CVB Financial: Q2 2022 review

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CVB Financial Corp. Condition Statement Q2 2022

Chairman’s message

CVB Financial Corp. (CVBF) reported net income of $59.1 million for the quarter ended June 30, 2022, compared to $45.6 million for the first quarter of 2022, our 181st consecutive quarter of profitability. The combination of strong loan growth, the expansion of our net interest margin and our continued efforts to tightly manage expenses in the face of inflationary pressures resulted in a record level of quarterly income before taxes and before provisions during the second quarter. This growth supported a 6% increase in our quarterly dividend, our 131st consecutive quarter of paying a cash dividend, and the dividend increase represents a payout ratio of 45%.

Our income before tax and before provision was $85.7 million in the second quarter, an increase of 30% compared to the first quarter of 2022. Our efficiency ratio was 37.24% for the second quarter, compared to 46.93% for the prior quarter and 40.05% for the second quarter of 2021. We experienced strong growth in loans and investment securities, with loans increasing by $134 million on average and investments increasing by $328 million on average from the first quarter.

In May, we announced that the Board of Directors had elected Hal W. Oswalt as Chairman of the Boards of CVBF and Citizens Business Bank, replacing Raymond V. O’Brien. Mr. O’Brien will remain on the board of CVBF and Citizens Business Bank. Mr. Oswalt has served as a director of CVBF and CBB since 2014. He is a veteran of the US banking industry having served as CEO, director and chairman of several community banks as well as chairman and CEO of two different national financial advisory firms.

In June, we announced the appointment of a new board member, Kimberly Sheehy, to the boards of CVB Financial Corp. and Citizens Business Bank. Ms. Sheehy is a seasoned financial executive with over 30 years of successful experience in the telecommunications, technology, SaaS, data center, software development and REIT industries. Her current experience as a director and chair of the audit committee of several leading public companies will position her to make immediate and positive contributions to our boards.

CitizensTrust, our wealth management division that provides trust, investment and brokerage services, as well as financial, estate and business succession planning services, had approximately $3.14 billion in assets under management and under administration, including $2.32 billion in assets under management, at the end of the quarter.
The common shares of CVB Financial Corp. are listed on NASDAQ under the 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. are available on the website under the “Investors” tab.

We continue to focus on executing our core strategies and supporting our clients during 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 and CEO
CVB Financial Corp., Citizens Business Bank

See the complete inventory of the second quarter of 2022

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