CVB Financial Corp. Reports Earnings for the First Quarter 2025
CVB Financial Corp. (NASDAQ:CVBF) reported Q1 2025 net earnings of $51.1 million, or $0.36 per share, compared to $50.9 million in Q4 2024 and $48.6 million in Q1 2024. Key performance metrics include a Return on Average Assets of 1.37% and Return on Average Tangible Common Equity of 14.51%.
The bank's Q1 2025 highlights include: net interest margin of 3.31% (up 13 basis points from Q4 2024), efficiency ratio of 46.7%, and a $2.2 million net gain on OREO asset sales. Noninterest-bearing deposits grew by $147 million, while cost of funds decreased to 1.04% from 1.13% in Q4 2024.
Notable metrics include a TCE Ratio of 10.0% and CET1 Ratio of 16.5%. The bank maintained its streak of 192 consecutive quarters of profitability and 142 consecutive quarters of paying cash dividends.
CVB Financial Corp. (NASDAQ:CVBF) ha riportato un utile netto nel primo trimestre 2025 di 51,1 milioni di dollari, pari a 0,36 dollari per azione, rispetto ai 50,9 milioni del quarto trimestre 2024 e ai 48,6 milioni del primo trimestre 2024. Tra gli indicatori chiave di performance figurano un Rendimento medio delle attività del 1,37% e un Rendimento medio del Patrimonio Tangibile Comune del 14,51%.
I punti salienti del primo trimestre 2025 della banca includono: un margine di interesse netto del 3,31% (in aumento di 13 punti base rispetto al quarto trimestre 2024), un indice di efficienza del 46,7% e un guadagno netto di 2,2 milioni di dollari dalla vendita di attività OREO. I depositi senza interessi sono cresciuti di 147 milioni di dollari, mentre il costo dei fondi è sceso all'1,04% dall'1,13% del quarto trimestre 2024.
Tra gli indicatori rilevanti si segnalano un rapporto TCE del 10,0% e un rapporto CET1 del 16,5%. La banca ha mantenuto la sua serie di 192 trimestri consecutivi di redditività e 142 trimestri consecutivi di pagamento di dividendi in contanti.
CVB Financial Corp. (NASDAQ:CVBF) reportó ganancias netas en el primer trimestre de 2025 por 51,1 millones de dólares, o 0,36 dólares por acción, en comparación con 50,9 millones en el cuarto trimestre de 2024 y 48,6 millones en el primer trimestre de 2024. Las métricas clave incluyen un Retorno sobre Activos Promedio del 1,37% y un Retorno sobre el Capital Común Tangible Promedio del 14,51%.
Los aspectos destacados del primer trimestre de 2025 del banco incluyen: margen neto de interés del 3,31% (un aumento de 13 puntos básicos respecto al cuarto trimestre de 2024), ratio de eficiencia del 46,7% y una ganancia neta de 2,2 millones de dólares por ventas de activos OREO. Los depósitos sin intereses crecieron en 147 millones de dólares, mientras que el costo de los fondos disminuyó al 1,04% desde el 1,13% en el cuarto trimestre de 2024.
Métricas notables incluyen un ratio TCE del 10,0% y un ratio CET1 del 16,5%. El banco mantuvo su racha de 192 trimestres consecutivos de rentabilidad y 142 trimestres consecutivos de pago de dividendos en efectivo.
CVB Financial Corp. (NASDAQ:CVBF)는 2025년 1분기 순이익으로 5110만 달러, 주당 0.36달러를 보고했으며, 이는 2024년 4분기의 5090만 달러와 2024년 1분기의 4860만 달러와 비교됩니다. 주요 성과 지표로는 평균 자산 수익률 1.37% 및 평균 유형 보통주 자본 수익률 14.51%가 포함됩니다.
은행의 2025년 1분기 주요 내용은 다음과 같습니다: 순이자마진 3.31%(2024년 4분기 대비 13bp 상승), 효율성 비율 46.7%, OREO 자산 판매에서 220만 달러 순이익. 비이자예금은 1억4700만 달러 증가했으며, 자금 조달 비용은 2024년 4분기 1.13%에서 1.04%로 감소했습니다.
주목할 만한 지표로는 TCE 비율 10.0%, CET1 비율 16.5%가 있습니다. 은행은 192분기 연속 흑자와 142분기 연속 현금 배당 지급 기록을 유지했습니다.
CVB Financial Corp. (NASDAQ:CVBF) a annoncé un bénéfice net de 51,1 millions de dollars au premier trimestre 2025, soit 0,36 dollar par action, contre 50,9 millions au quatrième trimestre 2024 et 48,6 millions au premier trimestre 2024. Les indicateurs clés de performance comprennent un rendement moyen des actifs de 1,37% et un rendement moyen des capitaux propres tangibles ordinaires de 14,51%.
Les points forts du premier trimestre 2025 de la banque incluent : une marge nette d'intérêt de 3,31% (en hausse de 13 points de base par rapport au quatrième trimestre 2024), un ratio d'efficacité de 46,7% et un gain net de 2,2 millions de dollars provenant de la vente d'actifs OREO. Les dépôts sans intérêt ont augmenté de 147 millions de dollars, tandis que le coût des fonds a diminué à 1,04% contre 1,13% au quatrième trimestre 2024.
Parmi les indicateurs notables figurent un ratio TCE de 10,0% et un ratio CET1 de 16,5%. La banque a maintenu sa série de 192 trimestres consécutifs de rentabilité et 142 trimestres consécutifs de versement de dividendes en espèces.
CVB Financial Corp. (NASDAQ:CVBF) meldete für das erste Quartal 2025 einen Nettogewinn von 51,1 Millionen US-Dollar, bzw. 0,36 US-Dollar je Aktie, im Vergleich zu 50,9 Millionen im vierten Quartal 2024 und 48,6 Millionen im ersten Quartal 2024. Wichtige Leistungskennzahlen umfassen eine Rendite auf durchschnittliche Vermögenswerte von 1,37% und eine Rendite auf das durchschnittliche tangible Eigenkapital von 14,51%.
Die Highlights der Bank im ersten Quartal 2025 umfassen: eine Nettomarge von 3,31% (ein Anstieg um 13 Basispunkte gegenüber dem vierten Quartal 2024), eine Effizienzquote von 46,7% und einen Nettogewinn von 2,2 Millionen US-Dollar aus dem Verkauf von OREO-Vermögenswerten. Die nicht verzinslichen Einlagen stiegen um 147 Millionen US-Dollar, während die Finanzierungskosten von 1,13% im vierten Quartal 2024 auf 1,04% sanken.
Zu den bemerkenswerten Kennzahlen gehören eine TCE-Quote von 10,0% und eine CET1-Quote von 16,5%. Die Bank setzte ihre Serie von 192 aufeinanderfolgenden profitablen Quartalen und 142 aufeinanderfolgenden Quartalen mit Bardividendenzahlungen fort.
- Net earnings increased to $51.1 million in Q1 2025, up from $48.6 million in Q1 2024
- Net interest margin improved to 3.31%, up 13 basis points from Q4 2024
- Cost of funds decreased to 1.04% from 1.13% in Q4 2024
- Noninterest-bearing deposits grew by $147 million
- Maintained strong capital position with TCE Ratio of 10.0% and CET1 Ratio of 16.5%
- Net recoveries of $130,000 and $2 million recapture of credit losses
- Net interest income decreased by $2.02 million (1.79%) compared to Q1 2024
- Total loans decreased by $407.1 million (4.64%) year-over-year
- Total assets decreased by $1.2 billion (7.36%) from March 31, 2024
- Investment securities decreased by $397.5 million (7.51%) year-over-year
- Nonperforming commercial real estate loans increased to $24.379 million from $10.661 million in Q1 2024
Insights
Stable quarter with modest growth, solid credit and controlled costs, but balance sheet contraction limits positive momentum.
Net earnings for Q1 2025 rose slightly to
First Quarter 2025
- Net Earnings of
$51.1 million , or$0.36 per share - Return on Average Assets of
1.37% - Return on Average Tangible Common Equity of
14.51% - Net Interest Margin of
3.31%
ONTARIO, CA, April 23, 2025 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended March 31, 2025.
CVB Financial Corp. reported net income of
For the first quarter of 2025, annualized return on average equity (“ROAE”) was
David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the first quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 192 consecutive quarters, or 48 years, of profitability, and our 142 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.”
Highlights for the First Quarter of 2025
- Pretax income was
$69.5 million , up$1.5 million or2% , from the prior quarter - Efficiency ratio of
46.7% - Net gain of
$2.2 million on sale of$19.3 million of OREO assets - Net interest margin of
3.31% , increased by 13 basis points compared to the fourth quarter of 2024 - Cost of funds decreased to
1.04% from1.13% in the fourth quarter of 2024 - Noninterest bearing deposits grew by
$147 million from the end of 2024 - Dairy and Livestock loans decreased by
$168 million or44% from the end of 2024 - Net Recoveries of
$130,000 and$2 million recapture of credit losses - TCE Ratio of
10.0% & CET1 Ratio of16.5%
INCOME STATEMENT HIGHLIGHTS
| Three Months Ended | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||
| Net interest income | $ | 110,444 | $ | 110,418 | $ | 112,461 | ||||||
| Recapure of (provision for) credit losses | 2,000 | 3,000 | - | |||||||||
| Noninterest income | 16,229 | 13,103 | 14,113 | |||||||||
| Noninterest expense | (59,144 | ) | (58,480 | ) | (59,771 | ) | ||||||
| Income taxes | (18,425 | ) | (17,183 | ) | (18,204 | ) | ||||||
| Net earnings | $ | 51,104 | $ | 50,858 | $ | 48,599 | ||||||
| Earnings per common share: | ||||||||||||
| Basic | $ | 0.37 | $ | 0.36 | $ | 0.35 | ||||||
| Diluted | $ | 0.36 | $ | 0.36 | $ | 0.35 | ||||||
| NIM | 3.31 | % | 3.18 | % | 3.10 | % | ||||||
| ROAA | 1.37 | % | 1.30 | % | 1.21 | % | ||||||
| ROAE | 9.31 | % | 9.14 | % | 9.31 | % | ||||||
| ROATCE | 14.51 | % | 14.31 | % | 15.13 | % | ||||||
| Efficiency ratio | 46.69 | % | 47.34 | % | 47.22 | % | ||||||
Net Interest Income
Net interest income was
The decline in net interest income of
Net Interest Margin
Our tax equivalent net interest margin was
Net interest margin for the first quarter of 2025 increased by 21-basis points compared to the first quarter of 2024, primarily as a result of 27-basis point decrease in cost of funds from
Earning Assets and Deposits
On average, earning assets decreased by
| Three Months Ended | |||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Yield on average investment securities (TE) | |||||||||||||||||||
| Yield on average loans | |||||||||||||||||||
| Yield on average earning assets (TE) | |||||||||||||||||||
| Cost of deposits | |||||||||||||||||||
| Cost of funds | |||||||||||||||||||
| Net interest margin (TE) | |||||||||||||||||||
| Average Earning Asset Mix | Avg | % of Total | Avg | % of Total | Avg | % of Total | |||||||||||||
| Total investment securities | $ | 4,908,718 | 36.21 | % | $ | 4,936,514 | 35.36 | % | $ | 5,357,708 | 36.59 | % | |||||||
| Interest-earning deposits with other institutions | 162,389 | 1.20 | % | 485,103 | 3.47 | % | 444,101 | 3.03 | % | ||||||||||
| Loans | 8,467,465 | 62.46 | % | 8,522,587 | 61.04 | % | 8,824,579 | 60.26 | % | ||||||||||
| Total interest-earning assets | 13,556,584 | 13,962,216 | 14,644,400 | ||||||||||||||||
Provision for Credit Losses
There was a
Noninterest Income
Noninterest income was
Noninterest Expense
Noninterest expense for the first quarter of 2025 was
The year-over-year decrease in noninterest expense of
Income Taxes
Our effective tax rate for the quarter ended March 31, 2025 was
BALANCE SHEET HIGHLIGHTS
Assets
The Company reported total assets of
Total assets at March 31, 2025 decreased by
Investment Securities
Total investment securities were
At March 31, 2025, investment securities held-to-maturity (“HTM”) totaled
At March 31, 2025, investment securities available-for-sale (“AFS”) totaled
Loans
Total loans and leases, at amortized cost, of
Total loans and leases, at amortized cost, decreased by
Asset Quality
During the first quarter of 2025, we experienced credit charge-offs of
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 | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| Nonperforming loans | (Dollars in thousands) | |||||||||||
| Commercial real estate | $ | 24,379 | $ | 25,866 | $ | 10,661 | ||||||
| SBA | 1,024 | 1,529 | 54 | |||||||||
| Commercial and industrial | 173 | 340 | 2,727 | |||||||||
| Dairy & livestock and agribusiness | 60 | 60 | 60 | |||||||||
| SFR mortgage | - | - | 308 | |||||||||
| Consumer and other loans | - | - | - | |||||||||
| Total | $ | 25,636 | $ | 27,795 | $ | 13,810 | ||||||
| % of Total loans | 0.31 | % | 0.33 | % | 0.16 | % | ||||||
| OREO | ||||||||||||
| Commercial real estate | $ | 495 | $ | 18,656 | $ | - | ||||||
| Commercial and industrial | - | - | 647 | |||||||||
| SFR mortgage | - | 647 | - | |||||||||
| Total | $ | 495 | $ | 19,303 | $ | 647 | ||||||
| Total nonperforming assets | $ | 26,131 | $ | 47,098 | $ | 14,457 | ||||||
| % of Nonperforming assets to total assets | 0.17 | % | 0.31 | % | 0.09 | % | ||||||
| Past due 30-89 days (accruing) | ||||||||||||
| Commercial real estate | $ | - | $ | - | $ | 19,781 | ||||||
| SBA | 718 | 88 | 408 | |||||||||
| Commercial and industrial | - | 399 | 6 | |||||||||
| Dairy & livestock and agribusiness | - | - | - | |||||||||
| SFR mortgage | - | - | - | |||||||||
| Consumer and other loans | - | - | - | |||||||||
| Total | $ | 718 | $ | 487 | $ | 20,195 | ||||||
| % of Total loans | 0.01 | % | 0.01 | % | 0.23 | % | ||||||
| Total nonperforming, OREO, and past due | $ | 26,849 | $ | 47,585 | $ | 34,652 | ||||||
| Classified Loans | $ | 94,169 | $ | 89,549 | $ | 103,080 | ||||||
The
Deposits & Customer Repurchase Agreements
Deposits of
Noninterest-bearing deposits were
March 31, 2024.
Borrowings
As of March 31, 2025, total borrowings consisted of
Capital
The Company’s total equity was
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 Plus Capital Conservation Buffer | March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||
| Tier 1 leverage capital ratio | |||||||||
| Common equity Tier 1 capital ratio | |||||||||
| Tier 1 risk-based capital ratio | |||||||||
| Total risk-based capital ratio | |||||||||
| Tangible common equity ratio | |||||||||
CitizensTrust
As of March 31, 2025 CitizensTrust had approximately
Corporate Overview
CVB 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 more than
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 Call
Management will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, April 24, 2025, to discuss the Company’s first quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI643a97d119af4b899539fee84f093408
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 Harbor
Certain 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, the impact of monetary, fiscal and trade policies, 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, immigration, trade, tariff, 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 transition away from USD LIBOR and uncertainties regarding potential alternative reference rates, including SOFR; 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 the economic and business environments in which we operate, including 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 in 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 2024 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) | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 187,981 | $ | 153,875 | $ | 131,955 | ||||||
| Interest-earning balances due from Federal Reserve | 341,108 | 50,823 | 817,634 | |||||||||
| Total cash and cash equivalents | 529,089 | 204,698 | 949,589 | |||||||||
| Interest-earning balances due from depository institutions | 3,451 | 480 | 12,632 | |||||||||
| Investment securities available-for-sale | 2,535,066 | 2,542,115 | 2,837,100 | |||||||||
| Investment securities held-to-maturity | 2,359,141 | 2,379,668 | 2,454,586 | |||||||||
| Total investment securities | 4,894,207 | 4,921,783 | 5,291,686 | |||||||||
| Investment in stock of Federal Home Loan Bank (FHLB) | 18,012 | 18,012 | 18,012 | |||||||||
| Loans and lease finance receivables | 8,363,632 | 8,536,432 | 8,770,713 | |||||||||
| Allowance for credit losses | (78,252 | ) | (80,122 | ) | (82,817 | ) | ||||||
| Net loans and lease finance receivables | 8,285,380 | 8,456,310 | 8,687,896 | |||||||||
| Premises and equipment, net | 26,772 | 27,543 | 43,448 | |||||||||
| Bank owned life insurance (BOLI) | 318,301 | 316,248 | 310,744 | |||||||||
| Intangibles | 8,812 | 9,967 | 13,853 | |||||||||
| Goodwill | 765,822 | 765,822 | 765,822 | |||||||||
| Other assets | 406,745 | 432,792 | 374,464 | |||||||||
| Total assets | $ | 15,256,591 | $ | 15,153,655 | $ | 16,468,146 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||||
| Liabilities: | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing | $ | 7,184,267 | $ | 7,037,096 | $ | 7,112,789 | ||||||
| Investment checking | 533,220 | 551,305 | 545,066 | |||||||||
| Savings and money market | 3,710,612 | 3,786,387 | 3,561,512 | |||||||||
| Time deposits | 561,822 | 573,593 | 675,554 | |||||||||
| Total deposits | 11,989,921 | 11,948,381 | 11,894,921 | |||||||||
| Customer repurchase agreements | 276,163 | 261,887 | 275,720 | |||||||||
| Other borrowings | 500,000 | 500,000 | 1,995,000 | |||||||||
| Other liabilities | 262,088 | 257,071 | 215,680 | |||||||||
| Total liabilities | 13,028,172 | 12,967,339 | 14,381,321 | |||||||||
| Stockholders' Equity | ||||||||||||
| Stockholders' equity | 2,505,719 | 2,498,380 | 2,422,110 | |||||||||
| Accumulated other comprehensive loss, net of tax | (277,300 | ) | (312,064 | ) | (335,285 | ) | ||||||
| Total stockholders' equity | 2,228,419 | 2,186,316 | 2,086,825 | |||||||||
| Total liabilities and stockholders' equity | $ | 15,256,591 | $ | 15,153,655 | $ | 16,468,146 | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 154,328 | $ | 152,966 | $ | 162,049 | ||||||
| Interest-earning balances due from Federal Reserve | 161,432 | 484,038 | 433,421 | |||||||||
| Total cash and cash equivalents | 315,760 | 637,004 | 595,470 | |||||||||
| Interest-earning balances due from depository institutions | 957 | 1,065 | 10,680 | |||||||||
| Investment securities available-for-sale | 2,539,211 | 2,542,649 | 2,900,097 | |||||||||
| Investment securities held-to-maturity | 2,369,507 | 2,393,865 | 2,457,611 | |||||||||
| Total investment securities | 4,908,718 | 4,936,514 | 5,357,708 | |||||||||
| Investment in stock of FHLB | 18,012 | 18,012 | 18,012 | |||||||||
| Loans and lease finance receivables | 8,467,465 | 8,522,587 | 8,824,579 | |||||||||
| Allowance for credit losses | (80,113 | ) | (82,960 | ) | (85,751 | ) | ||||||
| Net loans and lease finance receivables | 8,387,352 | 8,439,627 | 8,738,828 | |||||||||
| Premises and equipment, net | 27,408 | 29,959 | 44,380 | |||||||||
| Bank owned life insurance (BOLI) | 316,643 | 316,938 | 309,609 | |||||||||
| Intangibles | 9,518 | 10,650 | 14,585 | |||||||||
| Goodwill | 765,822 | 765,822 | 765,822 | |||||||||
| Other assets | 419,116 | 406,898 | 350,319 | |||||||||
| Total assets | $ | 15,169,306 | $ | 15,562,489 | $ | 16,205,413 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||||
| Liabilities: | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing | $ | 7,006,357 | $ | 7,116,050 | $ | 7,182,718 | ||||||
| Interest-bearing | 4,866,318 | 4,998,424 | 4,454,135 | |||||||||
| Total deposits | 11,872,675 | 12,114,474 | 11,636,853 | |||||||||
| Customer repurchase agreements | 317,322 | 456,145 | 309,272 | |||||||||
| Other borrowings | 513,078 | 500,000 | 1,991,978 | |||||||||
| Other liabilities | 239,283 | 278,314 | 168,442 | |||||||||
| Total liabilities | 12,942,358 | 13,348,933 | 14,106,545 | |||||||||
| Stockholders' Equity | ||||||||||||
| Stockholders' equity | 2,523,923 | 2,507,060 | 2,432,075 | |||||||||
| Accumulated other comprehensive loss, net of tax | (296,975 | ) | (293,504 | ) | (333,207 | ) | ||||||
| Total stockholders' equity | 2,226,948 | 2,213,556 | 2,098,868 | |||||||||
| Total liabilities and stockholders' equity | $ | 15,169,306 | $ | 15,562,489 | $ | 16,205,413 | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| Interest income: | ||||||||||||
| Loans and leases, including fees | $ | 109,071 | $ | 110,277 | $ | 116,349 | ||||||
| Investment securities: | ||||||||||||
| Investment securities available-for-sale | 18,734 | 18,041 | 21,446 | |||||||||
| Investment securities held-to-maturity | 13,021 | 13,020 | 13,402 | |||||||||
| Total investment income | 31,755 | 31,061 | 34,848 | |||||||||
| Dividends from FHLB stock | 379 | 380 | 419 | |||||||||
| Interest-earning deposits with other institutions | 1,797 | 5,881 | 6,073 | |||||||||
| Total interest income | 143,002 | 147,599 | 157,689 | |||||||||
| Interest expense: | ||||||||||||
| Deposits | 25,322 | 28,317 | 21,366 | |||||||||
| Borrowings and customer repurchase agreements | 6,800 | 8,291 | 23,862 | |||||||||
| Other | 436 | 573 | - | |||||||||
| Total interest expense | 32,558 | 37,181 | 45,228 | |||||||||
| Net interest income before (recapture of) provision for credit losses | 110,444 | 110,418 | 112,461 | |||||||||
| (Recapture of) provision for credit losses | (2,000 | ) | (3,000 | ) | - | |||||||
| Net interest income after (recapture of) provision for credit losses | 112,444 | 113,418 | 112,461 | |||||||||
| Noninterest income: | ||||||||||||
| Service charges on deposit accounts | 4,908 | 5,097 | 5,036 | |||||||||
| Trust and investment services | 3,411 | 3,512 | 3,224 | |||||||||
| Loss on sale of AFS investment securities | - | (16,735 | ) | - | ||||||||
| Gain on OREO, net | 2,183 | - | - | |||||||||
| Gain on sale leaseback transactions | - | 16,794 | - | |||||||||
| Other | 5,727 | 4,435 | 5,853 | |||||||||
| Total noninterest income | 16,229 | 13,103 | 14,113 | |||||||||
| Noninterest expense: | . | |||||||||||
| Salaries and employee benefits | 36,477 | 35,998 | 36,401 | |||||||||
| Occupancy and equipment | 5,998 | 5,866 | 5,565 | |||||||||
| Professional services | 2,081 | 2,646 | 2,255 | |||||||||
| Computer software expense | 4,221 | 3,921 | 3,525 | |||||||||
| Marketing and promotion | 1,988 | 1,757 | 1,630 | |||||||||
| Amortization of intangible assets | 1,155 | 1,163 | 1,438 | |||||||||
| Provision for unfunded loan commitments | 500 | - | - | |||||||||
| Other | 6,724 | 7,129 | 8,957 | |||||||||
| Total noninterest expense | 59,144 | 58,480 | 59,771 | |||||||||
| Earnings before income taxes | 69,529 | 68,041 | 66,803 | |||||||||
| Income taxes | 18,425 | 17,183 | 18,204 | |||||||||
| Net earnings | $ | 51,104 | $ | 50,858 | $ | 48,599 | ||||||
| Basic earnings per common share | $ | 0.37 | $ | 0.36 | $ | 0.35 | ||||||
| Diluted earnings per common share | $ | 0.36 | $ | 0.36 | $ | 0.35 | ||||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| Interest income - tax equivalent (TE) | $ | 143,525 | $ | 148,128 | $ | 158,228 | ||||||
| Interest expense | 32,558 | 37,181 | 45,228 | |||||||||
| Net interest income - (TE) | $ | 110,967 | $ | 110,947 | $ | 113,000 | ||||||
| Return on average assets, annualized | 1.37 | % | 1.30 | % | 1.21 | % | ||||||
| Return on average equity, annualized | 9.31 | % | 9.14 | % | 9.31 | % | ||||||
| Efficiency ratio [1] | 46.69 | % | 47.34 | % | 47.22 | % | ||||||
| Noninterest expense to average assets, annualized | 1.58 | % | 1.49 | % | 1.48 | % | ||||||
| Yield on average loans | 5.22 | % | 5.15 | % | 5.30 | % | ||||||
| Yield on average earning assets (TE) | 4.28 | % | 4.24 | % | 4.34 | % | ||||||
| Cost of deposits | 0.86 | % | 0.93 | % | 0.74 | % | ||||||
| Cost of deposits and customer repurchase agreements | 0.87 | % | 0.97 | % | 0.73 | % | ||||||
| Cost of funds | 1.04 | % | 1.13 | % | 1.31 | % | ||||||
| Net interest margin (TE) | 3.31 | % | 3.18 | % | 3.10 | % | ||||||
| [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 | 10.04 | % | 9.81 | % | 8.33 | % | ||||||
| Citizens Business Bank | 9.92 | % | 9.64 | % | 8.23 | % | ||||||
| [2] (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles]) | ||||||||||||
| Weighted average shares outstanding | ||||||||||||
| Basic | 138,973,996 | 138,661,665 | 138,428,596 | |||||||||
| Diluted | 139,294,401 | 139,102,524 | 138,603,324 | |||||||||
| Dividends declared | $ | 27,853 | $ | 27,978 | $ | 27,886 | ||||||
| Dividend payout ratio [3] | 54.50 | % | 55.01 | % | 57.38 | % | ||||||
| [3] Dividends declared on common stock divided by net earnings. | ||||||||||||
| Number of shares outstanding - (end of period) | 139,089,612 | 139,689,686 | 139,641,884 | |||||||||
| Book value per share | $ | 16.02 | $ | 15.65 | $ | 14.94 | ||||||
| Tangible book value per share | $ | 10.45 | $ | 10.10 | $ | 9.36 | ||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| Nonperforming assets: | ||||||||||||
| Nonaccrual loans | $ | 25,636 | $ | 27,795 | $ | 13,810 | ||||||
| Other real estate owned (OREO), net | 495 | 19,303 | 647 | |||||||||
| Total nonperforming assets | $ | 26,131 | $ | 47,098 | $ | 14,457 | ||||||
| Modified loans/performing troubled debt restructured loans (TDR) [4] | $ | 11,949 | $ | 6,467 | $ | 10,765 | ||||||
| [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 | 0.31 | % | 0.55 | % | 0.16 | % | ||||||
| Percentage of nonperforming assets to total assets | 0.17 | % | 0.31 | % | 0.09 | % | ||||||
| Allowance for credit losses to nonperforming assets | 299.46 | % | 170.12 | % | 572.85 | % | ||||||
| Three Months Ended | ||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||
| Allowance for credit losses: | ||||||||||||
| Beginning balance | $ | 80,122 | $ | 82,942 | $ | 86,842 | ||||||
| Total charge-offs | (40 | ) | (64 | ) | (4,267 | ) | ||||||
| Total recoveries on loans previously charged-off | 170 | 244 | 242 | |||||||||
| Net recoveries (charge-offs) | 130 | 180 | (4,025 | ) | ||||||||
| (Recapture of) provision for credit losses | (2,000 | ) | (3,000 | ) | - | |||||||
| Allowance for credit losses at end of period | $ | 78,252 | $ | 80,122 | $ | 82,817 | ||||||
| Net recoveries (charge-offs) to average loans | 0.002 | % | 0.002 | % | -0.046 | % | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| (Dollars in millions) | ||||||||||||||||||||||||
| Allowance for Credit Losses by Loan Type | ||||||||||||||||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||||||||||||
| 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 | $ | 65.3 | 1.01 | % | $ | 66.2 | 1.02 | % | $ | 69.4 | 1.03 | % | ||||||||||||
| Construction | 0.2 | 1.52 | % | 0.3 | 1.94 | % | 1.3 | 2.20 | % | |||||||||||||||
| SBA | 2.6 | 0.96 | % | 2.6 | 0.96 | % | 2.5 | 0.94 | % | |||||||||||||||
| Commercial and industrial | 6.1 | 0.65 | % | 6.1 | 0.66 | % | 5.1 | 0.53 | % | |||||||||||||||
| Dairy & livestock and agribusiness | 2.8 | 1.12 | % | 3.6 | 0.86 | % | 3.3 | 0.92 | % | |||||||||||||||
| Municipal lease finance receivables | 0.2 | 0.32 | % | 0.2 | 0.31 | % | 0.2 | 0.27 | % | |||||||||||||||
| SFR mortgage | 0.5 | 0.16 | % | 0.5 | 0.16 | % | 0.5 | 0.17 | % | |||||||||||||||
| Consumer and other loans | 0.6 | 0.94 | % | 0.6 | 1.04 | % | 0.5 | 0.97 | % | |||||||||||||||
| Total | $ | 78.3 | 0.94 | % | $ | 80.1 | 0.94 | % | $ | 82.8 | 0.94 | % | ||||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||
| Quarterly Common Stock Price | ||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||
| Quarter End | High | Low | High | Low | High | Low | ||||||||||||||||||
| March 31, | $ | 21.71 | $ | 18.22 | $ | 20.45 | $ | 15.95 | $ | 25.98 | $ | 16.34 | ||||||||||||
| June 30, | $ | - | $ | - | $ | 17.91 | $ | 15.71 | $ | 16.89 | $ | 10.66 | ||||||||||||
| September 30, | $ | - | $ | - | $ | 20.29 | $ | 16.08 | $ | 19.66 | $ | 12.89 | ||||||||||||
| December 31, | $ | - | $ | - | $ | 24.58 | $ | 17.20 | $ | 21.77 | $ | 14.62 | ||||||||||||
| Quarterly Consolidated Statements of Earnings | ||||||||||||||||||||||||
| Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||
| Loans and leases, including fees | $ | 109,071 | $ | 110,277 | $ | 114,929 | $ | 114,200 | $ | 116,349 | ||||||||||||||
| Investment securities and other | 33,931 | 37,322 | 50,823 | 44,872 | 41,340 | |||||||||||||||||||
| Total interest income | 143,002 | 147,599 | 165,752 | 159,072 | 157,689 | |||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||
| Deposits | 25,322 | 28,317 | 29,821 | 25,979 | 21,366 | |||||||||||||||||||
| Borrowings and customer repurchase agreements | 6,800 | 8,291 | 22,312 | 22,244 | 23,862 | |||||||||||||||||||
| Other | 436 | 573 | - | - | - | |||||||||||||||||||
| Total interest expense | 32,558 | 37,181 | 52,133 | 48,223 | 45,228 | |||||||||||||||||||
| Net interest income before (recapture of) | ||||||||||||||||||||||||
| provision for credit losses | 110,444 | 110,418 | 113,619 | 110,849 | 112,461 | |||||||||||||||||||
| (Recapture of) provision for credit losses | (2,000 | ) | (3,000 | ) | - | - | - | |||||||||||||||||
| Net interest income after (recapture of) | ||||||||||||||||||||||||
| provision for credit losses | 112,444 | 113,418 | 113,619 | 110,849 | 112,461 | |||||||||||||||||||
| Noninterest income | 16,229 | 13,103 | 12,834 | 14,424 | 14,113 | |||||||||||||||||||
| Noninterest expense | 59,144 | 58,480 | 58,835 | 56,497 | 59,771 | |||||||||||||||||||
| Earnings before income taxes | 69,529 | 68,041 | 67,618 | 68,776 | 66,803 | |||||||||||||||||||
| Income taxes | 18,425 | 17,183 | 16,394 | 18,741 | 18,204 | |||||||||||||||||||
| Net earnings | $ | 51,104 | $ | 50,858 | $ | 51,224 | $ | 50,035 | $ | 48,599 | ||||||||||||||
| Effective tax rate | 26.50 | % | 25.25 | % | 24.25 | % | 27.25 | % | 27.25 | % | ||||||||||||||
| Basic earnings per common share | $ | 0.37 | $ | 0.36 | $ | 0.37 | $ | 0.36 | $ | 0.35 | ||||||||||||||
| Diluted earnings per common share | $ | 0.36 | $ | 0.36 | $ | 0.37 | $ | 0.36 | $ | 0.35 | ||||||||||||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||||||||||
| Cash dividends declared | $ | 27,853 | $ | 27,978 | $ | 27,977 | $ | 28,018 | $ | 27,886 | ||||||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Loan Portfolio by Type | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| Commercial real estate | $ | 6,490,604 | $ | 6,507,452 | $ | 6,618,637 | $ | 6,664,925 | $ | 6,720,538 | ||||||||||
| Construction | 15,706 | 16,082 | 14,755 | 52,227 | 58,806 | |||||||||||||||
| SBA | 271,844 | 273,013 | 272,001 | 267,938 | 268,320 | |||||||||||||||
| SBA - PPP | 179 | 774 | 1,255 | 1,757 | 2,249 | |||||||||||||||
| Commercial and industrial | 942,301 | 925,178 | 936,489 | 956,184 | 963,120 | |||||||||||||||
| Dairy & livestock and agribusiness | 252,532 | 419,904 | 342,445 | 350,562 | 351,624 | |||||||||||||||
| Municipal lease finance receivables | 65,203 | 66,114 | 67,585 | 70,889 | 72,032 | |||||||||||||||
| SFR mortgage | 269,493 | 269,172 | 267,181 | 267,593 | 276,475 | |||||||||||||||
| Consumer and other loans | 55,770 | 58,743 | 52,217 | 49,771 | 57,549 | |||||||||||||||
| Gross loans, at amortized cost | 8,363,632 | 8,536,432 | 8,572,565 | 8,681,846 | 8,770,713 | |||||||||||||||
| Allowance for credit losses | (78,252 | ) | (80,122 | ) | (82,942 | ) | (82,786 | ) | (82,817 | ) | ||||||||||
| Net loans | $ | 8,285,380 | $ | 8,456,310 | $ | 8,489,623 | $ | 8,599,060 | $ | 8,687,896 | ||||||||||
| Deposit Composition by Type and Customer Repurchase Agreements | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| Noninterest-bearing | $ | 7,184,267 | $ | 7,037,096 | $ | 7,136,824 | $ | 7,090,095 | $ | 7,112,789 | ||||||||||
| Investment checking | 533,220 | 551,305 | 504,028 | 515,930 | 545,066 | |||||||||||||||
| Savings and money market | 3,710,612 | 3,786,387 | 3,745,707 | 3,409,320 | 3,561,512 | |||||||||||||||
| Time deposits | 561,822 | 573,593 | 685,930 | 774,980 | 675,554 | |||||||||||||||
| Total deposits | 11,989,921 | 11,948,381 | 12,072,489 | 11,790,325 | 11,894,921 | |||||||||||||||
| Customer repurchase agreements | 276,163 | 261,887 | 394,515 | 268,826 | 275,720 | |||||||||||||||
| Total deposits and customer repurchase agreements | $ | 12,266,084 | $ | 12,210,268 | $ | 12,467,004 | $ | 12,059,151 | $ | 12,170,641 | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Nonperforming Assets and Delinquency Trends | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||
| Nonperforming loans: | ||||||||||||||||||||
| Commercial real estate | $ | 24,379 | $ | 25,866 | $ | 18,794 | $ | 21,908 | $ | 10,661 | ||||||||||
| Construction | - | - | - | - | - | |||||||||||||||
| SBA | 1,024 | 1,529 | 151 | 337 | 54 | |||||||||||||||
| Commercial and industrial | 173 | 340 | 2,825 | 2,712 | 2,727 | |||||||||||||||
| Dairy & livestock and agribusiness | 60 | 60 | 143 | - | 60 | |||||||||||||||
| SFR mortgage | - | - | - | - | 308 | |||||||||||||||
| Consumer and other loans | - | - | - | - | - | |||||||||||||||
| Total | $ | 25,636 | $ | 27,795 | $ | 21,913 | $ | 24,957 | $ | 13,810 | ||||||||||
| % of Total loans | 0.31 | % | 0.33 | % | 0.26 | % | 0.29 | % | 0.16 | % | ||||||||||
| Past due 30-89 days (accruing): | ||||||||||||||||||||
| Commercial real estate | $ | - | $ | - | $ | 30,701 | $ | 43 | $ | 19,781 | ||||||||||
| Construction | - | - | - | - | - | |||||||||||||||
| SBA | 718 | 88 | - | - | 408 | |||||||||||||||
| Commercial and industrial | - | 399 | 64 | 103 | 6 | |||||||||||||||
| Dairy & livestock and agribusiness | - | - | - | - | - | |||||||||||||||
| SFR mortgage | - | - | - | - | - | |||||||||||||||
| Consumer and other loans | - | - | - | - | - | |||||||||||||||
| Total | $ | 718 | $ | 487 | $ | 30,765 | $ | 146 | $ | 20,195 | ||||||||||
| % of Total loans | 0.01 | % | 0.01 | % | 0.36 | % | 0.00 | % | 0.23 | % | ||||||||||
| OREO: | ||||||||||||||||||||
| Commercial real estate | $ | 495 | $ | 18,656 | $ | - | $ | - | $ | - | ||||||||||
| SBA | - | - | - | - | - | |||||||||||||||
| Commercial and industrial | - | - | - | - | - | |||||||||||||||
| SFR mortgage | - | 647 | 647 | 647 | 647 | |||||||||||||||
| Total | $ | 495 | $ | 19,303 | $ | 647 | $ | 647 | $ | 647 | ||||||||||
| Total nonperforming, past due, and OREO | $ | 26,849 | $ | 47,585 | $ | 53,325 | $ | 25,750 | $ | 34,652 | ||||||||||
| % of Total loans | 0.32 | % | 0.56 | % | 0.62 | % | 0.30 | % | 0.40 | % | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Regulatory Capital Ratios | ||||||||||||||||
| CVB Financial Corp. Consolidated | ||||||||||||||||
| Capital Ratios | Minimum Required Plus Capital Conservation Buffer | March 31, 2025 | December 31, 2024 | March 31, 2024 | ||||||||||||
| Tier 1 leverage capital ratio | 4.0 | % | 11.8 | % | 11.5 | % | 10.5 | % | ||||||||
| Common equity Tier 1 capital ratio | 7.0 | % | 16.5 | % | 16.2 | % | 14.9 | % | ||||||||
| Tier 1 risk-based capital ratio | 8.5 | % | 16.5 | % | 16.2 | % | 14.9 | % | ||||||||
| Total risk-based capital ratio | 10.5 | % | 17.3 | % | 17.1 | % | 15.8 | % | ||||||||
| Tangible common equity ratio | 10.0 | % | 9.8 | % | 8.3 | % | ||||||||||
| 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 March 31, 2025, December 31, 2024 and March 31, 2024. | |||||||||||
| March 31, 2025 | December 31, 2024 | March 31, 2024 | |||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||
| Stockholders' equity | $ | 2,228,419 | $ | 2,186,316 | $ | 2,086,825 | |||||
| Less: Goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | |||||
| Less: Intangible assets | (8,812 | ) | (9,967 | ) | (13,853 | ) | |||||
| Tangible book value | $ | 1,453,785 | $ | 1,410,527 | $ | 1,307,150 | |||||
| Common shares issued and outstanding | 139,089,612 | 139,689,686 | 139,641,884 | ||||||||
| Tangible book value per share | $ | 10.45 | $ | 10.10 | $ | 9.36 | |||||
| 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 | |||||||||||||
| March 31, | December 31, | March 31, | |||||||||||
| 2025 | 2024 | 2024 | |||||||||||
| (Dollars in thousands) | |||||||||||||
| Net Income | $ | 51,104 | $ | 50,858 | $ | 48,599 | |||||||
| Add: Amortization of intangible assets | 1,155 | 1,163 | 1,438 | ||||||||||
| Less: Tax effect of amortization of intangible assets (1) | (341 | ) | (344 | ) | (425 | ) | |||||||
| Tangible net income | $ | 51,918 | $ | 51,677 | $ | 49,612 | |||||||
| Average stockholders' equity | $ | 2,226,948 | $ | 2,213,556 | $ | 2,098,868 | |||||||
| Less: Average goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | |||||||
| Less: Average intangible assets | (9,518 | ) | (10,650 | ) | (14,585 | ) | |||||||
| Average tangible common equity | $ | 1,451,608 | $ | 1,437,084 | $ | 1,318,461 | |||||||
| Return on average equity, annualized (2) | 9.31 | % | 9.14 | % | 9.31 | % | |||||||
| Return on average tangible common equity, annualized (2) | 14.51 | % | 14.31 | % | 15.13 | % | |||||||
| (1) Tax effected at respective statutory rates. | |||||||||||||
| (2) Annualized where applicable. | |||||||||||||
FAQ
What was CVB Financial's (CVBF) earnings per share in Q1 2025?
How did CVBF's net interest margin perform in Q1 2025?
What was CVBF's efficiency ratio in the first quarter of 2025?
How much did CVBF's noninterest-bearing deposits grow in Q1 2025?
What was CVBF's return on average assets (ROAA) in Q1 2025?
