CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2024
CVB Financial Corp. (NASDAQ:CVBF) reported Q4 2024 net earnings of $50.9 million ($0.36 per share), slightly down from $51.2 million in Q3 2024. For the full year 2024, net income was $200.7 million ($1.44 per share), compared to $221.4 million in 2023.
Key Q4 2024 metrics include a net interest margin of 3.18%, efficiency ratio of 47.34%, and noninterest-bearing deposits at 59% of total deposits. The company announced a 10 million share repurchase program and executed sale-leaseback transactions of two buildings, generating pre-tax gains of $16.8 million.
Notable developments include a $36 million decline in loans from Q3 2024, $3 million recapture of allowance for credit losses, and the sale of $155 million in AFS securities resulting in a pre-tax loss of $16.7 million. The company maintained strong capital ratios with TCE at 9.82% and CET1 above 16%.
CVB Financial Corp. (NASDAQ:CVBF) ha riportato utili netti per il quarto trimestre 2024 di 50,9 milioni di dollari (0,36 dollari per azione), leggermente in calo rispetto ai 51,2 milioni di dollari del terzo trimestre 2024. Per l'intero anno 2024, il reddito netto è stato di 200,7 milioni di dollari (1,44 dollari per azione), rispetto ai 221,4 milioni di dollari del 2023.
I principali indicatori del quarto trimestre 2024 includono un margine di interesse netto del 3,18%, un rapporto di efficienza del 47,34% e depositi non remunerati al 59% del totale dei depositi. L'azienda ha annunciato un programma di riacquisto di 10 milioni di azioni ed eseguito transazioni di vendita e leasing di due edifici, generando guadagni pre-imposta di 16,8 milioni di dollari.
Sviluppi significativi includono un calo di 36 milioni di dollari nei prestiti rispetto al terzo trimestre 2024, un recupero di 3 milioni di dollari dall'accantonamento per perdite su crediti e la vendita di titoli AFS per 155 milioni di dollari, risultando in una perdita pre-imposta di 16,7 milioni di dollari. L'azienda ha mantenuto solidi rapporti di capitale con un TCE al 9,82% e un CET1 superiore al 16%.
CVB Financial Corp. (NASDAQ:CVBF) reportó ganancias netas del cuarto trimestre de 2024 de 50,9 millones de dólares (0,36 dólares por acción), ligeramente por debajo de los 51,2 millones de dólares del tercer trimestre de 2024. Para todo el año 2024, la renta neta fue de 200,7 millones de dólares (1,44 dólares por acción), en comparación con 221,4 millones de dólares en 2023.
Los métricas clave del cuarto trimestre de 2024 incluyen un margen de interés neto del 3,18%, una relación de eficiencia del 47,34% y depósitos no remunerativos en el 59% del total de depósitos. La empresa anunció un programa de recompra de 10 millones de acciones y ejecutó transacciones de venta y arrendamiento de dos edificios, generando ganancias antes de impuestos de 16,8 millones de dólares.
Desarrollos notables incluyen una disminución de 36 millones de dólares en préstamos desde el tercer trimestre de 2024, un recapturado de 3 millones de dólares de la provisión para pérdidas crediticias y la venta de títulos AFS por 155 millones de dólares, resultando en una pérdida antes de impuestos de 16,7 millones de dólares. La empresa mantuvo sólidos ratios de capital con un TCE del 9,82% y un CET1 por encima del 16%.
CVB Financial Corp. (NASDAQ:CVBF)는 2024년 4분기 순이익 5,090만 달러 (주당 0.36달러)를 보고했으며, 이는 2024년 3분기의 5,120만 달러에서 약간 감소한 수치입니다. 2024년 전체 연도의 순이익은 2억 7백만 달러 (주당 1.44달러)로, 2023년의 2억 2천 1백 40만 달러와 비교되었습니다.
2024년 4분기의 주요 지표로는 순이자 마진이 3.18%, 효율성 비율이 47.34%, 비이자 예금이 총 예금의 59%를 차지했습니다. 이 회사는 1천만 주의 자사주 매입 프로그램을 발표했으며, 두 개 건물에 대한 판매-임대 거래를 실시하여 세전 1천 6백 80만 달러의 이익을 창출했습니다.
주요 개발 사항으로는 2024년 3분기 대비 대출이 3천 6백만 달러 감소하고, 대출 손실에 대한 적립금이 3백만 달러 회수되었으며, AFS 증권 1억 5천 5백만 달러 매각으로 세전 1천 6백 70만 달러의 손실이 발생했습니다. 회사는 TCE가 9.82%이고 CET1이 16%를 초과하여 강력한 자본 비율을 유지했습니다.
CVB Financial Corp. (NASDAQ:CVBF) a déclaré un bénéfice net de 50,9 millions de dollars pour le quatrième trimestre 2024 (0,36 dollar par action), en légère baisse par rapport à 51,2 millions de dollars au troisième trimestre 2024. Pour l'année entière 2024, le revenu net s'élevait à 200,7 millions de dollars (1,44 dollar par action), contre 221,4 millions de dollars en 2023.
Les principaux indicateurs du quatrième trimestre 2024 comprennent un marge d'intérêt net de 3,18%, un ratio d'efficacité de 47,34% et des dépôts non rémunérateurs représentant 59% des dépôts totaux. L'entreprise a annoncé un programme de rachat de 10 millions d'actions et a exécuté des transactions de vente et de location de deux bâtiments, générant des gains avant impôts de 16,8 millions de dollars.
Parmi les développements notables, on note une baisse de 36 millions de dollars des prêts par rapport au troisième trimestre 2024, une reprise de 3 millions de dollars des provisions pour pertes de crédit, et la vente de titres AFS pour 155 millions de dollars, entraînant une perte avant impôts de 16,7 millions de dollars. L'entreprise a maintenu des ratios de capital solides avec un TCE de 9,82 % et un CET1 supérieur à 16 %.
Die CVB Financial Corp. (NASDAQ:CVBF) hat für das vierte Quartal 2024 einen Nettogewinn von 50,9 Millionen Dollar (0,36 Dollar pro Aktie) gemeldet, was einen leichten Rückgang von 51,2 Millionen Dollar im dritten Quartal 2024 bedeutet. Für das gesamte Jahr 2024 betrug der Nettogewinn 200,7 Millionen Dollar (1,44 Dollar pro Aktie), im Vergleich zu 221,4 Millionen Dollar im Jahr 2023.
Wichtige Kennzahlen für das vierte Quartal 2024 umfassen eine Nettzinsspanne von 3,18%, ein Effizienzverhältnis von 47,34% und nicht verzinsliche Einlagen, die 59% der gesamten Einlagen ausmachen. Das Unternehmen kündigte ein Programm zum Rückkauf von 10 Millionen Aktien an und führte Sale-Leaseback-Transaktionen für zwei Gebäude durch, die vor Steuern einen Gewinn von 16,8 Millionen Dollar erzielen.
Bedeutende Entwicklungen umfassen einen Rückgang von 36 Millionen Dollar bei den Krediten im Vergleich zum dritten Quartal 2024, eine Rückführung von 3 Millionen Dollar der Rückstellungen für Kreditverluste und den Verkauf von AFS-Wertpapieren im Wert von 155 Millionen Dollar, was zu einem Verlust vor Steuern von 16,7 Millionen Dollar führte. Das Unternehmen hielt starke Kapitalquoten mit einem TCE von 9,82% und einem CET1 von über 16% aufrecht.
- Net recoveries of $180,000 in Q4 2024
- Strong capital position with CET1 ratio above 16%
- High proportion (59%) of noninterest-bearing deposits
- Q4 average deposits increased by $150 million
- Efficiency ratio improved to 47.34%
- Net income decreased from $221.4M in 2023 to $200.7M in 2024
- Loans declined by $368.5 million (4.14%) year-over-year
- Net interest margin declined to 3.09% in 2024 from 3.31% in 2023
- Return on average tangible common equity decreased to 14.95% from 18.48% in 2023
Insights
CVBF delivered a solid fourth quarter with
The bank's deposit franchise remains a key strength, with noninterest-bearing deposits comprising
Credit quality metrics are exceptionally strong, with net recoveries of
Strategic initiatives during Q4, including the sale-leaseback transactions and securities portfolio restructuring, position the bank well for 2025, though the
Fourth Quarter 2024
- Net Earnings of
$51 million , or$0.36 per share - Return on Average Assets of
1.30% - Net Interest Margin of
3.18%
Full Year 2024
- Net Earnings of
$201 million , or$1.44 per share - Return on Average Tangible Common Equity of
14.95%
Ontario, CA, Jan. 22, 2025 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter and the year ended December 31, 2024.
CVB Financial Corp. reported net income of
For the fourth quarter of 2024, annualized return on average equity (“ROAE”) was
For the year ended December 31, 2024, the Company reported net income of
David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We are pleased with our fourth quarter results which represents our 191st consecutive quarter of profitability. I would like to thank our customers for their loyalty and our associates for their commitment.”
Highlights for the Fourth Quarter of 2024
- Net interest margin of
3.18% - Efficiency Ratio of
47.34% - TCE Ratio =
9.82% & CET1 Ratio >16% - Announced 10 million Share Repurchase Program
- Q4 average deposits and customer repurchase agreements increased by
$150 million - Noninterest-bearing deposits were
59% of total deposits - Executed the sale and leaseback of two buildings generating pre-tax gains of
$16.8 million - Sold
$155 million in AFS securities for a pre-tax loss of$16.7 million - Loans declined by
$36 million , or0.4% from the end of the third quarter of 2024 - Net recoveries were
$180,000 for the fourth quarter of 2024 $19 million increase in OREO$3 million recapture of allowance for credit losses
Highlights for the Full Year 2024
- Net interest margin of
3.09% - Efficiency ratio <
47% - Grew non-maturity deposits by
$338 million from the end of 2023 - Loans declined by
$368 million , or4.1% from the end of 2023 - Sold
$467 million in AFS securities for a pre-tax loss of$28.3 million - Executed the sale and leaseback of four buildings generating pre-tax gains of
$25.9 million - Redeemed
$2.1 billion of Bank Term Funding Program borrowings
INCOME STATEMENT HIGHLIGHTS
| Three Months Ended | Year Ended December 31, | |||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | 2024 | 2023 | 2022 | |||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||
| Net interest income | $ | 110,418 | $ | 113,619 | $ | 119,356 | $ | 447,347 | $ | 487,990 | $ | 505,513 | ||||||||||||
| Recapure of (provision for) credit losses | 3,000 | - | 2,000 | 3,000 | (2,000 | ) | (10,600 | ) | ||||||||||||||||
| Noninterest income | 13,103 | 12,834 | 19,163 | 54,474 | 59,330 | 49,989 | ||||||||||||||||||
| Noninterest expense | (58,480 | ) | (58,835 | ) | (65,930 | ) | (233,583 | ) | (229,886 | ) | (216,555 | ) | ||||||||||||
| Income taxes | (17,183 | ) | (16,394 | ) | (26,081 | ) | (70,522 | ) | (93,999 | ) | (92,922 | ) | ||||||||||||
| Net earnings | $ | 50,858 | $ | 51,224 | $ | 48,508 | $ | 200,716 | $ | 221,435 | $ | 235,425 | ||||||||||||
| Earnings per common share: | ||||||||||||||||||||||||
| Basic | $ | 0.36 | $ | 0.37 | $ | 0.35 | $ | 1.44 | $ | 1.59 | $ | 1.67 | ||||||||||||
| Diluted | $ | 0.36 | $ | 0.37 | $ | 0.35 | $ | 1.44 | $ | 1.59 | $ | 1.67 | ||||||||||||
| NIM | 3.18 | % | 3.05 | % | 3.26 | % | 3.09 | % | 3.31 | % | 3.30 | % | ||||||||||||
| ROAA | 1.30 | % | 1.23 | % | 1.19 | % | 1.24 | % | 1.35 | % | 1.39 | % | ||||||||||||
| ROAE | 9.14 | % | 9.40 | % | 9.65 | % | 9.35 | % | 11.03 | % | 11.39 | % | ||||||||||||
| ROATCE | 14.31 | % | 14.93 | % | 16.21 | % | 14.95 | % | 18.48 | % | 18.85 | % | ||||||||||||
| Efficiency ratio | 47.34 | % | 46.53 | % | 47.60 | % | 46.55 | % | 42.00 | % | 38.98 | % | ||||||||||||
Net Interest Income
Net interest income was
The decline in net interest income compared to the fourth quarter of 2023 was primarily due to a
Net interest income of
Net Interest Margin
Our tax equivalent net interest margin was
Net interest margin for the fourth quarter of 2024 decreased by 8 basis points compared to the fourth quarter of 2023, as a result of lower interest earning asset yields that declined by 6 basis points and a 4 basis point increase in funding costs. Earning asset yields declined from
Earning Assets and Deposits
On average, total earning assets declined by
| Three Months Ended | ||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||||||
| (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 | $ | 4,936,514 | 35.36 | % | $ | 5,080,033 | 34.01 | % | $ | 5,328,208 | 36.38 | % | ||||||
| Interest-earning deposits with other institutions | 485,103 | 3.47 | % | 1,232,551 | 8.25 | % | 443,773 | 3.03 | % | |||||||||
| Loans | 8,522,587 | 61.04 | % | 8,605,270 | 57.61 | % | 8,856,654 | 60.47 | % | |||||||||
| Total interest-earning assets | 13,962,216 | 14,935,866 | 14,646,647 | |||||||||||||||
| Year Ended December 31, | ||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | 2024 | 2023 | 2022 | |||||||||||||||
| (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 | $ | 5,144,555 | 35.35 | % | $ | 5,579,488 | 37.63 | % | $ | 5,939,554 | 38.47 | % | ||||||
| Interest-earning deposits with other institutions | 720,428 | 4.95 | % | 331,156 | 2.23 | % | 804,744 | 5.21 | % | |||||||||
| Loans | 8,670,420 | 59.58 | % | 8,893,335 | 59.97 | % | 8,676,820 | 56.20 | % | |||||||||
| Total interest-earning assets | 14,553,415 | 14,829,057 | 15,439,427 | |||||||||||||||
Provision for Credit Losses
There was a
For the year ended December 31, 2024, we recorded a
Noninterest Income
Noninterest income was
For the year ended December 31, 2024, noninterest income was
Noninterest Expense
Noninterest expense for the fourth quarter of 2024 was
Noninterest expense decreased by
Income Taxes
Our effective tax rate for the fourth quarter of 2024 was
BALANCE SHEET HIGHLIGHTS
Assets
The Company reported total assets of
Total assets at December 31, 2024 decreased by
Sale-Leaseback Transaction
During the fourth quarter of 2024, the Bank executed sale-leaseback transactions and sold two buildings for an aggregate sale price of
Total sale-leaseback transactions for full year 2024 entailed the sale of four buildings sold for a cumulative sale price of
Investment Securities and BOLI
Total investment securities were
At December 31, 2024, investment securities available-for-sale (“AFS”) totaled
Concurrent with the sale-leaseback transactions during the fourth quarter of 2024, the Bank sold AFS securities with a book value of
At December 31, 2024, investment securities held-to-maturity (“HTM”) totaled
At December 31, 2024, the Company had
Loans
Total loans and leases, at amortized cost, of
Total loans and leases, at amortized cost, decreased by
Asset Quality
During the fourth quarter of 2024, 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 | December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||
| Nonperforming loans | (Dollars in thousands) | |||||||||||
| Commercial real estate | $ | 25,866 | $ | 18,794 | $ | 15,440 | ||||||
| SBA | 1,529 | 151 | 969 | |||||||||
| Commercial and industrial | 340 | 2,825 | 4,509 | |||||||||
| Dairy & livestock and agribusiness | 60 | 143 | 60 | |||||||||
| SFR mortgage | - | - | 324 | |||||||||
| Consumer and other loans | - | - | - | |||||||||
| Total | $ | 27,795 | $ | 21,913 | $ | 21,302 | ||||||
| % of Total loans | 0.33 | % | 0.26 | % | 0.24 | % | ||||||
| OREO | ||||||||||||
| Commercial real estate | $ | 18,656 | $ | - | $ | - | ||||||
| Commercial and industrial | - | - | - | |||||||||
| SFR mortgage | 647 | 647 | - | |||||||||
| Total | $ | 19,303 | $ | 647 | $ | - | ||||||
| Total nonperforming assets | $ | 47,098 | $ | 22,560 | $ | 21,302 | ||||||
| % of Nonperforming assets to total assets | 0.31 | % | 0.15 | % | 0.13 | % | ||||||
| Past due 30-89 days (accruing) | ||||||||||||
| Commercial real estate | $ | - | $ | 30,701 | $ | 300 | ||||||
| SBA | 88 | - | 108 | |||||||||
| Commercial and industrial | 399 | 64 | 12 | |||||||||
| Dairy & livestock and agribusiness | - | - | - | |||||||||
| SFR mortgage | - | - | 201 | |||||||||
| Consumer and other loans | - | - | 18 | |||||||||
| Total | $ | 487 | $ | 30,765 | $ | 639 | ||||||
| % of Total loans | 0.01 | % | 0.36 | % | 0.01 | % | ||||||
| Total nonperforming, OREO, and past due | $ | 47,585 | $ | 53,325 | $ | 21,941 | ||||||
| Classified Loans | $ | 89,549 | $ | 124,606 | $ | 102,197 | ||||||
Total nonperforming assets and delinquent loans decreased from
Classified loans are loans that are graded “substandard” or worse. Classified loans totaled
Deposits & Customer Repurchase Agreements
Deposits of
Noninterest-bearing deposits were
Borrowings
As of December 31, 2024, 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 | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||
| 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 December 31, 2024, 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, January 23, 2025 to discuss the Company’s fourth quarter and year ended 2024 financial results. The conference call can be accessed live by registering at: https://register.vevent.com/register/BIf69e02e605ed46219d375263adc834bc
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, 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, key personnel and customers 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 (including low cost 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; systemic or non-systemic bank failures or crises; 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 money laundering, 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) | ||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 153,875 | $ | 200,651 | $ | 171,396 | ||||||
| Interest-earning balances due from Federal Reserve | 50,823 | 252,809 | 109,889 | |||||||||
| Total cash and cash equivalents | 204,698 | 453,460 | 281,285 | |||||||||
| Interest-earning balances due from depository institutions | 480 | 24,338 | 8,216 | |||||||||
| Investment securities available-for-sale | 2,542,115 | 2,465,585 | 2,956,125 | |||||||||
| Investment securities held-to-maturity | 2,379,668 | 2,405,254 | 2,464,610 | |||||||||
| Total investment securities | 4,921,783 | 4,870,839 | 5,420,735 | |||||||||
| Investment in stock of Federal Home Loan Bank (FHLB) | 18,012 | 18,012 | 18,012 | |||||||||
| Loans and lease finance receivables | 8,536,432 | 8,572,565 | 8,904,910 | |||||||||
| Allowance for credit losses | (80,122 | ) | (82,942 | ) | (86,842 | ) | ||||||
| Net loans and lease finance receivables | 8,456,310 | 8,489,623 | 8,818,068 | |||||||||
| Premises and equipment, net | 27,543 | 36,275 | 44,709 | |||||||||
| Bank owned life insurance (BOLI) | 316,248 | 316,553 | 308,706 | |||||||||
| Intangibles | 9,967 | 11,130 | 15,291 | |||||||||
| Goodwill | 765,822 | 765,822 | 765,822 | |||||||||
| Other assets | 432,792 | 417,164 | 340,149 | |||||||||
| Total assets | $ | 15,153,655 | $ | 15,403,216 | $ | 16,020,993 | ||||||
| Liabilities and Stockholders' Equity | ||||||||||||
| Liabilities: | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing | $ | 7,037,096 | $ | 7,136,824 | $ | 7,206,175 | ||||||
| Investment checking | 551,305 | 504,028 | 552,408 | |||||||||
| Savings and money market | 3,786,387 | 3,745,707 | 3,278,664 | |||||||||
| Time deposits | 573,593 | 685,930 | 396,395 | |||||||||
| Total deposits | 11,948,381 | 12,072,489 | 11,433,642 | |||||||||
| Customer repurchase agreements | 261,887 | 394,515 | 271,642 | |||||||||
| Other borrowings | 500,000 | 500,000 | 2,070,000 | |||||||||
| Other liabilities | 257,071 | 238,381 | 167,737 | |||||||||
| Total liabilities | 12,967,339 | 13,205,385 | 13,943,021 | |||||||||
| Stockholders' Equity | ||||||||||||
| Stockholders' equity | 2,498,380 | 2,472,660 | 2,401,541 | |||||||||
| Accumulated other comprehensive loss, net of tax | (312,064 | ) | (274,829 | ) | (323,569 | ) | ||||||
| Total stockholders' equity | 2,186,316 | 2,197,831 | 2,077,972 | |||||||||
| Total liabilities and stockholders' equity | $ | 15,153,655 | $ | 15,403,216 | $ | 16,020,993 | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | 2024 | 2023 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 152,966 | $ | 162,383 | $ | 155,556 | $ | 160,018 | $ | 171,265 | ||||||||||
| Interest-earning balances due from Federal Reserve | 484,038 | 1,216,671 | 437,554 | 710,308 | 323,881 | |||||||||||||||
| Total cash and cash equivalents | 637,004 | 1,379,054 | 593,110 | 870,326 | 495,146 | |||||||||||||||
| Interest-earning balances due from depository institutions | 1,065 | 15,880 | 6,219 | 10,120 | 7,275 | |||||||||||||||
| Investment securities available-for-sale | 2,542,649 | 2,661,990 | 2,849,423 | 2,716,581 | 3,066,287 | |||||||||||||||
| Investment securities held-to-maturity | 2,393,865 | 2,418,043 | 2,478,785 | 2,427,974 | 2,513,201 | |||||||||||||||
| Total investment securities | 4,936,514 | 5,080,033 | 5,328,208 | 5,144,555 | 5,579,488 | |||||||||||||||
| Investment in stock of FHLB | 18,012 | 18,012 | 18,012 | 18,012 | 25,078 | |||||||||||||||
| Loans and lease finance receivables | 8,522,587 | 8,605,270 | 8,856,654 | 8,670,420 | 8,893,335 | |||||||||||||||
| Allowance for credit losses | (82,960 | ) | (82,810 | ) | (88,943 | ) | (83,580 | ) | (86,908 | ) | ||||||||||
| Net loans and lease finance receivables | 8,439,627 | 8,522,460 | 8,767,711 | 8,586,840 | 8,806,427 | |||||||||||||||
| Premises and equipment, net | 29,959 | 38,906 | 44,768 | 39,191 | 45,488 | |||||||||||||||
| Bank owned life insurance (BOLI) | 316,938 | 315,435 | 236,055 | 313,671 | 251,989 | |||||||||||||||
| Intangibles | 10,650 | 11,819 | 15,993 | 12,571 | 18,434 | |||||||||||||||
| Goodwill | 765,822 | 765,822 | 765,822 | 765,822 | 765,822 | |||||||||||||||
| Other assets | 406,898 | 365,740 | 393,227 | 378,490 | 351,025 | |||||||||||||||
| Total assets | $ | 15,562,489 | $ | 16,513,161 | $ | 16,169,125 | $ | 16,139,598 | $ | 16,346,172 | ||||||||||
| Liabilities and Stockholders' Equity | ||||||||||||||||||||
| Liabilities: | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing | $ | 7,116,050 | $ | 7,124,952 | $ | 7,450,856 | $ | 7,144,129 | $ | 7,793,336 | ||||||||||
| Interest-bearing | 4,998,424 | 4,931,220 | 4,703,144 | 4,779,181 | 4,644,582 | |||||||||||||||
| Total deposits | 12,114,474 | 12,056,172 | 12,154,000 | 11,923,310 | 12,437,918 | |||||||||||||||
| Customer repurchase agreements | 456,145 | 363,959 | 301,330 | 354,432 | 421,112 | |||||||||||||||
| Other borrowings | 500,000 | 1,729,405 | 1,585,272 | 1,515,725 | 1,352,099 | |||||||||||||||
| Other liabilities | 278,314 | 196,832 | 134,373 | 200,466 | 128,161 | |||||||||||||||
| Total liabilities | 13,348,933 | 14,346,368 | 14,174,975 | 13,993,933 | 14,339,290 | |||||||||||||||
| Stockholders' Equity | ||||||||||||||||||||
| Stockholders' equity | 2,507,060 | 2,479,766 | 2,411,269 | 2,469,095 | 2,370,700 | |||||||||||||||
| Accumulated other comprehensive loss, net of tax | (293,504 | ) | (312,973 | ) | (417,119 | ) | (323,430 | ) | (363,818 | ) | ||||||||||
| Total stockholders' equity | 2,213,556 | 2,166,793 | 1,994,150 | 2,145,665 | 2,006,882 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 15,562,489 | $ | 16,513,161 | $ | 16,169,125 | $ | 16,139,598 | $ | 16,346,172 | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | 2024 | 2023 | ||||||||||||||||
| Interest income: | ||||||||||||||||||||
| Loans and leases, including fees | $ | 110,277 | $ | 114,929 | $ | 115,721 | $ | 455,755 | $ | 448,295 | ||||||||||
| Investment securities: | ||||||||||||||||||||
| Investment securities available-for-sale | 18,041 | 20,178 | 22,170 | 80,890 | 83,563 | |||||||||||||||
| Investment securities held-to-maturity | 13,020 | 13,284 | 13,478 | 53,151 | 54,750 | |||||||||||||||
| Total investment income | 31,061 | 33,462 | 35,648 | 134,041 | 138,313 | |||||||||||||||
| Dividends from FHLB stock | 380 | 375 | 431 | 1,551 | 1,861 | |||||||||||||||
| Interest-earning deposits with other institutions | 5,881 | 16,986 | 6,278 | 38,765 | 17,861 | |||||||||||||||
| Total interest income | 147,599 | 165,752 | 158,078 | 630,112 | 606,330 | |||||||||||||||
| Interest expense: | ||||||||||||||||||||
| Deposits | 28,317 | 29,821 | 18,888 | 105,483 | 51,535 | |||||||||||||||
| Borrowings and customer repurchase agreements | 8,291 | 22,312 | 19,834 | 76,709 | 66,805 | |||||||||||||||
| Other | 573 | - | - | 573 | - | |||||||||||||||
| Total interest expense | 37,181 | 52,133 | 38,722 | 182,765 | 118,340 | |||||||||||||||
| Net interest income before provision for (recapture of) credit losses | 110,418 | 113,619 | 119,356 | 447,347 | 487,990 | |||||||||||||||
| Provision for (recapture of) credit losses | (3,000 | ) | - | (2,000 | ) | (3,000 | ) | 2,000 | ||||||||||||
| Net interest income after provision for (recapture of) credit losses | 113,418 | 113,619 | 121,356 | 450,347 | 485,990 | |||||||||||||||
| Noninterest income: | ||||||||||||||||||||
| Service charges on deposit accounts | 5,097 | 5,120 | 4,975 | 20,370 | 20,219 | |||||||||||||||
| Trust and investment services | 3,512 | 3,565 | 3,081 | 13,729 | 12,556 | |||||||||||||||
| Loss on sale of AFS investment securities | (16,735 | ) | (11,582 | ) | - | (28,317 | ) | - | ||||||||||||
| Gain on sale leaseback transactions | 16,794 | 9,106 | - | 25,900 | - | |||||||||||||||
| Other | 4,435 | 6,625 | 11,107 | 22,792 | 26,555 | |||||||||||||||
| Total noninterest income | 13,103 | 12,834 | 19,163 | 54,474 | 59,330 | |||||||||||||||
| Noninterest expense: | ||||||||||||||||||||
| Salaries and employee benefits | 35,998 | 36,647 | 35,652 | 144,472 | 139,191 | |||||||||||||||
| Occupancy and equipment | 5,866 | 6,204 | 5,524 | 23,407 | 22,109 | |||||||||||||||
| Professional services | 2,646 | 2,855 | 2,707 | 10,482 | 9,082 | |||||||||||||||
| Computer software expense | 3,921 | 3,906 | 3,679 | 15,301 | 14,051 | |||||||||||||||
| Marketing and promotion | 1,757 | 1,964 | 2,092 | 7,307 | 6,756 | |||||||||||||||
| Amortization of intangible assets | 1,163 | 1,286 | 1,446 | 5,324 | 6,452 | |||||||||||||||
| (Recapture of) provision for unfunded loan commitments | - | (750 | ) | (500 | ) | (1,250 | ) | (500 | ) | |||||||||||
| Other | 7,129 | 6,723 | 15,330 | 28,540 | 32,745 | |||||||||||||||
| Total noninterest expense | 58,480 | 58,835 | 65,930 | 233,583 | 229,886 | |||||||||||||||
| Earnings before income taxes | 68,041 | 67,618 | 74,589 | 271,238 | 315,434 | |||||||||||||||
| Income taxes | 17,183 | 16,394 | 26,081 | 70,522 | 93,999 | |||||||||||||||
| Net earnings | $ | 50,858 | $ | 51,224 | $ | 48,508 | $ | 200,716 | $ | 221,435 | ||||||||||
| Basic earnings per common share | $ | 0.36 | $ | 0.37 | $ | 0.35 | $ | 1.44 | $ | 1.59 | ||||||||||
| Diluted earnings per common share | $ | 0.36 | $ | 0.37 | $ | 0.35 | $ | 1.44 | $ | 1.59 | ||||||||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.80 | $ | 0.80 | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | 2024 | 2023 | ||||||||||||||||
| Interest income - tax equivalent (TE) | $ | 148,128 | $ | 166,285 | $ | 158,620 | $ | 632,248 | $ | 608,508 | ||||||||||
| Interest expense | 37,181 | 52,133 | 38,722 | 182,765 | 118,340 | |||||||||||||||
| Net interest income - (TE) | $ | 110,947 | $ | 114,152 | $ | 119,898 | $ | 449,483 | $ | 490,168 | ||||||||||
| Return on average assets, annualized | 1.30 | % | 1.23 | % | 1.19 | % | 1.24 | % | 1.35 | % | ||||||||||
| Return on average equity, annualized | 9.14 | % | 9.40 | % | 9.65 | % | 9.35 | % | 11.03 | % | ||||||||||
| Efficiency ratio [1] | 47.34 | % | 46.53 | % | 47.60 | % | 46.55 | % | 42.00 | % | ||||||||||
| Noninterest expense to average assets, annualized | 1.49 | % | 1.42 | % | 1.62 | % | 1.45 | % | 1.41 | % | ||||||||||
| Yield on average loans | 5.15 | % | 5.31 | % | 5.18 | % | 5.26 | % | 5.04 | % | ||||||||||
| Yield on average earning assets (TE) | 4.24 | % | 4.43 | % | 4.30 | % | 4.35 | % | 4.10 | % | ||||||||||
| Cost of deposits | 0.93 | % | 0.98 | % | 0.62 | % | 0.88 | % | 0.41 | % | ||||||||||
| Cost of deposits and customer repurchase agreements | 0.97 | % | 1.01 | % | 0.61 | % | 0.90 | % | 0.41 | % | ||||||||||
| Cost of funds | 1.13 | % | 1.47 | % | 1.09 | % | 1.32 | % | 0.83 | % | ||||||||||
| Net interest margin (TE) | 3.18 | % | 3.05 | % | 3.26 | % | 3.09 | % | 3.31 | % | ||||||||||
| [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 | 9.81 | % | 9.71 | % | 8.51 | % | ||||||||||||||
| Citizens Business Bank | 9.64 | % | 9.59 | % | 8.40 | % | ||||||||||||||
| [2] (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles]) | ||||||||||||||||||||
| Weighted average shares outstanding | ||||||||||||||||||||
| Basic | 138,661,665 | 138,649,763 | 138,368,496 | 138,414,598 | 138,332,598 | |||||||||||||||
| Diluted | 139,102,524 | 138,839,499 | 138,569,762 | 138,579,141 | 138,461,507 | |||||||||||||||
| Dividends declared | $ | 27,978 | $ | 27,977 | $ | 27,945 | $ | 111,859 | $ | 111,640 | ||||||||||
| Dividend payout ratio [3] | 55.01 | % | 54.62 | % | 57.61 | % | 55.73 | % | 50.42 | % | ||||||||||
| [3] Dividends declared on common stock divided by net earnings. | ||||||||||||||||||||
| Number of shares outstanding - (end of period) | 139,689,686 | 139,678,314 | 139,344,981 | |||||||||||||||||
| Book value per share | $ | 15.65 | $ | 15.73 | $ | 14.91 | ||||||||||||||
| Tangible book value per share | $ | 10.10 | $ | 10.17 | $ | 9.31 | ||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||||||||||||||||
| Nonperforming assets: | ||||||||||||||||||||
| Nonaccrual loans | $ | 27,795 | $ | 21,913 | $ | 21,302 | ||||||||||||||
| Other real estate owned (OREO), net | 19,303 | 647 | - | |||||||||||||||||
| Total nonperforming assets | $ | 47,098 | $ | 22,560 | $ | 21,302 | ||||||||||||||
| Modified loans/performing troubled debt restructured loans (TDR) [4] | $ | 6,467 | $ | 15,769 | $ | 9,460 | ||||||||||||||
| [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 | 0.55 | % | 0.26 | % | 0.24 | % | ||||||||||||||
| Percentage of nonperforming assets to total assets | 0.31 | % | 0.15 | % | 0.13 | % | ||||||||||||||
| Allowance for credit losses to nonperforming assets | 170.12 | % | 367.65 | % | 407.67 | % | ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | 2024 | 2023 | ||||||||||||||||
| Allowance for credit losses: | ||||||||||||||||||||
| Beginning balance | $ | 82,942 | $ | 82,786 | $ | 88,995 | $ | 86,842 | $ | 85,117 | ||||||||||
| Total charge-offs | (64 | ) | (26 | ) | (181 | ) | (4,408 | ) | (405 | ) | ||||||||||
| Total recoveries on loans previously charged-off | 244 | 182 | 28 | 688 | 130 | |||||||||||||||
| Net recoveries (charge-offs) | 180 | 156 | (153 | ) | (3,720 | ) | (275 | ) | ||||||||||||
| Provision for (recapture of) credit losses | (3,000 | ) | - | (2,000 | ) | (3,000 | ) | 2,000 | ||||||||||||
| Allowance for credit losses at end of period | $ | 80,122 | $ | 82,942 | $ | 86,842 | $ | 80,122 | $ | 86,842 | ||||||||||
| Net recoveries (charge-offs) to average loans | 0.002 | % | 0.002 | % | -0.002 | % | -0.043 | % | -0.003 | % | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | |||||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| Allowance for Credit Losses by Loan Type | |||||||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 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 | $ | 66.2 | 1.02 | % | $ | 69.7 | 1.05 | % | $ | 69.5 | 1.02 | % | |||||||||||
| Construction | 0.3 | 1.94 | % | 0.5 | 3.07 | % | 1.3 | 1.91 | % | ||||||||||||||
| SBA | 2.6 | 0.96 | % | 2.5 | 0.92 | % | 2.7 | 0.99 | % | ||||||||||||||
| Commercial and industrial | 6.1 | 0.66 | % | 5.3 | 0.56 | % | 9.1 | 0.94 | % | ||||||||||||||
| Dairy & livestock and agribusiness | 3.6 | 0.86 | % | 3.8 | 1.12 | % | 3.1 | 0.75 | % | ||||||||||||||
| Municipal lease finance receivables | 0.2 | 0.31 | % | 0.2 | 0.28 | % | 0.2 | 0.29 | % | ||||||||||||||
| SFR mortgage | 0.5 | 0.16 | % | 0.4 | 0.16 | % | 0.5 | 0.20 | % | ||||||||||||||
| Consumer and other loans | 0.6 | 1.04 | % | 0.5 | 0.99 | % | 0.4 | 0.85 | % | ||||||||||||||
| Total | $ | 80.1 | 0.94 | % | $ | 82.9 | 0.97 | % | $ | 86.8 | 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, | $ | 20.29 | $ | 16.08 | $ | 19.66 | $ | 12.89 | $ | 28.14 | $ | 22.63 | |||||||||||
| December 31, | $ | 24.58 | $ | 17.20 | $ | 21.77 | $ | 14.62 | $ | 29.25 | $ | 25.26 | |||||||||||
| Quarterly Consolidated Statements of Earnings | |||||||||||||||||||||||
| Q4 | Q3 | Q2 | Q1 | Q4 | |||||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Loans and leases, including fees | $ | 110,277 | $ | 114,929 | $ | 114,200 | $ | 116,349 | $ | 115,721 | |||||||||||||
| Investment securities and other | 37,322 | 50,823 | 44,872 | 41,340 | 42,357 | ||||||||||||||||||
| Total interest income | 147,599 | 165,752 | 159,072 | 157,689 | 158,078 | ||||||||||||||||||
| Interest expense | |||||||||||||||||||||||
| Deposits | 28,317 | 29,821 | 25,979 | 21,366 | 18,888 | ||||||||||||||||||
| Borrowings and customer repurchase agreements | 8,291 | 22,312 | 22,244 | 23,862 | 19,834 | ||||||||||||||||||
| Other | 573 | - | - | - | - | ||||||||||||||||||
| Total interest expense | 37,181 | 52,133 | 48,223 | 45,228 | 38,722 | ||||||||||||||||||
| Net interest income before (recapture of) | |||||||||||||||||||||||
| provision for credit losses | 110,418 | 113,619 | 110,849 | 112,461 | 119,356 | ||||||||||||||||||
| (Recapture of) provision for credit losses | (3,000 | ) | - | - | - | (2,000 | ) | ||||||||||||||||
| Net interest income after (recapture of) | |||||||||||||||||||||||
| provision for credit losses | 113,418 | 113,619 | 110,849 | 112,461 | 121,356 | ||||||||||||||||||
| Noninterest income | 13,103 | 12,834 | 14,424 | 14,113 | 19,163 | ||||||||||||||||||
| Noninterest expense | 58,480 | 58,835 | 56,497 | 59,771 | 65,930 | ||||||||||||||||||
| Earnings before income taxes | 68,041 | 67,618 | 68,776 | 66,803 | 74,589 | ||||||||||||||||||
| Income taxes | 17,183 | 16,394 | 18,741 | 18,204 | 26,081 | ||||||||||||||||||
| Net earnings | $ | 50,858 | $ | 51,224 | $ | 50,035 | $ | 48,599 | $ | 48,508 | |||||||||||||
| Effective tax rate | 25.25 | % | 24.25 | % | 27.25 | % | 27.25 | % | 34.97 | % | |||||||||||||
| Basic earnings per common share | $ | 0.36 | $ | 0.37 | $ | 0.36 | $ | 0.35 | $ | 0.35 | |||||||||||||
| Diluted earnings per common share | $ | 0.36 | $ | 0.37 | $ | 0.36 | $ | 0.35 | $ | 0.35 | |||||||||||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | |||||||||||||
| Cash dividends declared | $ | 27,978 | $ | 27,977 | $ | 28,018 | $ | 27,886 | $ | 27,945 | |||||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Loan Portfolio by Type | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| Commercial real estate | $ | 6,507,452 | $ | 6,618,637 | $ | 6,664,925 | $ | 6,720,538 | $ | 6,784,505 | ||||||||||
| Construction | 16,082 | 14,755 | 52,227 | 58,806 | 66,734 | |||||||||||||||
| SBA | 273,013 | 272,001 | 267,938 | 268,320 | 270,619 | |||||||||||||||
| SBA - PPP | 774 | 1,255 | 1,757 | 2,249 | 2,736 | |||||||||||||||
| Commercial and industrial | 925,178 | 936,489 | 956,184 | 963,120 | 969,895 | |||||||||||||||
| Dairy & livestock and agribusiness | 419,904 | 342,445 | 350,562 | 351,624 | 412,891 | |||||||||||||||
| Municipal lease finance receivables | 66,114 | 67,585 | 70,889 | 72,032 | 73,590 | |||||||||||||||
| SFR mortgage | 269,172 | 267,181 | 267,593 | 276,475 | 269,868 | |||||||||||||||
| Consumer and other loans | 58,743 | 52,217 | 49,771 | 57,549 | 54,072 | |||||||||||||||
| Gross loans, at amortized cost | 8,536,432 | 8,572,565 | 8,681,846 | 8,770,713 | 8,904,910 | |||||||||||||||
| Allowance for credit losses | (80,122 | ) | (82,942 | ) | (82,786 | ) | (82,817 | ) | (86,842 | ) | ||||||||||
| Net loans | $ | 8,456,310 | $ | 8,489,623 | $ | 8,599,060 | $ | 8,687,896 | $ | 8,818,068 | ||||||||||
| Deposit Composition by Type and Customer Repurchase Agreements | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| Noninterest-bearing | $ | 7,037,096 | $ | 7,136,824 | $ | 7,090,095 | $ | 7,112,789 | $ | 7,206,175 | ||||||||||
| Investment checking | 551,305 | 504,028 | 515,930 | 545,066 | 552,408 | |||||||||||||||
| Savings and money market | 3,786,387 | 3,745,707 | 3,409,320 | 3,561,512 | 3,278,664 | |||||||||||||||
| Time deposits | 573,593 | 685,930 | 774,980 | 675,554 | 396,395 | |||||||||||||||
| Total deposits | 11,948,381 | 12,072,489 | 11,790,325 | 11,894,921 | 11,433,642 | |||||||||||||||
| Customer repurchase agreements | 261,887 | 394,515 | 268,826 | 275,720 | 271,642 | |||||||||||||||
| Total deposits and customer repurchase agreements | $ | 12,210,268 | $ | 12,467,004 | $ | 12,059,151 | $ | 12,170,641 | $ | 11,705,284 | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Nonperforming Assets and Delinquency Trends | ||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | ||||||||||||||||
| Nonperforming loans: | ||||||||||||||||||||
| Commercial real estate | $ | 25,866 | $ | 18,794 | $ | 21,908 | $ | 10,661 | $ | 15,440 | ||||||||||
| Construction | - | - | - | - | - | |||||||||||||||
| SBA | 1,529 | 151 | 337 | 54 | 969 | |||||||||||||||
| Commercial and industrial | 340 | 2,825 | 2,712 | 2,727 | 4,509 | |||||||||||||||
| Dairy & livestock and agribusiness | 60 | 143 | - | 60 | 60 | |||||||||||||||
| SFR mortgage | - | - | - | 308 | 324 | |||||||||||||||
| Consumer and other loans | - | - | - | - | - | |||||||||||||||
| Total | $ | 27,795 | $ | 21,913 | $ | 24,957 | $ | 13,810 | $ | 21,302 | ||||||||||
| % of Total loans | 0.33 | % | 0.26 | % | 0.29 | % | 0.16 | % | 0.24 | % | ||||||||||
| Past due 30-89 days (accruing): | ||||||||||||||||||||
| Commercial real estate | $ | - | $ | 30,701 | $ | 43 | $ | 19,781 | $ | 300 | ||||||||||
| Construction | - | - | - | - | - | |||||||||||||||
| SBA | 88 | - | - | 408 | 108 | |||||||||||||||
| Commercial and industrial | 399 | 64 | 103 | 6 | 12 | |||||||||||||||
| Dairy & livestock and agribusiness | - | - | - | - | - | |||||||||||||||
| SFR mortgage | - | - | - | - | 201 | |||||||||||||||
| Consumer and other loans | - | - | - | - | 18 | |||||||||||||||
| Total | $ | 487 | $ | 30,765 | $ | 146 | $ | 20,195 | $ | 639 | ||||||||||
| % of Total loans | 0.01 | % | 0.36 | % | 0.00 | % | 0.23 | % | 0.01 | % | ||||||||||
| OREO: | ||||||||||||||||||||
| Commercial real estate | $ | 18,656 | $ | - | $ | - | $ | - | $ | - | ||||||||||
| SBA | - | - | - | - | - | |||||||||||||||
| Commercial and industrial | - | - | - | - | - | |||||||||||||||
| SFR mortgage | 647 | 647 | 647 | 647 | - | |||||||||||||||
| Total | $ | 19,303 | $ | 647 | $ | 647 | $ | 647 | $ | - | ||||||||||
| Total nonperforming, past due, and OREO | $ | 47,585 | $ | 53,325 | $ | 25,750 | $ | 34,652 | $ | 21,941 | ||||||||||
| % of Total loans | 0.56 | % | 0.62 | % | 0.30 | % | 0.40 | % | 0.25 | % | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||
| (Unaudited) | ||||||||
| Regulatory Capital Ratios | ||||||||
| CVB Financial Corp. Consolidated | ||||||||
| Capital Ratios | Minimum Required Plus Capital Conservation Buffer | December 31, 2024 | September 30, 2024 | December 31, 2023 | ||||
| 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 | ||||||||
| 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 December 31, 2024, September 30, 2024 and December 31, 2023. | |||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | |||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||
| Stockholders' equity | $ | 2,186,316 | $ | 2,197,831 | $ | 2,077,972 | |||||||
| Less: Goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | |||||||
| Less: Intangible assets | (9,967 | ) | (11,130 | ) | (15,291 | ) | |||||||
| Tangible book value | $ | 1,410,527 | $ | 1,420,879 | $ | 1,296,859 | |||||||
| Common shares issued and outstanding | 139,689,686 | 139,678,314 | 139,344,981 | ||||||||||
| Tangible book value per share | $ | 10.10 | $ | 10.17 | $ | 9.31 | |||||||
| 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 | Year Ended | ||||||||||||||||||||
| December 31, | September 30, | December 31, | |||||||||||||||||||
| 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
| Net Income | $ | 50,858 | $ | 51,224 | $ | 48,508 | $ | 200,716 | $ | 221,435 | |||||||||||
| Add: Amortization of intangible assets | 1,163 | 1,286 | 1,446 | 5,324 | 6,452 | ||||||||||||||||
| Less: Tax effect of amortization of intangible assets [1] | (344 | ) | (380 | ) | (427 | ) | (1,574 | ) | (1,907 | ) | |||||||||||
| Tangible net income | $ | 51,677 | $ | 52,130 | $ | 49,527 | $ | 204,466 | $ | 225,980 | |||||||||||
| Average stockholders' equity | $ | 2,213,556 | $ | 2,166,793 | $ | 1,994,150 | $ | 2,145,665 | $ | 2,006,882 | |||||||||||
| Less: Average goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | (765,822 | ) | (765,822 | ) | |||||||||||
| Less: Average intangible assets | (10,650 | ) | (11,819 | ) | (15,993 | ) | (12,571 | ) | (18,434 | ) | |||||||||||
| Average tangible common equity | $ | 1,437,084 | $ | 1,389,152 | $ | 1,212,335 | $ | 1,367,272 | $ | 1,222,626 | |||||||||||
| Return on average equity, annualized [2] | 9.14 | % | 9.40 | % | 9.65 | % | 9.35 | % | 11.03 | % | |||||||||||
| Return on average tangible common equity, annualized [2] | 14.31 | % | 14.93 | % | 16.21 | % | 14.95 | % | 18.48 | % | |||||||||||
| [1] Tax effected at respective statutory rates. | |||||||||||||||||||||
| [2] Annualized where applicable. | |||||||||||||||||||||
FAQ
What was CVBF's earnings per share for Q4 2024?
How much did CVBF's net income decrease in full-year 2024 compared to 2023?
What was CVBF's net interest margin in Q4 2024?
How large is CVBF's newly announced share repurchase program?
What was the impact of CVBF's sale-leaseback transactions in Q4 2024?
