CVB Financial Corp, the bank holding company for Citizens Business Bank, has recently released its 10-Q report. Citizens Business Bank provides banking and financial services to small to mid-sized businesses and individuals, offering a range of products including checking, savings, money market, and time certificates of deposit, commercial lending products, agriculture loans, lease financing services, consumer financing products, and trust services. The company was founded in 1974 and is headquartered in Ontario, California.
The 10-Q report provides a comprehensive analysis of the financial condition and results of operations of CVB Financial Corp and its wholly owned bank subsidiary, Citizens Business Bank. It includes a discussion of critical accounting policies, unaudited condensed consolidated financial statements, and recently issued accounting pronouncements that are yet to be adopted as of September 30, 2024.
In the third quarter of 2024, CVB Financial reported net earnings of $51.2 million, representing a slight increase from the previous quarter but a decrease from the same period last year. The annualized return on average equity was 9.40%, while the net interest margin was reported at 3.05%. Net interest income for the quarter was $113.6 million, showing a quarter-over-quarter increase of 2.50%. Noninterest income was $12.8 million, and noninterest expense was $58.8 million.
Total assets at September 30, 2024, were reported at $15.40 billion, showing a decrease of 3.86% from December 31, 2023. The company executed sale-leaseback transactions with the sale of two buildings, resulting in a pre-tax net gain of $9.1 million. Total investment securities decreased by 10.14% to $4.87 billion, and total loans and leases decreased by 3.73% to $8.57 billion. The allowance for credit losses totaled $82.9 million, down from $86.8 million at the end of 2023.
CVB Financial's total equity at September 30, 2024, was $2.20 billion, representing an increase of $119.9 million from the end of 2023. The company's capital ratios under the Basel III framework remain well above regulatory requirements, with a Tier 1 leverage capital ratio of 10.60% and a common equity Tier 1 ratio of 15.77%.
The report also includes a detailed analysis of the results of operations, comparing the financial performance for the third quarter of 2024 with the previous quarter and the same period in 2023. Key metrics such as net interest income, provision for credit losses, noninterest income, noninterest expense, income taxes, and earnings per common share are provided, offering a comprehensive view of the company's financial performance. As a result of these announcements, the company's shares have moved -3.6% on the market, and are now trading at a price of $21.8. Check out the company's full 10-Q submission here.
