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EX - 99.1 2 d158226dex991.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 Second Quarter of 2021 Net Earnings of $ 51.2 million for the second quarter of 2021 , or $ 0.38 per share Return on Average Tangible Common Equity of 15.60 % for the second quarter of 2021 Return on Average Assets of 1.35 % for the second quarter of 2021 Ontario , CA , July 21 , 2021 - CVB Financial Corp. ( NASDAQ : CVBF ) and its subsidiary , Citizens Business Bank ( the " Company " ) , announced earnings for the quarter ended June 30 , 2021 . CVB Financial Corp. reported net income of $ 51.2 million for the quarter ended June 30 , 2021 , compared with $ 63.9 million for the quarter ended March 31 , 2021 and $ 41.6 million for the quarter ended June 30 , 2020. Diluted earnings per share were $ 0.38 for the second quarter , compared to $ 0.47 for the prior quarter and $ 0.31 for the same period last year . The second quarter of 2021 included $ 2.0 million in recapture of provision for credit losses , as a result of a modest improvement in our economic forecast . In comparison , the first quarter of 2021 included a $ 19.5 million recapture of provision . The Company's allowance for credit losses at June 30 , 2021 of $ 69.3 million , compares to the pre - pandemic allowance of $ 68.7 million at December 31 , 2019 . David Brager , Chief Executive Officer of Citizens Business Bank , commented , " Despite the on - going impact of the COVID - 19 pandemic and the continuing low interest rate environment , our pre - tax , pre - provision earnings remain strong . However , the significant liquidity within the economy continues to impact our balance sheet and weigh on our loan growth , with lower than normal utilization rates on lines of credit . Nevertheless , we are seeing positive signs with increased new loan pipelines , and we remain committed to our customer acquisition strategy of seeking to bank the top businesses in our local markets . " Net income of $ 51.2 million for the second quarter of 2021 produced an annualized return on average equity ( “ ROAE ” ) of 10.02 % and an annualized return on average tangible common equity ( " ROATCE " ) of 15.60 % . ROAE and ROATCE for the first quarter of 2021 were 12.75 % and 19.85 % , respectively , and 8.51 % and 13.80 % , respectively , for the second quarter of 2020. Annualized return on average assets ( " ROAA " ) was 1.35 % for the second quarter , compared to 1.79 % for the first quarter of 2021 and 1.33 % for the second quarter of 2020. The efficiency ratio for the second quarter of 2021 was 40.05 % , compared to 40.26 % for the first quarter of 2021 and 39.75 % for the second quarter of 2020 . - 1 -