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Midas Edge

CVB FINANCIAL CORP

For the period ended Jun 30, 2025. Filed Aug 8, 2025.

View on SEC.gov

About this filing

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.

Jun 30, 2025 · Filed Aug 8, 2025

CVBF$22.79-0.7%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Item 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CONDENSED CONSOLI DATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

June 30,December 31,
20252024
Assets
Cash and due from banks$195,063$153,875
Interest-earning balances due from Federal Reserve543,57350,823
Total cash and cash equivalents738,636204,698
Interest-earning balances due from depository institutions11,004480
Investment securities available-for-sale, at fair value (with amortized cost of $2,840,450 at June 30, 2025, and $2,997,047 at December 31, 2024)2,486,3062,542,115
Investment securities held-to-maturity (with fair value of $1,934,756 at June 30, 2025, and $1,954,345 at December 31, 2024)2,327,2302,379,668
Total investment securities4,813,5364,921,783
Investment in stock of Federal Home Loan Bank (FHLB)18,01218,012
Loans and lease finance receivables8,358,5018,536,432
Allowance for credit losses(78,003)(80,122)
Net loans and lease finance receivables8,280,4988,456,310
Premises and equipment, net26,60627,543
Bank owned life insurance (BOLI)320,596316,248
Accrued interest receivable45,24745,716
Intangibles7,6579,967
Goodwill765,822765,822
Income taxes152,798171,178
Other assets233,718215,898
Total assets$15,414,130$15,153,655
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing$7,247,128$7,037,096
Interest-bearing4,737,6954,911,285
Total deposits11,984,82311,948,381
Customer repurchase agreements404,154261,887
Other borrowings500,000500,000
Deferred compensation22,87322,909
Accrued interest payable4,5805,047
Other liabilities257,378229,115
Total liabilities13,173,80812,967,339
Commitments and Contingencies
Stockholders' Equity
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 137,825,465 at June 30, 2025, and 139,690,086 at December 31, 20241,260,8431,296,881
Retained earnings1,247,6111,201,499
Accumulated other comprehensive loss, net of tax(268,132)(312,064)
Total stockholders' equity2,240,3222,186,316
Total liabilities and stockholders' equity$15,414,130$15,153,655

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(Dollars in thousands, except per share amounts)

Three Months Ended · Six Months Ended
June 30,June 30,
2025202420252024
Interest income:
Loans and leases, including fees$108,845$114,200$217,916$230,549
Investment securities:
Investment securities available-for-sale18,29921,22537,03342,671
Investment securities held-to-maturity12,88613,44525,90726,847
Total investment income31,18534,67062,94069,518
Dividends from FHLB stock411377790796
Interest-earning deposits with other institutions3,7689,8255,56515,898
Total interest income144,209159,072287,211316,761
Interest expense:
Deposits24,82925,97950,15147,345
Borrowings and customer repurchase agreements7,40122,24414,20146,106
Other371—807—
Total interest expense32,60148,22365,15993,451
Net interest income before provision for (recapture of) credit losses111,608110,849222,052223,310
Provision for (recapture of) credit losses——(2,000)—
Net interest income after provision for (recapture of) credit losses111,608110,849224,052223,310
Noninterest income:
Service charges on deposit accounts4,9595,1179,86710,153
Trust and investment services3,7163,4287,1276,652
Bankcard services6473701,277755
BOLI income3,2282,9426,0596,535
Gain on OREO, net——2,183—
Other2,1942,5674,4604,442
Total noninterest income14,74414,42430,97328,537
Noninterest expense:
Salaries and employee benefits34,99935,42671,47671,827
Occupancy and equipment6,1065,77212,10411,337
Professional services2,1912,7264,2724,981
Computer software expense4,4103,9498,6317,474
Marketing and promotion1,8171,9563,8053,586
Provision for (recapture of) unfunded loan commitments—(500)500(500)
Amortization of intangible assets1,1551,4372,3102,875
Other6,8795,73113,60314,688
Total noninterest expense57,55756,497116,701116,268
Earnings before income taxes68,79568,776138,324135,579
Income taxes18,23118,74136,65636,945
Net earnings$50,564$50,035$101,668$98,634
Other comprehensive income (loss):
Unrealized gain (loss) on securities arising during the period, before tax$15,645$1,513$64,999$(15,560)
Less: Income tax (expense) benefit related to items of other comprehensive income(6,477)(556)(21,067)4,801
Other comprehensive income (loss), net of tax9,16895743,932(10,759)
Comprehensive income (loss)$59,732$50,992$145,600$87,875
Basic earnings per common share$0.37$0.36$0.73$0.71
Diluted earnings per common share$0.37$0.36$0.73$0.71

CONDENSED CONSOLIDATED STAT EMENTS OF STOCKHOLDERS’ EQUITY

(Dollars and shares in thousands)

Three Months Ended June 30, 2025 and 2024

Common Shares OutstandingCommon StockRetained EarningsAccumulated Other Comprehensive (Loss) IncomeTotal
Balance, April 1, 2025139,090$1,280,969$1,224,750$(277,300)$2,228,419
Repurchase of common stock(1,284)(22,544)——(22,544)
Exercise of stock options—7——7
Shares issued pursuant to stock-based compensation plan192,411——2,411
Cash dividends declared on common stock ($0.20 per share)——(27,703)—(27,703)
Net earnings——50,564—50,564
Other comprehensive income———9,1689,168
Balance, June 30, 2025137,825$1,260,843$1,247,611$(268,132)$2,240,322
Balance, April 1, 2024139,642$1,288,755$1,133,355$(335,285)$2,086,825
Repurchase of common stock(1)(21)——(21)
Exercise of stock options—————
Shares issued pursuant to stock-based compensation plan362,649——2,649
Cash dividends declared on common stock ($0.20 per share)——(28,018)—(28,018)
Net earnings——50,035—50,035
Other comprehensive income———957957
Balance, June 30, 2024139,677$1,291,383$1,155,372$(334,328)$2,112,427

Six Months Ended June 30, 2025 and 2024

Common Shares OutstandingCommon StockRetained EarningsAccumulated Other Comprehensive (Loss) IncomeTotal
Balance, January 1, 2025139,690$1,296,881$1,201,499$(312,064)$2,186,316
Repurchase of common stock(2,238)(41,231)——(41,231)
Exercise of stock options15259——259
Shares issued pursuant to stock-based compensation plan3584,934——4,934
Cash dividends declared on common stock ($0.40 per share)——(55,556)—(55,556)
Net earnings——101,668—101,668
Other comprehensive income———43,93243,932
Balance, June 30, 2025137,825$1,260,843$1,247,611$(268,132)$2,240,322
Balance, January 1, 2024139,345$1,288,899$1,112,642$(323,569)$2,077,972
Repurchase of common stock(147)(2,594)——(2,594)
Exercise of stock options343——43
Shares issued pursuant to stock-based compensation plan4765,035——5,035
Cash dividends declared on common stock ($0.40 per share)——(55,904)—(55,904)
Net earnings——98,634—98,634
Other comprehensive loss———(10,759)(10,759)
Balance, June 30, 2024139,677$1,291,383$1,155,372$(334,328)$2,112,427

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

Six Months Ended
June 30,
20252024
Cash Flows from Operating Activities
Interest and dividends received$292,810$321,569
Service charges and other fees received22,29922,099
Interest paid(65,625)(82,316)
Net cash paid to vendors, employees and others(131,308)(114,270)
Income taxes(23,190)(43,462)
Net cash provided by operating activities94,986103,620
Cash Flows from Investing Activities
Net change in interest-earning balances from depository institutions(10,524)871
Proceeds from repayment of investment securities available-for-sale137,449170,306
Proceeds from maturity of investment securities available-for-sale30,00248,007
Purchases of investment securities available-for-sale(29,388)(33,435)
Proceeds from repayment and maturity of investment securities held-to-maturity52,56040,110
Purchases of investment securities held-to-maturity(6,230)(11,455)
Net increase in equity investments(18,499)(2,813)
Net decrease in loan and lease finance receivables179,611222,728
Purchase of premises and equipment(1,529)(1,946)
Proceeds from BOLI death benefit2,3401,559
Proceeds from sales of other real estate owned21,348—
Net cash provided by investing activities357,140433,931
Cash Flows from Financing Activities
Net increase (decrease) in other deposits26,045(21,902)
Net increase in time deposits10,397378,585
Net decrease in other borrowings—(270,000)
Net increase (decrease) in customer repurchase agreements142,267(2,816)
Cash dividends on common stock(55,925)(55,958)
Repurchase of common stock(41,231)(2,594)
Proceeds from exercise of stock options25943
Net cash provided by financing activities81,81225,358
Net increase in cash and cash equivalents533,938562,909
Cash and cash equivalents, beginning of period204,698281,285
Cash and cash equivalents, end of period$738,636$844,194

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in thousands)

Six Months Ended
June 30,
20252024
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities
Net earnings$101,668$98,634
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of other real estate owned(2,045)—
Increase in BOLI(6,059)(6,535)
Net amortization of premiums and discounts on investment securities7,8368,372
Accretion of discount for acquired loans, net(1,390)(1,793)
(Recapture of) provision for credit losses(2,000)—
Provision for (recapture of) unfunded loan commitments500(500)
Valuation allowance on other real estate owned—28
Stock-based compensation4,9345,035
Depreciation and amortization, net8,6783,955
Change in other assets and liabilities(17,136)(3,576)
Total adjustments(6,682)4,986
Net cash provided by operating activities$94,986$103,620
Supplemental Disclosure of Non-cash Investing Activities
Transfer of loans to other real estate owned$661$675
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.