CVB Financial Corp. Reports $51M Net Income for Q4 2024

By Bobby Samwell • Thursday, January 23 10:32 • Permanent Link

CVB Financial Corp. has reported its earnings for the fourth quarter and full year ended 2024, showing a net income of $51 million, or $0.36 per share, for the fourth quarter, compared to $51.2 million for the third quarter of 2024 and $48.5 million for the same period in 2023. For the full year 2024, the net income was $201 million, or $1.44 per share, compared to $221.4 million for the year ended December 31, 2023.

The return on average assets (ROAA) for the fourth quarter of 2024 was reported at 1.30%, compared to 1.23% for the third quarter of 2024 and 1.19% for the same period in 2023. The return on average tangible common equity (ROATCE) for the full year 2024 was 14.95%, down from 18.48% for the year ended December 31, 2023.

Net interest income for the fourth quarter of 2024 was $110.4 million, reflecting a decrease from the third quarter of 2024 and the fourth quarter of 2023. The net interest margin (NIM) for the fourth quarter of 2024 was reported at 3.18%, down from 3.26% for the same period in 2023.

The efficiency ratio for the fourth quarter of 2024 was 47.34%, compared to 46.53% for the third quarter of 2024 and 47.60% for the fourth quarter of 2023.

CVB Financial Corp. also announced a 10 million share repurchase program and reported an increase in average deposits and customer repurchase agreements by $150 million for the fourth quarter of 2024.

Additionally, the company executed the sale and leaseback of two buildings, generating pre-tax gains of $16.8 million, and sold $155 million in available-for-sale (AFS) securities for a pre-tax loss of $16.7 million during the fourth quarter of 2024.

For the full year 2024, the company's efficiency ratio was reported to be less than 47%, and non-maturity deposits grew by $338 million from the end of 2023. Loans declined by $368 million, or 4.1%, from the end of 2023, and the company executed the sale and leaseback of four buildings, resulting in pre-tax gains of $25.9 million.

The market has reacted to these announcements by moving the company's shares -1.7% to a price of $20.34. If you want to know more, read the company's complete 8-K report here.

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