News & Media
CVB Financial Corp. Statement of Condition Q3 2022
President’s Message
CVB Financial Corp. (CVBF) reported net earnings of $64.6 million for the quarter ended September 30, 2022, compared with $59.1 million for the second quarter of 2022, our 182nd consecutive quarter of profitability. The combination of strong loan growth, expansion of our net interest margin, and our continuing efforts to closely manage expenses in the face of significant inflationary pressures resulted in a record $91.9 million in pretax pre-provision income during the third quarter of 2022, a 7% increase from the second quarter. This growth supported a 5% increase in our quarterly dividend for the third quarter, our 132nd consecutive quarter of paying a cash dividend. The increased dividend represents the second increase in our quarterly dividend in 2022.
The California economy continues to face challenges related to supply chains, a tight labor market, and the same prevailing inflationary pressures, which have contributed to an uncertain business environment. Despite the challenging times, we are thankful and excited about our results for the third quarter, while remaining cautiously optimistic about the future.
In keeping with our commitment to the communities we serve, we recently hosted our 37th Annual Charity Golf Classic, which raised more than $95,000 for Orange County community benefit organizations. We continued one of our oldest community traditions by presenting the Pasadena Tournament of Roses® 2023 Rose Queen® Coronation. We also launched our first Small Business Showcase to support entrepreneurs in Sacramento’s small business community, with the winners receiving custom partnership packages to amplify and expand their business reach.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $2.6 billion in assets under management and administration, including $1.72 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 at cbbank.com. Additional information about CVB Financial Corp. is available on the website under the “Investors” tab.
We continue to focus on executing on our core strategies and supporting our customers through these unpredictable 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