News & Media
CVB Financial Corp. Statement of Condition Q2 2020
The effects of the COVID-19 pandemic continue to broadly impact the financial services industry, including Citizens Business Bank, through the economic impacts of the stay at home orders, business closure orders, and the widespread effects of required social distancing and health and safety measures in California. We believe Citizens Business Bank remains well positioned to succeed with strong capital, consistent earnings, solid credit, and excellent liquidity. We have been a consistent and stable source of financial services for our customers and communities over a variety of economic cycles, and we will continue to focus on the key attributes that make Citizens Business Bank a high performer.
For the second quarter of 2020, CVB Financial Corp. reported net earnings of $41.6 million, compared with $38.0 million for the first quarter of 2020 and $54.5 million for the second quarter of 2019. Our earnings for the second quarter of 2020 included recording an $11.5 million provision for credit losses. The additional provision was primarily a result of our forecast for continued economic deterioration in the economy as a result of the pandemic. We reported total assets of $13.75 billion at June 30, 2020. This represented an increase of $2.14 billion, or 18.48%, from total assets of $11.61 billion at March 31, 2020. Our Bank’s asset and deposit growth was a result of the origination of approximately $1.1 billion in Paycheck Protection Program loans and our customers maintaining greater liquidity.
Our Bank is committed to following all applicable regulations, directives, and guidance in an effort to keep our associates and customers safe and healthy during this period. We recently provided a special financial “Thank You Award” to our qualified associates for their ongoing efforts. I have been exceptionally proud of the hard work and commitment of our team since the pandemic began, and I’m happy to report that our Leadership Team and the Board of Directors enthusiastically supported this award program for our associates. We continue to demonstrate our commitment to our customers and the communities we serve through various avenues and programs, and we believe this enhanced support is especially important in the face of the evident difficulties created by the COVID-19 pandemic. Our Bank originated approximately $1.1 billion under the Small Business Administration’s Paycheck Protection Program (PPP), with more than 4,000 PPP loans. To support lending to small and medium-sized businesses and nonprofits, Citizens Business Bank has registered as an eligible lender under the Federal Reserve’s Main Street Lending Program. In the second quarter of 2020, we provided $356,000 in donations to community benefit organizations. Through our partnership with the Hope through Housing Foundation, more than 80 associates volunteered to prepare 600 care bags for local residents.
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.
As in the case of all financial institutions in this environment, the pandemic continues to leave us and many of our customers with uncertainty as to what will transpire in the future. We hope that evolving national, state and local policies will continue to be supportive of the overall economy and the businesses that continue to be impacted. 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