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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, 2023

 

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: 139,337,894 outstanding as of October 30, 2023.

 


 

TABLE OF CONTENTS

 

 

PART I –

FINANCIAL INFORMATION (UNAUDITED)

3

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4

 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

9

ITEM 2.

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

38

 

CRITICAL ACCOUNTING POLICIES

38

 

OVERVIEW

39

 

ANALYSIS OF THE RESULTS OF OPERATIONS

41

 

ANALYSIS OF FINANCIAL CONDITION

52

 

ASSET/LIABILITY AND MARKET RISK MANAGEMENT

68

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

71

ITEM 4.

CONTROLS AND PROCEDURES

71

PART II –

OTHER INFORMATION

72

ITEM 1.

LEGAL PROCEEDINGS

72

ITEM 1A.

RISK FACTORS

72

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

74

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

74

ITEM 4.

MINE SAFETY DISCLOSURES

74

ITEM 5.

OTHER INFORMATION

74

ITEM 6.

EXHIBITS

75

SIGNATURES

 

76

 

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, goals and statements about the Company’s outlook regarding revenue and asset growth, financial performance and profitability, capital and liquidity levels, loan and deposit growth and retention, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, the impact of economic developments, 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.

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, customers and key personnel 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 levels of our nonperforming assets and charge-offs; 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; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill, including any impairment that may result from increased volatility in our stock price; 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 and retain deposits or to access government or private lending facilities 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, and their effects on the economic and business environments in which we operate, including on our credit quality, business operations and employees, as well as the impact on general economic and financial market conditions; cybersecurity and fraud threats and the cost of defending against them, including the costs of compliance with potential legislation to combat cybersecurity and fraud threats at a state, national, or global level; our ability to recruit and retain key executives, board members and other employees, and changes in employment laws and regulations; unanticipated regulatory or legal proceedings or outcomes; 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 2022 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.


 

 

3


 

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,

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

176,488

 

 

$

158,236

 

Interest-earning balances due from Federal Reserve

 

 

64,207

 

 

 

45,225

 

Total cash and cash equivalents

 

 

240,695

 

 

 

203,461

 

Interest-earning balances due from depository institutions

 

 

4,108

 

 

 

9,553

 

Investment securities available-for-sale, at fair value (with amortized cost of
   $
3,526,455 at September 30, 2023, and $3,755,297 at December 31, 2022)

 

 

2,873,163

 

 

 

3,255,211

 

Investment securities held-to-maturity (with fair value of $1,969,318 at
   September 30, 2023, and $
2,155,587 at December 31, 2022)

 

 

2,489,441

 

 

 

2,554,301

 

Total investment securities

 

 

5,362,604

 

 

 

5,809,512

 

Investment in stock of Federal Home Loan Bank (FHLB)

 

 

18,012

 

 

 

27,627

 

Loans and lease finance receivables

 

 

8,877,632

 

 

 

9,079,392

 

Allowance for credit losses

 

 

(88,995

)

 

 

(85,117

)

Net loans and lease finance receivables

 

 

8,788,637

 

 

 

8,994,275

 

Premises and equipment, net

 

 

44,561

 

 

 

46,698

 

Bank owned life insurance (BOLI)

 

 

259,468

 

 

 

255,528

 

Accrued interest receivable

 

 

45,341

 

 

 

46,692

 

Intangibles

 

 

16,736

 

 

 

21,742

 

Goodwill

 

 

765,822

 

 

 

765,822

 

Income taxes

 

 

214,506

 

 

 

186,684

 

Other assets

 

 

142,525

 

 

 

108,946

 

Total assets

 

$

15,903,015

 

 

$

16,476,540

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

7,586,649

 

 

$

8,164,364

 

Interest-bearing

 

 

4,772,137

 

 

 

4,671,881

 

Total deposits

 

 

12,358,786

 

 

 

12,836,245

 

Customer repurchase agreements

 

 

269,552

 

 

 

565,431

 

Other borrowings

 

 

1,120,000

 

 

 

995,000

 

Deferred compensation

 

 

22,130

 

 

 

22,092

 

Other liabilities

 

 

181,146

 

 

 

109,255

 

Total liabilities

 

 

13,951,614

 

 

 

14,528,023

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

Common stock, authorized, 225,000,000 shares without par; issued and
 outstanding
139,337,699 at September 30, 2023, and 139,818,703 at December 31, 2022

 

 

1,286,460

 

 

 

1,300,466

 

Retained earnings

 

 

1,092,079

 

 

 

1,002,847

 

Accumulated other comprehensive loss, net of tax

 

 

(427,138

)

 

 

(354,796

)

Total stockholders' equity

 

 

1,951,401

 

 

 

1,948,517

 

Total liabilities and stockholders' equity

 

$

15,903,015

 

 

$

16,476,540

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

4


 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

Loans and leases, including fees

 

$

113,190

 

 

$

100,077

 

 

$

332,574

 

 

$

282,308

 

Investment securities:

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities available-for-sale

 

 

22,441

 

 

 

18,543

 

 

 

61,393

 

 

 

48,417

 

Investment securities held-to-maturity

 

 

13,576

 

 

 

12,834

 

 

 

41,272

 

 

 

35,211

 

Total investment income

 

 

36,017

 

 

 

31,377

 

 

 

102,665

 

 

 

83,628

 

Dividends from FHLB stock

 

 

598

 

 

 

258

 

 

 

1,430

 

 

 

902

 

Interest-earning deposits with other institutions

 

 

6,422

 

 

 

3,476

 

 

 

11,583

 

 

 

5,712

 

Total interest income

 

 

156,227

 

 

 

135,188

 

 

 

448,252

 

 

 

372,550

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

16,517

 

 

 

1,728

 

 

 

32,647

 

 

 

4,056

 

Borrowings and customer repurchase agreements

 

 

16,339

 

 

 

122

 

 

 

46,971

 

 

 

376

 

Total interest expense

 

 

32,856

 

 

 

1,850

 

 

 

79,618

 

 

 

4,432

 

Net interest income before provision for credit losses

 

 

123,371

 

 

 

133,338

 

 

 

368,634

 

 

 

368,118

 

Provision for credit losses

 

 

2,000

 

 

 

2,000

 

 

 

4,000

 

 

 

8,100

 

Net interest income after provision for credit losses

 

 

121,371

 

 

 

131,338

 

 

 

364,634

 

 

 

360,018

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

5,062

 

 

 

5,233

 

 

 

15,244

 

 

 

15,625

 

Trust and investment services

 

 

3,246

 

 

 

2,867

 

 

 

9,475

 

 

 

8,651

 

Bankcard services

 

 

354

 

 

 

376

 

 

 

1,221

 

 

 

1,102

 

BOLI income

 

 

1,548

 

 

 

1,987

 

 

 

4,834

 

 

 

3,939

 

Gain on sale of building, net

 

 

 

 

 

 

 

 

 

 

 

2,717

 

Other

 

 

4,099

 

 

 

1,127

 

 

 

9,393

 

 

 

5,490

 

Total noninterest income

 

 

14,309

 

 

 

11,590

 

 

 

40,167

 

 

 

37,524

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

34,744

 

 

 

33,233

 

 

 

103,539

 

 

 

97,442

 

Occupancy and equipment

 

 

5,618

 

 

 

5,779

 

 

 

16,585

 

 

 

16,917

 

Professional services

 

 

2,117

 

 

 

2,438

 

 

 

6,375

 

 

 

6,788

 

Computer software expense

 

 

3,648

 

 

 

3,243

 

 

 

10,372

 

 

 

10,141

 

Marketing and promotion

 

 

1,628

 

 

 

1,488

 

 

 

4,664

 

 

 

4,584

 

(Recapture of) provision for unfunded loan commitments

 

 

(900

)

 

 

 

 

 

 

 

 

 

Amortization of intangible assets

 

 

1,567

 

 

 

1,846

 

 

 

5,006

 

 

 

5,842

 

Acquisition related expenses

 

 

 

 

 

 

 

 

 

 

 

6,013

 

Other

 

 

6,636

 

 

 

5,000

 

 

 

17,415

 

 

 

14,409

 

Total noninterest expense

 

 

55,058

 

 

 

53,027

 

 

 

163,956

 

 

 

162,136

 

Earnings before income taxes

 

 

80,622

 

 

 

89,901

 

 

 

240,845

 

 

 

235,406

 

Income taxes

 

 

22,735

 

 

 

25,262

 

 

 

67,918

 

 

 

66,149

 

Net earnings

 

$

57,887

 

 

$

64,639

 

 

$

172,927

 

 

$

169,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(133,864

)

 

$

(194,016

)

 

$

(127,626

)

 

$

(538,825

)

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

 

 

41,894