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Citizens Business Bank

CVB Financial Corp. Statement of Condition Q3 2021

President’s Message

CVB Financial Corp. reported net earnings of $49.8 million for the quarter ended September 30, 2021, compared with $51.2 million for the second quarter of 2021 and $47.5 million for the third quarter of 2020. We announced our 178th consecutive quarter of profitability and our 128th consecutive cash dividend paid to shareholders.

Citizens Business Bank remains well positioned to take advantage of the improving economic environment in California. According to various economic reports, many sectors of the California economy have recovered to their pre-pandemic levels. However, over the past three to six months, supply chain interruptions and labor shortages have impacted many of the businesses and industries that we serve. We continue to remain focused on assisting our customers with any negative effects of these issues on their businesses.

The third quarter of 2021 included relatively strong core loan growth, as well as sound credit metrics and a declining allowance for credit losses. We recorded a recapture of provision for credit losses of $4 million for the third quarter of 2021. As of September 30, 2021, greater than 99% of our customers’ $1.1 billion in Paycheck Protection Program (PPP) round one loans have been forgiven by the Small Business Administration. Of the $420 million of loans we originated in PPP round two, we had remaining loans outstanding of $287 million as of September 30, 2021.

Our pre-tax pre-provision earnings remain strong despite the ongoing impact of the low interest rate environment and prevailing lower line utilization rates due to strong customer liquidity. We believe that our net interest margin will increase in a rising rate environment and we are seeing the steady improvement in our loan pipeline from previous quarters translate into solid loan growth. In August, we officially opened a de novo office, our Modesto Business Financial Center, to increase our presence in California’s Central Valley area. We are excited about our announced acquisition of Suncrest Bank and the opportunities it provides to expand into the Sacramento market as well as to solidify our significant position in the Central Valley.

CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $3.28 billion in assets under management and administration, including $2.39 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 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 hard-working associates, we thank our customers and shareholders for their continued loyalty and support. Please stay healthy and safe.

David Brager
President & Chief Executive Officer
CVB Financial Corp., Citizens Business Bank

View Full Q3 2021 Statement of Condition