News & Media
CVB Financial Corp. Statement of Condition Q1 2021
CEO Message
CVB Financial Corp. reported net earnings of $63.9 million for the quarter ended March 31, 2021, compared with $50.1 million for the fourth quarter of 2020 and $38.0 million for the first quarter of 2020. We announced our 176th consecutive quarter of profitability and our 126th consecutive cash dividend paid to shareholders. We were also pleased to be ranked as the #1 Bank in America by Forbes 2021 Best Banks in America for the second consecutive year and for the third time in the last five years.
We reported total assets of $14.84 billion at March 31, 2021. This represents an increase of $3.23 billion, or 27.86%, from total assets of $11.61 billion at March 31, 2020. Our first quarter earnings were positively impacted by the release of most of the allowance for credit losses that were built up in 2020, as the forecasted impact of COVID-19 on the California and U.S. economy has significantly improved since last year at the beginning of the pandemic. I am extremely proud of our associates as we continue to support our customers with Paycheck Protection Program loans, by originating more than 1,500 of “Round Two” PPP loans for approximately $325 million in the first quarter of 2021. In addition, we have processed customer forgiveness applications on “Round One” PPP loans originated in 2020, totaling approximately $544 million at March 31, 2021.
In February, Jane Olvera was appointed to the Board of Directors for CVB Financial Corp. and Citizens Business Bank, increasing the total number of board members from nine to ten. Jane’s branding, marketing, and communications experience will provide important insight and expertise as we continue to execute on our growth strategy. In addition, her strong ties to the Central Valley will help us bolster our efforts to increase our presence in a key strategic region for the Bank.
I would also like to welcome Brian Mauntel as our new President, effective April 26, 2021. Brian is responsible for overseeing the Sales Division of Citizens Business Bank, including our Business Financial Centers, Specialty Lending groups, Sales Support groups, and CitizensTrust. Brian has over 29 years of banking experience focused on commercial and business banking, and we are very pleased to have him join the Bank as part of our executive management team.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $3.10 billion in assets under management and administration, including $2.29 billion in assets under management, at quarter end.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. If you are new to CVB Financial Corp. and would like more information about Citizens Business Bank, our principal financial services subsidiary, please visit us on our website, cbbank.com. Additional information about CVB Financial Corp. is available on the website under the “Investors” tab.
On behalf of our Board of Directors and all of our associates, we thank our customers and shareholders for their continued loyalty and support. Please stay healthy and safe as the COVID-19 pandemic hopefully continues to recede in California and the rest of our country.
David Brager
Chief Executive Officer
CVB Financial Corp., Citizens Business Bank