CVB Financial Corp

Latest Results (07.08.2024):

Net Earnings

CVB Financial Corp. reported net income of $57.9 million for the third quarter of 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 Interest Income

Net interest income was $123.4 million for the third quarter of 2023. This represented a $3.8 million, or 3.21%, increase from the second quarter of 2023, and a $10.0 million, or 7.47%, decrease from the third quarter of 2022. The quarter-over-quarter increase was primarily due to a nine basis point increase in net interest margin.

Net Interest Margin

CVB Financial Corp.'s tax equivalent net interest margin was 3.31% for the third quarter of 2023, compared to 3.22% for the second quarter of 2023 and 3.46% for the third quarter of 2022. The nine basis point increase from the prior quarter was due to a 17 basis point increase in average earning asset yield, partially offset by a nine basis point increase in cost of funds.

Provision for Credit Losses

The third quarter of 2023 included $2.0 million in provision for credit losses, compared to $500,000 in the second quarter of 2023 and $2.0 million in the third quarter of 2022. The year-to-date provision for credit losses of $4.0 million was driven by an increase in projected loss rates due to a deteriorating economic forecast.

Noninterest Income

Noninterest income was $14.3 million for the third quarter of 2023, compared with $12.7 million for the second quarter of 2023 and $11.6 million for the third quarter of 2022. The increase was partly due to a $2.6 million gain from an equity fund distribution related to a CRA investment, offset by a decrease in CRA investment income due to underlying asset valuation declines.