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Sep 30, 2022
CVB Financial Q3 2022 Earnings Report
Reported record earnings due to strong loan growth, net interest margin expansion, and expense management.
Key Takeaways
CVB Financial Corp. reported a record net income of $64.6 million for Q3 2022, an increase from $59.1 million in the previous quarter and $49.8 million in Q3 2021. Diluted earnings per share were $0.46, compared to $0.42 for the prior quarter and $0.37 for the same period last year. The company's net interest margin expanded to 3.46%, and the efficiency ratio was 36.59%.
Net earnings reached $64.6 million, translating to $0.46 per share.
Return on Average Tangible Common Equity stood at 21.34%.
Net Interest Margin expanded to 3.46%.
Efficiency Ratio was reported at 36.59%.
CVB Financial
CVB Financial
Forward Guidance
The company's economic forecast anticipates a modest recession in early 2023, followed by moderate GDP growth through 2024. This includes GDP growth of 0.4% in 2023 and 1.6% in 2024, with unemployment expected to exceed 5% in both years.
Positive Outlook
- Focus on core strategies
- Supporting customers
- Strong loan growth
- Expansion of net interest margin
- Close management of expenses
Challenges Ahead
- Unpredictable times
- Significant inflationary pressure
- Deteriorating economic forecast
- Modest recession in early 2023
- Lower commercial real estate values and an increase in unemployment