CVB Financial Q1 net income $59.3M; EPS $0.42; NIM 3.45% down 24 bps QoQ

CVB FINANCIAL CORP

2023-Q1 EPS reported $0.42

Net earnings $59.3M ($0.42 diluted EPS) vs $66.2M ($0.47) in Q4 2022; provision for credit losses $1.5M.
NIM 3.45% vs 3.69% in Q4 2022; cost of funds rose to 0.49% from 0.13% due to higher short-term borrowings.
Total deposits and customer repos $12.76B, down 4.8% from Q4 2022; noninterest-bearing deposits were 63.9% of total.
Repurchased 791,800 shares at avg $23.43 ($18.5M) under 10b5-1 plan that expired March 2, 2023.
ACL increased to 0.97% of loans from 0.94%; nonperforming loans $6.2M (0.07% of loans).

item 2.02 item 9.01 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CVB FINANCIAL CORP reported the quarter ended March 31, 2023 results: net income $59.3 million, EPS $0.42.

Period: the quarter ended March 31, 2023
Net income: $59.3 million
EPS: $0.42
Result: reported results

Exact text from the filing

CVB Financial Corp. reported net income of $59.3 million for the quarter ended March 31, 2023, compared with $66.2 million for the fourth quarter of 2022 and $45.6 million for the first quarter of 2022. Diluted earnings per share were $0.42 for the first quarter of 2023, compared to $0.47 for the prior quarter and $0.31 for the same period last year.

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Source: SEC EDGAR

accession 0001193125-23-119609

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