CVB Financial Corp. (NASDAQ:CVBF) Q1 2018 Earnings Conference Call - Preliminary Transcript
Apr 19, 2018 • 10:30 am ET
$1.07 billion at the end of the first quarter. The quarter-over-quarter decrease was due to $34.9 million in net earnings and $772,000 of various stock-based compensation other items, offset by $15.4 million in cash dividends and a $22.7 million decline in other comprehensive income from the tax effected impact with the decline in market value of available for sale securities.
I will now turn the call back to Chris for some closing remarks.
Let's talk about economic conditions. Turning to the California economy, according to various economic outlooks, California's unemployment rate was 4.3% in February 2018, compared to 4.4% in January 2018 and 5.1% back in February 2017. California has now gained a total of 2.9 million jobs since the economic expansion began in February 2010. Throughout much of this expansion, California has outpaced the nation and many states in terms of economic growth and job gains and improvements in its unemployment rate, all fueled by strengths in many of its key industries. Steady job growth is expected to keep the state unemployment rate low and to increase wages for nearly all workers. With these gains in both financial and economic well-being, households in California are expected to help drive growth in their local communities.
There is continued demand for housing in California, driving up purchase costs. The supply of existing homes has increased slightly but remains lean and new home construction continues to increase at a modest pace. In terms of the dairy industry, milk prices fell in the first quarter due to an oversupply, and they are projected to be slightly under the cost of production for the first half of 2018. Feed prices were relatively flat for the first quarter.
In closing, we remain focused on continuing our strategy of growing the bank in a balanced way. We will rely on same-store sales, opening de novo locations and new geographies, and acquisitions to build our bank. The merger with Community Bank is very exciting and provides a great opportunity and challenge for our Company and its capable people.
That concludes today's presentation. Now, Allen and I will be happy to take any question that you might have.