News & Media
CVB Financial Corp. Statement of Condition Q2 2023
President’s Message
CVB Financial Corp. (CVBF) reported net earnings of $55.8 million for the quarter ended June 30, 2023, compared with $59.3 million for the first quarter of 2023. We announced our 185th consecutive quarter of profitability and our 135th consecutive quarter of paying a cash dividend to our shareholders. Our net interest margin, on a tax equivalent basis, was 3.22% for the second quarter of 2023, while our efficiency ratio was 40.86%. Since our Bank’s founding in 1974, we have managed to build a safe, sound, and secure institution with a strategy focused on banking the best small to medium-sized businesses and their owners. We remain focused on our Core Values of Financial Strength, Superior People, Customer Focus, Cost-Effective Operation, and Having Fun. As the premier business bank in California, we have successfully executed on this strategy, and our focus will remain steady and consistent, so we can continue to provide the best banking products and services to these businesses that represent Great American Success Stories.
Our Bank continues to attract new relationships, including the extension of new credit to our customers, as well as the acquisition of new deposit customers. Although current economic conditions have slowed loan demand across the banking industry, our deposit pipeline has strengthened and grown over the second quarter. New deposit accounts opened during the first half of 2023 provided our Bank with approximately $650 million in average new deposits. Importantly, our deposits are 100% core customer relationships, across diversified industries, and our Bank has no brokered deposits. More than 75% of our deposits represent customer relationships that have banked with Citizens Business Bank for three years or more.
In keeping with our commitment to the communities we serve, we recently hosted our 38th Annual Charity Golf Classic, which raised more than $115,000 for the benefit of Orange County charitable community organizations.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $3.61 billion in assets under management and administration, including $2.41 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 continue to focus on executing on our core strategies and supporting our customers through these demanding times. 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