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Dec 31, 2023
CVB Financial Q4 2023 Earnings Report
CVB Financial Corp. reported a decrease in net income and earnings per share for Q4 2023, impacted by an FDIC special assessment.
Key Takeaways
CVB Financial Corp. reported net income of $48.5 million for the fourth quarter of 2023, a decrease compared to both the previous quarter and the same period last year. Diluted earnings per share were $0.35, also down from prior periods. The results were negatively impacted by a $9.2 million expense accrual for the FDIC's special assessment.
Net earnings for Q4 2023 were $48.5 million, or $0.35 per share.
A $9.2 million FDIC special assessment negatively impacted EPS by $0.04.
Net interest margin was 3.26%, a decline of 5 basis points compared to the prior quarter.
Total deposits decreased by $429 million on average compared to the prior quarter.
CVB Financial
CVB Financial
Forward Guidance
The press release does not contain specific forward guidance. However, it emphasizes the company's commitment to its existing strategy and expresses gratitude to customers and associates.