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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 March 31, 2022

 

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: 141,057,031 outstanding as of April 29, 2022.

 


 

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

46

 

ASSET/LIABILITY AND MARKET RISK MANAGEMENT

60

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

63

ITEM 4.

CONTROLS AND PROCEDURES

63

PART II –

OTHER INFORMATION

64

ITEM 1.

LEGAL PROCEEDINGS

64

ITEM 1A.

RISK FACTORS

65

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 statements set forth herein constitute forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. 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 that could cause actual results or performance to differ materially from those projected. These forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company, including, without limitation, plans, strategies and goals, and statements about the Company’s outlook regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, and the impact of acquisitions we have made or may make. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and there can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors in addition to those set forth below could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.

 

Given the ongoing and dynamic nature of the COVID-19 pandemic, the ultimate extent of the impacts on our business,
financial position, results of operations, liquidity, workforce, operating platform and prospects remain uncertain. In addition,
changes to statutes, regulations, or government or regulatory policies or practices as a result of, or in response to the COVID-19 pandemic, could affect us in substantial and unpredictable ways, including the potential adverse impact of loan modifications and payment deferrals implemented consistent with recent regulatory guidance.

 

General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct business; the effects of, and changes in, trade,
monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve
System; inflation/deflation, interest rate, market, and monetary fluctuations; the effect of acquisitions we have made or may
make, including, without limitation, the failure to obtain the necessary regulatory approvals, the failure to achieve the
expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an
acquisition target into our operations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws, and
regulations, including those concerning taxes, banking, securities, and insurance, and the application thereof by regulatory
bodies; the effectiveness of our risk management framework and quantitative models; changes in the level of our
nonperforming assets and charge-offs; the transition away from USD LIBOR and uncertainties regarding potential alternative reference rates, including SOFR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including ASU 2016-13 (Topic 326), “Measurement of Credit Losses on Financial Instruments,” commonly referenced as the CECL model, which has changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; possible credit related impairments or declines in the fair value of securities held by us; possible impairment charges to goodwill; changes in consumer spending, borrowing, and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract deposits and other sources of liquidity; the possibility that we may reduce or discontinue the payments of dividends on our common stock; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, such as the COVID-19 pandemic, and their effects on the economic and business environments in which we operate, including on our credit quality and business operations, as well as the impact on general economic and financial market conditions; cybersecurity threats and the cost of defending against them, including the costs of compliance with potential legislation to combat cybersecurity at a state, national, or global level; our

3


 

ability to recruit and retain key executives, board members and other employees, and changes in employment laws and regulations; unanticipated regulatory or legal proceedings; and our ability to manage the risks involved in the foregoing.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's 2021 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).

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)

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

171,000

 

 

$

90,012

 

Interest-earning balances due from Federal Reserve

 

 

1,482,039

 

 

 

1,642,536

 

Total cash and cash equivalents

 

 

1,653,039

 

 

 

1,732,548

 

Interest-earning balances due from depository institutions

 

 

6,859

 

 

 

25,999

 

Investment securities available-for-sale, at fair value (with amortized cost of
$
3,850,724 at March 31, 2022, and $3,185,249 at December 31, 2021)

 

 

3,647,330

 

 

 

3,183,923

 

Investment securities held-to-maturity (with fair value of $2,203,144 at March 31, 2022, and $1,921,693 at December 31, 2021)

 

 

2,362,741

 

 

 

1,925,970

 

Total investment securities

 

 

6,010,071

 

 

 

5,109,893

 

Investment in stock of Federal Home Loan Bank (FHLB)

 

 

18,012

 

 

 

17,688

 

Loans and lease finance receivables

 

 

8,591,684

 

 

 

7,887,713

 

Allowance for credit losses

 

 

(76,119

)

 

 

(65,019

)

Net loans and lease finance receivables

 

 

8,515,565

 

 

 

7,822,694

 

Premises and equipment, net

 

 

53,435

 

 

 

49,096

 

Bank owned life insurance (BOLI)

 

 

259,254

 

 

 

251,570

 

Accrued interest receivable

 

 

37,308

 

 

 

34,204

 

Intangibles

 

 

27,310

 

 

 

25,394

 

Goodwill

 

 

765,822

 

 

 

663,707

 

Income taxes

 

 

83,639

 

 

 

32,603

 

Other assets

 

 

108,823

 

 

 

118,301

 

Total assets

 

$

17,539,137

 

 

$

15,883,697

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

9,107,304

 

 

$

8,104,056

 

Interest-bearing

 

 

5,380,474

 

 

 

4,872,386

 

Total deposits

 

 

14,487,778

 

 

 

12,976,442

 

Customer repurchase agreements

 

 

598,909

 

 

 

642,388

 

Other borrowings

 

 

-

 

 

 

2,281

 

Deferred compensation

 

 

23,948

 

 

 

20,879

 

Payable for securities purchased

 

 

257,979

 

 

 

50,340

 

Other liabilities

 

 

95,480

 

 

 

109,864

 

Total liabilities

 

 

15,464,094

 

 

 

13,802,194

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

Common stock, authorized, 225,000,000 shares without par; issued and outstanding 141,626,059 at March 31, 2022, and 135,526,025 at December 31, 2021

 

 

1,325,644

 

 

 

1,209,903

 

Retained earnings

 

 

895,661

 

 

 

875,568

 

Accumulated other comprehensive (loss) income, net of tax

 

 

(146,262

)

 

 

(3,968

)

Total stockholders' equity

 

 

2,075,043

 

 

 

2,081,503

 

Total liabilities and stockholders' equity

 

$

17,539,137

 

 

$

15,883,697

 

 

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

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Interest income:

 

 

 

 

 

 

Loans and leases, including fees

 

$

89,461

 

 

$

91,795

 

Investment securities:

 

 

 

 

 

 

Investment securities available-for-sale

 

 

12,832

 

 

 

9,159

 

Investment securities held-to-maturity

 

 

10,663

 

 

 

3,940

 

Total investment income

 

 

23,495

 

 

 

13,099

 

Dividends from FHLB stock

 

 

371

 

 

 

217

 

Interest-earning deposits with other institutions

 

 

773

 

 

 

413

 

Total interest income

 

 

114,100

 

 

 

105,524

 

Interest expense:

 

 

 

 

 

 

Deposits

 

 

1,127

 

 

 

1,812

 

Borrowings and customer repurchase agreements

 

 

133

 

 

 

141

 

Junior subordinated debentures

 

 

-

 

 

 

103

 

Total interest expense

 

 

1,260

 

 

 

2,056

 

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

 

 

112,840

 

 

 

103,468

 

Provision for (recapture of) credit losses

 

 

2,500

 

 

 

(19,500

)

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

 

 

110,340

 

 

 

122,968

 

Noninterest income:

 

 

 

 

 

 

Service charges on deposit accounts

 

 

5,059

 

 

 

3,985

 

Trust and investment services

 

 

2,822

 

 

 

2,611

 

Bankcard services

 

 

416

 

 

 

350

 

BOLI income

 

 

1,349

 

 

 

4,624

 

Gain on OREO, net

 

 

-

 

 

 

429

 

Other

 

 

1,618

 

 

 

1,682

 

Total noninterest income

 

 

11,264

 

 

 

13,681

 

Noninterest expense:

 

 

 

 

 

 

Salaries and employee benefits

 

 

32,656

 

 

 

29,706

 

Occupancy and equipment

 

 

5,571

 

 

 

4,863

 

Professional services

 

 

2,045

 

 

 

2,168

 

Computer software expense

 

 

3,795

 

 

 

2,844

 

Marketing and promotion

 

 

1,458

 

 

 

725

 

Amortization of intangible assets

 

 

1,998

 

 

 

2,167

 

Acquisition related expenses

 

 

5,638

 

 

 

-

 

Other

 

 

5,077

 

 

 

4,690

 

Total noninterest expense

 

 

58,238

 

 

 

47,163

 

Earnings before income taxes

 

 

63,366

 

 

 

89,486

 

Income taxes

 

 

17,806

 

 

 

25,593

 

Net earnings

 

$

45,560

 

 

$

63,893

 

 

 

 

 

 

 

 

Other comprehensive (loss) income:

 

 

 

 

 

 

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

 

$

(202,018

)

 

$

(40,310

)

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

 

 

59,724

 

 

 

11,917

 

Other comprehensive (loss), net of tax

 

 

(142,294

)

 

 

(28,393

)

Comprehensive (loss) income

 

$

(96,734

)

 

$

35,500

 

 

 

 

 

 

 

 

 Basic earnings per common share

 

$

0.31

 

 

$

0.47

 

 Diluted earnings per common share

 

$

0.31

 

 

$

0.47

 

 

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 March 31, 2022 and 2021

 

 

Common Shares Outstanding

 

 

Common Stock

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Total

 

Balance, January 1, 2022

 

135,526

 

 

$

1,209,903

 

 

$

875,568

 

 

$

(3,968

)

 

$

2,081,503

 

Issuance of common stock for acquisition
   of Suncrest Bank

 

8,617

 

 

 

197,069

 

 

 

-

 

 

 

-

 

 

 

197,069

 

Repurchase of common stock

 

(584

)

 

 

(13,643

)

 

 

-

 

 

 

-

 

 

 

(13,643

)

Repurchase of common stock, ASR Plan

 

(2,544

)

 

 

(56,000

)

 

 

-

 

 

 

-

 

 

 

(56,000

)

ASR Contract

 

-

 

 

 

(14,000

)

 

 

 

 

 

 

 

 

(14,000

)

Exercise of stock options

 

50

 

 

 

720

 

 

 

-

 

 

 

-

 

 

 

720

 

Shares issued pursuant to stock-based
   compensation plan

 

561

 

 

 

1,595

 

 

 

-

 

 

 

-

 

 

 

1,595

 

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

 

-

 

 

 

-

 

 

 

(25,467

)

 

 

-

 

 

 

(25,467

)

Net earnings

 

-

 

 

 

-

 

 

 

45,560

 

 

 

-

 

 

 

45,560

 

Other comprehensive loss

 

-

 

 

 

-

 

 

 

-

 

 

 

(142,294

)

 

 

(142,294

)

Balance, March 31, 2022

 

141,626

 

 

$

1,325,644

 

 

$

895,661

 

 

$

(146,262

)

 

$

2,075,043

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2021

 

135,601

 

 

$

1,211,780

 

 

$

760,861

 

 

$

35,349

 

 

$

2,007,990

 

Repurchase of common stock

 

(22

)

 

 

(502

)

 

 

-

 

 

 

-

 

 

 

(502

)

Exercise of stock options

 

40

 

 

 

891

 

 

 

-

 

 

 

-

 

 

 

891

 

Shares issued pursuant to stock-based
   compensation plan

 

301

 

 

 

1,282

 

 

 

-

 

 

 

-

 

 

 

1,282

 

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

 

-

 

 

 

-

 

 

 

(24,495

)

 

 

-

 

 

 

(24,495

)

Net earnings

 

-

 

 

 

-

 

 

 

63,893

 

 

 

-

 

 

 

63,893

 

Other comprehensive loss

 

-

 

 

 

-

 

 

 

-

 

 

 

(28,393

)

 

 

(28,393

)

Balance, March 31, 2021

 

135,920

 

 

$

1,213,451

 

 

$

800,259

 

 

$

6,956