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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2021

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

 

 

Commission File Number: 000-10140

 

CVB FINANCIAL CORP.

(Exact name of registrant as specified in its charter)

 

California

 

95-3629339

(State or other jurisdiction of

Incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

701 North Haven Ave., Suite 350

 

 

Ontario, California

 

91764

(Address of principal executive offices)

 

(Zip Code)

 

 

 

 

(909) 980-4030

 

 

(Registrant's telephone number,

including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, No Par Value

CVBF

The Nasdaq Stock Market, LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, non-accelerated filer or smaller reporting company, or emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

 

 

Accelerated filer

Non-accelerated filer

 

 

Smaller reporting company

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes No

 

Number of shares of common stock of the registrant: 135,895,589 outstanding as of July 30, 2021.

 


 

TABLE OF CONTENTS

 

 

PART I –

FINANCIAL INFORMATION (UNAUDITED)

3

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

5

 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

10

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

34

 

CRITICAL ACCOUNTING POLICIES

35

 

OVERVIEW

36

 

ANALYSIS OF THE RESULTS OF OPERATIONS

38

 

ANALYSIS OF FINANCIAL CONDITION

48

 

ASSET/LIABILITY AND MARKET RISK MANAGEMENT

60

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

62

ITEM 4.

CONTROLS AND PROCEDURES

63

PART II –

OTHER INFORMATION

64

ITEM 1.

LEGAL PROCEEDINGS

64

ITEM 1A.

RISK FACTORS

64

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

66

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

66

ITEM 4.

MINE SAFETY DISCLOSURES

66

ITEM 5.

OTHER INFORMATION

66

ITEM 6.

EXHIBITS

67

SIGNATURES

 

68

 

2


 

PART I – FINANCIAL INFORMATION (UNAUDITED)

 

GENERAL

 

Cautionary Note Regarding Forward-Looking Statements

 

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. 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. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to the following:

 

local, regional, national and international economic and market conditions and political events and public health developments and the impact they may have on us, our customers and our assets and liabilities;
our ability to attract deposits and other sources of funding or liquidity;
supply and demand for commercial or residential real estate and periodic deterioration in real estate prices and/or values in California or other states where we lend;
a sharp or prolonged slowdown or decline in real estate construction, sales or leasing activities;
changes in the financial performance and/or condition of our borrowers, depositors, key vendors or counterparties;
changes in our levels of delinquent loans, nonperforming assets, allowance for credit losses and charge-offs;
the costs or effects of mergers, acquisitions or dispositions we may make, whether we are able to obtain any required governmental approvals in connection with any such mergers, acquisitions or dispositions, and/or our ability to realize the contemplated financial or business benefits or cost savings associated with any such mergers, acquisitions or dispositions;
the effects of new laws, regulations and/or government programs, including those laws, regulations and programs enacted by federal, state or local governments in the geographic jurisdictions in which we do business in response to the recent national emergency declared in connection with the COVID-19 pandemic;
the impact of the federal CARES Act and the significant additional lending activities undertaken by the Company in connection with the Small Business Administration’s Paycheck Protection Program enacted thereunder, including risks to the Company with respect to the uncertain application by the Small Business Administration of new borrower and loan eligibility, forgiveness and audit criteria;
the effects of the Company’s participation in one or more of the new lending programs recently established by the Federal Reserve, including the Main Street New Loan Facility, the Main Street Priority Loan Facility and the Nonprofit Organization New Loan Facility, and the impact of any related actions or decisions by the Federal Reserve Bank of Boston and its special purpose vehicle established pursuant to such lending programs;
the effect of changes in other pertinent laws, regulations and applicable judicial decisions (including laws, regulations and judicial decisions concerning financial reforms, taxes, bank capital levels, allowance for credit losses, consumer, commercial or secured lending, securities and securities trading and hedging, bank operations, compliance, fair lending, the Community Reinvestment Act, employment, executive compensation, insurance, cybersecurity, vendor management and information security technology) with which we and our subsidiaries must comply or believe we should comply or which may otherwise impact us;
changes in estimates of future reserve requirements and minimum capital requirements based upon the periodic review thereof under relevant regulatory and accounting standards, including changes in the Basel Committee framework establishing capital standards for bank credit, operations and market risks;
the accuracy of the assumptions and estimates and the absence of technical error in implementation or calibration of models used to estimate the fair value of financial instruments or currently expected credit losses or delinquencies;
the sensitivity of our assets and liabilities to changes in market interest rates, or our current allowance for credit losses;
inflation, changes in market interest rates, securities market and monetary fluctuations;
changes in government-established interest rates, reference rates or monetary policies, including the possible imposition of negative interest rates on bank reserves;
the impact of the anticipated phase-out of the London Interbank Offered Rate (LIBOR) on interest rate indexes specified in certain of our customer loan agreements and our interest rate swap arrangements, including any economic and compliance effects related to the expected change from LIBOR to an alternative reference rate;
changes in the amount, cost and availability of deposit insurance;

3


 

disruptions in the infrastructure that supports our business and the communities where we are located, which are concentrated in California, involving or related to public health, physical site access and/or communication facilities;
cyber incidents, attacks, infiltrations, exfiltrations, or theft or loss of Company or customer or employee data or money;
political developments, uncertainties or instability, catastrophic events, acts of war or terrorism, or natural disasters, such as earthquakes, drought, the effects of pandemic diseases, climate changes or extreme weather events, that may affect electrical, environmental, computer servers, and communications or other services, computer services or facilities we use, or that may affect our customers, employees or third parties with whom we conduct business;
our timely development and implementation of new banking products and services and the perceived overall value of these products and services by our customers and potential customers;
the Company’s relationships with and reliance upon outside vendors with respect to certain of the Company’s key internal and external systems, applications and controls;
changes in commercial or consumer spending, borrowing and savings patterns, preferences or behaviors;
technological changes and the expanding use of technology in banking and financial services (including the adoption of mobile banking, funds transfer applications, electronic marketplaces for loans, blockchain technology and other financial products, systems or services);
our ability to retain and increase market share, retain and grow customers and control expenses;
changes in the competitive environment among banks and other financial services and technology providers;
competition and innovation with respect to financial products and services by banks, financial institutions and non-traditional providers including retail businesses and technology companies;
volatility in the credit and equity markets and its effect on the general economy or local or regional business conditions or on the Company’s capital, deposits, assets, or customers;
fluctuations in the price of the Company’s common stock or other securities, and the resulting impact on the Company’s ability to raise capital or make acquisitions;
the effect of changes in accounting policies and practices, as may be adopted from time-to-time by the principal regulatory agencies with jurisdiction over the Company, as well as by the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard-setters;
changes in our organization, management, compensation and benefit plans, and our ability to recruit and retain or expand our workforce, management team, key executive positions and/or our board of directors;
our ability to identify suitable and qualified replacements for any of our executive officers who may leave their employment with us, including our Chief Executive Officer;
the costs and effects of legal, compliance and regulatory actions, changes and developments, including the initiation and resolution of legal proceedings (including any securities, lender liability, bank operations, check or wire fraud, financial product or service, data privacy, consumer or employee class action litigation);
regulatory or other governmental inquiries or investigations, and/or the results of regulatory examinations or reviews;
our ongoing relations with our various federal and state regulators, including the SEC, Federal Reserve Board, FDIC and California DFPI;
our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report on Form 10-K for the year ended December 31, 2020, and particularly the discussion of risk factors within that document.

 

Among other risks, the ongoing COVID-19 pandemic may significantly affect the banking industry, the health and safety of the Company’s employees, and the Company’s business prospects.  The ultimate impact of the COVID-19 pandemic on our business and financial results will depend on future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the pandemic, the impact on the economy, our customers, our employees and our business partners, the safety, effectiveness, distribution and acceptance of vaccines developed to mitigate the pandemic, and actions taken by governmental authorities in response to the pandemic.

 

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.

 

 

4


 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

153,475

 

 

$

122,305

 

Interest-earning balances due from Federal Reserve

 

 

2,178,390

 

 

 

1,835,855

 

Total cash and cash equivalents

 

 

2,331,865

 

 

 

1,958,160

 

Interest-earning balances due from depository institutions

 

 

26,258

 

 

 

43,563

 

Investment securities available-for-sale, at fair value (with amortized cost of
   $
2,908,746 at June 30, 2021, and $2,344,174 at December 31, 2020)

 

 

2,932,021

 

 

 

2,398,923

 

Investment securities held-to-maturity (with fair value of $1,055,523 at
   June 30, 2021, and $
604,223 at December 31, 2020)

 

 

1,036,924

 

 

 

578,626

 

Total investment securities

 

 

3,968,945

 

 

 

2,977,549

 

Investment in stock of Federal Home Loan Bank (FHLB)

 

 

17,688

 

 

 

17,688

 

Loans and lease finance receivables

 

 

8,071,310

 

 

 

8,348,808

 

Allowance for credit losses

 

 

(69,342

)

 

 

(93,692

)

Net loans and lease finance receivables

 

 

8,001,968

 

 

 

8,255,116

 

Premises and equipment, net

 

 

49,914

 

 

 

51,144

 

Bank owned life insurance (BOLI)

 

 

250,305

 

 

 

226,818

 

Accrued interest receivable

 

 

35,124

 

 

 

31,306

 

Intangibles

 

 

29,300

 

 

 

33,634

 

Goodwill

 

 

663,707

 

 

 

663,707

 

Other real estate owned (OREO)

 

 

-

 

 

 

3,392

 

Income taxes

 

 

40,710

 

 

 

29,540

 

Other assets

 

 

123,504

 

 

 

127,697

 

Total assets

 

$

15,539,288

 

 

$

14,419,314

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

8,065,400

 

 

$

7,455,387

 

Interest-bearing

 

 

4,603,657

 

 

 

4,281,114

 

Total deposits

 

 

12,669,057

 

 

 

11,736,501

 

Customer repurchase agreements

 

 

578,207

 

 

 

439,406

 

Other borrowings

 

 

-

 

 

 

5,000

 

Deferred compensation

 

 

22,253

 

 

 

21,611

 

Junior subordinated debentures

 

 

-

 

 

 

25,774

 

Payable for securities purchased

 

 

110,430

 

 

 

60,113

 

Other liabilities

 

 

104,267

 

 

 

122,919

 

Total liabilities

 

 

13,484,214

 

 

 

12,411,324

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

Common stock, authorized, 225,000,000 shares without par; issued and
   outstanding
135,927,287 at June 30, 2021, and 135,600,501 at
   December 31, 2020

 

 

1,214,882

 

 

 

1,211,780

 

Retained earnings

 

 

826,941

 

 

 

760,861

 

Accumulated other comprehensive income, net of tax

 

 

13,251

 

 

 

35,349

 

Total stockholders' equity

 

 

2,055,074

 

 

 

2,007,990

 

Total liabilities and stockholders' equity

 

$

15,539,288

 

 

$

14,419,314

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

5


 

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(Dollars in thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases, including fees

 

$

91,726

 

 

$

95,352

 

 

$

183,521

 

 

$

187,469

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

 

 

9,410

 

 

 

8,449

 

 

 

18,569

 

 

 

18,498

 

Investment securities held-to-maturity

 

 

5,130

 

 

 

3,660

 

 

 

9,070

 

 

 

7,658

 

Total investment income

 

 

14,540

 

 

 

12,109

 

 

 

27,639

 

 

 

26,156

 

Dividends from FHLB stock

 

 

283

 

 

 

214

 

 

 

500

 

 

 

546

 

Interest-earning deposits with other institutions

 

 

479

 

 

 

283

 

 

 

892

 

 

 

896

 

Total interest income

 

 

107,028

 

 

 

107,958

 

 

 

212,552

 

 

 

215,067

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

1,425

 

 

 

2,995

 

 

 

3,237

 

 

 

7,119

 

Borrowings and customer repurchase agreements

 

 

132

 

 

 

261

 

 

 

273

 

 

 

740

 

Junior subordinated debentures

 

 

83

 

 

 

133

 

 

 

186

 

 

 

333

 

Total interest expense

 

 

1,640

 

 

 

3,389

 

 

 

3,696

 

 

 

8,192

 

Net interest income before (recapture of) provision for credit losses

 

 

105,388

 

 

 

104,569

 

 

 

208,856

 

 

 

206,875

 

(Recapture of) provision for credit losses

 

 

(2,000

)

 

 

11,500

 

 

 

(21,500

)

 

 

23,500

 

Net interest income after (recapture of) provision for credit losses

 

 

107,388

 

 

 

93,069

 

 

 

230,356

 

 

 

183,375

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

4,169

 

 

 

3,809

 

 

 

8,154

 

 

 

8,585

 

Trust and investment services

 

 

3,167

 

 

 

2,477

 

 

 

5,778

 

 

 

4,897

 

Bankcard services

 

 

533

 

 

 

405

 

 

 

883

 

 

 

982

 

BOLI income

 

 

1,240

 

 

 

1,683

 

 

 

5,864

 

 

 

3,742

 

Gain on OREO, net

 

 

48

 

 

 

-

 

 

 

477

 

 

 

10

 

Other

 

 

1,679

 

 

 

3,778

 

 

 

3,361

 

 

 

5,576

 

Total noninterest income

 

 

10,836

 

 

 

12,152

 

 

 

24,517

 

 

 

23,792

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

28,836

 

 

 

28,706

 

 

 

58,542

 

 

 

59,583

 

Occupancy and equipment

 

 

4,949

 

 

 

5,031

 

 

 

9,812

 

 

 

9,868

 

Professional services

 

 

2,248

 

 

 

2,368

 

 

 

4,416

 

 

 

4,624

 

Computer software expense

 

 

2,657

 

 

 

2,754

 

 

 

5,501

 

 

 

5,570

 

Marketing and promotion

 

 

1,799

 

 

 

1,255

 

 

 

2,524

 

 

 

2,810

 

Amortization of intangible assets

 

 

2,167

 

 

 

2,445

 

 

 

4,334

 

 

 

4,890

 

(Recapture of) provision for unfunded loan commitments

 

 

(1,000

)

 

 

-

 

 

 

(1,000

)

 

 

-

 

Other

 

 

4,889

 

 

 

3,839

 

 

 

9,579

 

 

 

7,694

 

Total noninterest expense

 

 

46,545

 

 

 

46,398

 

 

 

93,708

 

 

 

95,039

 

Earnings before income taxes

 

 

71,679

 

 

 

58,823

 

 

 

161,165

 

 

 

112,128

 

Income taxes

 

 

20,500

 

 

 

17,192

 

 

 

46,093

 

 

 

32,517

 

Net earnings

 

$

51,179

 

 

$

41,631

 

 

$

115,072

 

 

$

79,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on securities arising during the period, before tax

 

$

8,937

 

 

$

(1,280

)

 

$

(31,373

)

 

$

35,338

 

Less: Income tax (expense) benefit related to items of other
   comprehensive income

 

 

(2,642

)

 

 

378

 

 

 

9,275

 

 

 

(10,448

)

Other comprehensive income (loss), net of tax

 

 

6,295

 

 

 

(902

)

 

 

(22,098

)

 

 

24,890

 

Comprehensive income

 

$

57,474

 

 

$

40,729

 

 

$

92,974

 

 

$

104,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.38

 

 

$

0.31

 

 

$

0.85

 

 

$

0.58

 

Diluted earnings per common share

 

$

0.38

 

 

$

0.31

 

 

$

0.85

 

 

$

0.58

 

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

6


 

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Dollars and shares in thousands)

(Unaudited)

 

Three Months Ended June 30, 2021 and 2020

 

 

Common Shares Outstanding

 

 

Common Stock

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Total

 

Balance, April 1, 2021

 

135,920

 

 

$

1,213,451

 

 

$

800,259

 

 

$

6,956

 

 

$

2,020,666

 

Repurchase of common stock

 

(2

)

 

 

(32

)

 

 

-

 

 

 

-

 

 

 

(32

)

Exercise of stock options

 

5

 

 

 

73

 

 

 

-

 

 

 

-

 

 

 

73

 

Shares issued pursuant to stock-based
   compensation plan

 

4

 

 

 

1,390

 

 

 

-

 

 

 

-

 

 

 

1,390

 

Cash dividends declared on common stock
   ($
0.18 per share)

 

-

 

 

 

-

 

 

 

(24,497

)

 

 

-

 

 

 

(24,497

)

Net earnings

 

-

 

 

 

-

 

 

 

51,179

 

 

 

-

 

 

 

51,179

 

Other comprehensive loss

 

-