CVB Financial Corp (NASDAQ:CVBF) Q2 2022 Earnings Conference Call July 21, 2022 10:30 AM ET

Company Participants

Christina Carrabino - Clc Communications & Consulting

David Brager - President, CEO & Director

Allen Nicholson - EVP & CFO

Conference Call Participants

Matthew Clark - Piper Sandler & Co.

Eleanor Yuan - KBW

David Feaster - Raymond James & Associates

Benjamin Gerlinger - Hovde Group

Clark Wright - D.A. Davidson

Operator

Good morning, ladies and gentlemen, and welcome to the Second Quarter of 2022 CVB Financial Corporation and its subsidiary, Citizens Business Bank, Earnings Conference Call. My name is Liz, and I will be your operator for today. [Operator Instructions]. Please note, this call is being recorded. I would now like to turn the presentation over to your host for today's call, Christina Carrabino. You may proceed.

Christina Carrabino

Thank you, Liz, and good morning, everyone. Thank you for joining us today to review our financial results for the second quarter of 2022. Joining me this morning are Dave Brager, President and Chief Executive Officer; and Allen Nicholson, Executive Vice President and Chief Financial Officer.

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.

Now I will turn the call over to Dave Brager. Dave?

David Brager

Thank you, Christina. Good morning, everyone. For second quarter of 2022, we reported net earnings of $59.1 million or $0.42 per share, representing our 181st consecutive quarter of profitability. We previously declared a $0.19 per share dividend for the second quarter of 2022, an increase of 6% compared to the first quarter of this year. It represented our 131st consecutive quarter of paying a cash dividend to our shareholders.

Second quarter net earnings of $59.1 million or $0.42 per share compared with $45.6 million for the first quarter of 2022, or $0.31 per share and $51.2 million for the year-ago quarter or $0.38 per share.