CVB Financial reports Q4 EPS 35c with items, consensus 38c

Q4 EPS was negatively impacted by a $9.2M, or 4c per share, expense accrual for the FDIC’s final rule that implements a special assessment that will be collected over eight quarters starting in 2024. Reports Q4 NII $119.36M, consensus $123.61M. Reports Q4 loan loss provision of (2M) vs. $2.5M last year. Tangible book value per share was $9.31 vs. $8.39 at previous quarter end. CEO David Brager commented, “During the course of 2023, Citizens Business Bank not only remained safe and sound but also produced earnings that were the second highest in the Company’s history, despite the difficult operating environment. We remain committed to our strategy of banking the best small to medium sized businesses and their owners. We work hard to earn and maintain the trust of our customers and business partners, and we wish to thank our customers and associates for their loyalty and dedication over the past year.”