Loading...
•
Mar 31, 2023
CVB Financial Q1 2023 Earnings Report
Net income of $59.3 million was reported, with diluted earnings per share of $0.42
Key Takeaways
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
CVB Financial
CVB Financial
Forward Guidance
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.