Cvb Financial Stock Price, News & Analysis

CVB Financial Corp. (CVBF) announced the retirement intentions of two directors, Kristina M. Leslie and Marshall V. Laitsch, effective after their current terms expire at the annual shareholder meeting on May 18, 2022. Both directors will complete their terms and are not resigning due to disagreements with the Company. Leslie, who joined in 2015, leads the Audit Committee, while Laitsch, appointed in 2018, has contributed significantly to integrating Community Bank into Citizens Business Bank. CVBF is one of California's largest bank holding companies with over $17 billion in assets.

CVB Financial Corp. (NASDAQ: CVBF) has secured a top-level rating from Forbes, ranking fourth among the largest publicly traded banks in the U.S. This recognition marks the sixth time since 2016 that the Bank has achieved a top four position. The Bank reported the highest annual earnings in its history, attributing success to its dedicated staff and strong customer relationships. In addition to this accolade, CVBF maintains a Five-Star Superior rating from BauerFinancial and a BBB+ rating from Fitch Ratings, reinforcing its status as a leading financial services company.

CVB Financial Corp. (NASDAQ:CVBF) has announced a new share repurchase program, authorizing the buyback of up to 10 million shares. This includes an initial accelerated repurchase of $70 million. The initiative underscores the company's strong capital position and commitment to shareholder value. This program replaces the prior 2016 buyback plan, from which 4,194,809 shares remained. CVBF operates as the holding company for Citizens Business Bank, which boasts over $16 billion in assets and is recognized for quality earnings.

CVB Financial Corp. (NASDAQ:CVBF) reported net earnings of $47.7 million ($0.35 per share) for Q4 2021, marking a decline from $49.8 million in Q3 2021 and $50.1 million in Q4 2020. The annual net income reached $212.5 million, the highest in the company's history. Core loan growth was $235.3 million, while deposits grew 10.6% year-over-year to $1.24 billion. The company completed its acquisition of Suncrest Bank on January 7, 2022. Concerns arose from a decrease in the net interest margin to 2.79% from 3.33% a year ago due to lower loan yields.

CVB Financial Corp. announced the completion of its merger with Suncrest Bank on January 7, 2022, valued at approximately $237 million. Under the merger terms, the company issued about 8.6 million shares of common stock and $39.6 million in cash. Suncrest, with $1.4 billion in total assets, will enhance Citizens Business Bank's presence in California, particularly in the Sacramento area. The merger aims to strengthen customer relationships and expand services with the combined branches effective January 10, 2022.

CVB Financial Corp. (NASDAQ: CVBF) has announced a cash dividend of $0.18 per share for the fourth quarter of 2021. This decision was made during the Board of Directors meeting on December 15, 2021. The dividend is set to be paid on January 12, 2022, to shareholders recorded by December 29, 2021. The company's strong capital and liquidity levels reflect its impressive history of 178 consecutive quarters of profitability, allowing for 129 consecutive quarters of cash dividends.

CVB Financial Corp. (CVBF) announced that it has received regulatory approvals to proceed with its merger with Suncrest Bank, expected to close on or about January 7, 2022. This merger will enhance Citizens Business Bank's presence in Northern California and solidify its standing in the Central Valley. Both banks expressed strong optimism regarding the merger benefits, highlighting improved product offerings and service commitments. The transaction reinforces CVBF's strategic growth in an evolving banking landscape.

CVB Financial Corp. reported third quarter 2021 net income of $49.8 million or $0.37 per share, down from $51.2 million in the previous quarter. Year-to-date net income reached $164.8 million, marking a 29.68% increase compared to 2020. The efficiency ratio was 42.27% for Q3 2021, versus 40.05% in Q2. Loan totals decreased by 2.75% quarter-over-quarter, with a significant drop in Paycheck Protection Program (PPP) loans. The bank's total assets climbed to $16.20 billion, reflecting growth amid an improving economic outlook.

CVB Financial Corp. (NASDAQ: CVBF) has terminated its 10b5-1 stock repurchase program to comply with Regulation M due to its acquisition of Suncrest Bank. This acquisition includes a proxy solicitation related to the issuance of the Company’s common stock. The Board previously allowed a buyback of up to 10 million shares, and as of now, 4,194,809 shares remain available. In Q3 2021, CVBF repurchased 390,336 shares at an average price of $18.97.