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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)

 

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: 135,521,535 outstanding as of October 29, 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

36

 

CRITICAL ACCOUNTING POLICIES

37

 

OVERVIEW

38

 

ANALYSIS OF THE RESULTS OF OPERATIONS

40

 

ANALYSIS OF FINANCIAL CONDITION

51

 

ASSET/LIABILITY AND MARKET RISK MANAGEMENT

64

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

67

ITEM 4.

CONTROLS AND PROCEDURES

67

PART II –

OTHER INFORMATION

68

ITEM 1.

LEGAL PROCEEDINGS

68

ITEM 1A.

RISK FACTORS

68

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

70

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

70

ITEM 4.

MINE SAFETY DISCLOSURES

70

ITEM 5.

OTHER INFORMATION

70

ITEM 6.

EXHIBITS

71

SIGNATURES

 

72

 

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

)

Other comprehensive income (loss), net of tax

 

 

(10,173

)

 

 

(1,411

)

 

 

(32,271

)

 

 

23,479

 

Comprehensive income

 

$

39,580

 

 

$

46,081

 

 

$

132,554

 

 

$

150,582