CVB Financial Corp. reported a net income of $51.1 million for the first quarter of 2025, reflecting a 5.15% increase from $48.6 million in the same period last year. This translates to diluted earnings per share of $0.36, up from $0.35 in the first quarter of 2024. The company's return on average equity was 9.31%, while the return on average assets stood at 1.37%. Net interest income for the quarter was $110.4 million, a slight decrease of 1.79% compared to the previous year, primarily due to a decline in average earning assets.
Total assets increased to $15.26 billion, up $102.9 million from the end of 2024. This growth was driven by a $290.3 million rise in interest-earning balances due from the Federal Reserve, despite a $172.8 million decrease in total loans. The total loan portfolio at amortized cost was $8.36 billion, down 2.02% from the previous quarter, with notable declines in commercial real estate and dairy & livestock loans. The allowance for credit losses decreased to $78.3 million, representing 0.94% of total loans, compared to $80.1 million at the end of 2024.
In terms of deposits, CVB Financial reported total deposits of $11.99 billion, a modest increase of $41.5 million from the previous quarter. Noninterest-bearing deposits rose by 2.09%, making up 59.92% of total deposits. Interest-bearing deposits, however, saw a decline of 2.15%. The company maintained total borrowings of $500 million in Federal Home Loan Bank advances, with an average cost of approximately 4.6%.
Operationally, CVB Financial has continued to focus on managing its interest rate risk and liquidity. The company reported a net interest margin of 3.31% for the first quarter, an increase from the previous year, attributed to lower funding costs. The bank's strategy includes a balance sheet deleveraging that has impacted average earning assets. Looking ahead, the company anticipates continued challenges in the economic environment, particularly concerning commercial real estate values and overall economic growth, which may influence future credit loss provisions.
About CVB FINANCIAL CORP
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