CVB Financial Corporation
09/04/2024 | Press release | Distributed by Public on 09/04/2024 08:26
CVB Financial Corp. Statement of Condition Q2 2024
CVB Financial Corp. Statement of Condition Q2 2024
President's Message
CVB Financial Corp. (CVBF) reported net earnings of $50.0 million for the quarter ended June 30, 2024, compared with $48.6 million for the first quarter of 2024. For 50 years, Citizens Business Bank has focused on benefiting our customers, communities, and our associates. The second quarter financial results represent our 189th consecutive quarter, or more than 47 consecutive years, of profitability. Our solid financial performance is also highlighted by our 139 consecutive quarters of paying cash dividends. The Bank has maintained its steady and stable performance in the face of a challenging environment. We remain focused on our mission of banking the best small and medium-sized businesses and their owners through all economic cycles, providing them with our full array of products.
On August 9, 1974, an enterprising dairy farmer and small business owner from Southern California, together with a group of local business leaders, laid the groundwork for what would become Citizens Business Bank. 50 years later, CVBF is one of the 10 largest bank holding companies headquartered in California, with over $16 billion in total assets, and we are consistently rated as one of the top- performing banks in the nation.
Our Bank continues to be recognized for our ongoing support of the communities we serve, while creating an environment that attracts and retains top talent. The Los Angeles Business Journal named Citizens Business Bank the Business Angel of the Year at its 2024 Nonprofit & Corporate Citizenship Awards event. Pacific Coast Business Times ranked our Bank on its list of 2024 Central Coast Best Places to Work, and we were also named to Newsweek's list of America's Greatest Workplaces 2024. Our third annual Borba Scholarship Program, named for our founder, George A. Borba Sr., awarded over $50,000 in academic scholarships to dependent children of Bank associates. Our 39th Annual Charity Golf Classic raised more than $135,000 for the benefit of Orange County charitable organizations.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $4.3 billion in assets under management and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $4.3 billion in assets under management and administration, including $3.0 billion in assets under management, at quarter end.
Shares of CVB Financial Corp. common stock are listed on 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 our Citizens Business Bank website under the "Investors" tab.
On behalf of our Board of Directors and our hard-working associates, we want to thank our customers for their continued loyalty and support.
David Brager
President & Chief Executive Officer
CVB Financial Corp., Citizens Business Bank