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CVB Financial Corp. - CVBF STOCK NEWS

Welcome to our dedicated page for CVB Financial news (Ticker: CVBF), a resource for investors and traders seeking the latest updates and insights on CVB Financial stock.

CVB Financial Corp (NASDAQ: CVBF), headquartered in Ontario, California, is a prominent financial holding company for Citizens Business Bank. It ranks among the top 10 largest bank holding companies in California. The bank operates through 67 business financial centers and three trust office locations, primarily serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California.

Core Business and Services: Citizens Business Bank provides a comprehensive suite of financial services including banking, lending, and investing. Their lending products encompass commercial, agribusiness, consumer, Small Business Administration (SBA), real estate, and construction loans. Additionally, they offer equipment and vehicle leasing. The bank’s commercial products include lines of credit, working capital financing, accounts receivable lending, and letters of credit.

Financial Performance: For the year ended December 31, 2023, CVB Financial Corp. reported net income of $221.4 million, indicating a strong financial performance despite a challenging economic environment. The company achieved an annualized return on average equity (ROAE) of 9.65%, return on average tangible common equity (ROATCE) of 16.21%, and return on average assets (ROAA) of 1.19% for the fourth quarter.

Recent Highlights: In the first quarter of 2024, CVB Financial Corp. reported net income of $48.6 million. Their tax equivalent net interest margin stood at 3.10% for the first quarter, reflecting a decrease primarily due to higher interest expenses. The bank has maintained strong asset quality with a significant allowance for credit losses and a conservative lending approach.

Partnerships and Projects: Citizens Business Bank continues to build robust relationships with privately held small to medium-sized businesses, focusing on long-term growth and customer loyalty. They have also invested in technological enhancements to improve service delivery and maintain competitive advantage.

Community and Trust Services: CitizensTrust, a division of Citizens Business Bank, had approximately $4.3 billion in assets under management and administration as of March 31, 2024. CitizensTrust offers trust, investment, and brokerage services, as well as financial, estate, and business succession planning.

CVB Financial Corp.'s stock is publicly traded on NASDAQ under the ticker symbol “CVBF”. For more detailed investor information, visit their website at www.cbbank.com.

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CVB Financial Corp. (NASDAQ: CVBF) announced a $0.20 per share cash dividend for Q2 2024, marking its 139th consecutive quarterly cash payment. The dividend, approved during the Board of Directors meeting on June 26, 2024, will be payable on July 25, 2024, to shareholders on record as of July 11, 2024.

CVBF, the holding company for Citizens Business Bank, is one of California's 10 largest bank holding companies, boasting approximately $16 billion in total assets. The bank is renowned for its high performance and offers extensive banking, lending, and investment services through over 60 banking centers and three trust offices in California. Shares are traded on NASDAQ under the ticker 'CVBF'.

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CVB Financial Corp. reported first quarter 2024 net earnings of $48.6 million, or $0.35 per share, with a return on average assets of 1.21% and a return on average tangible common equity of 15.13%. Despite a decline in net interest margin and an increase in cost of funds, the company remains profitable with consecutive quarters of profitability and dividend payments. Total assets increased, while loans decreased slightly. Noninterest income and expense details are provided along with asset quality metrics.
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CVB Financial Corp. (CVBF) declares a $0.20 per share cash dividend for Q1 2024, approved at the Board of Directors meeting. Shareholders to receive the dividend in April 2024.
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CVB Financial Corp. (NASDAQ:CVBF) reported fourth quarter 2023 net earnings of $48.5 million, or $0.35 per share, impacted by a $9.2 million FDIC special assessment expense, resulting in a decrease in EPS. For the full year 2023, net earnings were $221.4 million, or $1.59 per share. The efficiency ratio was 42.0% with a return on average assets of 1.35% and a return on average tangible common equity of 18.48%. The company's net interest margin decreased by 5 basis points compared to the prior quarter, total deposits decreased, and total borrowings increased. Noninterest income increased, led by BOLI restructuring, while noninterest expense rose due to the FDIC special assessment. The company's effective tax rate was 34.97% for the fourth quarter and 29.80% for the full year 2023.
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CVB Financial Corp. (NASDAQ: CVBF) announces a twenty cent ($0.20) per share cash dividend for the fourth quarter of 2023
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CVB Financial Corp. (NASDAQ:CVBF) reported net income of $57.9 million for the third quarter of 2023, with diluted earnings per share of $0.42. The company achieved an annualized return on average tangible common equity of 18.82% and an annualized return on average assets of 1.40%. Net interest income was $123.4 million, representing a 3.21% increase from the previous quarter. Noninterest income was $14.3 million, and noninterest expense was $55.1 million.
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CVB Financial Corp. announces $0.20 per share cash dividend for Q3 2023
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FAQ

What services does Citizens Business Bank offer?

Citizens Business Bank offers a wide array of banking, lending, and investing services, including commercial, agribusiness, consumer, SBA, real estate, and construction loans, as well as equipment and vehicle leasing.

How did CVB Financial Corp perform financially in 2023?

For the year ended December 31, 2023, CVB Financial Corp reported net income of $221.4 million, with a ROAE of 9.65%, ROATCE of 16.21%, and ROAA of 1.19% for the fourth quarter.

Where is Citizens Business Bank located?

Citizens Business Bank operates through 67 business financial centers and three trust office locations, serving various counties in California including Inland Empire, Los Angeles County, Orange County, and more.

What is CitizensTrust?

CitizensTrust is a division of Citizens Business Bank that offers trust, investment, and brokerage services, as well as financial, estate, and business succession planning. As of March 31, 2024, CitizensTrust managed assets worth approximately $4.3 billion.

How can I invest in CVB Financial Corp?

Shares of CVB Financial Corp are publicly traded on NASDAQ under the ticker symbol 'CVBF'. For more investor information, visit their website at www.cbbank.com.

What recent achievements has CVB Financial Corp announced?

In the first quarter of 2024, CVB Financial Corp reported net income of $48.6 million. They also maintained strong asset quality with significant allowances for credit losses, reflecting their conservative lending approach.

What is the tax equivalent net interest margin for CVB Financial Corp?

The tax equivalent net interest margin for CVB Financial Corp was 3.10% for the first quarter of 2024.

How does CVB Financial Corp support local businesses?

Citizens Business Bank focuses on building long-term relationships with small to medium-sized businesses by offering tailored financial solutions and supporting them through various economic cycles.

What is the financial condition of CVB Financial Corp?

As of March 31, 2024, CVB Financial Corp reported total assets of $16.47 billion, demonstrating a stable and growing financial condition.

Where can I find detailed financial reports of CVB Financial Corp?

Detailed financial reports and investor information for CVB Financial Corp can be found on their website under the 'Investors' tab at www.cbbank.com.

CVB Financial Corp.

Nasdaq:CVBF

CVBF Rankings

CVBF Stock Data

2.79B
139.64M
5.98%
74.74%
4.53%
Commercial Banking
Finance and Insurance
Link
United States of America
ONTARIO