News & Media
CVB Financial Corp. Statement of Condition Q3 2020
CVB Financial Corp. reported net earnings of $47.5 million for the quarter ended September 30, 2020, compared with $41.6 million for the second quarter of 2020 and $50.4 million for the third quarter of 2019. This was our 174th consecutive quarter of profitability and our 124th consecutive cash dividend paid to shareholders. Citizens Business Bank remains strong and financially sound, and has been a consistent and stable business partner over a variety of economic cycles during the past 46 years.
In view of the continued prevalence of the COVID-19 pandemic, we continue to prioritize the health and safety of our associates, customers, and other business relationships, as well as being a good partner and solid source of strength to our customers and communities. Our core strategy remains focused on continuing to grow the Bank in a disciplined and balanced manner and we will continue to evaluate expansion opportunities as they arise.
We reported total assets of $13.82 billion at September 30, 2020. This represented an increase of $67.4 million, or 0.49%, from total assets of $13.75 billion at June 30, 2020. Interest-earning assets of $12.59 billion at September 30, 2020 increased $75.8 million, or 0.61%, when compared with $12.52 billion at June 30, 2020. The increase in interest-earning assets was primarily due to a $494.1 million increase in investment securities and a $5.3 million increase in total loans, partially offset by a $429.4 million decrease in interest-earning balances due from the Federal Reserve. Our average total deposits and customer repurchase agreements of $11.42 billion for the third quarter grew by $929.5 million or 8.86% from the second quarter. Average loans for the third quarter increased by $335.2 million, compared with the second quarter of 2020, and increased by $887.0 million, compared with the year-ago quarter, primarily due to the Bank’s broad participation in the federal Small Business Administration’s Paycheck Protection Program.
Citizens Business Bank recently committed $50,000 to local food banks in Los Angeles County, Orange County, the Inland Empire, and the Central Valley area of California. The donations, originally intended to support the Bank’s annual award celebration and holiday party, are now being used to help keep local food banks operating during a time of need for food and supplies.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $2.91 billion in assets under management and administration, including $2.08 billion in assets under management, at quarter end.
As we finish up a year that has presented unique challenges, we remain focused on managing our business and assisting our customers through the pandemic, while maintaining our strong capital levels, consistent earnings, solid credit, and excellent liquidity. 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.
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.
Chief Executive Officer
CVB Financial Corp., Citizens Business Bank