News & Media
CVB Financial Corp. Statement of Condition Q1 2023
CVB Financial Corp. (CVBF) reported net earnings of $59.3 million for the quarter ended March 31, 2023, compared with $66.2 million for the fourth quarter of 2022. We announced our 184th consecutive quarter of profitability and our 134th consecutive quarter of paying a cash dividend to our shareholders. Financial highlights for the first quarter include a 35% year-over-year increase in earnings per share, a return on average tangible common equity that exceeded 20%, an efficiency ratio below 40%, and a return on average assets of 1.47%.
Our first quarter results reflect our continued focus on serving the comprehensive financial needs of our customers. Although the current interest rate environment and expectations of a near-term recession are impacting financial institutions, we continue to generate strong core earnings. As deposits have become the primary focus of the banking industry, I would like to emphasize that Citizens Business Bank has, and will continue to focus on, financially strong lower middle market businesses, providing these customers with both a high-touch relationship banking model and a wide array of products.
Since the founding of our Bank in 1974, we have strived to build a safe, sound, and secure institution focused on banking the best small to medium-sized businesses and their owners. Over the course of time, we have built a diverse and durable base of customers who have remained loyal to our Bank through a variety of business cycles, and we will continue to provide banking products and solutions designed to satisfy our customers’ goals and business objectives. As of March 31, 2023, 41% of our deposit relationships have banked with us for more than 10 years, and 77% of our deposit relationships have banked with us for three years or more.
In the first quarter of 2023, Citizens Business Bank received several prestigious industry accolades. In February, we were honored to announce that our Bank has been recognized for the fourth time in the past eight years as the #1 Bank in America by Forbes 2023 Best Banks in America. In March, S&P Global Market Intelligence ranked CVB Financial Corp. as the third best-performing public bank with assets greater than $10 billion in the United States for 2022. Additionally, Fitch Ratings has also affirmed our investment grade rating of BBB+ at the end of April, 2023.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $3.38 billion in assets under management and administration, including $2.25 billion in assets under management, at quarter end.
Shares of CVB Financial Corp. common stock are listed on 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 at cbbank.com. Additional information about CVB Financial Corp. is available on our website under the “Investors” tab.
On behalf of our Board of Directors and all of our hard-working associates, we thank our customers and shareholders for their continued loyalty and support.
President & Chief Executive Officer
CVB Financial Corp., Citizens Business Bank