Q2 2024 CVB Financial Corp Earnings Call Transcript
Key Points
- CVB Financial Corp (CVBF) reported net earnings of $50 million for Q2 2024, marking their 189th consecutive quarter of profitability.
- The company declared a $0.20 per share dividend for Q2 2024, representing their 139th consecutive quarter of paying a cash dividend.
- Return on average tangible common equity was 15.51%, and return on average assets was 1.24% for Q2 2024.
- Interest income grew by $1.4 million over the prior quarter, with earning asset yields improving by three basis points.
- Non-interest expense decreased by $3.3 million compared to the first quarter of 2024, primarily due to a reduction in the estimated cost for the FDIC special assessment.
- Net interest income declined by $1.6 million compared to the first quarter of 2024, due to a five basis point decline in net interest margin.
- Total loans decreased by $89 million from the end of the first quarter and by $223 million from December 31, 2023.
- Non-performing assets increased to $25.6 million, up from $14.5 million in the prior quarter.
- Classified loans grew to $125 million from $103 million in the prior quarter, with much of the growth associated with agricultural lending.
- Interest expense increased by $3 million over the prior quarter, reflecting a seven basis point increase in the cost of funds.
Good morning, ladies and gentlemen, and welcome to the Second Quarter of 2024 CVB Financial Corporation and its subsidiary Citizens Business Bank Earnings Conference Call. My name is Sherry, and Iâm your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note this call is being recorded.
I would now like to turn the presentation over to your host for todayâs call, Allen Nicholson, Executive Vice President and Chief Financial Officer. You may proceed.
Thank you, Sherry, and good morning, everyone. Thank you for joining us today to review our financial results for the second quarter of 2024.
Joining me this morning is Dave Brager, President and Chief Executive Officer. Our comments today will refer to the financial information that was included in the earnings announcement released yesterday. To obtain a copy,
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