CVB Financial Corp. (NASDAQ:CVBF) Q1 2022 Earnings Conference Call April 21, 2022 10:30 AM ET

Corporate Participants

Christina Carrabino - Investor Relations

Dave Brager - Chief Executive Officer

Allen Nicholson - Executive Vice President and Chief Financial Officer

Conference Call Participants

Matthew Clark - Piper Sandler

David Feaster - Raymond James

Ben Gerlinger - Hovde Group

Kelly Motta - KBW

Operator

Good morning, ladies and gentlemen and welcome to the First Quarter of 2022 CVB Financial Corporation and a subsidiary Citizens Business Bank Earnings Conference Call. My name is Olivia and I'm your conference 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 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, Olivia, and good morning, everyone. Thank you for joining us today to review our financial results for the first quarter of 2022. Joining me this morning are Dave Brager, 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.cvbank.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?

Dave Brager

Thank you, Christina. Good morning, everyone. For the first quarter of 2022, we reported a net earnings of $45.6 million, or $0.31 per share representing our 180th consecutive quarter of profitability. We previously declared an $0.18 per share dividend for the first quarter of 2022, which represented our 130th consecutive quarter of paying a cash dividend to our shareholders.

First quarter net earnings of $45.6 million or $0.31 per share, compared to $47.7 million for the fourth quarter of 2021 or $0.35 a share, and $63.9 million for the year ago quarter or $0.47 per share.