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EX - 99.1 2 d172117dex991.htm EX - 99.1 Press Release For Immediate Release Exhibit 99.1 ✓ CVB Financial Corp. 701 North Haven Ave. , Suite 350 Ontario , CA 91764 ( 909 ) 980-4030 Contact : David A. Brager Chief Executive Officer ( 909 ) 980-4030 CVB Financial Corp. Reports Earnings for the First Quarter of 2021 Net Earnings of $ 63.9 million for the first quarter of 2021 , or $ 0.47 per share Return on Average Tangible Common Equity of 19.85 % for the first quarter of 2021 Return on Average Assets of 1.79 % for the first quarter of 2021 Deposit growth of $ 2.97 billion or 33 % year - over - year Ontario , CA , April 21 , 2021 - CVB Financial Corp. ( NASDAQ : CVBF ) and its subsidiary , Citizens Business Bank ( the " Company " ) , announced earnings for the quarter ended March 31 , 2021 . CVB Financial Corp. reported net income of $ 63.9 million for the quarter ended March 31 , 2021 , compared with $ 50.1 million for the fourth quarter of 2020 and $ 38.0 million for the first quarter of 2020. Diluted earnings per share were $ 0.47 for the first quarter , compared to $ 0.37 for the prior quarter and $ 0.27 for the same period last year . The first quarter of 2021 included a $ 19.5 million recapture of provision for credit losses as a result of the improvement in our economic forecast . The Company previously recorded a provision for credit losses of $ 23.5 million in 2020 , due to the severe decline in economic forecasts associated with the pandemic . 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. " Net income of $ 63.9 million for the first quarter of 2021 produced an annualized return on average equity ( " ROAE " ) of 12.75 % and an annualized return on average tangible common equity ( “ ROATCE ” ) of 19.85 % . ROAE and ROATCE for the fourth quarter of 2020 were 9.92 % and 15.67 % , respectively , and 7.61 % and 12.27 % , respectively , for the first quarter of 2020. Annualized return on average assets ( " ROAA " ) was 1.79 % for the first quarter , compared to 1.42 % for the fourth quarter of 2020 and 1.34 % for the first quarter of 2020. Our net interest margin ( tax equivalent ) was 3.18 % for the first quarter of 2021 , compared to 3.33 % for the fourth quarter of 2020 and 4.08 % for the first quarter of 2020. The efficiency ratio for the first quarter of 2021 was 40.26 % , compared to 40.64 % for the fourth quarter of 2020 and 42.69 % for the first quarter of 2020 . - 1 -