CVB Financial Corp. Reports Earnings and Financial Highlights for Q4 and Full Year 2024

CVB Financial Corp. (NASDAQ: CVBF) recently released its financial results for the fourth quarter and full year ended December 31, 2024. The company reported a net income of $50.9 million for the quarter and $201 million for the year, translating to earnings per share of $0.36 and $1.44, respectively.

In the fourth quarter of 2024, the bank achieved a return on average assets (ROAA) of 1.30% and a return on average tangible common equity (ROATCE) of 14.31%. Notably, the Company marked its 191st consecutive quarter of profitability during this period.

The fourth quarter also saw a net interest margin of 3.18%, an efficiency ratio of 47.34%, and the announcement of a 10 million Share Repurchase Program. Additionally, the quarter showed increased average deposits and customer repurchase agreements by $150 million.

Throughout the year 2024, CVB Financial Corp. witnessed notable financial figures such as a net interest margin of 3.09%, an efficiency ratio under 47%, and an increase in non-maturity deposits by $338 million from the end of 2023. However, loans declined by $368 million, while the sale of AFS securities resulted in a pre-tax loss of $28.3 million.

CVB Financial Corp.’s report also delved into assets, showing a total of $15.1 billion as of December 31, 2024. The company executed significant transactions during the year, including sale-leaseback agreements and sales of investment securities, impacting its financial standing.

Regarding asset quality, the Bank reported nonperforming loans, OREO, and delinquency trends. The total nonperforming assets were $47,098 thousand, representing 0.31% of total assets, highlighting the Bank’s focus on maintaining a healthy credit portfolio.

CVB Financial Corp.’s financial metrics for the reporting period showcase its stability and strategic financial management amidst evolving market conditions. The Bank remains resilient in its operations, as evidenced by its continuous profitability and strategic financial decisions.

For further details and the complete financial report, interested parties can access the company’s Form 8-K filing on the SEC’s website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CVB Financial’s 8K filing here.

About CVB Financial

CVB Financial Corp. operates as a bank holding company for Citizens Business Bank, a state-chartered bank that provides banking and financial services to small to mid-sized businesses and individuals. It offers checking, savings, money market, and time certificates of deposit products for business and personal accounts; and serves as a federal tax depository for business customers.