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CVB Financial Corp. reports recurring developments for Citizens Business Bank, its national banking subsidiary serving California with banking, lending and investing services. News commonly centers on quarterly and annual earnings, net interest income and margin, loan and deposit trends, credit-loss provisioning, efficiency measures and capital actions.
The company also announces board-approved cash dividends and corporate events affecting its bank holding company structure. Following the completed Heritage Commerce Corp merger, coverage includes integration into Citizens Business Bank and the expanded California banking footprint, including the Bay Area.
CVB Financial Corp. (NASDAQ: CVBF) announced a cash dividend of $0.18 per share for Q4 2020, approved on December 16, 2020. This dividend is set to be paid on January 15, 2021, to shareholders recorded as of December 31, 2020. The company highlights its strong capital and liquidity, noting a record of 125 consecutive quarters of dividend payments, supported by 174 quarters of profitability. With assets exceeding $13 billion, CVBF operates Citizens Business Bank, serving multiple counties in California.
CVB Financial Corp. (CVBF) announced a new stock repurchase plan on November 5, 2020, permitting the buyback of up to 4,585,145 shares through a Rule 10b5-1 plan. This plan, effective from November 6, 2020, until November 5, 2021, follows a prior authorized increase of the repurchase program to a total of 10 million shares. Since this increase, CVBF has repurchased 5,414,855 shares. The buyback aims to enhance shareholder value by potentially increasing earnings per share (EPS) and indicates the company’s confidence in its financial position.
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CVB Financial Corp. (NASDAQ:CVBF) reported net income of $47.5 million for Q3 2020, up from $41.6 million in Q2 2020 but down from $50.4 million in Q3 2019. Diluted EPS increased to $0.35 compared to $0.31 in the previous quarter. The bank did not record a provision for credit losses this quarter, a significant contrast to the $23.5 million provision in the first half of 2020. Total assets rose to $13.82 billion, reflecting a 22.48% increase year-over-year. However, net interest income decreased by 1.19% from Q2 2020 and 4.47% from Q3 2019.
CVB Financial Corp. (NASDAQ: CVBF) will release its financial results for Q3 2020 after market close on October 21, 2020. A conference call will be held on October 22, 2020, at 7:30 a.m. PDT, to discuss these results. The bank, with over $13 billion in assets, is one of California's largest bank holding companies and recognized for top performance. Investors can listen to the call at (877) 506-3368 or via webcast on the Citizens Business Bank website.