CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens
Business Bank (the “Company”), announced earnings for the quarter
ended June 30, 2024.
CVB Financial Corp. reported net income of $50.0 million for the
quarter ended June 30, 2024, compared with $48.6 million for the
first quarter of 2024 and $55.8 million for the second quarter of
2023. Diluted earnings per share were $0.36 for the second quarter,
compared to $0.35 for the prior quarter and $0.40 for the same
period last year. Net income of $50.0 million for the second
quarter of 2024 produced an annualized return on average equity
(“ROAE”) of 9.57%, an annualized return on average tangible common
equity (“ROATCE”) of 15.51%, and an annualized return on average
assets (“ROAA”) of 1.24%.
David Brager, President and Chief Executive Officer of Citizens
Business Bank, commented, “For nearly 50 years, Citizens Business
Bank has focused on benefiting our customers, communities, and our
associates. The second quarter financial results represent our
189th consecutive quarter of profitability and the Bank has
maintained its steady and stable performance in the face of a
challenging environment.”
Highlights for the Second Quarter of 2024
- Average deposits increased $245.3
million compared to the first quarter of 2024
- Noninterest-bearing deposits were
60% of total deposits for the second quarter of 2024
- Net charge-offs were $31,000 for the
second quarter of 2024
- CET1 Ratio > 15% and TCE Ratio =
8.7% as of June 30, 2024
- Noninterest expense decreased by
$3.3 million compared to the first quarter of 2024
- Efficiency Ratio improved to 45.1%,
compared to 47.2% in the first quarter of 2024
- Net interest margin of 3.05%,
declined by 5 basis points compared to the first quarter of
2024
- Dividend payout ratio was 56% for
the second quarter of 2024
INCOME STATEMENT HIGHLIGHTS
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
|
(Dollars in thousands, except per share amounts) |
Net interest income |
$ |
110,849 |
|
|
$ |
112,461 |
|
|
$ |
119,535 |
|
|
$ |
223,310 |
|
|
$ |
245,263 |
|
Recapure of (provision for)
credit losses |
|
- |
|
|
|
- |
|
|
|
(500 |
) |
|
|
- |
|
|
|
(2,000 |
) |
Noninterest income |
|
14,424 |
|
|
|
14,113 |
|
|
|
12,656 |
|
|
|
28,537 |
|
|
|
25,858 |
|
Noninterest expense |
|
(56,497 |
) |
|
|
(59,771 |
) |
|
|
(54,017 |
) |
|
|
(116,268 |
) |
|
|
(108,898 |
) |
Income taxes |
|
(18,741 |
) |
|
|
(18,204 |
) |
|
|
(21,904 |
) |
|
|
(36,945 |
) |
|
|
(45,183 |
) |
Net earnings |
$ |
50,035 |
|
|
$ |
48,599 |
|
|
$ |
55,770 |
|
|
$ |
98,634 |
|
|
$ |
115,040 |
|
Earnings per common
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.36 |
|
|
$ |
0.35 |
|
|
$ |
0.40 |
|
|
$ |
0.71 |
|
|
$ |
0.83 |
|
Diluted |
$ |
0.36 |
|
|
$ |
0.35 |
|
|
$ |
0.40 |
|
|
$ |
0.71 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
NIM |
|
3.05 |
% |
|
|
3.10 |
% |
|
|
3.22 |
% |
|
|
3.07 |
% |
|
|
3.33 |
% |
ROAA |
|
1.24 |
% |
|
|
1.21 |
% |
|
|
1.36 |
% |
|
|
1.22 |
% |
|
|
1.42 |
% |
ROAE |
|
9.57 |
% |
|
|
9.31 |
% |
|
|
11.03 |
% |
|
|
9.44 |
% |
|
|
11.58 |
% |
ROATCE |
|
15.51 |
% |
|
|
15.13 |
% |
|
|
18.39 |
% |
|
|
15.32 |
% |
|
|
19.46 |
% |
Efficiency ratio |
|
45.10 |
% |
|
|
47.22 |
% |
|
|
40.86 |
% |
|
|
46.17 |
% |
|
|
40.17 |
% |
Net Interest IncomeNet interest income was
$110.8 million for the second quarter of 2024. This represented a
$1.6 million, or 1.43%, decline from the first quarter of 2024, and
an $8.7 million, or 7.27%, decrease from the second quarter of
2023. The quarter-over-quarter decrease in net interest income was
due to a five basis point decline in net interest margin. The
decline in net interest income compared to the second quarter of
2023 was due to a 17 basis point decrease in net interest margin
and a $294.2 million decline in average earning assets.
Net Interest MarginOur tax equivalent net
interest margin was 3.05% for the second quarter of 2024, compared
to 3.10% for the first quarter of 2024 and 3.22% for the second
quarter of 2023. The five basis point decrease in our net interest
margin compared to the first quarter of 2024, was the result of a
seven basis point increase in our cost of funds, offset by a three
basis point increase in our interest-earning asset yield. The three
basis point increase in our interest-earning asset yield was due to
the net impact of a seven basis point increase in the yield on
investment securities, an increase in funds held at the Federal
Reserve and a four basis point decrease in loan yields. The
increase in investment yields was primarily due to the increased
spread on pay-fixed swaps. The mix of earning assets was positively
impacted by the increase in average funds held at the Federal
Reserve, yielding 5.4%, which increased from 3% of earning assets
in the prior quarter to nearly 5% in the second quarter of 2024.
Our cost of funds increased in the second quarter to 1.38%, as our
cost of deposits and customer repurchase agreements increased by 14
basis points to 0.87%. Non-maturity interest-bearing deposits also
increased in cost from the prior quarter by 14 basis points, while
time deposits increased on average by $286 million, with an
increase to the cost of time deposits of 79 basis points. On
average, borrowings decreased by $142 million compared to the first
quarter, while continuing to have an average cost of 4.76%. The
decrease in net interest margin of 17 basis points, compared to the
second quarter of 2023, was primarily the result of a 55 basis
point increase in cost of funds. This increase in cost of funds
from the prior year was the result of a 53 basis point increase in
the cost of deposits and an increase in the level of borrowings,
which grew on average by $323 million. A 36 basis point increase in
earning asset yields over the prior year quarter partially offset
the increase in funding costs. Included in the higher earning asset
yields, were higher loan yields, which grew from 5.01% for the
second quarter of 2023 to 5.26% for the second quarter of 2024.
Additionally, the yield on investment securities increased by 34
basis points from the prior year quarter, primarily due to the
positive spread generated from the Company’s pay-fixed swaps, in
which the Company receives daily SOFR and pays a weighted average
fixed cost of approximately 3.8%.
Earning Assets and DepositsOn average, total
earning assets were stable between the first and second quarter of
2024 but declined by $294.2 million when compared to the second
quarter of 2023. Compared to the second quarter of 2023, the mix of
assets changed modestly, with the average balance of investment
securities decreasing by $482.6 million and declining from 38% to
35.5% of total earning assets. Conversely, the average amount of
funds held at the Federal Reserve increased by $356.9 million,
growing from 2.4% of total earning assets in the second quarter of
2023 to 4.9% for the second quarter of 2024. Noninterest-bearing
deposits declined on average by $29.4 million, or 0.41%, from the
first quarter of 2024 and interest-bearing deposits and customer
repurchase agreements increased on average by $252.6 million,
including an increase in average time deposits of $285.8 million.
Compared to the second quarter of 2023, total deposits and customer
repurchase agreements declined on average by $631.1 million, or
4.93%, including a decline of $670 million in noninterest-bearing
deposits. Non-maturity interest-bearing deposits and customer
repurchase agreements decreased by $398.5 million on average, while
time deposits grew on average by $437.5 million. On average,
noninterest-bearing deposits were 60.20% of total deposits during
the most recent quarter, compared to 61.72% for the first quarter
of 2024 and 63.58% for the second quarter of 2023.
|
|
Three Months Ended |
SELECTED
FINANCIAL HIGHLIGHTS |
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
|
(Dollars in thousands) |
Yield on average
investment securities (TE) |
2.71% |
|
2.64% |
|
2.37% |
Yield on average
loans |
5.26% |
|
5.30% |
|
5.01% |
Yield on average
earning assets (TE) |
4.37% |
|
4.34% |
|
4.01% |
Cost of
deposits |
0.88% |
|
0.74% |
|
0.35% |
Cost of funds |
1.38% |
|
1.31% |
|
0.83% |
Net interest
margin (TE) |
3.05% |
|
3.10% |
|
3.22% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Earning Asset Mix |
Avg |
|
% of Total |
|
Avg |
|
% of Total |
|
Avg |
|
% of Total |
|
Total investment
securities |
$ |
5,206,959 |
|
35.49% |
|
$ |
5,357,708 |
|
36.59% |
|
$ |
5,689,606 |
|
38.01% |
|
Interest-earning deposits with
other institutions |
716,916 |
|
4.89% |
|
444,101 |
|
3.03% |
|
353,610 |
|
2.36% |
|
Loans |
8,731,587 |
|
59.51% |
|
8,824,579 |
|
60.26% |
|
8,892,413 |
|
59.41% |
|
Total interest-earning
assets |
14,673,474 |
|
|
|
14,644,400 |
|
|
|
14,967,661 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Credit LossesThere was no
provision for credit losses in the first and second quarter of
2024, compared to $500,000 in provision in the second quarter of
2023. Net charge-offs for the second quarter of 2024 were $31,000,
compared to $4.0 million in the prior quarter. Projected loss rates
were 0.95% at June 30, 2024, compared to 0.94% at March 31,
2024.
Noninterest IncomeNoninterest income was $14.4
million for the second quarter of 2024, compared with $14.1 million
for the first quarter of 2024 and $12.7 million for the second
quarter of 2023. Second quarter income from Bank Owned Life
Insurance (“BOLI”) decreased by $651,000 from the first quarter of
2024 and increased by $845,000 compared to the second quarter of
2023. We experienced $531,000 in death benefits that exceeded the
asset value on certain policies in the first quarter of 2024 and
approximately $800,000 in death benefits in the second quarter of
2023. There were no death benefits in the second quarter of 2024.
As a result of the restructuring and enhancements in BOLI policies
during the fourth quarter of 2023, the income derived from
increases in the cash-surrender value of the policies was $1.6
million higher in the second quarter of 2024, when compared to the
year-ago quarter.
Noninterest ExpenseNoninterest expense for the
second quarter of 2024 was $56.5 million, compared to $59.8 million
for the first quarter of 2024 and $54.0 million for the second
quarter of 2023. The $3.3 million quarter-over-quarter decrease was
primarily due to the $3.0 million expense variance resulting from
changes in the amount accrued as an estimate of the FDIC special
assessment. In the first quarter of 2024, the FDIC revised and
increased their initial loss estimate described in their final rule
to implement a special assessment to recover the loss to the
Deposit Insurance Fund (DIF) associated with protecting uninsured
depositors following the closures of Silicon Valley Bank and
Signature Bank by 25%, which resulted in the Company recording an
additional $2.3 million for the FDIC special assessment in the
first quarter. In the second quarter of 2024, the loss estimate was
revised and reduced to reflect the initial amount assessed by the
FDIC, resulting in a $700,000 reduction in this accrual. There was
a $500,000 recapture of provision for unfunded loan commitments in
the second quarter of 2024, compared to no provision or recapture
in the first quarter of 2024. The $975,000 quarter-over-quarter
decrease in staff related expenses included $1.5 million in lower
payroll taxes, due to the timing of related payroll taxes,
including the impact from the payment of bonuses in the first
quarter of 2024. Software expense increased by $424,000 or 12%
compared to the prior quarter. Marketing and promotion expense
increased by $326,000 due to higher donations of $587,000 in the
second quarter and professional services increased $471,000,
including a $285,000 increase in legal expense,
quarter-over-quarter.
The $2.5 million increase in noninterest expense year-over-year
included increased staff related expenses of $1.9 million, or
5.60%. Marketing and promotion expense increased by $635,000 due to
$673,000 in higher donations in the second quarter of 2024 and
software expense increased $633,000, or 19% year-over-year. As a
percentage of average assets, noninterest expense was 1.40% for the
second quarter of 2024, compared to 1.48% for the first quarter of
2024 and 1.32% for the second quarter of 2023. The efficiency ratio
for the second quarter of 2024 was 45.10%, compared to 47.22% for
the first quarter of 2024 and 40.86% for the second quarter of
2023.
Income Taxes Our effective tax rate for the
quarter ended June 30, 2024 was 27.25%, compared with 28.20% for
the same period of 2023. Our estimated annual effective tax rate
can vary depending upon the level of tax-advantaged income from
municipal securities and BOLI, as well as available tax
credits.
BALANCE SHEET HIGHIGHTS
AssetsThe Company reported total assets of
$16.15 billion at June 30, 2024. This represented a decrease of
$316.7 million, or 1.92%, from total assets of $16.47 billion at
March 31, 2024. The decrease in assets included a $147.9 million
decrease in interest-earning balances due from the Federal Reserve,
a $116.0 million decrease in investment securities, and an $88.8
million decrease in net loans.
Total assets increased by $130.5 million, or 0.81%, from total
assets of $16.02 billion at December 31, 2023. The increase in
assets included a $559.9 million increase in interest-earning
balances due from the Federal Reserve, offset by a $245.1 million
decrease in investment securities, and a $219.0 million decrease in
net loans.
Total assets at June 30, 2024 decreased by $333.0 million, or
2.02%, from total assets of $16.48 billion at June 30, 2023. The
decrease in assets was primarily due to a $405.2 million decrease
in investment securities and a $221.4 million decrease in net
loans, partially offset by an increase of $282.7 million in
interest-earning balances due from the Federal Reserve and a $57.0
million increase in the cash surrender value of BOLI.
Investment Securities and BOLITotal investment
securities were $5.18 billion at June 30, 2024, a decrease of
$245.1 million, or 4.52% from December 31, 2023, and a decrease of
$405.2 million, or 7.26%, from $5.58 billion at June 30,
2023.
At June 30, 2024, investment securities held-to-maturity (“HTM”)
totaled $2.43 billion, a decrease of $24.7 million from the prior
quarter end, a $34.7 million, or 1.41% decline from December 31,
2023, and a decrease of $82.8 million, or 3.30%, from June 30,
2023.
At June 30, 2024, investment securities available-for-sale
(“AFS”) totaled $2.75 billion, inclusive of a pre-tax net
unrealized loss of $487.9 million. AFS securities decreased by
$91.3 million from the prior quarter end, by $210.3 million, or
7.12% from December 31, 2023 and decreased by $322.4 million, or
10.51%, from $3.07 billion at June 30, 2023. Pre-tax unrealized
loss increased by $2.3 million from the end of the prior quarter,
while increasing by $38.1 million from December 31, 2023 and
declining by $9.8 million from June 30, 2023.
Combined, the AFS and HTM investments in mortgage backed
securities (“MBS”) and collateralized mortgage obligations (“CMO”)
totaled $4.12 billion or approximately 80% of the total investment
securities at June 30, 2024. Virtually all of our MBS and CMO are
issued or guaranteed by government or government sponsored
enterprises, which have the implied guarantee of the U.S.
Government. In addition, at June 30, 2024, we had $556.2 million of
Government Agency securities that represent approximately 10.8% of
the total investment securities.
Our combined AFS and HTM municipal securities totaled $486.5
million as of June 30, 2024, or 9.4% of our total investment
portfolio. These securities are located in 35 states. Our largest
concentrations of holdings by state, as a percentage of total
municipal bonds, are located in Texas at 16.08%, Minnesota at
11.05%, and California at 9.70%.
At June 30, 2024, the Company had $314.3 million of Bank Owned
Life insurance (“BOLI”), compared to $308.7 million at December 31,
2023 and $257.3 million at June 30, 2023. The $57.0 million
increase in value of BOLI, when compared to June 30, 2023, was
primarily due to a restructuring of the Company’s life insurance
policies at the end of 2023, including a $4.5 million write-down in
value on surrender policies that was offset by a $10.9 million
enhancement to cash surrender values, as well as additional policy
purchases totaling $41 million. This restructuring has increased
returns on our BOLI policies resulting in additional non-taxable
noninterest income in 2024.
LoansTotal loans and leases, at amortized cost,
of $8.68 billion at June 30, 2024 decreased by $88.9 million, or
1.01%, from March 31, 2024. The quarter-over quarter decrease in
loans included decreases of $55.6 million in commercial real estate
loans, $8.9 million in SFR mortgage loans, $6.9 million in
commercial and industrial, $6.6 million in construction loans, and
$7.8 million in consumer and other loans.
Total loans and leases, at amortized cost, decreased by $223.1
million, or 2.50%, from December 31, 2023. The decrease in total
loans included decreases of $119.6 million in commercial real
estate loans, $62.3 million in dairy & livestock and
agribusiness loans, $14.5 million in construction loans, and $13.7
million in commercial and industrial loans.
Total loans and leases, at amortized cost, decreased by $225.6
million, or 2.53%, from June 30, 2023. The $225.6 million decrease
included decreases of $239.2 million in commercial real estate
loans, $16.6 million in construction loans, $14.2 million in SBA
loans, $7.0 million in municipal lease financings, and $5.2 million
in consumer and other loans, partially offset by increases of $52.3
million in dairy & livestock and agribusiness loans and $4.4
million in SFR mortgage loans.
Asset QualityDuring the second quarter of 2024,
we experienced credit charge-offs of $51,000 and total recoveries
of $20,000, resulting in net charge-offs of $31,000. The allowance
for credit losses (“ACL”) totaled $82.8 million at June 30, 2024
and March 31, 2024, compared to $87.0 million at June 30, 2023. At
June 30, 2024, ACL as a percentage of total loans and leases
outstanding was 0.95%. This compares to 0.94% at March 31, 2024 and
0.98% at December 31, 2023 and June 30, 2023.
Nonperforming loans, defined as nonaccrual loans, including
modified loans on nonaccrual, plus loans 90 days past due and
accruing interest, and nonperforming assets, defined as
nonperforming plus OREO, are highlighted below.
Nonperforming Assets and Delinquency Trends |
|
June 30, 2024 |
|
|
March 31, 2024 |
|
|
June 30, 2023 |
|
|
|
|
|
|
Nonperforming
loans |
|
(Dollars in thousands) |
|
Commercial real estate |
|
$ |
21,908 |
|
|
$ |
10,661 |
|
|
$ |
3,159 |
|
SBA |
|
337 |
|
|
54 |
|
|
629 |
|
Commercial and industrial |
|
2,712 |
|
|
2,727 |
|
|
2,039 |
|
Dairy & livestock and agribusiness |
|
- |
|
|
60 |
|
|
273 |
|
SFR mortgage |
|
- |
|
|
308 |
|
|
354 |
|
Consumer and other loans |
|
- |
|
|
- |
|
|
- |
|
Total |
|
$ |
24,957 |
|
|
$ |
13,810 |
|
|
$ |
6,454 |
|
% of Total loans |
|
0.29 |
% |
|
0.16 |
% |
|
0.07 |
% |
OREO |
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Commercial and industrial |
|
647 |
|
|
647 |
|
|
- |
|
SFR mortgage |
|
- |
|
|
- |
|
|
- |
|
Total |
|
$ |
647 |
|
|
$ |
647 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
Total nonperforming
assets |
|
$ |
25,604 |
|
|
$ |
14,457 |
|
|
$ |
6,454 |
|
% of Nonperforming
assets to total assets |
|
0.16 |
% |
|
0.09 |
% |
|
0.04 |
% |
|
|
|
|
|
|
|
|
|
|
Past due 30-89 days
(accruing) |
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
43 |
|
|
$ |
19,781 |
|
|
$ |
532 |
|
SBA |
|
- |
|
|
408 |
|
|
- |
|
Commercial and industrial |
|
103 |
|
|
6 |
|
|
- |
|
Dairy & livestock and agribusiness |
|
- |
|
|
- |
|
|
555 |
|
SFR mortgage |
|
- |
|
|
- |
|
|
- |
|
Consumer and other loans |
|
- |
|
|
- |
|
|
- |
|
Total |
|
$ |
146 |
|
|
$ |
20,195 |
|
|
$ |
1,087 |
|
% of Total loans |
|
0.00 |
% |
|
0.23 |
% |
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
Classified
Loans |
|
$ |
124,728 |
|
|
$ |
103,080 |
|
|
$ |
77,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The $11.1 million increase in nonperforming loans from March 31,
2024 was primarily due to the addition of three nonperforming
commercial real estate loans totaling $10.9 million. Classified
loans are loans that are graded “substandard” or worse. Classified
loans increased $21.6 million quarter-over-quarter, primarily due
to the addition of five classified dairy & livestock and
agribusiness loans totaling $12.5 million and one classified
commercial real estate loan of $7.6 million.
Deposits & Customer Repurchase
AgreementsDeposits of $11.79 billion and customer
repurchase agreements of $268.8 million totaled $12.06 billion at
June 30, 2024. This represented a net decrease of $111.5 million
compared to March 31, 2024. Total deposits at June 30, 2024
included $400 million in brokered time deposits. Deposits and
customer repurchases increased on average from the prior quarter by
$223.2 million, due to the growth in brokered deposits. Total
deposits and customer repurchase agreements increased $353.9
million, or 3.02% when compared to $11.71 billion at December 31,
2023 and decreased $790.7 million, or 6.15% when compared to $12.85
billion at June 30, 2023.
Noninterest-bearing deposits were $7.09 billion at June 30,
2024, a decrease of $22.7 million, or 0.32%, when compared to $7.11
billion at March 31, 2024. Noninterest-bearing deposits decreased
by $116.1 million, or 1.61% when compared to $7.21 billion at
December 31, 2023, and decreased by $788.7 million, or 10.01% when
compared to $7.88 billion at June 30, 2023. At June 30, 2024,
noninterest-bearing deposits were 60.13% of total deposits,
compared to 59.80% at March 31, 2024, 63.03% at December 31, 2023,
and 63.55% at June 30, 2023.
BorrowingsAs of June 30, 2024, total borrowings
of $1.8 billion consisted of $1.3 billion from the Federal
Reserve’s Bank Term Funding Program, at a cost of 4.76%, maturing
in January of 2025, and $500 million of FHLB advances. The FHLB
advances include maturities of $300 million, at an average cost of
approximately 4.73%, maturing in May of 2026, and $200 million, at
a cost of 4.27% maturing in May of 2027.
CapitalThe Company’s total equity was $2.11
billion at June 30, 2024. This represented an overall increase of
$34.5 million from total equity of $2.08 billion at December 31,
2023. Increases to equity included $98.6 million in net earnings,
that were partially offset by $55.9 million in cash dividends and a
$10.8 million decrease in other comprehensive income. We engaged in
no stock repurchases during the first half of 2024. Our tangible
book value per share at June 30, 2024 was $9.55.
Our capital ratios under the revised capital framework referred
to as Basel III remain well-above regulatory standards.
|
|
|
|
CVB Financial Corp. Consolidated |
Capital Ratios |
|
Minimum Required PlusCapital Conservation
Buffer |
|
June 30,2024 |
|
December 31,2023 |
|
June 30,2023 |
|
|
|
|
|
|
|
|
|
Tier 1 leverage capital
ratio |
|
4.0% |
|
10.5% |
|
10.3% |
|
9.8% |
Common equity Tier 1 capital
ratio |
|
7.0% |
|
15.3% |
|
14.6% |
|
14.1% |
Tier 1 risk-based capital
ratio |
|
8.5% |
|
15.3% |
|
14.6% |
|
14.1% |
Total risk-based capital
ratio |
|
10.5% |
|
16.1% |
|
15.5% |
|
14.9% |
|
|
|
|
|
|
|
|
|
Tangible common equity
ratio |
|
|
|
8.7% |
|
8.5% |
|
7.8% |
|
|
|
|
|
|
|
|
|
CitizensTrustAs of June 30, 2024, CitizensTrust
had approximately $4.3 billion in assets under management and
administration, including $3.0 billion in assets under management.
Revenues were $3.4 million for the second quarter of 2024, compared
to $3.3 million for the same period of 2023. CitizensTrust provides
trust, investment and brokerage related services, as well as
financial, estate and business succession planning.
Corporate OverviewCVB Financial Corp. (“CVBF”)
is the holding company for Citizens Business Bank. CVBF is one of
the 10 largest bank holding companies headquartered in California
with approximately $16 billion in total assets. Citizens Business
Bank is consistently recognized as one of the top performing banks
in the nation and offers a wide array of banking, lending and
investing services with more than 60 banking centers and three
trust office locations serving California.
Shares of CVB Financial Corp. common stock are listed on the
NASDAQ under the ticker symbol “CVBF”. For investor information on
CVB Financial Corp., visit our Citizens Business Bank website at
www.cbbank.com and click on the “Investors” tab.
Conference CallManagement will hold a
conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, July
25, 2024 to discuss the Company’s second quarter 2024 financial
results. The conference call can be accessed live by registering
at:
https://register.vevent.com/register/BI4328ad5286e54a1c985328a9dd4a9a98
The conference call will also be simultaneously webcast over the
Internet; please visit our Citizens Business Bank website at
www.cbbank.com and click on the “Investors” tab to access the call
from the site. Please access the website 15 minutes prior to the
call to download any necessary audio software. This webcast will be
recorded and available for replay on the Company’s website
approximately two hours after the conclusion of the conference call
and will be available on the website for approximately 12
months.
Safe HarborCertain statements set forth herein
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
“will likely result”, “aims”, “anticipates”, “believes”, “could”,
“estimates”, “expects”, “hopes”, “intends”, “may”, “plans”,
“projects”, “seeks”, “should”, “will,” “strategy”, “possibility”,
and variations of these words and similar expressions help to
identify these forward-looking statements, which involve risks and
uncertainties that could cause actual results or performance to
differ materially from those projected. These forward-looking
statements are based on management’s current expectations and
beliefs concerning future developments and their potential effects
on the Company including, without limitation, plans, strategies,
goals and statements about the Company’s outlook regarding revenue
and asset growth, financial performance and profitability, capital
and liquidity levels, loan and deposit levels, growth and
retention, yields and returns, loan diversification and credit
management, stockholder value creation, tax rates, the impact of
economic developments, and the impact of acquisitions we have made
or may make. Such statements involve inherent risks and
uncertainties, many of which are difficult to predict and are
generally beyond the control of the Company, and there can be no
assurance that future developments affecting the Company will be
the same as those anticipated by management. The Company cautions
readers that a number of important factors, in addition to those
set forth below, could cause actual results to differ materially
from those expressed in, or implied or projected by, such
forward-looking statements.
General risks and uncertainties include, but are not limited to,
the following: the strength of the United States economy in general
and the strength of the local economies in which we conduct
business; the effects of, and changes in, trade, monetary, and
fiscal policies and laws, including interest rate policies of the
Board of Governors of the Federal Reserve System;
inflation/deflation, interest rate, market and monetary
fluctuations; the effect of acquisitions we have made or may make,
including, without limitation, the failure to obtain the necessary
regulatory approvals, the failure to achieve the expected revenue
growth and/or expense savings from such acquisitions, and/or the
failure to effectively integrate an acquisition target and key
personnel into our operations; the timely development of
competitive products and services and the acceptance of these
products and services by new and existing customers; the impact of
changes in financial services policies, laws, and regulations,
including those concerning banking, taxes, securities, and
insurance, and the application thereof by regulatory agencies; the
effectiveness of our risk management framework and quantitative
models; changes in the level of our nonperforming assets and
charge-offs; the effect of changes in accounting policies and
practices or accounting standards, as may be adopted from
time-to-time by bank regulatory agencies, the U.S. Securities and
Exchange Commission (“SEC”), the Public Company Accounting
Oversight Board, the Financial Accounting Standards Board or other
accounting standards setters; possible credit related impairments
or declines in the fair value of loans and securities held by us;
possible impairment charges to goodwill on our balance sheet;
changes in customer spending, borrowing, and savings habits; the
effects of our lack of a diversified loan portfolio, including the
risks of geographic and industry concentrations; periodic
fluctuations in commercial or residential real estate prices or
values; our ability to attract or retain deposits or to access
government or private lending facilities and other sources of
liquidity; the possibility that we may reduce or discontinue the
payment of dividends on our common stock; changes in the financial
performance and/or condition of our borrowers; changes in the
competitive environment among financial and bank holding companies
and other financial service providers; technological changes in
banking and financial services; geopolitical conditions, including
acts or threats of terrorism, actions taken by the United States or
other governments in response to acts or threats of terrorism,
and/or military conflicts, which could impact business and economic
conditions in the United States and abroad; catastrophic events or
natural disasters, including earthquakes, drought, climate change
or extreme weather events that may affect our assets,
communications or computer services, customers, employees or third
party vendors; public health crises and pandemics, and their
effects on our asset credit quality, business operations, and
employees, as well as the impact on general economic and financial
market conditions; cybersecurity threats and fraud and the costs of
defending against them, including the costs of compliance with
legislation or regulations to combat fraud and cybersecurity
threats; our ability to recruit and retain key executives, board
members and other employees, and our ability to comply with federal
and state employment laws and regulations; ongoing or unanticipated
regulatory or legal proceedings or outcomes; and our ability to
manage the risks involved in the foregoing. Additional factors that
could cause actual results to differ materially from those
expressed in the forward-looking statements are discussed in the
Company's 2023 Annual Report on Form 10-K filed with the SEC and
available at the SEC’s Internet site (http://www.sec.gov).
The Company does not undertake, and specifically disclaims any
obligation, to update any forward-looking statements to reflect
occurrences or unanticipated events or circumstances after the date
of such statements, except as required by law. Any statements about
future operating results, such as those concerning accretion and
dilution to the Company’s earnings or shareholders, are for
illustrative purposes only, are not forecasts, and actual results
may differ.
Non-GAAP Financial Measures — Certain financial
information provided in this earnings release has not been prepared
in accordance with U.S. generally accepted accounting principles
(“GAAP”) and is presented on a non-GAAP basis. Investors and
analysts should refer to the reconciliations included in this
earnings release and should consider the Company’s non-GAAP
measures in addition to, not as a substitute for or as superior to,
measures prepared in accordance with GAAP. These measures may or
may not be comparable to similarly titled measures used by other
companies.
Contact: |
David A. Brager |
|
President and Chief
Executive Officer |
|
(909)
980-4030 |
CVB
FINANCIAL CORP. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
|
June 30, 2023 |
|
Cash and due from banks |
|
$ |
174,454 |
|
|
$ |
171,396 |
|
|
$ |
231,316 |
|
Interest-earning balances due from Federal Reserve |
|
|
669,740 |
|
|
|
109,889 |
|
|
|
387,039 |
|
Total cash and cash equivalents |
|
|
844,194 |
|
|
|
281,285 |
|
|
|
618,355 |
|
Interest-earning balances due from depository institutions |
|
|
7,345 |
|
|
|
8,216 |
|
|
|
30,478 |
|
Investment securities available-for-sale |
|
|
2,745,796 |
|
|
|
2,956,125 |
|
|
|
3,068,151 |
|
Investment securities held-to-maturity |
|
|
2,429,886 |
|
|
|
2,464,610 |
|
|
|
2,512,707 |
|
Total investment securities |
|
|
5,175,682 |
|
|
|
5,420,735 |
|
|
|
5,580,858 |
|
Investment in stock of Federal Home Loan Bank (FHLB) |
|
|
18,012 |
|
|
|
18,012 |
|
|
|
29,484 |
|
Loans and lease finance receivables |
|
|
8,681,846 |
|
|
|
8,904,910 |
|
|
|
8,907,397 |
|
Allowance for credit losses |
|
|
(82,786 |
) |
|
|
(86,842 |
) |
|
|
(86,967 |
) |
Net loans and lease finance receivables |
|
|
8,599,060 |
|
|
|
8,818,068 |
|
|
|
8,820,430 |
|
Premises and equipment, net |
|
|
43,232 |
|
|
|
44,709 |
|
|
|
45,518 |
|
Bank owned life insurance (BOLI) |
|
|
314,329 |
|
|
|
308,706 |
|
|
|
257,348 |
|
Intangibles |
|
|
12,416 |
|
|
|
15,291 |
|
|
|
18,303 |
|
Goodwill |
|
|
765,822 |
|
|
|
765,822 |
|
|
|
765,822 |
|
Other assets |
|
|
371,403 |
|
|
|
340,149 |
|
|
|
317,948 |
|
Total assets |
|
$ |
16,151,495 |
|
|
$ |
16,020,993 |
|
|
$ |
16,484,544 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
7,090,095 |
|
|
$ |
7,206,175 |
|
|
$ |
7,878,810 |
|
Investment checking |
|
|
515,930 |
|
|
|
552,408 |
|
|
|
574,817 |
|
Savings and money market |
|
|
3,409,320 |
|
|
|
3,278,664 |
|
|
|
3,627,858 |
|
Time deposits |
|
|
774,980 |
|
|
|
396,395 |
|
|
|
316,036 |
|
Total deposits |
|
|
11,790,325 |
|
|
|
11,433,642 |
|
|
|
12,397,521 |
|
Customer repurchase agreements |
|
|
268,826 |
|
|
|
271,642 |
|
|
|
452,373 |
|
Other borrowings |
|
|
1,800,000 |
|
|
|
2,070,000 |
|
|
|
1,495,000 |
|
Other liabilities |
|
|
179,917 |
|
|
|
167,737 |
|
|
|
138,283 |
|
Total liabilities |
|
|
14,039,068 |
|
|
|
13,943,021 |
|
|
|
14,483,177 |
|
Stockholders' Equity |
|
|
|
|
|
|
Stockholders' equity |
|
|
2,446,755 |
|
|
|
2,401,541 |
|
|
|
2,346,243 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(334,328 |
) |
|
|
(323,569 |
) |
|
|
(344,876 |
) |
Total stockholders' equity |
|
|
2,112,427 |
|
|
|
2,077,972 |
|
|
|
2,001,367 |
|
Total liabilities and stockholders'
equity |
|
$ |
16,151,495 |
|
|
$ |
16,020,993 |
|
|
$ |
16,484,544 |
|
|
|
|
|
|
|
|
CVB
FINANCIAL CORP. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED AVERAGE BALANCE SHEETS |
(Unaudited) |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
Assets |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
162,724 |
|
|
$ |
162,049 |
|
|
$ |
178,405 |
|
|
$ |
162,387 |
|
|
$ |
176,776 |
|
Interest-earning balances due from Federal Reserve |
|
|
704,023 |
|
|
|
433,421 |
|
|
|
347,161 |
|
|
|
568,722 |
|
|
|
192,913 |
|
Total cash and cash equivalents |
|
|
866,747 |
|
|
|
595,470 |
|
|
|
525,566 |
|
|
|
731,109 |
|
|
|
369,689 |
|
Interest-earning balances due from depository institutions |
|
|
12,893 |
|
|
|
10,680 |
|
|
|
6,449 |
|
|
|
11,786 |
|
|
|
8,704 |
|
Investment securities available-for-sale |
|
|
2,764,096 |
|
|
|
2,900,097 |
|
|
|
3,162,917 |
|
|
|
2,832,097 |
|
|
|
3,189,384 |
|
Investment securities held-to-maturity |
|
|
2,442,863 |
|
|
|
2,457,611 |
|
|
|
2,526,689 |
|
|
|
2,450,237 |
|
|
|
2,536,580 |
|
Total investment securities |
|
|
5,206,959 |
|
|
|
5,357,708 |
|
|
|
5,689,606 |
|
|
|
5,282,334 |
|
|
|
5,725,964 |
|
Investment in stock of FHLB |
|
|
18,012 |
|
|
|
18,012 |
|
|
|
32,032 |
|
|
|
18,012 |
|
|
|
30,459 |
|
Loans and lease finance receivables |
|
|
8,731,587 |
|
|
|
8,824,579 |
|
|
|
8,892,413 |
|
|
|
8,778,083 |
|
|
|
8,927,672 |
|
Allowance for credit losses |
|
|
(82,815 |
) |
|
|
(85,751 |
) |
|
|
(86,508 |
) |
|
|
(84,283 |
) |
|
|
(85,833 |
) |
Net loans and lease finance receivables |
|
|
8,648,772 |
|
|
|
8,738,828 |
|
|
|
8,805,905 |
|
|
|
8,693,800 |
|
|
|
8,841,839 |
|
Premises and equipment, net |
|
|
43,624 |
|
|
|
44,380 |
|
|
|
45,629 |
|
|
|
44,002 |
|
|
|
45,942 |
|
Bank owned life insurance (BOLI) |
|
|
312,645 |
|
|
|
309,609 |
|
|
|
257,428 |
|
|
|
311,127 |
|
|
|
256,786 |
|
Intangibles |
|
|
13,258 |
|
|
|
14,585 |
|
|
|
19,298 |
|
|
|
13,922 |
|
|
|
20,136 |
|
Goodwill |
|
|
765,822 |
|
|
|
765,822 |
|
|
|
765,822 |
|
|
|
765,822 |
|
|
|
765,822 |
|
Other assets |
|
|
390,834 |
|
|
|
350,319 |
|
|
|
308,789 |
|
|
|
370,575 |
|
|
|
319,885 |
|
Total assets |
|
$ |
16,279,566 |
|
|
$ |
16,205,413 |
|
|
$ |
16,456,524 |
|
|
$ |
16,242,489 |
|
|
$ |
16,385,226 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
7,153,315 |
|
|
$ |
7,182,718 |
|
|
$ |
7,823,496 |
|
|
$ |
7,168,016 |
|
|
$ |
7,957,357 |
|
Interest-bearing |
|
|
4,728,864 |
|
|
|
4,454,135 |
|
|
|
4,481,766 |
|
|
|
4,591,500 |
|
|
|
4,551,121 |
|
Total deposits |
|
|
11,882,179 |
|
|
|
11,636,853 |
|
|
|
12,305,262 |
|
|
|
11,759,516 |
|
|
|
12,508,478 |
|
Customer repurchase agreements |
|
|
287,128 |
|
|
|
309,272 |
|
|
|
495,179 |
|
|
|
298,200 |
|
|
|
522,813 |
|
Other borrowings |
|
|
1,850,330 |
|
|
|
1,991,978 |
|
|
|
1,526,958 |
|
|
|
1,921,154 |
|
|
|
1,250,863 |
|
Other liabilities |
|
|
157,463 |
|
|
|
168,442 |
|
|
|
101,417 |
|
|
|
162,953 |
|
|
|
99,960 |
|
Total liabilities |
|
|
14,177,100 |
|
|
|
14,106,545 |
|
|
|
14,428,816 |
|
|
|
14,141,823 |
|
|
|
14,382,114 |
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
2,456,945 |
|
|
|
2,432,075 |
|
|
|
2,353,975 |
|
|
|
2,444,510 |
|
|
|
2,343,358 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(354,479 |
) |
|
|
(333,207 |
) |
|
|
(326,267 |
) |
|
|
(343,844 |
) |
|
|
(340,246 |
) |
Total stockholders'
equity |
|
|
2,102,466 |
|
|
|
2,098,868 |
|
|
|
2,027,708 |
|
|
|
2,100,666 |
|
|
|
2,003,112 |
|
Total liabilities and
stockholders' equity |
|
$ |
16,279,566 |
|
|
$ |
16,205,413 |
|
|
$ |
16,456,524 |
|
|
$ |
16,242,489 |
|
|
$ |
16,385,226 |
|
|
|
|
|
|
|
|
|
|
|
|
CVB
FINANCIAL CORP. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF EARNINGS |
(Unaudited) |
(Dollars in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
Interest
income: |
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees |
|
$ |
114,200 |
|
|
$ |
116,349 |
|
$ |
110,990 |
|
$ |
230,549 |
|
|
$ |
219,384 |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale |
|
|
21,225 |
|
|
|
21,446 |
|
|
19,356 |
|
|
42,671 |
|
|
|
38,952 |
Investment securities held-to-maturity |
|
|
13,445 |
|
|
|
13,402 |
|
|
13,740 |
|
|
26,847 |
|
|
|
27,696 |
Total investment income |
|
|
34,670 |
|
|
|
34,848 |
|
|
33,096 |
|
|
69,518 |
|
|
|
66,648 |
Dividends from FHLB stock |
|
|
377 |
|
|
|
419 |
|
|
483 |
|
|
796 |
|
|
|
832 |
Interest-earning deposits with other institutions |
|
|
9,825 |
|
|
|
6,073 |
|
|
4,670 |
|
|
15,898 |
|
|
|
5,161 |
Total interest income |
|
|
159,072 |
|
|
|
157,689 |
|
|
149,239 |
|
|
316,761 |
|
|
|
292,025 |
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
25,979 |
|
|
|
21,366 |
|
|
10,765 |
|
|
47,345 |
|
|
|
16,130 |
Borrowings and customer repurchase agreements |
|
|
22,244 |
|
|
|
23,862 |
|
|
18,939 |
|
|
46,106 |
|
|
|
30,632 |
Total interest expense |
|
|
48,223 |
|
|
|
45,228 |
|
|
29,704 |
|
|
93,451 |
|
|
|
46,762 |
Net interest income before provision for (recapture of) credit
losses |
|
|
110,849 |
|
|
|
112,461 |
|
|
119,535 |
|
|
223,310 |
|
|
|
245,263 |
Provision
for (recapture of) credit losses |
|
|
- |
|
|
|
- |
|
|
500 |
|
|
- |
|
|
|
2,000 |
Net interest income after provision for (recapture of)
credit losses |
|
|
110,849 |
|
|
|
112,461 |
|
|
119,035 |
|
|
223,310 |
|
|
|
243,263 |
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
5,117 |
|
|
|
5,036 |
|
|
4,838 |
|
|
10,153 |
|
|
|
10,182 |
Trust and investment services |
|
|
3,428 |
|
|
|
3,224 |
|
|
3,315 |
|
|
6,652 |
|
|
|
6,229 |
Other |
|
|
5,879 |
|
|
|
5,853 |
|
|
4,503 |
|
|
11,732 |
|
|
|
9,447 |
Total noninterest income |
|
|
14,424 |
|
|
|
14,113 |
|
|
12,656 |
|
|
28,537 |
|
|
|
25,858 |
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
35,426 |
|
|
|
36,401 |
|
|
33,548 |
|
|
71,827 |
|
|
|
68,795 |
Occupancy and equipment |
|
|
5,772 |
|
|
|
5,565 |
|
|
5,517 |
|
|
11,337 |
|
|
|
10,967 |
Professional services |
|
|
2,726 |
|
|
|
2,255 |
|
|
2,562 |
|
|
4,981 |
|
|
|
4,258 |
Computer software expense |
|
|
3,949 |
|
|
|
3,525 |
|
|
3,316 |
|
|
7,474 |
|
|
|
6,724 |
Marketing and promotion |
|
|
1,956 |
|
|
|
1,630 |
|
|
1,321 |
|
|
3,586 |
|
|
|
3,036 |
Amortization of intangible assets |
|
|
1,437 |
|
|
|
1,438 |
|
|
1,719 |
|
|
2,875 |
|
|
|
3,439 |
(Recapture of) provision for unfunded loan commitments |
|
|
(500 |
) |
|
|
- |
|
|
400 |
|
|
(500 |
) |
|
|
900 |
Other |
|
|
5,731 |
|
|
|
8,957 |
|
|
5,634 |
|
|
14,688 |
|
|
|
10,779 |
Total noninterest expense |
|
|
56,497 |
|
|
|
59,771 |
|
|
54,017 |
|
|
116,268 |
|
|
|
108,898 |
Earnings
before income taxes |
|
|
68,776 |
|
|
|
66,803 |
|
|
77,674 |
|
|
135,579 |
|
|
|
160,223 |
Income
taxes |
|
|
18,741 |
|
|
|
18,204 |
|
|
21,904 |
|
|
36,945 |
|
|
|
45,183 |
Net earnings |
|
$ |
50,035 |
|
|
$ |
48,599 |
|
$ |
55,770 |
|
$ |
98,634 |
|
|
$ |
115,040 |
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
$ |
0.36 |
|
|
$ |
0.35 |
|
$ |
0.40 |
|
$ |
0.71 |
|
|
$ |
0.83 |
Diluted
earnings per common share |
|
$ |
0.36 |
|
|
$ |
0.35 |
|
$ |
0.40 |
|
$ |
0.71 |
|
|
$ |
0.82 |
Cash
dividends declared per common share |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
$ |
0.20 |
|
$ |
0.40 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
CVB
FINANCIAL CORP. AND SUBSIDIARIES |
SELECTED
FINANCIAL HIGHLIGHTS |
(Unaudited) |
(Dollars in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
Interest income - tax equivalent (TE) |
|
$ |
159,607 |
|
|
$ |
158,228 |
|
|
$ |
149,785 |
|
|
$ |
317,835 |
|
|
$ |
293,117 |
|
Interest
expense |
|
|
48,223 |
|
|
|
45,228 |
|
|
|
29,704 |
|
|
|
93,451 |
|
|
|
46,762 |
|
Net interest
income - (TE) |
|
$ |
111,384 |
|
|
$ |
113,000 |
|
|
$ |
120,081 |
|
|
$ |
224,384 |
|
|
$ |
246,355 |
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average assets, annualized |
|
|
1.24 |
% |
|
|
1.21 |
% |
|
|
1.36 |
% |
|
|
1.22 |
% |
|
|
1.42 |
% |
Return on
average equity, annualized |
|
|
9.57 |
% |
|
|
9.31 |
% |
|
|
11.03 |
% |
|
|
9.44 |
% |
|
|
11.58 |
% |
Efficiency
ratio [1] |
|
|
45.10 |
% |
|
|
47.22 |
% |
|
|
40.86 |
% |
|
|
46.17 |
% |
|
|
40.17 |
% |
Noninterest
expense to average assets, annualized |
|
|
1.40 |
% |
|
|
1.48 |
% |
|
|
1.32 |
% |
|
|
1.44 |
% |
|
|
1.34 |
% |
Yield on
average loans |
|
|
5.26 |
% |
|
|
5.30 |
% |
|
|
5.01 |
% |
|
|
5.28 |
% |
|
|
4.95 |
% |
Yield on
average earning assets (TE) |
|
|
4.37 |
% |
|
|
4.34 |
% |
|
|
4.01 |
% |
|
|
4.36 |
% |
|
|
3.96 |
% |
Cost of
deposits |
|
|
0.88 |
% |
|
|
0.74 |
% |
|
|
0.35 |
% |
|
|
0.81 |
% |
|
|
0.26 |
% |
Cost of
deposits and customer repurchase agreements |
|
|
0.87 |
% |
|
|
0.73 |
% |
|
|
0.35 |
% |
|
|
0.80 |
% |
|
|
0.26 |
% |
Cost of
funds |
|
|
1.38 |
% |
|
|
1.31 |
% |
|
|
0.83 |
% |
|
|
1.34 |
% |
|
|
0.66 |
% |
Net interest
margin (TE) |
|
|
3.05 |
% |
|
|
3.10 |
% |
|
|
3.22 |
% |
|
|
3.07 |
% |
|
|
3.33 |
% |
[1] Noninterest expense divided by net interest income before
provision for credit losses plus noninterest
income. |
|
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity Ratio (TCE) [2] |
|
|
|
|
|
|
|
|
|
|
CVB Financial Corp. Consolidated |
|
|
8.68 |
% |
|
|
8.33 |
% |
|
|
7.75 |
% |
|
|
|
|
Citizens Business Bank |
|
|
8.57 |
% |
|
|
8.23 |
% |
|
|
7.67 |
% |
|
|
|
|
[2] (Capital - [GW+Intangibles])/(Total Assets -
[GW+Intangibles]) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares outstanding |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
138,583,510 |
|
|
|
138,428,596 |
|
|
|
138,330,131 |
|
|
|
138,419,379 |
|
|
|
138,420,067 |
|
Diluted |
|
|
138,669,058 |
|
|
|
138,603,324 |
|
|
|
138,383,239 |
|
|
|
138,561,481 |
|
|
|
138,556,510 |
|
Dividends
declared |
|
$ |
28,018 |
|
|
$ |
27,886 |
|
|
$ |
27,787 |
|
|
$ |
55,904 |
|
|
$ |
55,794 |
|
Dividend
payout ratio [3] |
|
|
56.00 |
% |
|
|
57.38 |
% |
|
|
49.82 |
% |
|
|
56.68 |
% |
|
|
48.50 |
% |
[3] Dividends declared on common stock divided by net
earnings. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
shares outstanding - (end of period) |
|
|
139,677,162 |
|
|
|
139,641,884 |
|
|
|
139,343,284 |
|
|
|
|
|
Book value
per share |
|
$ |
15.12 |
|
|
$ |
14.94 |
|
|
$ |
14.36 |
|
|
|
|
|
Tangible
book value per share |
|
$ |
9.55 |
|
|
$ |
9.36 |
|
|
$ |
8.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets: |
|
|
|
|
|
|
|
|
|
|
Nonaccrual
loans |
|
$ |
24,957 |
|
|
$ |
21,302 |
|
|
$ |
6,454 |
|
|
|
|
|
Other real
estate owned (OREO), net |
|
|
647 |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total
nonperforming assets |
|
$ |
25,604 |
|
|
$ |
21,302 |
|
|
$ |
6,454 |
|
|
|
|
|
Modified
loans/performing troubled debt restructured loans (TDR) [4] |
|
$ |
26,363 |
|
|
$ |
9,460 |
|
|
$ |
3,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[4] Effective January 1, 2023, performing and nonperforming TDRs
are reflected as Loan Modifications to borrowers experiencing
financial difficulty. |
|
|
|
|
|
|
|
|
|
|
|
Percentage
of nonperforming assets to total loans outstanding and OREO |
|
|
0.29 |
% |
|
|
0.24 |
% |
|
|
0.07 |
% |
|
|
|
|
Percentage
of nonperforming assets to total assets |
|
|
0.16 |
% |
|
|
0.13 |
% |
|
|
0.04 |
% |
|
|
|
|
Allowance
for credit losses to nonperforming assets |
|
|
323.33 |
% |
|
|
407.67 |
% |
|
|
1347.49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
|
June 30, 2024 |
|
June 30, 2023 |
Allowance
for credit losses: |
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
82,817 |
|
|
$ |
86,842 |
|
|
$ |
86,540 |
|
|
$ |
86,842 |
|
|
$ |
85,117 |
|
Total charge-offs |
|
|
(51 |
) |
|
|
(4,267 |
) |
|
|
(88 |
) |
|
|
(4,318 |
) |
|
|
(198 |
) |
Total recoveries on loans previously charged-off |
|
|
20 |
|
|
|
242 |
|
|
|
15 |
|
|
|
262 |
|
|
|
48 |
|
Net
recoveries (charge-offs) |
|
|
(31 |
) |
|
|
(4,025 |
) |
|
|
(73 |
) |
|
|
(4,056 |
) |
|
|
(150 |
) |
Provision
for (recapture of) credit losses |
|
|
- |
|
|
|
- |
|
|
|
500 |
|
|
|
- |
|
|
|
2,000 |
|
Allowance
for credit losses at end of period |
|
$ |
82,786 |
|
|
$ |
82,817 |
|
|
$ |
86,967 |
|
|
$ |
82,786 |
|
|
$ |
86,967 |
|
|
|
|
|
|
|
|
|
|
|
|
Net
recoveries (charge-offs) to average loans |
|
|
-0.000 |
% |
|
|
-0.046 |
% |
|
|
-0.001 |
% |
|
|
-0.046 |
% |
|
|
-0.002 |
% |
|
|
|
|
|
|
|
|
|
|
|
CVB
FINANCIAL CORP. AND SUBSIDIARIES |
SELECTED
FINANCIAL HIGHLIGHTS |
(Unaudited) |
(Dollars in
millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Credit Losses by Loan Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
|
June 30, 2023 |
|
|
Allowance For Credit Losses |
|
Allowance as a % of Total Loans by Respective Loan
Type |
|
Allowance For Credit Losses |
|
Allowance as a % of Total Loans by Respective Loan
Type |
|
Allowance For Credit Losses |
|
Allowance as a % of Total Loans by Respective Loan
Type |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
69.4 |
|
|
1.04 |
% |
|
|
$ |
69.5 |
|
|
1.02 |
% |
|
|
$ |
67.9 |
|
|
0.98 |
% |
Construction |
|
|
0.8 |
|
|
1.51 |
% |
|
|
|
1.3 |
|
|
1.91 |
% |
|
|
|
1.2 |
|
|
1.69 |
% |
SBA |
|
|
2.5 |
|
|
0.93 |
% |
|
|
|
2.7 |
|
|
0.99 |
% |
|
|
|
2.7 |
|
|
0.95 |
% |
Commercial
and industrial |
|
|
5.1 |
|
|
0.53 |
% |
|
|
|
9.1 |
|
|
0.94 |
% |
|
|
|
9.1 |
|
|
0.95 |
% |
Dairy &
livestock and agribusiness |
|
|
3.8 |
|
|
1.08 |
% |
|
|
|
3.1 |
|
|
0.75 |
% |
|
|
|
5.0 |
|
|
1.66 |
% |
Municipal
lease finance receivables |
|
|
0.2 |
|
|
0.26 |
% |
|
|
|
0.2 |
|
|
0.29 |
% |
|
|
|
0.3 |
|
|
0.35 |
% |
SFR
mortgage |
|
|
0.5 |
|
|
0.19 |
% |
|
|
|
0.5 |
|
|
0.20 |
% |
|
|
|
0.4 |
|
|
0.17 |
% |
Consumer and
other loans |
|
|
0.5 |
|
|
1.07 |
% |
|
|
|
0.4 |
|
|
0.85 |
% |
|
|
|
0.4 |
|
|
0.73 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
82.8 |
|
|
0.95 |
% |
|
|
$ |
86.8 |
|
|
0.98 |
% |
|
|
$ |
87.0 |
|
|
0.98 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CVB
FINANCIAL CORP. AND SUBSIDIARIES |
SELECTED
FINANCIAL HIGHLIGHTS |
(Unaudited) |
(Dollars in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Common Stock Price |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2022 |
|
Quarter End |
|
High |
|
Low |
|
High |
|
Low |
|
High |
|
Low |
March 31, |
|
$ |
20.45 |
|
$ |
15.95 |
|
|
$ |
25.98 |
|
|
$ |
16.34 |
|
|
$ |
24.37 |
|
|
$ |
21.36 |
|
June
30, |
|
$ |
17.91 |
|
$ |
15.71 |
|
|
$ |
16.89 |
|
|
$ |
10.66 |
|
|
$ |
25.59 |
|
|
$ |
22.37 |
|
September
30, |
|
$ |
- |
|
$ |
- |
|
|
$ |
19.66 |
|
|
$ |
12.89 |
|
|
$ |
28.14 |
|
|
$ |
22.63 |
|
December
31, |
|
$ |
- |
|
$ |
- |
|
|
$ |
21.77 |
|
|
$ |
14.62 |
|
|
$ |
29.25 |
|
|
$ |
25.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
Consolidated Statements of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 |
|
Q1 |
|
Q4 |
|
Q3 |
|
Q2 |
|
|
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees |
|
|
|
$ |
114,200 |
|
|
$ |
116,349 |
|
|
$ |
115,721 |
|
|
$ |
113,190 |
|
|
$ |
110,990 |
|
Investment securities and other |
|
|
|
|
44,872 |
|
|
|
41,340 |
|
|
|
42,357 |
|
|
|
43,037 |
|
|
|
38,249 |
|
Total interest income |
|
|
|
|
159,072 |
|
|
|
157,689 |
|
|
|
158,078 |
|
|
|
156,227 |
|
|
|
149,239 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
25,979 |
|
|
|
21,366 |
|
|
|
18,888 |
|
|
|
16,517 |
|
|
|
10,765 |
|
Borrowings and customer repurchase agreements |
|
|
22,244 |
|
|
|
23,862 |
|
|
|
19,834 |
|
|
|
16,339 |
|
|
|
18,939 |
|
Total interest expense |
|
|
|
|
48,223 |
|
|
|
45,228 |
|
|
|
38,722 |
|
|
|
32,856 |
|
|
|
29,704 |
|
Net interest income before (recapture of) provision for credit
losses |
|
|
|
|
110,849 |
|
|
|
112,461 |
|
|
|
119,356 |
|
|
|
123,371 |
|
|
|
119,535 |
|
(Recapture of) provision for credit losses |
|
|
- |
|
|
|
- |
|
|
|
(2,000 |
) |
|
|
2,000 |
|
|
|
500 |
|
Net interest income after (recapture of) provision for credit
losses |
|
|
|
|
110,849 |
|
|
|
112,461 |
|
|
|
121,356 |
|
|
|
121,371 |
|
|
|
119,035 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest
income |
|
|
|
|
14,424 |
|
|
|
14,113 |
|
|
|
19,163 |
|
|
|
14,309 |
|
|
|
12,656 |
|
Noninterest
expense |
|
|
|
|
56,497 |
|
|
|
59,771 |
|
|
|
65,930 |
|
|
|
55,058 |
|
|
|
54,017 |
|
Earnings
before income taxes |
|
|
|
|
68,776 |
|
|
|
66,803 |
|
|
|
74,589 |
|
|
|
80,622 |
|
|
|
77,674 |
|
Income
taxes |
|
|
|
|
18,741 |
|
|
|
18,204 |
|
|
|
26,081 |
|
|
|
22,735 |
|
|
|
21,904 |
|
Net earnings |
|
|
|
$ |
50,035 |
|
|
$ |
48,599 |
|
|
$ |
48,508 |
|
|
$ |
57,887 |
|
|
$ |
55,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective
tax rate |
|
|
|
|
27.25 |
% |
|
|
27.25 |
% |
|
|
34.97 |
% |
|
|
28.20 |
% |
|
|
28.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
earnings per common share |
|
|
|
$ |
0.36 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
0.42 |
|
|
$ |
0.40 |
|
Diluted earnings per common share |
|
|
$ |
0.36 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
|
$ |
0.42 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share |
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
dividends declared |
|
|
|
$ |
28,018 |
|
|
$ |
27,886 |
|
|
$ |
27,945 |
|
|
$ |
27,901 |
|
|
$ |
27,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CVB
FINANCIAL CORP. AND SUBSIDIARIES |
SELECTED
FINANCIAL HIGHLIGHTS |
(Unaudited) |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio
by Type |
|
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
June
30, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
and industrial |
|
$ |
6,664,925 |
|
|
$ |
6,720,538 |
|
|
$ |
6,784,505 |
|
|
$ |
6,843,059 |
|
|
$ |
6,904,095 |
|
Construction |
|
|
52,227 |
|
|
|
58,806 |
|
|
|
66,734 |
|
|
|
63,022 |
|
|
|
68,836 |
|
SBA |
|
|
267,938 |
|
|
|
268,320 |
|
|
|
270,619 |
|
|
|
283,124 |
|
|
|
278,904 |
|
SBA -
PPP |
|
|
1,757 |
|
|
|
2,249 |
|
|
|
2,736 |
|
|
|
3,233 |
|
|
|
5,017 |
|
Commercial
and industrial |
|
|
956,184 |
|
|
|
963,120 |
|
|
|
969,895 |
|
|
|
938,064 |
|
|
|
956,242 |
|
Dairy &
livestock and agribusiness |
|
|
350,562 |
|
|
|
351,624 |
|
|
|
412,891 |
|
|
|
351,463 |
|
|
|
298,247 |
|
Municipal
lease finance receivables |
|
|
70,889 |
|
|
|
72,032 |
|
|
|
73,590 |
|
|
|
75,621 |
|
|
|
77,867 |
|
SFR
mortgage |
|
|
267,593 |
|
|
|
276,475 |
|
|
|
269,868 |
|
|
|
268,171 |
|
|
|
263,201 |
|
Consumer and
other loans |
|
|
49,771 |
|
|
|
57,549 |
|
|
|
54,072 |
|
|
|
51,875 |
|
|
|
54,988 |
|
Gross loans, at amortized cost |
|
|
8,681,846 |
|
|
|
8,770,713 |
|
|
|
8,904,910 |
|
|
|
8,877,632 |
|
|
|
8,907,397 |
|
Allowance for credit losses |
|
|
(82,786 |
) |
|
|
(82,817 |
) |
|
|
(86,842 |
) |
|
|
(88,995 |
) |
|
|
(86,967 |
) |
Net loans |
|
$ |
8,599,060 |
|
|
$ |
8,687,896 |
|
|
$ |
8,818,068 |
|
|
$ |
8,788,637 |
|
|
$ |
8,820,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit
Composition by Type and Customer Repurchase
Agreements |
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
June
30, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
7,090,095 |
|
|
$ |
7,112,789 |
|
|
$ |
7,206,175 |
|
|
$ |
7,586,649 |
|
|
$ |
7,878,810 |
|
Investment
checking |
|
|
515,930 |
|
|
|
545,066 |
|
|
|
552,408 |
|
|
|
560,223 |
|
|
|
574,817 |
|
Savings and
money market |
|
|
3,409,320 |
|
|
|
3,561,512 |
|
|
|
3,278,664 |
|
|
|
3,906,187 |
|
|
|
3,627,858 |
|
Time
deposits |
|
|
774,980 |
|
|
|
675,554 |
|
|
|
396,395 |
|
|
|
305,727 |
|
|
|
316,036 |
|
Total deposits |
|
|
11,790,325 |
|
|
|
11,894,921 |
|
|
|
11,433,642 |
|
|
|
12,358,786 |
|
|
|
12,397,521 |
|
|
|
|
|
|
|
|
|
|
|
|
Customer repurchase agreements |
|
|
268,826 |
|
|
|
275,720 |
|
|
|
271,642 |
|
|
|
269,552 |
|
|
|
452,373 |
|
Total deposits and customer repurchase agreements |
|
$ |
12,059,151 |
|
|
$ |
12,170,641 |
|
|
$ |
11,705,284 |
|
|
$ |
12,628,338 |
|
|
$ |
12,849,894 |
|
|
|
|
|
|
|
|
|
|
|
|
CVB
FINANCIAL CORP. AND SUBSIDIARIES |
SELECTED
FINANCIAL HIGHLIGHTS |
(Unaudited) |
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
Assets and Delinquency Trends |
|
|
June
30, |
|
March
31, |
|
December
31, |
|
September
30, |
|
June
30, |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Nonperforming loans: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
21,908 |
|
|
$ |
10,661 |
|
|
$ |
15,440 |
|
|
$ |
3,655 |
|
|
$ |
3,159 |
|
Construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SBA |
|
|
337 |
|
|
|
54 |
|
|
|
969 |
|
|
|
1,050 |
|
|
|
629 |
|
Commercial and industrial |
|
|
2,712 |
|
|
|
2,727 |
|
|
|
4,509 |
|
|
|
4,672 |
|
|
|
2,039 |
|
Dairy & livestock and agribusiness |
|
|
- |
|
|
|
60 |
|
|
|
60 |
|
|
|
243 |
|
|
|
273 |
|
SFR mortgage |
|
|
- |
|
|
|
308 |
|
|
|
324 |
|
|
|
339 |
|
|
|
354 |
|
Consumer and other loans |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
4 |
|
|
|
- |
|
Total |
|
$ |
24,957 |
|
|
$ |
13,810 |
|
|
$ |
21,302 |
|
|
$ |
9,963 |
|
[1] |
$ |
6,454 |
|
% of Total loans |
|
|
0.29 |
% |
|
|
0.16 |
% |
|
|
0.24 |
% |
|
|
0.11 |
% |
|
|
0.07 |
% |
|
|
|
|
|
|
|
|
|
|
|
Past
due 30-89 days (accruing): |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
43 |
|
|
$ |
19,781 |
|
|
$ |
300 |
|
|
$ |
136 |
|
|
$ |
532 |
|
Construction |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SBA |
|
|
- |
|
|
|
408 |
|
|
|
108 |
|
|
|
- |
|
|
|
- |
|
Commercial and industrial |
|
|
103 |
|
|
|
6 |
|
|
|
12 |
|
|
|
- |
|
|
|
- |
|
Dairy & livestock and agribusiness |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
555 |
|
SFR mortgage |
|
|
- |
|
|
|
- |
|
|
|
201 |
|
|
|
- |
|
|
|
- |
|
Consumer and other loans |
|
|
- |
|
|
|
- |
|
|
|
18 |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
146 |
|
|
$ |
20,195 |
|
|
$ |
639 |
|
|
$ |
136 |
|
|
$ |
1,087 |
|
% of Total loans |
|
|
0.00 |
% |
|
|
0.23 |
% |
|
|
0.01 |
% |
|
|
0.00 |
% |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
OREO: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
SBA |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Commercial and industrial |
|
|
647 |
|
|
|
647 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
SFR mortgage |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Total |
|
$ |
647 |
|
|
$ |
647 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Total nonperforming, past due, and
OREO |
|
$ |
25,750 |
|
|
$ |
34,652 |
|
|
$ |
21,941 |
|
|
$ |
10,099 |
|
|
$ |
7,541 |
|
% of Total loans |
|
|
0.30 |
% |
|
|
0.40 |
% |
|
|
0.25 |
% |
|
|
0.11 |
% |
|
|
0.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
[1]
Includes $2.6 million of nonaccrual loans past due 30-89
days. |
|
|
|
|
|
|
|
|
|
|
|
CVB
FINANCIAL CORP. AND SUBSIDIARIES |
SELECTED
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Regulatory
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CVB Financial Corp. Consolidated |
Capital Ratios |
|
Minimum Required Plus Capital Conservation
Buffer |
|
June 30, 2024 |
|
December 31, 2023 |
|
June 30, 2023 |
|
|
|
|
|
|
|
|
|
Tier 1
leverage capital ratio |
|
4.0% |
|
10.5% |
|
10.3% |
|
9.8% |
Common
equity Tier 1 capital ratio |
|
7.0% |
|
15.3% |
|
14.6% |
|
14.1% |
Tier 1
risk-based capital ratio |
|
8.5% |
|
15.3% |
|
14.6% |
|
14.1% |
Total
risk-based capital ratio |
|
10.5% |
|
16.1% |
|
15.5% |
|
14.9% |
|
|
|
|
|
|
|
|
|
Tangible
common equity ratio |
|
|
|
8.7% |
|
8.5% |
|
7.8% |
|
|
|
|
|
|
|
|
|
Tangible Book Value Reconciliations
(Non-GAAP) |
|
The tangible book
value per share is a Non-GAAP disclosure. The Company uses certain
non-GAAP financial measures to provide supplemental information
regarding the Company's performance. The following is a
reconciliation of tangible book value to the Company stockholders'
equity computed in accordance with GAAP, as well as a calculation
of tangible book value per share as of June 30, 2024, December 31,
2023 and June 30, 2023. |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
December 31, 2023 |
|
June 30, 2023 |
|
|
|
(Dollars in
thousands, except per share amounts) |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
$ |
2,112,427 |
|
|
$ |
2,077,972 |
|
|
$ |
2,001,367 |
|
|
Less: Goodwill |
|
|
(765,822 |
) |
|
|
(765,822 |
) |
|
|
(765,822 |
) |
|
Less: Intangible assets |
|
|
(12,416 |
) |
|
|
(15,291 |
) |
|
|
(18,303 |
) |
|
Tangible book value |
|
$ |
1,334,189 |
|
|
$ |
1,296,859 |
|
|
$ |
1,217,242 |
|
|
Common
shares issued and outstanding |
|
|
139,677,162 |
|
|
|
139,344,981 |
|
|
|
139,343,284 |
|
|
Tangible book value per share |
|
$ |
9.55 |
|
|
$ |
9.31 |
|
|
$ |
8.74 |
|
|
|
|
|
|
|
|
|
Return on Average Tangible Common Equity
Reconciliations (Non-GAAP) |
|
The return on
average tangible common equity is a non-GAAP disclosure. The
Company uses certain non-GAAP financial measures to provide
supplemental information regarding the Company's performance. The
following is a reconciliation of net income, adjusted for
tax-effected amortization of intangibles, to net income computed in
accordance with GAAP; a reconciliation of average tangible common
equity to the Company's average stockholders' equity computed in
accordance with GAAP; as well as a calculation of return on average
tangible common equity. |
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
June 30, |
|
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
(Dollars in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Income |
|
$ |
50,035 |
|
|
$ |
48,599 |
|
|
$ |
55,770 |
|
|
$ |
98,634 |
|
|
$ |
115,040 |
|
|
Add: Amortization of intangible assets |
|
|
1,437 |
|
|
|
1,438 |
|
|
|
1,719 |
|
|
|
2,875 |
|
|
|
3,439 |
|
|
Less: Tax effect of amortization of intangible assets [1] |
|
|
(425 |
) |
|
|
(425 |
) |
|
|
(508 |
) |
|
|
(850 |
) |
|
|
(1,017 |
) |
|
Tangible net income |
|
$ |
51,047 |
|
|
$ |
49,612 |
|
|
$ |
56,981 |
|
|
$ |
100,659 |
|
|
$ |
117,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
stockholders' equity |
|
$ |
2,102,466 |
|
|
$ |
2,098,868 |
|
|
$ |
2,027,708 |
|
|
$ |
2,100,666 |
|
|
$ |
2,003,112 |
|
|
Less: Average goodwill |
|
|
(765,822 |
) |
|
|
(765,822 |
) |
|
|
(765,822 |
) |
|
|
(765,822 |
) |
|
|
(765,822 |
) |
|
Less: Average intangible assets |
|
|
(13,258 |
) |
|
|
(14,585 |
) |
|
|
(19,298 |
) |
|
|
(13,922 |
) |
|
|
(20,136 |
) |
|
Average tangible common equity |
|
$ |
1,323,386 |
|
|
$ |
1,318,461 |
|
|
$ |
1,242,588 |
|
|
$ |
1,320,922 |
|
|
$ |
1,217,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average equity, annualized [2] |
|
|
9.57 |
% |
|
|
9.31 |
% |
|
|
11.03 |
% |
|
|
9.44 |
% |
|
|
11.58 |
% |
|
Return on
average tangible common equity, annualized [2] |
|
|
15.51 |
% |
|
|
15.13 |
% |
|
|
18.39 |
% |
|
|
15.32 |
% |
|
|
19.46 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
[1] Tax effected at
respective statutory
rates. |
|
[2] Annualized where
applicable. |
|
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CVB Financial (NASDAQ:CVBF)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
CVB Financial (NASDAQ:CVBF)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024