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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 September 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)
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California |
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95-3629339 |
(State or other jurisdiction of Incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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701 North Haven Ave., Suite 350 |
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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: 135,521,535 outstanding as of October 29, 2021.
TABLE OF CONTENTS
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, including our recently announced agreement to acquire Suncrest Bank headquartered in Visalia, California;
•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, director or employee diversity requirements, insurance, cybersecurity, customer and employee privacy, 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
3
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;
•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 any 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, including compliance with any applicable diversity requirements;
•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)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2021 |
|
|
2020 |
|
Assets |
|
|
|
|
|
|
Cash and due from banks |
|
$ |
159,563 |
|
|
$ |
122,305 |
|
Interest-earning balances due from Federal Reserve |
|
|
2,401,800 |
|
|
|
1,835,855 |
|
Total cash and cash equivalents |
|
|
2,561,363 |
|
|
|
1,958,160 |
|
Interest-earning balances due from depository institutions |
|
|
27,260 |
|
|
|
43,563 |
|
Investment securities available-for-sale, at fair value (with amortized cost of
$2,916,300 at September 30, 2021, and $2,344,174 at December 31, 2020) |
|
|
2,925,060 |
|
|
|
2,398,923 |
|
Investment securities held-to-maturity (with fair value of $1,717,230 at
September 30, 2021, and $604,223 at December 31, 2020) |
|
|
1,710,938 |
|
|
|
578,626 |
|
Total investment securities |
|
|
4,635,998 |
|
|
|
2,977,549 |
|
Investment in stock of Federal Home Loan Bank (FHLB) |
|
|
17,688 |
|
|
|
17,688 |
|
Loans and lease finance receivables |
|
|
7,849,520 |
|
|
|
8,348,808 |
|
Allowance for credit losses |
|
|
(65,364 |
) |
|
|
(93,692 |
) |
Net loans and lease finance receivables |
|
|
7,784,156 |
|
|
|
8,255,116 |
|
Premises and equipment, net |
|
|
49,812 |
|
|
|
51,144 |
|
Bank owned life insurance (BOLI) |
|
|
251,781 |
|
|
|
226,818 |
|
Accrued interest receivable |
|
|
30,253 |
|
|
|
31,306 |
|
Intangibles |
|
|
27,286 |
|
|
|
33,634 |
|
Goodwill |
|
|
663,707 |
|
|
|
663,707 |
|
Other real estate owned (OREO) |
|
|
- |
|
|
|
3,392 |
|
Income taxes |
|
|
36,870 |
|
|
|
29,540 |
|
Other assets |
|
|
115,424 |
|
|
|
127,697 |
|
Total assets |
|
$ |
16,201,598 |
|
|
$ |
14,419,314 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
8,310,709 |
|
|
$ |
7,455,387 |
|
Interest-bearing |
|
|
4,619,507 |
|
|
|
4,281,114 |
|
Total deposits |
|
|
12,930,216 |
|
|
|
11,736,501 |
|
Customer repurchase agreements |
|
|
659,579 |
|
|
|
439,406 |
|
Other borrowings |
|
|
- |
|
|
|
5,000 |
|
Deferred compensation |
|
|
20,675 |
|
|
|
21,611 |
|
Junior subordinated debentures |
|
|
- |
|
|
|
25,774 |
|
Payable for securities purchased |
|
|
421,751 |
|
|
|
60,113 |
|
Other liabilities |
|
|
105,457 |
|
|
|
122,919 |
|
Total liabilities |
|
|
14,137,678 |
|
|
|
12,411,324 |
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
Common stock, authorized, 225,000,000 shares without par; issued and
outstanding 135,516,404 at September 30, 2021 and 135,600,501 at
December 31, 2020 |
|
|
1,208,569 |
|
|
|
1,211,780 |
|
Retained earnings |
|
|
852,273 |
|
|
|
760,861 |
|
Accumulated other comprehensive income, net of tax |
|
|
3,078 |
|
|
|
35,349 |
|
Total stockholders' equity |
|
|
2,063,920 |
|
|
|
2,007,990 |
|
Total liabilities and stockholders' equity |
|
$ |
16,201,598 |
|
|
$ |
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 |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
Interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans and leases, including fees |
|
$ |
88,390 |
|
|
$ |
94,200 |
|
|
$ |
271,911 |
|
|
$ |
281,669 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities available-for-sale |
|
|
9,813 |
|
|
|
8,447 |
|
|
|
28,382 |
|
|
|
26,945 |
|
Investment securities held-to-maturity |
|
|
5,188 |
|
|
|
3,375 |
|
|
|
14,258 |
|
|
|
11,033 |
|
Total investment income |
|
|
15,001 |
|
|
|
11,822 |
|
|
|
42,640 |
|
|
|
37,978 |
|
Dividends from FHLB stock |
|
|
258 |
|
|
|
215 |
|
|
|
758 |
|
|
|
761 |
|
Interest-earning deposits with other institutions |
|
|
898 |
|
|
|
389 |
|
|
|
1,790 |
|
|
|
1,285 |
|
Total interest income |
|
|
104,547 |
|
|
|
106,626 |
|
|
|
317,099 |
|
|
|
321,693 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,113 |
|
|
|
2,958 |
|
|
|
4,350 |
|
|
|
10,077 |
|
Borrowings and customer repurchase agreements |
|
|
135 |
|
|
|
232 |
|
|
|
408 |
|
|
|
972 |
|
Junior subordinated debentures |
|
|
- |
|
|
|
111 |
|
|
|
186 |
|
|
|
444 |
|
Total interest expense |
|
|
1,248 |
|
|
|
3,301 |
|
|
|
4,944 |
|
|
|
11,493 |
|
Net interest income before (recapture of) provision for credit losses |
|
|
103,299 |
|
|
|
103,325 |
|
|
|
312,155 |
|
|
|
310,200 |
|
(Recapture of) provision for credit losses |
|
|
(4,000 |
) |
|
|
- |
|
|
|
(25,500 |
) |
|
|
23,500 |
|
Net interest income after (recapture of) provision for credit losses |
|
|
107,299 |
|
|
|
103,325 |
|
|
|
337,655 |
|
|
|
286,700 |
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
4,513 |
|
|
|
3,970 |
|
|
|
12,667 |
|
|
|
12,555 |
|
Trust and investment services |
|
|
2,681 |
|
|
|
2,405 |
|
|
|
8,459 |
|
|
|
7,302 |
|
Bankcard services |
|
|
479 |
|
|
|
456 |
|
|
|
1,362 |
|
|
|
1,438 |
|
BOLI income |
|
|
1,229 |
|
|
|
1,469 |
|
|
|
7,093 |
|
|
|
5,211 |
|
Gain on OREO, net |
|
|
- |
|
|
|
13 |
|
|
|
477 |
|
|
|
23 |
|
Gain on sale of building, net |
|
|
|
|
|
1,680 |
|
|
|
|
|
|
1,680 |
|
Other |
|
|
1,581 |
|
|
|
3,160 |
|
|
|
4,942 |
|
|
|
8,736 |
|
Total noninterest income |
|
|
10,483 |
|
|
|
13,153 |
|
|
|
35,000 |
|
|
|
36,945 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
29,741 |
|
|
|
31,034 |
|
|
|
88,283 |
|
|
|
90,617 |
|
Occupancy and equipment |
|
|
5,122 |
|
|
|
5,275 |
|
|
|
14,934 |
|
|
|
15,143 |
|
Professional services |
|
|
1,626 |
|
|
|
2,019 |
|
|
|
6,042 |
|
|
|
6,643 |
|
Computer software expense |
|
|
3,020 |
|
|
|
2,837 |
|
|
|
8,521 |
|
|
|
8,407 |
|
Marketing and promotion |
|
|
857 |
|
|
|
728 |
|
|
|
3,381 |
|
|
|
3,538 |
|
Amortization of intangible assets |
|
|
2,014 |
|
|
|
2,292 |
|
|
|
6,348 |
|
|
|
7,182 |
|
(Recapture of) provision for unfunded loan commitments |
|
|
- |
|
|
|
- |
|
|
|
(1,000 |
) |
|
|
- |
|
Acquisition related expenses |
|
|
809 |
|
|
|
- |
|
|
|
809 |
|
|
|
- |
|
Other |
|
|
4,910 |
|
|
|
5,403 |
|
|
|
14,489 |
|
|
|
13,097 |
|
Total noninterest expense |
|
|
48,099 |
|
|
|
49,588 |
|
|
|
141,807 |
|
|
|
144,627 |
|
Earnings before income taxes |
|
|
69,683 |
|
|
|
66,890 |
|
|
|
230,848 |
|
|
|
179,018 |
|
Income taxes |
|
|
19,930 |
|
|
|
19,398 |
|
|
|
66,023 |
|
|
|
51,915 |
|
Net earnings |
|
$ |
49,753 |
|
|
$ |
47,492 |
|
|
$ |
164,825 |
|
|
$ |
127,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on securities arising during the period, before tax |
|
$ |
(14,443 |
) |
|
$ |
(2,004 |
) |
|
$ |
(45,816 |
) |
|
$ |
33,334 |
|
Less: Income tax (expense) benefit related to items of other
comprehensive income |
|
|
4,270 |
|
|
|
593 |
|
|
|
13,545 |
|
|
|
(9,855 |
) |
|
