CVB FINANCIAL CORP
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 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)
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Cash and due from banks | $200,651 | $171,396 |
| Interest-earning balances due from Federal Reserve | 252,809 | 109,889 |
| Total cash and cash equivalents | 453,460 | 281,285 |
| Interest-earning balances due from depository institutions | 24,338 | 8,216 |
| Investment securities available-for-sale, at fair value (with amortized cost of $2,818,313 at September 30, 2024, and $3,398,942 at December 31, 2023) | 2,465,585 | 2,956,125 |
| Investment securities held-to-maturity (with fair value of $2,063,694 at September 30, 2024, and $2,082,881 at December 31, 2023) | 2,405,254 | 2,464,610 |
| Total investment securities | 4,870,839 | 5,420,735 |
| Investment in stock of Federal Home Loan Bank (FHLB) | 18,012 | 18,012 |
| Loans and lease finance receivables | 8,572,565 | 8,904,910 |
| Allowance for credit losses | (82,942) | (86,842) |
| Net loans and lease finance receivables | 8,489,623 | 8,818,068 |
| Premises and equipment, net | 36,275 | 44,709 |
| Bank owned life insurance (BOLI) | 316,553 | 308,706 |
| Accrued interest receivable | 45,450 | 48,994 |
| Intangibles | 11,130 | 15,291 |
| Goodwill | 765,822 | 765,822 |
| Income taxes | 155,478 | 163,968 |
| Other assets | 216,236 | 127,187 |
| Total assets | $15,403,216 | $16,020,993 |
| Liabilities and Stockholders' Equity | ||
| Liabilities: | ||
| Deposits: | ||
| Noninterest-bearing | $7,136,824 | $7,206,175 |
| Interest-bearing | 4,935,665 | 4,227,467 |
| Total deposits | 12,072,489 | 11,433,642 |
| Customer repurchase agreements | 394,515 | 271,642 |
| Other borrowings | 500,000 | 2,070,000 |
| Deferred compensation | 22,633 | 22,335 |
| Accrued interest payable | 6,675 | 23,268 |
| Other liabilities | 209,073 | 122,134 |
| Total liabilities | 13,205,385 | 13,943,021 |
| Commitments and Contingencies | ||
| Stockholders' Equity | ||
| Common stock, authorized, 225,000,000 shares without par; issued and outstanding 139,678,314 at September 30, 2024, and 139,344,981 at December 31, 2023 | 1,294,041 | 1,288,899 |
| Retained earnings | 1,178,619 | 1,112,642 |
| Accumulated other comprehensive loss, net of tax | (274,829) | (323,569) |
| Total stockholders' equity | 2,197,831 | 2,077,972 |
| Total liabilities and stockholders' equity | $15,403,216 | $16,020,993 |
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Interest income: | ||||
| Loans and leases, including fees | $114,929 | $113,190 | $345,478 | $332,574 |
| Investment securities: | ||||
| Investment securities available-for-sale | 20,178 | 22,441 | 62,849 | 61,393 |
| Investment securities held-to-maturity | 13,284 | 13,576 | 40,131 | 41,272 |
| Total investment income | 33,462 | 36,017 | 102,980 | 102,665 |
| Dividends from FHLB stock | 375 | 598 | 1,171 | 1,430 |
| Interest-earning deposits with other institutions | 16,986 | 6,422 | 32,884 | 11,583 |
| Total interest income | 165,752 | 156,227 | 482,513 | 448,252 |
| Interest expense: | ||||
| Deposits | 29,821 | 16,517 | 77,166 | 32,647 |
| Borrowings and customer repurchase agreements | 22,312 | 16,339 | 68,418 | 46,971 |
| Total interest expense | 52,133 | 32,856 | 145,584 | 79,618 |
| Net interest income before provision for credit losses | 113,619 | 123,371 | 336,929 | 368,634 |
| Provision for credit losses | — | 2,000 | — | 4,000 |
| Net interest income after provision for credit losses | 113,619 | 121,371 | 336,929 | 364,634 |
| Noninterest income: | ||||
| Service charges on deposit accounts | 5,120 | 5,062 | 15,273 | 15,244 |
| Trust and investment services | 3,565 | 3,246 | 10,217 | 9,475 |
| Bankcard services | 355 | 354 | 1,110 | 1,221 |
| BOLI income | 3,499 | 1,548 | 10,034 | 4,834 |
| Loss on sale of investment securities | (11,582) | — | (11,582) | — |
| Gain on sale leaseback transactions | 9,106 | — | 9,106 | — |
| Other | 2,771 | 4,099 | 7,213 | 9,393 |
| Total noninterest income | 12,834 | 14,309 | 41,371 | 40,167 |
| Noninterest expense: | ||||
| Salaries and employee benefits | 36,647 | 34,744 | 108,474 | 103,539 |
| Occupancy and equipment | 6,204 | 5,618 | 17,541 | 16,585 |
| Professional services | 2,855 | 2,117 | 7,836 | 6,375 |
| Computer software expense | 3,906 | 3,648 | 11,380 | 10,372 |
| Marketing and promotion | 1,964 | 1,628 | 5,550 | 4,664 |
| (Recapture of) provision for unfunded loan commitments | (750) | (900) | (1,250) | — |
| Amortization of intangible assets | 1,286 | 1,567 | 4,161 | 5,006 |
| Other | 6,723 | 6,636 | 21,411 | 17,415 |
| Total noninterest expense | 58,835 | 55,058 | 175,103 | 163,956 |
| Earnings before income taxes | 67,618 | 80,622 | 203,197 | 240,845 |
| Income taxes | 16,394 | 22,735 | 53,339 | 67,918 |
| Net earnings | $51,224 | $57,887 | $149,858 | $172,927 |
| Other comprehensive income (loss): | ||||
| Unrealized gain (loss) on securities arising during the period, before tax | $84,789 | $(120,125) | $69,229 | $(102,758) |
| Less: Income tax (expense) benefit related to items of other comprehensive income | (25,290) | 37,863 | (20,489) | 30,416 |
| Other comprehensive income (loss), net of tax | 59,499 | (82,262) | 48,740 | (72,342) |
| Comprehensive income (loss) | $110,723 | $(24,375) | $198,598 | $100,585 |
| Basic earnings per common share | $0.37 | $0.42 | $1.07 | $1.24 |
| Diluted earnings per common share | $0.37 | $0.42 | $1.07 | $1.24 |
CONDENSED CONSOLIDATED STAT EMENTS OF STOCKHOLDERS’ EQUITY
(Dollars and shares in thousands)
Three Months Ended September 30, 2024 and 2023
| Common Shares Outstanding | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |
|---|---|---|---|---|---|
| Balance, July 1, 2024 | 139,677 | $1,291,383 | $1,155,372 | $(334,328) | $2,112,427 |
| Repurchase of common stock | (2) | (30) | — | — | (30) |
| Exercise of stock options | 4 | 86 | — | — | 86 |
| Shares issued pursuant to stock-based compensation plan | (1) | 2,602 | — | — | 2,602 |
| Cash dividends declared on common stock ($0.20 per share) | — | — | (27,977) | — | (27,977) |
| Net earnings | — | — | 51,224 | — | 51,224 |
| Other comprehensive income | — | — | — | 59,499 | 59,499 |
| Balance, September 30, 2024 | 139,678 | $1,294,041 | $1,178,619 | $(274,829) | $2,197,831 |
| Balance, July 1, 2023 | 139,343 | $1,284,150 | $1,062,093 | $(344,876) | $2,001,367 |
| Repurchase of common stock | (8) | (135) | — | — | (135) |
| Exercise of stock options | 3 | 52 | — | — | 52 |
| Shares issued pursuant to stock-based compensation plan | — | 2,393 | — | — | 2,393 |
| Cash dividends declared on common stock ($0.20 per share) | — | — | (27,901) | — | (27,901) |
| Net earnings | — | — | 57,887 | — | 57,887 |
| Other comprehensive loss | — | — | — | (82,262) | (82,262) |
| Balance, September 30, 2023 | 139,338 | $1,286,460 | $1,092,079 | $(427,138) | $1,951,401 |
Nine Months Ended September 30, 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 | (149) | (2,624) | — | — | (2,624) |
| Exercise of stock options | 7 | 129 | — | — | 129 |
| Shares issued pursuant to stock-based compensation plan | 475 | 7,637 | — | — | 7,637 |
| Cash dividends declared on common stock ($0.60 per share) | — | — | (83,881) | — | (83,881) |
| Net earnings | — | — | 149,858 | — | 149,858 |
| Other comprehensive income | — | — | — | 48,740 | 48,740 |
| Balance, September 30, 2024 | 139,678 | $1,294,041 | $1,178,619 | $(274,829) | $2,197,831 |
| Balance, January 1, 2023 | 139,819 | $1,300,466 | $1,002,847 | $(354,796) | $1,948,517 |
| Repurchase of common stock | (927) | (21,186) | — | — | (21,186) |
| Exercise of stock options | 7 | 125 | — | — | 125 |
| Shares issued pursuant to stock-based compensation plan | 439 | 7,055 | — | — | 7,055 |
| Cash dividends declared on common stock ($0.60 per share) | — | — | (83,695) | — | (83,695) |
| Net earnings | — | — | 172,927 | — | 172,927 |
| Other comprehensive loss | — | — | — | (72,342) | (72,342) |
| Balance, September 30, 2023 | 139,338 | $1,286,460 | $1,092,079 | $(427,138) | $1,951,401 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2024 | 2023 | |
| Cash Flows from Operating Activities | ||
| Interest and dividends received | $493,875 | $458,084 |
| Service charges and other fees received | 33,272 | 35,761 |
| Interest paid | (162,177) | (65,233) |
| Net cash paid to vendors, employees and others | (142,862) | (181,661) |
| Income taxes | (47,094) | — |
| Net cash provided by operating activities | 175,014 | 246,951 |
| Cash Flows from Investing Activities | ||
| Proceeds of FHLB stock, net | — | 9,615 |
| Net change in interest-earning balances from depository institutions | (16,122) | 5,445 |
| Proceeds from repayment of investment securities available-for-sale | 256,100 | 282,663 |
| Proceeds from maturity of investment securities available-for-sale | 48,617 | 4 |
| Proceeds from sales of AFS securities | 245,284 | — |
| Purchases of investment securities available-for-sale | (33,435) | (33,737) |
| Proceeds from repayment and maturity of investment securities held-to-maturity | 61,663 | 75,913 |
| Purchases of investment securities held-to-maturity | (11,455) | (2,026) |
| Net increase in equity investments | (8,928) | (60) |
| Net decrease in loan and lease finance receivables | 334,109 | 206,059 |
| Purchase of premises and equipment | (3,160) | (2,880) |
| Proceeds from sale-leaseback transactions | 16,175 | — |
| Proceeds from BOLI death benefit | 2,983 | 2,505 |
| Net cash provided by investing activities | 891,830 | 543,501 |
| Cash Flows from Financing Activities | ||
| Net increase (decrease) in other deposits | 349,312 | (488,560) |
| Net increase in time deposits | 289,535 | 11,101 |
| Net (decrease) increase in other borrowings | (1,570,000) | 125,000 |
| Net increase (decrease) in customer repurchase agreements | 122,873 | (295,879) |
| Cash dividends on common stock | (83,894) | (83,819) |
| Repurchase of common stock | (2,624) | (21,186) |
| Proceeds from exercise of stock options | 129 | 125 |
| Net cash used in financing activities | (894,669) | (753,218) |
| Net increase in cash and cash equivalents | 172,175 | 37,234 |
| Cash and cash equivalents, beginning of period | 281,285 | 203,461 |
| Cash and cash equivalents, end of period | $453,460 | $240,695 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Dollars in thousands)
| Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| 2024 | 2023 | |
| Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
| Net earnings | $149,858 | $172,927 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
| Increase in BOLI | (10,034) | (4,834) |
| Net amortization of premiums and discounts on investment securities | 12,647 | 13,807 |
| Loss on sale of AFS securities | 11,582 | — |
| Accretion of discount for acquired loans, net | (2,654) | (2,892) |
| Provision for credit losses | — | 4,000 |
| (Recapture of) provision for unfunded loan commitments | (1,250) | — |
| Valuation allowance on other real estate owned | 28 | — |
| Gain on sale leaseback transactions | (9,106) | — |
| Stock-based compensation | 7,637 | 7,055 |
| Depreciation and amortization, net | 10,902 | 13,985 |
| Change in other assets and liabilities | 5,404 | 42,903 |
| Total adjustments | 25,156 | 74,024 |
| Net cash provided by operating activities | $175,014 | $246,951 |
| Supplemental Disclosure of Non-cash Investing Activities | ||
| Securities sold and not settled | $55,960 | $— |
| Transfer of loans to other real estate owned | $675 | $— |
| Lease liabilities arising from obtaining right-of-use assets | $11,175 | $— |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.