CVB Financial Corp

NASDAQ:CVBFUnited States

Oct 23, 2024

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• -- Earnings Flash (CVBF) CVB FINANCIAL Posts Q3 EPS $0.37, from 4:45PM ET on Wednesday Oct 23, 2024 by MT Newswires

  4:45PM ET on Wednesday Oct 23, 2024 by MT Newswires
  Companies Mentioned: CVBF
  04:45 PM EDT, 10/23/2024 (MT Newswires) -- ...

• *DJ CVB Financial 3Q EPS 37c >CVBF, from 4:45PM ET on Wednesday Oct 23, 2024 by Dow Jones

  4:45PM ET on Wednesday Oct 23, 2024 by Dow Jones
  Companies Mentioned: CVBF
  Required Plus Capital Capital Conservation September 30, December September Ratios Buffer 2024 31, 2023 30, 2023 ----------- -------------- ------------- ----------- ----------- Tier 1 leverage capital ratio 4.0% 10.6% 10.3% 10.0% Common equity Tier 1 capital ratio 7.0% 15.8% 14.6% 14.4% Tier 1 risk-based capital ratio 8.5% 15.8% 14.6% 14.4% Total risk-based capital ratio 10.5% 16.6% 15.5% 15.3% Tangible common equity ratio 9.7% 8.5% 7.7% Tangible Book Value Reconciliations (Non-GAAP) The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of tangible book value to the Company stockholders' equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of September 30, 2024, December 31, 2023 and September 30, 2023. September December 31, September 30, 2024 2023 30, 2023 ------------ ------------ ------------ (Dollars in thousands, except per share amounts) Stockholders' equity $ 2,197,831 $ 2,077,972 $ 1,951,401 Less: Goodwill (765,822) (765,822) (765,822) Less: Intangible assets (11,130) (15,291) (16,736) Tangible book value $ 1,420,879 $ 1,296,859 $ 1,168,843 Common shares issued and outstanding 139,678,314 139,344,981 139,337,699 Tangible book value per share $ 10.17 $ 9.31 $ 8.39 =========== =========== =========== Return on Average Tangible Common Equity Reconciliations (Non-GAAP) The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company's average stockholders' equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity. Nine Months Three Months Ended Ended ---------------------------------------------- -------------- ---------------- September 30, June 30, September 30, September 30, September 30, 2024 2024 2023 2024 2023 --------- --------- --------- --------- --------- (Dollars in thousands) Net Income $ 51,224 $ 50,035 $ 57,887 $ 149,858 $ 172,927 Add: Amortization of intangible assets 1,286 1,437 1,567 4,161 5,006 Less: Tax effect of amortization of intangible assets [1] (380) (425) (463) (1,230) (1,480) Tangible net income $ 52,130 $ 51,047 $ 58,991 $ 152,789 $ 176,453 ========= ========= ========= ========= ========= Average stockholders' equity $2,166,793 $2,102,466 $2,027,030 $2,122,870 $2,011,172 Less: Average goodwill (765,822) (765,822) (765,822) (765,822) (765,822) Less: Average intangible assets (11,819) (13,258) (17,526) (13,216) (19,256) Average tangible common equity $1,389,152 $1,323,386 $1,243,682 $1,343,832 $1,226,094 ========= ========= ========= ========= ========= Return on average equity, annualized [2] 9.40% 9.57% 11.33% 9.43% 11.50% Return on average tangible common equity, annualized [2] 14.93% 15.51% 18.82% 15.19% 19.24% [1] Tax effected at respective statutory rates. [2] Annualized where applicable.