CVB Financial reports Q3 EPS 37c, consensus 34c

Reports Q3 Net interest income was $113.6M for the third quarter of 2024. This represented a $2.8M , or 2.50%, increase from the second quarter of 2024, and a $9.8M, or 7.90%, decrease from the third quarter of 2023. The quarter-over-quarter increase in net interest income was primarily due to a $7M increase in interest income resulting from a $513M average increase in our interest-earning balances due from the Federal Reserve, partially offset by a $3.8 million increase in interest on deposits. The decline in net interest income compared to the third quarter of 2023 was primarily due to a 26 basis point decline in net interest margin..David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We are pleased with our third quarter results. The Bank continues to execute on our strategy of banking the best small to medium sized businesses in the markets we serve. The results in the third quarter represent our 190th consecutive quarter of profitability. I am very proud of the commitment of our associates to our mission and the loyalty of our customers to our shared vision of success.” Highlights for the Third Quarter of 2024