28 2024 4:59:07 PM EST
Accepted by the SEC: Wed Feb 28 2024
Period: Sunday, December 31, 2023
Industry: State Commercial Banks