CVB Financial Corp (CVBF, Financial) released its Q3 2023 earnings report on October 26, 2023. The company reported net income of $57.9 million, compared to $55.8 million for the second quarter of 2023 and $64.6 million for the third quarter of 2022. Diluted earnings per share were $0.42 for the third quarter, compared to $0.40 for the prior quarter and $0.46 for the same period last year.
Financial Performance
CVBF's net interest income was $123.4 million for the third quarter of 2023, representing a $3.8 million, or 3.21%, increase from the second quarter of 2023, and a $10.0 million, or 7.47%, decrease from the third quarter of 2022. The company's total assets were $15.90 billion at the end of Q3 2023, a decrease of 3.53% from Q2 2023.
David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We reported $57.9 million of net income in the third quarter of 2023. Our focus on banking the best privately held small to medium sized businesses and building meaningful long-term relationships has continued to produce solid results. I would like to thank our customers and associates for their loyalty and support”.
Income Statement Highlights
The company's provision for credit losses was $2 million for Q3 2023, compared to $500,000 for Q2 2023 and $2 million for Q3 2022. Noninterest income was $14.3 million for Q3 2023, compared to $12.7 million for Q2 2023 and $11.6 million for Q3 2022. Noninterest expense for Q3 2023 was $55.0 million, compared to $54.0 million for Q2 2023 and $53.0 million for Q3 2022.
Balance Sheet Highlights
CVBF's total investment securities were $5.36 billion at the end of Q3 2023, a decrease of 7.69% from the end of 2022. Total loans and leases, at amortized cost, were $8.88 billion at the end of Q3 2023, a decrease of 0.33% from Q2 2023. The company's total equity was $1.95 billion at the end of Q3 2023, representing an overall increase of $2.9 million from the end of 2022.
Outlook
CVBF continues to focus on banking the best privately held small to medium sized businesses and building meaningful long-term relationships. The company's financial performance in Q3 2023 reflects the success of this strategy, with a net income of $57.9 million and diluted earnings per share of $0.42.
Explore the complete 8-K earnings release (here) from CVB Financial Corp for further details.
