CVB FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
CVBF$22.79-0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
CONDENSED CONSOLI DATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Cash and due from banks | $131,955 | $171,396 |
| Interest-earning balances due from Federal Reserve | 817,634 | 109,889 |
| Total cash and cash equivalents | 949,589 | 281,285 |
| Interest-earning balances due from depository institutions | 12,632 | 8,216 |
| Investment securities available-for-sale, at fair value (with amortized cost of $3,333,603 at March 31, 2024, and $3,398,942 at December 31, 2023) | 2,837,100 | 2,956,125 |
| Investment securities held-to-maturity (with fair value of $2,044,031 at March 31, 2024, and $2,082,881 at December 31, 2023) | 2,454,586 | 2,464,610 |
| Total investment securities | 5,291,686 | 5,420,735 |
| Investment in stock of Federal Home Loan Bank (FHLB) | 18,012 | 18,012 |
| Loans and lease finance receivables | 8,770,713 | 8,904,910 |
| Allowance for credit losses | (82,817) | (86,842) |
| Net loans and lease finance receivables | 8,687,896 | 8,818,068 |
| Premises and equipment, net | 43,448 | 44,709 |
| Bank owned life insurance (BOLI) | 310,744 | 308,706 |
| Accrued interest receivable | 47,891 | 48,994 |
| Intangibles | 13,853 | 15,291 |
| Goodwill | 765,822 | 765,822 |
| Income taxes | 180,750 | 163,968 |
| Other assets | 145,823 | 127,187 |
| Total assets | $16,468,146 | $16,020,993 |
| Liabilities and Stockholders' Equity | ||
| Liabilities: | ||
| Deposits: | ||
| Noninterest-bearing | $7,112,789 | $7,206,175 |
| Interest-bearing | 4,782,132 | 4,227,467 |
| Total deposits | 11,894,921 | 11,433,642 |
| Customer repurchase agreements | 275,720 | 271,642 |
| Other borrowings | 1,995,000 | 2,070,000 |
| Deferred compensation | 23,082 | 22,335 |
| Accrued interest payable | 45,404 | 23,268 |
| Other liabilities | 147,194 | 122,134 |
| Total liabilities | 14,381,321 | 13,943,021 |
| Commitments and Contingencies | ||
| Stockholders' Equity | ||
| Common stock, authorized, 225,000,000 shares without par; issued and outstanding 139,641,884 at March 31, 2024, and 139,344,981 at December 31, 2023 | 1,288,755 | 1,288,899 |
| Retained earnings | 1,133,355 | 1,112,642 |
| Accumulated other comprehensive (loss) income, net of tax | (335,285) | (323,569) |
| Total stockholders' equity | 2,086,825 | 2,077,972 |
| Total liabilities and stockholders' equity | $16,468,146 | $16,020,993 |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2024 | 2023 | |
| Interest income: | ||
| Loans and leases, including fees | $116,349 | $108,394 |
| Investment securities: | ||
| Investment securities available-for-sale | 21,446 | 19,596 |
| Investment securities held-to-maturity | 13,402 | 13,956 |
| Total investment income | 34,848 | 33,552 |
| Dividends from FHLB stock | 419 | 349 |
| Interest-earning deposits with other institutions | 6,073 | 491 |
| Total interest income | 157,689 | 142,786 |
| Interest expense: | ||
| Deposits | 21,366 | 5,365 |
| Borrowings and customer repurchase agreements | 23,862 | 11,693 |
| Total interest expense | 45,228 | 17,058 |
| Net interest income before provision for credit losses | 112,461 | 125,728 |
| Provision for credit losses | — | 1,500 |
| Net interest income after provision for credit losses | 112,461 | 124,228 |
| Noninterest income: | ||
| Service charges on deposit accounts | 5,036 | 5,344 |
| Trust and investment services | 3,224 | 2,914 |
| Bankcard services | 385 | 377 |
| BOLI income | 3,593 | 1,189 |
| Other | 1,875 | 3,378 |
| Total noninterest income | 14,113 | 13,202 |
| Noninterest expense: | ||
| Salaries and employee benefits | 36,401 | 35,247 |
| Occupancy and equipment | 5,565 | 5,450 |
| Professional services | 2,255 | 1,696 |
| Computer software expense | 3,525 | 3,408 |
| Marketing and promotion | 1,630 | 1,715 |
| Provision for unfunded loan commitments | — | 500 |
| Amortization of intangible assets | 1,438 | 1,720 |
| Other | 8,957 | 5,145 |
| Total noninterest expense | 59,771 | 54,881 |
| Earnings before income taxes | 66,803 | 82,549 |
| Income taxes | 18,204 | 23,279 |
| Net earnings | $48,599 | $59,270 |
| Other comprehensive (loss) income: | ||
| Unrealized (loss) gain on securities arising during the period, before tax | $(17,073) | $40,702 |
| Less: Income tax benefit (expense) related to items of other comprehensive income | 5,357 | (12,033) |
| Other comprehensive (loss) income, net of tax | (11,716) | 28,669 |
| Comprehensive income (loss) | $36,883 | $87,939 |
| Basic earnings per common share | $0.35 | $0.42 |
| Diluted earnings per common share | $0.35 | $0.42 |
CONDENSED CONSOLIDATED STAT EMENTS OF STOCKHOLDERS’ EQUITY
(Dollars and shares in thousands)
Three Months Ended March 31, 2024 and 2023
| Common Shares Outstanding | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |
|---|---|---|---|---|---|
| Balance, January 1, 2024 | 139,345 | $1,288,899 | $1,112,642 | $(323,569) | $2,077,972 |
| Repurchase of common stock | (146) | (2,573) | — | — | (2,573) |
| Exercise of stock options | 3 | 43 | — | — | 43 |
| Shares issued pursuant to stock-based compensation plan | 440 | 2,386 | — | — | 2,386 |
| Cash dividends declared on common stock ($0.20 per share) | — | — | (27,886) | — | (27,886) |
| Net earnings | — | — | 48,599 | — | 48,599 |
| Other comprehensive loss | — | — | — | (11,716) | (11,716) |
| Balance, March 31, 2024 | 139,642 | $1,288,755 | $1,133,355 | $(335,285) | $2,086,825 |
| Balance, January 1, 2023 | 139,819 | $1,300,466 | $1,002,847 | $(354,796) | $1,948,517 |
| Repurchase of common stock | (918) | (21,036) | — | — | (21,036) |
| Exercise of stock options | 4 | 72 | — | — | 72 |
| Shares issued pursuant to stock-based compensation plan | 397 | 2,284 | — | — | 2,284 |
| Cash dividends declared on common stock ($0.20 per share) | — | — | (28,007) | — | (28,007) |
| Net earnings | — | — | 59,270 | — | 59,270 |
| Other comprehensive income | — | — | — | 28,669 | 28,669 |
| Balance, March 31, 2023 | 139,302 | $1,281,786 | $1,034,110 | $(326,127) | $1,989,769 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2024 | 2023 | |
| Cash Flows from Operating Activities | ||
| Interest and dividends received | $161,187 | $148,044 |
| Service charges and other fees received | 10,560 | 11,779 |
| Interest paid | (23,092) | (17,239) |
| Net cash paid to vendors, employees and others | (71,181) | (72,445) |
| Income taxes | — | (19) |
| Net cash provided by operating activities | 77,474 | 70,120 |
| Cash Flows from Investing Activities | ||
| Proceeds (purchases) of FHLB stock, net | — | (11,070) |
| Net change in interest-earning balances from depository institutions | (4,416) | (2,391) |
| Proceeds from repayment of investment securities available-for-sale | 82,060 | 89,465 |
| Proceeds from maturity of investment securities available-for-sale | 15,000 | 3 |
| Proceeds from repayment and maturity of investment securities held-to-maturity | 18,446 | 17,552 |
| Purchases of investment securities held-to-maturity | (11,455) | (2,026) |
| Net (increase) decrease in equity investments | (1,599) | 2,680 |
| Net decrease in loan and lease finance receivables | 132,281 | 138,709 |
| Purchase of premises and equipment | (166) | (343) |
| Proceeds from BOLI death benefit | 882 | — |
| Net cash provided by investing activities | 231,033 | 232,579 |
| Cash Flows from Financing Activities | ||
| Net increase (decrease) in other deposits | 182,120 | (553,692) |
| Net increase (decrease) in time deposits | 279,159 | (10,683) |
| Net (decrease) increase in other borrowings | (75,000) | 410,000 |
| Net increase (decrease) in customer repurchase agreements | 4,078 | (75,196) |
| Cash dividends on common stock | (28,030) | (28,091) |
| Repurchase of common stock | (2,573) | (21,036) |
| Proceeds from exercise of stock options | 43 | 72 |
| Net cash provided by (used in) financing activities | 359,797 | (278,626) |
| Net increase in cash and cash equivalents | 668,304 | 24,073 |
| Cash and cash equivalents, beginning of period | 281,285 | 203,461 |
| Cash and cash equivalents, end of period | $949,589 | $227,534 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
| Three Months Ended | ||
|---|---|---|
| March 31, | ||
| 2024 | 2023 | |
| Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
| Net earnings | $48,599 | $59,270 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Increase in BOLI | (3,593) | (1,189) |
| Net amortization of premiums and discounts on investment securities | 4,142 | 4,635 |
| Accretion of discount for acquired loans, net | (1,042) | (1,102) |
| Provision for credit losses | — | 1,500 |
| Provision for unfunded loan commitments | — | 500 |
| Valuation allowance on other real estate owned | 28 | — |
| Stock-based compensation | 2,386 | 2,284 |
| Depreciation and amortization, net | 3,092 | 4,448 |
| Change in other assets and liabilities | 23,862 | (226) |
| Total adjustments | 28,875 | 10,850 |
| Net cash provided by operating activities | $77,474 | $70,120 |
| Supplemental Disclosure of Non-cash Investing Activities | ||
| Transfer of loans to other real estate owned | $675 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.