News & Media
CVB Financial Corp. Statement of Condition Q2 2021
CEO Message
CVB Financial Corp. reported net earnings of $51.2 million for the quarter ended June 30, 2021, compared with $63.9 million for the first quarter of 2021 and $41.6 million for the second quarter of 2020. Our earnings in the second and first quarter of 2021 were impacted by $2 million and $19.5 million, respectively, in recapture of allowance for credit losses due to the improving economic forecast, while the second quarter of 2020 included a $11.5 million provision for credit losses due to the deterioration in the economy that was forecasted during the early days of the pandemic. We reported total assets of $15.54 billion at June 30, 2021. This represents an increase of $698.9 million, or 4.71%, from total assets of $14.84 billion at March 31, 2021 and was primarily due to an increase in cash resulting from growth in deposits and customer repurchase agreements of $662.3 million from March 31, 2021. We announced our 177th consecutive quarter of profitability, our 127th consecutive cash dividend paid to shareholders, and the second largest acquisition in our Bank’s history.
On July 27, 2021, we entered into an agreement to merge with Suncrest Bank, headquartered in Visalia, California. Suncrest Bank was formed in 2008 and has approximately $1.3 billion in total assets with seven branch locations and two loan production offices throughout California’s Central Valley. We expect the merger to be finalized in the fourth quarter of this year or the first quarter of 2022. The acquisition will deliver important benefits to our combined customers through our increased presence in the Central Valley and expansion into Sacramento, a sizable and important new market for us that presents significant growth opportunities going forward.
I’m proud of our associates and their dedication to the Bank and our customers over the past 15 months. Over 300 of our associates were involved in providing more than 6,000 Paycheck Protection Program loans, totaling over $1.5 billion, to our customers in support of their businesses. As of June 30, 2021, our customers have received forgiveness on over $860 million of these loans.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $3.25 billion in assets under management and administration, including $2.40 billion in assets under management, at quarter end.
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 healthy and safe.
David Brager
Chief Executive Officer
CVB Financial Corp., Citizens Business Bank