CVB Financial Corp. reported a net income of $59.3 million for Q1 2023, with diluted earnings per share at $0.42. The company's return on average tangible common equity was 20.59%, and return on average assets was 1.47%.
Net Earnings of $59.3 million, or $0.42 per share
Return on Average Tangible Common Equity of 20.59%
Return on Average Assets of 1.47%
Noninterest-bearing deposits 63.92% of total deposits
The first quarter of 2023 included $1.5 million in provision for credit losses, projected loss rates continue to be impacted by a deteriorating economic forecast that assumes a modest recession starting in late 2023 and modest GDP growth through 2024, as well as lower commercial real estate values and an increase in the rate of unemployment.
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