CVB Financial Corp. (CVBF) Q1 2025 Earnings Call Transcript

2025-04-24 15:50:19 ET

CVB Financial Corp. (CVBF)

Q1 2025 Earnings Conference Call

April 24, 2025 10:30 AM ET

Company Participants

Allen Nicholson - EVP, CFO

Dave Brager - President and CEO

Conference Call Participants

Gary Tenner - D.A. Davidson

Andrew Terrell - Stephens

David Feaster - Raymond James

Adam Butler - Piper Sandler

Tim Coffey - Janney Montgomery

Kelly Motta - KBW

Presentation

Operator

Good day, and welcome to the CVB Financial First Quarter 2025 Earnings Conference Call [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Allen Nicholson, Executive Vice President and Chief Financial Officer. Please go ahead.

Allen Nicholson

Thank you, Shuri. And good morning, everyone. Thank you for joining us today to review our financial results for the first quarter of 2025. Joining me this morning is Dave Brager, President and Chief Executive 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 Web site 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, 2024, 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'll now turn the call over to Dave Brager. Dave?

Dave Brager

Thank you, Allen. Good morning, everyone. For the first quarter of 2025, we reported net earnings of $51.1 million or $0.36 per share, representing our 192nd consecutive quarter of profitability, which equates to 48 years. We previously declared a $0.20 per share dividend for the first quarter of 2025, representing our 142nd consecutive quarter of paying a cash dividend to our shareholders. We produced a return on average tangible common equity of 14.51% and return on average assets of 1.37% for the first quarter of 2025. We announced in November of 2024 that our Board of Directors authorized a new $10 million share repurchase program and approved a 10b5-1 plan. Year-to-date, as of yesterday, we have repurchased 2.05 million shares at an average share price of $18.13. Our net earnings of $51.1 million or $0.36 per share compares with $50.9 million for the fourth quarter of 2024 or $0.36 per share and $48.6 million or $0.35 per share for the prior year quarter. Pretax income in the first quarter of 2025 was $69.5 million, which was $1.5 million higher than the fourth quarter of 2024 and $2.7 million higher than the first quarter of 2024....

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