CVB Financial (CVBF) Tops Q1 EPS by 11c

CVB Financial (NASDAQ: CVBF) reported Q1 EPS of $0.47, $0.11 better than the analyst estimate of $0.36. Revenue for the quarter came in at $122.97 million versus the consensus estimate of $108.16 million.

David Brager, Chief Executive Officer of Citizens Business Bank, commented, “Our first quarter results were greatly impacted by the release of most of the reserves for credit losses that were built up in 2020, as the forecasted impact of COVID-19 on the economy has significantly improved since last year at the beginning of the pandemic. I am extremely proud of our associates as we continue to support our customers with round two Paycheck Protection Program loans, by originating more than 1,500 loans for approximately $325 million. In addition, we have processed customer forgiveness applications on round one PPP loans originated in 2020 totaling $540 million at March 31, 2021.”

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

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