CVB Financial Corp (NASDAQ:CVBF) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 10:30 am ET


CVB Financial Corp (NASDAQ:CVBF) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and welcome to the Second Quarter of 2020 CVB Financial Corp. and its subsidiary Citizens Business Bank Earnings Conference Call. My name is Nick, and I'll be your operator for today. [Operator Instructions].

I'd now like to turn the presentation over to your host for today's call, Ms. Christina Carrabino. Please go ahead.

Christina L. Carrabino

Thank you, Nick, and good morning, everyone. Thank you for joining us today to review our financial results for the second quarter of 2020. Joining me this morning are Dave Brager, Chief Executive Officer; and Allen Nicholson, Executive Vice President and Chief Financial 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 website at and click on the Investors tab. Before we get started, let me remind you that today's conference call will include some forward-looking statements.

These forward-looking statements relate to, among other things, current plans, expectations, events and industry trends that may affect the company's future operating results and financial position. Such statements involve risks and uncertainties, and future activities and results may differ materially from these expectations. Among other risks, the ongoing COVID-19 pandemic may significantly affect the banking industry and the company's business prospects. The ultimate impact on our business and financial results will depend on future developments which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic, the impact on the economy, our customers and our business partners and actions taken by governmental authorities in response to the pandemic.

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, 2019, and in particular, the information set forth in Item 1A, Risk Factors therein.

Now I will turn the call over to Dave Brager. Dave?

David Brager

Thank you, Christina, and good morning, everyone, and thank you for joining us again on our investor call for the second quarter. As we announced in our second quarter earnings release yesterday afternoon, the effects of the COVID-19 pandemic continue to broadly impact the financial services industry, including Citizens Business Bank, through the economic impacts of the stay-at-home orders, business closure orders and the widespread effects that require social distancing and health and safety measures in California. Before we provide more details on the impact on our business and how we plan to continue to manage to this pandemic, Allen and I will report on our second quarter 2020 financial results.

Yesterday, we reported net earnings of $41.6 million for the second quarter of 2020 or $0.31 per share, which represented our 173rd consecutive quarter of profitability. We also declared an $0.18 per share dividend for the second quarter of