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Exhibit 99.1
Press Release For Immediate Release |
||
Contact: David A. Brager Chief Executive Officer (909) 980-4030 |
CVB Financial Corp. Reports Earnings for the Third Quarter of 2020
| 174th Consecutive Quarter of Profitability |
| Net Earnings of $47.5 million for the third quarter of 2020, or $0.35 per share |
| Return on Average Tangible Common Equity of 15.20% for the third quarter of 2020 |
| TCE Ratio of 9.8%, CET1 Ratio of 14.6% and Total Risk-based Capital Ratio of 16.1% |
| Deposit growth of $2.37 billion or 27% year-over-year |
Ontario, CA, October 21, 2020-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the Company), announced earnings for the quarter ended September 30, 2020.
CVB Financial Corp. reported net income of $47.5 million for the quarter ended September 30, 2020, compared with $41.6 million for the second quarter of 2020 and $50.4 million for the third quarter of 2019. Diluted earnings per share were $0.35 for the third quarter, compared to $0.31 for the prior quarter and $0.36 for the same period last year. The third quarter of 2020 did not include a provision for credit losses, as the economic outlook is generally consistent with the forecast from the prior quarter end. In comparison, the Company recorded a provision for credit losses of $23.5 million in the first half of 2020, including $11.5 million in the second quarter.
David Brager, Chief Executive Officer of Citizens Business Bank, commented Although the current uncertain economic situation, coronavirus outlook and low interest rate environment present near term challenges to earnings growth, we will continue to maintain our long-term focus on credit quality, strong capital levels, and consistent earnings. We believe that Citizens Business Bank will be well positioned as we return to a more normal economic environment and continue to generate stable, long-term shareholder returns.
Net income of $47.5 million for the third quarter of 2020 produced an annualized return on average equity (ROAE) of 9.51% and an annualized return on average tangible common equity (ROATCE) of 15.20%. ROAE and ROATCE for the second quarter of 2020 were 8.51% and 13.80%, respectively, and 10.18% and 16.53%, respectively, for the third quarter of 2019. Annualized return on average assets (ROAA) was 1.38% for the third quarter, compared to 1.33% for the second quarter of 2020 and 1.78% for the third quarter of 2019. The efficiency ratio for the third quarter of 2020 was 42.57%, compared to 39.75% for the second quarter of 2020 and 39.60% for the third quarter of 2019.
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Cvb Financial Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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The loan with the first lien is typically at a 50% advance to the acquisition costs and the second lien loan provides the financing for 40% of the acquisition costs with the borrower's down payment of 10% of the acquisition costs.
Increases in the cash value of these policies, as well as insurance proceeds received, are recorded in noninterest income and are not subject to income tax, as long as they are held for the life of the covered parties.
The decrease was primarily due to $6.0 million in merger related expenses for the nine months ended September 30, 2019, compared to no merger related expense for the same period of 2020.
Up to 9,577,917 of such shares were available for repurchase under the Company's current 10b5-1 plan originally adopted in November, 2018 and subsequently amended in July, 2019.
Savings deposits, which include savings, interest-bearing demand, and money market accounts, totaled $3.80 billion at September 30, 2020, representing an increase of $791.2 million, or 26.26%, from savings deposits of $3.01 billion at December 31, 2019.
Consolidated Summary of Cash Flows...Read more
66 Below is a summary...Read more
The increase in investment securities...Read more
Third Quarter of 2020 Compared...Read more
Management previously reviewed individual securities...Read more
Nine Months of 2020 Compared...Read more
The third quarter of 2020...Read more
The average rate paid on...Read more
Allowance for Credit Losses ("ACL")...Read more
Uses of funds include withdrawal...Read more
Interest expense of $11.5 million...Read more
Salary and benefit expense would...Read more
The average rate paid on...Read more
Interest expense of $3.3 million...Read more
Further, EVE does not take...Read more
Swap fee income increased $3.0...Read more
Provision for Credit Losses The...Read more
The $729,000 increase in BOLI...Read more
These estimates are based upon...Read more
The Federal Reserve lowered short-term...Read more
We manage net interest income...Read more
To be considered "well-capitalized" for...Read more
Average interest-earning assets increased to...Read more
The Wealth Management group provides...Read more
This guidance is effective immediately...Read more
Allowance for Credit Losses We...Read more
Nonperforming Assets The following table...Read more
The $1.2 million decrease in...Read more
The $12.1 million decrease in...Read more
The $12.1 million decrease in...Read more
The significant decline in interest...Read more
On August 11, 2016, our...Read more
Average interest-bearing deposits grew by...Read more
Our equity also increased by...Read more
Our equity also increased by...Read more
During the second quarter of...Read more
The pandemic has already affected...Read more
This decline was primarily due...Read more
At September 30, 2020, CitizensTrust...Read more
This decrease was primarily the...Read more
Average loans as a percentage...Read more
At September 30, 2020, our...Read more
The amount of noninterest-bearing deposits...Read more
The changes in the net...Read more
Interest-earning assets totaled $12.59 billion...Read more
As of September 30, 2020,...Read more
Our ability to control noninterest...Read more
The 81 basis point decrease...Read more
Interest-earning assets of $12.59 billion...Read more
Time deposits totaled $445.1 million...Read more
The following is a reconciliation...Read more
Noninterest Expense The following table...Read more
This represented an increase of...Read more
At September 30, 2020, total...Read more
51 ANALYSIS OF FINANCIAL CONDITION...Read more
Total deposits of $11.17 billion...Read more
Discount accretion on acquired loans...Read more
43 The table below presents...Read more
The 110 basis point decrease...Read more
In addition, there was a...Read more
Actual performance that differs from...Read more
Interest-earning assets increased on average...Read more
In response to the anticipated...Read more
Total deposits grew by $2.46...Read more
Customer repurchase agreements represent excess...Read more
The Company's economic forecast of...Read more
While the assumptions used are...Read more
The year-over-year decrease also included...Read more
Interest income for the third...Read more
Interest income for the nine...Read more
Conversely, average balances at the...Read more
These loans were intended to...Read more
At September 30, 2020, $6.00...Read more
Upon exiting the deferral program,...Read more
At implementation of CECL on...Read more
58 Nonperforming Assets and Delinquencies...Read more
Financial Statements, Disclosures and Schedules
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Cvb Financial Corp provided additional information to their SEC Filing as exhibits
Ticker: CVBF
CIK: 354647
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-20-287804
Submitted to the SEC: Fri Nov 06 2020 1:45:48 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: State Commercial Banks