Highlights of the fourth quarter of 2022

• Net income of $66.2 million or $0.47 per share
• Return on the average tangible share capital of 23.65%
• Return on average assets of 1.60%
• Net interest margin grows 0.23% to 3.69%
• Efficiency of 36.31%
  

Highlights of the whole year 2022

• Net income increased 11% to $235.4 million
• Income before tax/provisions up 25%

ONTARIO, Calif., Jan. 25, 2023 (GLOBE NEWSWIRE) — CVB Financial Corp. CVBF and its subsidiary, Citizens Business Bank (the “Company”), reported earnings for the quarter and year ended December 31, 2022.

CVB Financial Corp. reported net income of $66.2 million for the quarter ended December 31, 2022, compared to $64.6 million for the third quarter of 2022 and $47.7 million for the fourth quarter of 2021. The diluted earnings per share were $0.47 for the fourth quarter. compared to $0.46 for the previous quarter and $0.35 for the same period last year. Earnings before pre-tax provisions increased to $95.4 million in the fourth quarter from $91.9 million in the third quarter of 2022, while growing approximately 43% from the fourth quarter of 2021. The fourth quarter of 2022 included $2.5 million in provisions for credit losses, compared to $2.0 million in provisions for the third quarter and no provision or recovery in the fourth quarter of 2021. Net income of $66.2 million US Dollars for the fourth quarter of 2022 resulted in an annualized return on average equity (“ROAE”) of 13.68%, an annualized return on average tangible common equity (“ROATCE”) of 23.65% and an annualized return on average assets (“ROAA”) of 1.60%. Our net interest margin, tax equivalent (“NIM”), increased to 3.69% in the fourth quarter of 2022, while our efficiency ratio was 36.31%.

For the year ended December 31, 2022, the Company reported record net income of $235.4 million compared to $212.5 million for the year ended December 31, 2021. Diluted earnings per share were $1.67 for the year ended December 31, 2022 compared to $1.56 for the same period in the prior year. input tax…