News & Media
CVB Financial Corp. Statement of Condition Q2 2022
CVB Financial Corp. (CVBF) reported net earnings of $59.1 million for the quarter ended June 30, 2022, compared with $45.6 million for the first quarter of 2022, our 181st consecutive quarter of profitability. The combination of strong loan growth, expansion of our net interest margin, and our continuing efforts to closely manage expenses in the face of inflationary pressures resulted in a record level of quarterly pretax pre-provision income during the second quarter. This growth supported a 6% increase in our quarterly dividend, our 131st consecutive quarter of paying a cash dividend, and the increased dividend represents a dividend payout ratio of 45%.
Our pretax pre-provision income was $85.7 million during the second quarter, which is a 30% increase over the first quarter of 2022. Our efficiency ratio was 37.24% for the second quarter, compared to 46.93% for the prior quarter and 40.05% for the second quarter of 2021. We had strong growth in loans and investment securities, with loans growing by $134 million on average, and investments growing by $328 million on average when compared to the first quarter.
In May, we announced that the Board of Directors elected Hal W. Oswalt as Chairman of the Boards of CVBF and Citizens Business Bank replacing Raymond V. O’Brien. Mr. O’Brien will remain on the Boards of CVBF and Citizens Business Bank. Mr. Oswalt has been a director of CVBF and CBB since 2014. He is a veteran of the U.S. Banking industry having served as CEO, Director and President of several community banks as well as President and Managing Director of two different national financial consulting firms.
In June, we announced the appointment of a new Board Member, Kimberly Sheehy, to the CVB Financial Corp. and Citizens Business Bank Boards of Directors. Ms. Sheehy is a seasoned financial executive with more than 30 years of successful experience across the telecommunications, technology, SaaS, data center, software development, and REIT industries. Her current experience as a director and audit committee chair of several prominent public companies will position her to make immediate, positive contributions to our Boards.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $3.14 billion in assets under management and administration, including $2.32 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 at cbbank.com. Additional information about CVB Financial Corp. is available on the website under the “Investors” tab.
We continue to focus on executing on our core strategies and supporting our customers through these unpredictable times. 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