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Mar 31, 2020
CVB Financial Q1 2020 Earnings Report
Reported earnings for Q1 2020 with net earnings of $38.0 million, or $0.27 per share.
Key Takeaways
CVB Financial Corp. reported a net income of $38.0 million for Q1 2020, with diluted earnings per share of $0.27. The company's performance was impacted by economic uncertainties related to the coronavirus pandemic, leading to a $12 million provision for credit losses. Despite these challenges, the company's capital ratios remained well-above regulatory standards with TCE ratio of 11.3%.
Net earnings of $38.0 million for Q1 2020, or $0.27 per share
Return on Average Tangible Common Equity of 12.27% for Q1 2020
TCE Ratio of 11.3%, Total Risk-based Capital Ratio of 15.5% and CET1 Ratio of 14.1%
Growth in Noninterest-bearing Deposits of $474 million or 9% year-over-year
CVB Financial
CVB Financial
Forward Guidance
Citizens Business Bank will focus on our commitment to our customers, our associates, and our shareholders.
Positive Outlook
- Strong capital
- Liquidity
- Credit quality
- Successfully navigate this crisis just as we have throughout our 45-year history.
- I am proud of our associates and confident in our ability to succeed despite these challenges.
Challenges Ahead
- Impossible to know how this crisis will continue to unfold
- Earnings in the first quarter were negatively impacted by the economic uncertainties that have been brought on by this virus
- Provision for credit losses of $12 million
- Decline in interest rates had a negative impact on loans yields
- Economic disruption resulting from COVID-19