News & Media
CVB Financial Corp. Statement of Condition Q3 2023
President’s Message
CVB Financial Corp. (CVBF) reported net earnings of $57.9 million for the quarter ended September 30, 2023, compared with $55.8 million for the second quarter of 2023. We announced our 186th consecutive quarter of profitability and our 136th consecutive quarter paying a cash dividend to our shareholders. We continued our long history of producing solid quarterly earnings and returns on capital in the third quarter.
Our pretax pre-provision income for the third quarter of 2023 was $82.6 million, compared with $78 million for the second quarter of 2023. This growth in earnings reflects the positive operating leverage we generated this past quarter, with total revenue growing by 4.2% compared to expense growth of 1.9%. We continue to be among the industry leaders with respect to expense control with a 40% efficiency ratio for the third quarter and year-to-date 2023.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $3.92 billion in assets under management and administration, including $2.67 billion in assets under management, at quarter end.
Shares of CVB Financial Corp. common stock are listed on 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 at cbbank.com. Additional information about CVB Financial Corp. is available on our Citizens Business Bank website under the “Investors” tab.
We will continue to focus on banking the best small and medium sized businesses and their owners in California by providing outstanding service and a wide array of financial products. On behalf of our Board of Directors and all of our hard-working associates, we thank our customers and shareholders for their continued loyalty and support.
David Brager
President & Chief Executive Officer
CVB Financial Corp., Citizens Business Bank