News & Media
CVB Financial Corp. Statement of Condition Q1 2024
President’s Message
CVB Financial Corp. (CVBF) reported net earnings of $48.6 million for the quarter ended March 31, 2024, compared with $48.5 million for the fourth quarter of 2023. Citizens Business Bank continues to perform consistently in a challenging operating environment. Our solid financial performance is highlighted by our 188 consecutive quarters of profitability and 138 consecutive quarters of paying cash dividends. We continue to benefit from our sustained commitment to a straightforward business model that emphasizes high quality customers and long-term relationships.
Net income of $48.6 million for the first quarter of 2024 produced an annualized return on average equity of 9.31%, an annualized return on average tangible common equity of 15.13%, and an annualized return on average assets of 1.21%. As of March 31, 2024, our total deposits and customer repurchase agreements were $12.2 billion, a $465 million increase from December 31, 2023. Our strategy of banking the best small to medium-sized businesses and their owners and our focus on sourcing new relationships that use our full suite of products has resulted in the bank producing a higher percentage of new loans that are either owner-occupied loans or commercial and industrial loans.
In February, Citizens Business Bank was recognized as one of America’s Greatest Workplaces for Women 2024 by Newsweek. In March, Findley Reports named Citizens Business Bank a 2024 “Super Premier” Performing Bank. We were also honored to be ranked on Forbes’ list of 2024 Best Banks in America and S&P Global Market Intelligence’s list of best-performing public banks with assets greater than $10 billion in the United State for 2023. Additionally, Fitch Ratings has affirmed our investment grade rating of BBB+ in April 2024.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $4.3 billion in assets under management and administration, including $3.09 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 Citizens Business Bank website under the “Investors” tab.
On behalf of our Board of Directors and our hard-working associates, we thank our customers and shareholders for their continued loyalty and support.
David Brager
President & Chief Executive Officer
CVB Financial Corp., Citizens Business Bank