ONTARIO, CA—CVB Financial Corp. (NASDAQ:CVBF), the parent company of Citizens Business Bank, disclosed today that Francene LaPoint, the Senior Vice President and Chief Accounting Officer, has announced her resignation, effective November 22, 2024. LaPoint's departure, as stated in the company's 8-K filing with the Securities and Exchange Commission, is not due to any disagreements over financial statements or accounting practices.
Having joined the company as Controller in January 2012 and later appointed as Chief Accounting Officer in May 2021, LaPoint has been a part of CVB Financial's executive team during a period of significant growth. Her decision to resign stems from an opportunity elsewhere, and she will remain with the company until her departure date to assist with the transition.
E. Allen Nicholson, currently serving as Executive Vice President and Chief Financial Officer, will take on the additional role of principal accounting officer on an interim basis following LaPoint's resignation. Nicholson's background and experience with the company are detailed in CVB Financial's Annual Report and Proxy Statement filed earlier this year.
The company has not yet announced a permanent replacement for LaPoint. The search for a qualified successor is expected to commence shortly, as CVB Financial aims to maintain its strong financial oversight and reporting standards.
In other recent news, CVB Financial Corp. reported consistent second quarter earnings with net earnings of $50 million, or $0.36 per share. The company also maintained its dividend streak, announcing a quarterly cash dividend of $0.20 per share. In terms of strategic moves, CVB Financial expressed cautious optimism about potential merger and acquisition opportunities in the latter half of the year.
Keefe, Bruyette & Woods recently upgraded CVB Financial's stock rating from Market Perform to Outperform, citing the anticipated stabilization of net interest income and deposits as key growth drivers. Concurrently, Stephens, another financial services firm, raised the price target for CVB Financial shares to $21, maintaining an Equal Weight rating. This adjustment followed CVB Financial's second-quarter results, which exceeded both Stephens' estimate and the consensus estimate.
These recent developments highlight CVB Financial's proactive approach in navigating the financial landscape. Despite challenges such as a declining net interest margin and a slight decrease in total loans, the company remains optimistic about its growth potential, particularly in the commercial and industrial loans pipeline. It's important to note that these are recent developments and further updates can be expected.
InvestingPro Insights
As CVB Financial Corp. navigates this executive transition, investors may find value in examining the company's current financial position and market performance. According to InvestingPro data, CVBF has a market capitalization of $2.7 billion and trades at a P/E ratio of 13.67, suggesting a relatively modest valuation compared to some peers in the banking sector.
An InvestingPro Tip highlights that CVBF has maintained dividend payments for 36 consecutive years, which may be reassuring to income-focused investors during this period of leadership change. Additionally, the company's dividend yield stands at 4.08%, potentially offering an attractive income stream in the current market environment.
Despite the executive departure, another InvestingPro Tip indicates that CVBF has shown a strong return over the last month, with a 12.9% price total return. This recent performance, coupled with the company's profitability over the last twelve months, suggests that the market remains confident in CVBF's overall financial health.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips that could provide deeper insights into CVBF's financial outlook and market position.
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