CVB Financial Corporation
05/17/2022 | Press release | Archived content
CVB Financial Corp. Statement of Condition Q1 2022
CVB Financial Corp. Statement of Condition Q1 2022
President's Message
CVB Financial Corp. reported net earnings of $45.6 million for the quarter ended March 31, 2022, compared with $47.7 million for the fourth quarter of 2021. We reported total assets of $17.54 billion at March 31, 2022, which represented an increase of $1.66 billion from total assets of $15.88 billion at December 31, 2021. We announced our 180th consecutive quarter of profitability and our 130th consecutive quarterly cash dividend paid to shareholders. Global supply constraints, inflation, and labor shortages continue to negatively impact many of the businesses and the industries that we serve. Although these issues merit close attention, we continue to remain disciplined in our approach to produce consistent earnings and to maintain strong capital levels, solid credit quality, and excellent liquidity, while providing the products and services that help our customers navigate this volatile environment.
Citizens Business Bank was named the fourth-ranked bank in 2022 by Forbes out of the largest 100 publicly traded banks in asset size in the United States. This recognition marks the sixth time since 2016 that our Bank placed in the top-four position on the Forbes annual rankings, including three of the past five years at the number one ranking. I'm also pleased that we were recently ranked the 17th best-performing publicly traded bank in the United States in 2021 by S&P Global Market Intelligence.
On January 7, we announced the completion of our acquisition of Suncrest Bank. The combination of our organizations will provide us with a platform for expansion into the Greater Sacramento market, as well as solidify our position in the important Central Valley region of California. Upon the close of the merger, we acquired seven banking centers and approximately $1.4 billion in total assets. We completed the integration of banking systems in February and we plan to consolidate two of the former Suncrest Bank locations with contiguous Citizens Business Bank locations in the second quarter. We welcome the addition of Suncrest Bank's customers, associates, and shareholders to our strong and growing organization.
In February, Kristina M. Leslie and Marshall V. Laitsch announced their individual plans to retire from our Boards of Directors. They have both stated that they intend to serve out their current terms on our Boards, but will not stand for reelection at our Annual Shareholders Meeting scheduled for May 18, 2022. Ms. Leslie and Mr. Laitsch have been outstanding Directors and have been instrumental to our successful growth and corporate governance.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $3.34 billion in assets under management and administration, including $2.49 billion in assets under management, at quarter end.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol "CVBF". If you are new to CVB Financial Corp. and would like more information about Citizens Business Bank, our principal financial services subsidiary, please visit us on our website at cbbank.com. Additional information about CVB Financial Corp. is available on the website under the "Investors" tab.
On behalf of our Board of Directors and all of our hard-working associates, we thank our customers and shareholders for their continued loyalty and support.
David Brager
President & Chief Executive Officer
CVB Financial Corp., Citizens Business Bank