The San Francisco bank, on shaky ground after two regional peers failed last month, said that customers pulled more than 40% of their deposits last quarter. It's been forced to turn to more expensive sources of funding, which analysts said will squeeze its profitability.
Australian shares are down 0.3pc; Citi downgrades iron ore forecasts; Kogan announces buyback; Sonic acquires MLD for $298m; Stockland maintains FY23 guidance. Follow updates here.
The San Francisco-based bank, whose stock came under pressure after the failure of Silicon Valley Bank, said the increased borrowing capacity strengthens and diversifies its funding. The bank's "capital and liquidity positions are very strong," executives said.
Shares in Silicon Valley Bank's parent company plunged 60% after executives announced they would sell a large bond portfolio at a big loss. The market "seems to be pricing in greater liquidity needs" than the bank currently anticipates, one analyst said.
Operator: Good morning, ladies and gentlemen, and welcome to the Fourth Quarter and Year Ended 2022 CVB Financial Corporation and its subsidiary Citizens Business Bank Earnings Conference Call.