CVB Financial Corp. (NASDAQ:CVBF) Q3 2022 Earnings Conference Call October 20, 2022 10:30 AM ET
Company Participants
Dave Brager – President and Chief Executive Officer
Allen Nicholson – Executive Vice President and Chief Financial Officer
Conference Call Participants
Kelly Motta – KBW
David Feaster – Raymond James
Tim Coffey – Janney Montgomery
Adam Butler – Piper Sandler
Operator
Good morning, ladies and gentlemen, and welcome to the Third Quarter of 2022 CVB Financial Corporation and its subsidiary Citizens Business Bank Earnings Conference Call. My name is Sawada, and I am your operator for today. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer period. Please note that this call is being recorded.
I would now like to turn the presentation over to your host for today. Your speaker for today is Dave Brager. You may begin.
Dave Brager
Good morning, everybody, and I apologize for the delay. Allen is going to start us off, and then he'll turn it over to me. Thank you.
Allen Nicholson
All right. Good morning, everyone. Thanks for joining today. We're going to be reviewing our financial results for the third quarter of 2022. Our comments today will refer to the financial information that was included in the earnings announcement released yesterday. To obtain a copy, please visit our website at www.cbbank.com, and click on the Investors tab. The speakers on this call claim the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. For a more complete discussion of the risks and uncertainties that may cause actual results to differ materially from our forward-looking statements, please see the company's annual report on Form 10-K for the year ended December 31, 2021. And in particular, the information set forth in Item 1A risk factors therein. For a more complete version of the company's safe harbor disclosure, please see the company's earnings release issued in connection with this call.
I'm now going to turn the call back over to Dave Brager. Dave?
Dave Brager
Thank you, Allen, and good morning, everyone. For the third quarter of 2022, we reported net earnings of $64.6 million or $0.46 per share, representing our 182nd consecutive quarter of profitability. We previously declared a $0.20 per share dividend for the third quarter of 2022, an increase of 5% compared to the second quarter of this year which represented a dividend payout ratio of 43% of earnings. This dividend represented our 132nd consecutive quarter of paying a cash dividend to our shareholders. Third quarter net earnings of $64.6 million, or $0.46 per share, compared with $59.1 million for the second quarter of 2022, or $0.42 per share, and $49.8 million for the year ago quarter, or $0.37 per share. Through the first nine months of 2022, we earned $169.3 million, or $1.20 per share, compared with $164.8 million, or $1.21 per share, for the first nine months of 2021.