News & Media
CVB Financial Corp. Statement of Condition Q1 2020
As the first calendar quarter of 2020 came to a close, our entire nation, including its banking sector, found ourselves facing a national emergency in the form of the COVID-19 pandemic. This pandemic has caused severe, widespread economic distress throughout the country, including in California, where CVB Financial Corp. is based and conducts substantially all of its business activities.
For the first quarter of 2020, CVB Financial Corp. reported net earnings of $38.0 million, compared with $51.3 million for the fourth quarter of 2019 and $51.6 million for the first quarter of 2019. Our earnings for the first quarter of 2020 included recording a $12 million provision for credit losses due to the forecasted impact of COVID-19.
Other financial statement highlights for the first quarter include total assets of $11.6 billion at March 31, 2020, total deposit and customer repurchase agreement sweep accounts of $9.5 billion, and total loans of $7.5 billion. We are confident that our disciplined and longstanding strategy to maintain strong capital, excellent asset quality, and abundant liquidity have positioned the Bank to successfully support the current and future credit and banking needs of our customers.
As part of our efforts to provide support to our customers, Citizens Business Bank has been an active participant in both rounds of the Paycheck Protection Program (PPP) enacted pursuant to the federal CARES Act. The PPP is designed to provide our customers with potentially forgivable loans to support their ability to pay their employees during this time. As of May 3, 2020, Citizens Business Bank has received over 4,200 applications and received over 3,800 SBA approvals for PPP loans. We are very proud of our many Bank associates who have labored around the clock, including nights and weekends, to assist our business customers in obtaining loans under the PPP.
Our Business Financial Centers continue to remain open in order to provide essential and ongoing financial services to our customers. We are observing local, state, and CDC health and safety guidelines, which seek to ensure a healthy and safe work environment for our customers and associates. In keeping with our commitment to the communities we serve, we provided $290,000 in donations to local community benefit organizations during the first quarter of 2020, and we have announced an additional $356,000 in donations for the second quarter.
We have proven to be a safe, sound, and secure financial services company throughout a variety of economic cycles over the last 45 years. We announced our 172nd consecutive quarter of profitability and our 122nd consecutive cash dividend paid to shareholders. We were also pleased to be ranked as the #1 Bank in America by Forbes 2020 Best Banks in America, in our case for the second time in five years.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. If you are new to CVB Financial Corp. and would like more information about Citizens Business Bank, our principal financial services subsidiary, please visit us on our website, cbbank.com. Additional information about CVB Financial Corp. is available on the website under the “Investors” tab.
On behalf of our Board of Directors and all of our associates, we thank our customers and shareholders for their continued loyalty and support. Please stay safe and healthy and know that we will continue to work hard on your behalf.
Chief Executive Officer
CVB Financial Corp., Citizens Business Bank