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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)
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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 |
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91764 |
(Address of principal executive offices) |
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(Zip Code) |
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(909) 980-4030 |
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(Registrant's telephone number, including area code) |
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Securities registered pursuant to Section 12(b) of the Act:
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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):
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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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
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 |
|
|
|
57,358 |
|
|
|
|
