CVB Financial (CVBF) Misses Q1 EPS by 4c

CVB Financial (NASDAQ: CVBF) reported Q1 EPS of $0.27, $0.04 worse than the analyst estimate of $0.31.

• 172nd Consecutive Quarter of Profitability
• Net Earnings of $38.0 million for the first quarter of 2020, or $0.27 per share
• Return on Average Tangible Common Equity of 12.27% for the first quarter of 2020
• TCE Ratio of 11.3%, Total Risk-based Capital Ratio of 15.5% and CET1 Ratio of 14.1%
• Growth in Noninterest-bearing Deposits of $474 million, or 9% year-over-year

David Brager, Chief Executive Officer of Citizens Business Bank, commented: “While it is impossible to know how this crisis will continue to unfold, Citizens Business Bank will focus on our commitment to our customers, our associates, and our shareholders. Our strong capital, liquidity, and credit quality will allow us to continue to support the communities we serve and navigate through this pandemic. Although our earnings in the first quarter were negatively impacted by the economic uncertainties that have been brought on by this virus, which among other things, resulted in our $12 million provision for credit losses, we believe our Bank will successfully navigate this crisis just as we have throughout our 45-year history. I am proud of our associates and confident in our ability to succeed despite these challenges.”

For earnings history and earnings-related data on CVB Financial (CVBF) click here.

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