|Over a week ago|
CVB Financial announces new stock repurchase plan » 17:3111/0511/05/20
CVB Financial Corp.…
CVB Financial Corp. announced that, pursuant to the company's common stock repurchase program, the company has entered into a new Rule 10b5-1 repurchase plan on November 5, 2020. Pursuant to the 2020 10b5-1 Plan, a maximum of 4,585,145 shares of the company's common stock may be repurchased by the company, beginning on November 6, 2020 until the 2020 10b5-1 Plan expires on November 5, 2021, unless completed sooner or the 2020 10b5-1 Plan is otherwise extended or terminated. On August 11, 2016, the company's Board authorized an increase to the company's Repurchase Program, originally announced on July 16, 2008, to a maximum of 10,000,000 shares of the company's common stock. The company has repurchased 5,414,855 shares of its common stock since the date of the announced increase to the Repurchase Program. Accordingly, as of November 5, 2020, 4,585,145 million of the company's shares of common stock remain available for repurchase under the Repurchase Program.
|Over a month ago|
CVB Financial reports Q3 EPS 35c, consensus 34c » 16:4810/2110/21/20
Reports Q3 revenue…
Reports Q3 revenue $116.5M, consensus $108.08M. Reports Q3 net interest margin 3.34% vs. 3.70% last year and provision for loan loss of zero vs. $1.5M last year. David Brager, CEO, commented "Although the current uncertain economic situation, coronavirus outlook and low interest rate environment present near term challenges to earnings growth, we will continue to maintain our long-term focus on credit quality, strong capital levels, and consistent earnings. We believe that Citizens Business Bank will be well positioned as we return to a more normal economic environment and continue to generate stable, long-term shareholder returns."
CVB Financial assumed with an Overweight at Piper Sandler » 06:1109/1109/11/20
Piper Sandler analyst…
Piper Sandler analyst Matthew Clark assumed coverage of CVB Financial with an Overweight rating and $21 price target. The analyst cites the company's stronger preprovision profitability, more conservative underwriting standards, "attractive" dividend yield, "best-in-class" core deposit profile, and recent pullback in the stock for the Overweight rating.
|Over a quarter ago|
CVB Financial reports Q2 EPS 31c, consensus 26c » 16:4807/2207/22/20
Reports Q2 book value per…
Reports Q2 book value per share $14.46. Reports Q2 CET1 capital ratio 7%. David Brager, CEO of Citizens Business Bank, commented: "Citizens Business Bank remains well positioned to succeed with strong capital, consistent earnings, solid credit, and excellent liquidity. We will continue to focus on these key attributes that continue to make our Bank a high performer. I am exceptionally proud of the commitment and effort of our associates who have provided outstanding service to our customers during these unprecedented times and supported our customers by originating more than 4,000 PPP loans."
CVB Financial reports Q1 EPS 27c, consensus 31c » 16:5204/2204/22/20
Reports Q1 revenue…
Reports Q1 revenue $113.9M, consensus $105.96M. Reports Q1 loan loss provision $12.0M vs. $1.5M last year and net interest margin 4.08% vs 4.39% last year.
CVB Financial reports Q1 EPS 27c, consensus 31c 16:5104/2204/22/20
CVB Financial suspends stock repurchase plan under 10b5-1 program » 18:2903/3103/31/20
CVB Financial announced…
CVB Financial announced that it will suspend its 10b5-1 stock repurchase program. The company's Board of Directors previously authorized the company to repurchase up to 9.6M shares of the company's common stock.
CVB Financial names David Brager new CEO » 16:4102/1902/19/20
CVB Financial Corp. and…
CVB Financial Corp. and its principal subsidiary, Citizens Business Bank, announced that the Company's Board of Directors has chosen David A. Brager to be the organization's next Chief Executive Officer. Mr. Brager, who currently serves as Executive Vice President, Sales Division Manager, will assume the role on March 16, 2020 upon the scheduled retirement of the Company's current President and CEO, Christopher D. Myers. Concurrently, Mr. Brager is being appointed to the respective Boards of Directors of CVBF and Citizens Business Bank. CVBF's Board of Directors led a thorough, nationwide search in partnership with Spencer Stuart, a leading executive search firm. The promotion of Mr. Brager affirms the quality of the Company's senior management team and the Board's confidence in the Company's strategy and continued strong performance. In order to facilitate a smooth and orderly transition, Mr. Myers, who has served as the Company's CEO since 2006, will remain available to the Company as a consultant through December 31, 2020.
CVB Financial reports Q4 EPS 37c, consensus 35c » 16:4101/2201/22/20
Net interest income…
Net interest income before provision for loan losses was $107.0 million for the quarter, which was a $1.1 million, or 1.05%, decrease from the third quarter of 2019, and a $6.0 million, or 5.31%, decrease from the fourth quarter of 2018. Total interest income was $112.2 million for the most recent quarter, which was $1.3 million, or 1.18%, lower than the third quarter of 2019 and $5.5 million, or 4.67%, lower than the same period last year. Total interest income and fees on loans for the fourth quarter of 2019 of $97.3 million decreased $1.5 million, or 1.51%, from the third quarter of 2019, and decreased $3.6 million, or 3.57%, from the fourth quarter of 2018. Total investment income of $13.5 million decreased $36,000, or 0.27%, from the third quarter of 2019 and $2.1 million, or 13.37%, from the fourth quarter of 2018. Interest expense decreased $205,000 from the prior quarter and increased $495,000 over the fourth quarter of 2018. Chris Myers, President and CEO of Citizens Business Bank, commented, "2019 was an extraordinary year for our Company, highlighted by achieving record annual earnings of $207.8 million, a 37% increase over the prior year." Myers continued, "We successfully completed the integration of the largest merger in the Bank's history and generated industry leading financial metrics, including return on average assets of 1.84%, a return on average tangible capital of almost 18%, and an efficiency ratio of 40%."