Day: January 24, 2024

Fourth Quarter 2023Net Earnings of $48.5 million, or $0.35 per share FDIC Special Assessment of $9.2 million ($0.04 decrease in EPS)Full Year 2023Net Earnings of $221.4 million, or $1.59 per share Efficiency Ratio of 42.0% Return on Average Assets of 1.35% Return on Average Tangible Common Equity of 18.48%ONTARIO, Calif., Jan. 24, 2024 (GLOBE NEWSWIRE) — CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter and the year ended December 31, 2023. CVB Financial Corp. reported net income of $48.5 million for the quarter ended December 31, 2023, compared with $57.9 million for the third quarter of 2023 and $66.2 million for the fourth quarter of 2022. Diluted earnings per share were $0.35 for the fourth quarter, compared to $0.42 for the prior quarter...

Results highlighted by improved geographic diversification, continued balance sheet repositioning, and strong asset quality HAMILTON, N.J., Jan. 24, 2024 (GLOBE NEWSWIRE) — First Bank (Nasdaq Global Market: FRBA) (the Bank) today announced results for the fourth quarter and full year 2023. Net income for the fourth quarter of 2023 was $8.4 million, or $0.33 per diluted share, compared to $9.1 million, or $0.46 per diluted share, for the fourth quarter of 2022. Return on average assets, return on average equity and return on average tangible equityi for the fourth quarter of 2023 were 0.93%, 9.06% and 10.67%, respectively, compared to 1.35%, 12.61% and 13.53%, respectively, for the fourth quarter of 2022. Excluding merger-related expenses and losses on the sale of loans and investments, First Bank’s fourth quarter 2023 adjusted...

Lavoro’s revenue for FY1Q24 reached $483.1 million, an increase of +11% compared to the prior year period (+3% in constant currency terms), driven by market share gains. 1Q24 gross profit was $59.5 million, a -34% decrease y/y, with gross margins contracting by -850 bps to 12.3% due primarily to the ongoing industry-wide deflationary pressures affecting crop protection and fertilizer distribution margins. Net loss was -$14.5 million, compared to net income of $15.1 million in the prior year period; adjusted net loss was -$8.9 million, compared to adjusted net income of $17.2 million in the prior year period. Adjusted EBITDA was $11.1 million, reflecting a -75% decline from the previous year, largely attributable to the same market headwinds. On November 30, 2023, Lavoro successfully completed the acquisition of Coram Comércio e Representações...

ST. PETERSBURG, Fla., Jan. 24, 2024 (GLOBE NEWSWIRE) —Record client assets under administration of $1.37 trillion and record financial assets under management of $215 billion, up 17% and 16%, respectively, over December 2022 Domestic Private Client Group net new assets(1) of $21.6 billion for the fiscal first quarter, annualized growth from beginning of period assets of 7.8% Quarterly net revenues of $3.01 billion, up 8% over the prior year’s fiscal first quarter and down 1% compared to the preceding quarter Quarterly net income available to common shareholders of $497 million, or record $2.32 per diluted share; record quarterly adjusted net income available to common shareholders of $514 million(2), or record $2.40 per diluted share(2) Annualized return on common equity of 19.1% and annualized adjusted return on tangible...

Increases 2024 Earnings Guidance Financial and Operating HighlightsNet loss attributable to common stockholders of $2.45 per share for the fourth quarter of 2023 as compared to net loss of $1.01 per share for the same period in 2022. Net loss for the fourth quarter of 2023 included $1.53 per share of non-recurring charges and $0.71 per share of depreciation and amortization. Funds from operations, or FFO, of $0.72 per share for the fourth quarter of 2023, or $1.14 per share before giving effect to $10.3 million, or $0.15 per share, of non-cash fair value adjustments on mark-to-market derivatives and $18.7 million, or $0.27 per share, of non-recurring general and administrative charges related to the non-renewal of the Company’s former President. The Company reported FFO of $1.46 per share for the same period in 2022. FFO of $4.94...

Fourth Calendar Quarter Performance HighlightsNet Income: Net income for the quarter ended December 31, 2023 totaled $3.8 million or $0.51 per diluted share (including Series A preferred shares), versus $3.5 million or $0.48 per diluted share (including Series A preferred shares) in the prior linked quarter. The Company recorded adjusted (non-GAAP) net income (excluding severance expense) of $4.0 million or $0.54 per diluted share for the quarter ended December 31, 2023, versus adjusted (non-GAAP) net income (excluding litigation settlement payment) of $2.8 million or $0.38 per diluted share for the quarter ended September 30, 2023.   Net Interest Income: Net interest income was $12.7 million for the quarter ended December 31, 2023, an increase of $0.9 million, or 7.3% from the prior linked quarter as new loan growth at current, higher...

BETHESDA, Md., Jan. 24, 2024 (GLOBE NEWSWIRE) — Eagle Bancorp, Inc. (the “Company”) (NASDAQ: EGBN), the parent company of EagleBank (the “Bank”), today announced net income of $20.2 million for the fourth quarter 2023, compared to net income of $27.4 million for the third quarter 2023 (the “prior quarter”). Net income was $0.68 per share (basic) and $0.67 per share (diluted) for the fourth quarter 2023, compared to $0.91 per share for the prior quarter (basic and diluted). The $7.2 million decrease in earnings from the prior quarter was attributable to a higher provision for credit losses and lower noninterest income. These reductions were partially offset by higher net interest income as interest income on loans and investments outpaced the increase in interest expense. Susan G. Riel, President...

SOUDERTON, Pa., Jan. 24, 2024 (GLOBE NEWSWIRE) — Univest Financial Corporation (“Univest” or the “Corporation”) (NASDAQ: UVSP), parent company of Univest Bank and Trust Co. (the “Bank”) and its insurance, investments and equipment financing subsidiaries, announced net income for the quarter ended December 31, 2023 was $16.3 million, or $0.55 diluted earnings per share, compared to net income of $23.8 million, or $0.81 diluted earnings per share, for the quarter ended December 31, 2022. LoansGross loans and leases decreased $7.7 million, or 0.1% (0.5% annualized), from September 30, 2023, primarily due to decreases in commercial and construction loans. Gross loans and leases increased $444.0 million, or 7.3%, from December 31, 2022, primarily due to increases in commercial real estate, residential mortgage...