CVB Financial Corp. (NASDAQ:CVBF) Q1 2024 Earnings Conference Call April 25, 2024 10:30 AM ET

Company Participants

Christina Carrabino - Investor Relations
Dave Brager - President & Chief Executive Officer
Allen Nicholson - Executive Vice President & Chief Financial Officer

Conference Call Participants

Kelly Motta - KBW
David Feaster - Raymond James
Gary Tenner - D.A. Davidson
Matthew Clark - Piper Sandler

Operator

Good morning ladies and gentlemen and welcome to the First Quarter 2024 CVB Financial Corporation and its subsidiary Citizens Business Bank Earnings Conference Call. My name is Sherri and I'm your operator for today. [Operator Instructions] Today's conference is being recorded.

I'd like to turn the presentation over to your host for today's call Christina Carrabino. You may proceed.

Christina Carrabino

Thank you, Sherri, and good morning, everyone. Thank you for joining us today to review our financial results for the first quarter of 20204.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 this 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 31st, 2023 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 and good morning everyone. For the first quarter of 2024, we reported net earnings of $48.6 million or $0.35 per share representing our 188th consecutive quarter of profitability.

We previously declared a $0.2 per share dividend for the first quarter of 2024 representing our 138th consecutive quarter of paying a cash dividend to our shareholders.

Our net earnings of $48.6 million or $0.35 per share compared to $48.5 million for the fourth quarter of 2023 or $0.35 per share and $59.3 million for the year ago quarter or $0.42 per share. We produced a return on average tangible common equity of 15.13% and a return on average assets of 1.21% for the first quarter of 2024.