10-Q
falseQ1--12-310000354647http://fasb.org/us-gaap/2023#NoninterestIncomehttp://fasb.org/us-gaap/2023#NoninterestIncomehttp://fasb.org/us-gaap/2023#InterestAndDividendIncomeOperatinghttp://fasb.org/us-gaap/2023#InterestAndDividendIncomeOperatinghttp://fasb.org/us-gaap/2023#InterestAndDividendIncomeOperatinghttp://fasb.org/us-gaap/2023#InterestAndDividendIncomeOperatinghttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensehttp://fasb.org/us-gaap/2023#InterestExpensefour yearshttp://fasb.org/us-gaap/2023#OtherLiabilitieshttp://fasb.org/us-gaap/2023#OtherLiabilities0000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647cvbf:OtherPurposesMember2024-03-310000354647cvbf:SecuredByAgriculturalLandMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SecuredByFarmLandMember2023-12-310000354647cvbf:MunicipalLeaseFinanceReceivablesMember2023-01-012023-03-310000354647cvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:ContractualInterestRateReductionMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:CommercialAndIndustrialLoansMember2024-03-310000354647us-gaap:DoubtfulMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMember2022-12-310000354647cvbf:ConsumerOtherMemberus-gaap:SubstandardMember2023-12-310000354647cvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:DairyAndLivestockLoansMember2023-12-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:CommercialRealEstateNonOwnerOccupiedMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMember2023-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310000354647us-gaap:PassMembercvbf:CommercialAndIndustrialMember2023-12-310000354647us-gaap:RealEstateLoanMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:ConstructionSpeculativeMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMember2023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2024-03-310000354647us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialRealEstateMember2024-01-012024-03-310000354647us-gaap:SpecialMentionMembercvbf:CommercialTradeFinancingMember2023-12-310000354647us-gaap:PassMembercvbf:ConsumerMortgageMember2024-03-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:RetainedEarningsMember2023-03-310000354647us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-01-012024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-03-310000354647cvbf:CommercialAndIndustrialLoansMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMembercvbf:FinancialAsset30To89DaysPastDueMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2023-01-012023-03-310000354647us-gaap:SpecialMentionMembercvbf:CommercialRealEstateLoansMember2024-03-310000354647cvbf:PaycheckProtectionProgramMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:ContractualInterestRateReductionMember2024-01-012024-03-310000354647us-gaap:CommercialRealEstateMember2023-12-310000354647cvbf:FinancingReceivablesCurrentMemberus-gaap:CommercialRealEstateMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SmallBusinessAdministrationLoansPppMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310000354647cvbf:CommercialAndIndustrialMember2023-01-012023-12-310000354647cvbf:ConsumerMortgageMember2024-03-310000354647us-gaap:PassMemberus-gaap:ConstructionLoansMember2023-12-310000354647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000354647us-gaap:CommercialAndIndustrialSectorMember2023-12-310000354647us-gaap:PassMembercvbf:CommercialTradeFinancingMember2024-03-310000354647us-gaap:MortgageBackedSecuritiesMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:OtherRealEstateOwnedMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2022-12-310000354647cvbf:ConsumerMortgageMember2023-12-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000354647cvbf:ConsumerOtherMemberus-gaap:SpecialMentionMember2023-12-310000354647cvbf:ConstructionSpeculativeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SmallBusinessAdministrationLoansPppMember2024-03-310000354647us-gaap:CashFlowHedgingMember2024-03-310000354647cvbf:SmallBusinessAdministrationLoansMember2023-03-310000354647us-gaap:SubstandardMembercvbf:CommercialAndIndustrialMember2023-12-310000354647us-gaap:ConstructionLoansMember2023-03-310000354647us-gaap:DoubtfulMember2023-12-310000354647cvbf:MunicipalLeaseFinanceReceivablesMember2023-03-310000354647cvbf:PaycheckProtectionProgramMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ConstructionLoansMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:CommercialAndIndustrialLoansMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercvbf:CommercialAndIndustrialLoansMember2024-03-310000354647us-gaap:SubstandardMemberus-gaap:ConstructionLoansMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:CommercialAndIndustrialLoansMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647cvbf:CommercialAndIndustrialLoansMember2023-01-012023-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMember2024-03-310000354647cvbf:ConsumerMortgageMemberus-gaap:DoubtfulMember2024-03-310000354647us-gaap:DoubtfulMembercvbf:DairyAndLivestockAndAgribusinessMember2023-12-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:SmallBusinessAdministrationLoansMember2023-12-310000354647cvbf:SmallBusinessAdministrationLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310000354647us-gaap:DepositAccountMember2023-01-012023-03-310000354647us-gaap:CommercialRealEstateMember2022-12-310000354647us-gaap:FairValueHedgingMember2023-06-300000354647us-gaap:CreditCardMember2024-01-012024-03-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialAndIndustrialSectorMember2024-01-012024-03-310000354647us-gaap:SubstandardMembercvbf:ConsumerOtherMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercvbf:SmallBusinessAdministrationLoansPppMember2024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:ConsumerAndOtherLoansMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:ConstructionSpeculativeMember2023-12-310000354647us-gaap:CollateralizedMortgageObligationsMember2023-12-310000354647cvbf:ConstructionNonSpeculativeMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000354647us-gaap:DepositAccountMemberus-gaap:AccountingStandardsUpdate201409Member2024-01-012024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310000354647us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310000354647us-gaap:RetainedEarningsMember2023-12-310000354647cvbf:AgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:OtherRealEstateOwnedMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMembercvbf:TermExtensionMember2024-03-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercvbf:ConsumerAndOtherLoansMember2023-12-310000354647us-gaap:PassMembercvbf:ConsumerOtherMember2023-12-310000354647us-gaap:CommercialRealEstateMember2023-01-012023-03-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:ContractualInterestRateReductionMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:ConsumerAndOtherLoansMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:PassMembercvbf:CommercialRealEstateLoansMember2024-03-310000354647cvbf:CommercialTradeFinancingMember2023-12-310000354647cvbf:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000354647us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialRealEstateMember2023-01-012023-12-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000354647us-gaap:InterestRateSwapMember2023-06-300000354647cvbf:ConstructionSpeculativeMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:FederalHomeLoanBankAdvancesMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:DoubtfulMembercvbf:CommercialTradeFinancingMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:ConsumerAndOtherLoansMember2023-12-310000354647us-gaap:PassMembercvbf:PaycheckProtectionProgramMember2023-12-310000354647cvbf:ConsumerMortgageMemberus-gaap:DoubtfulMember2023-12-310000354647cvbf:DairyLivestockAndAgribusinessMember2023-01-012023-03-310000354647cvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647cvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:DairyAndLivestockLoansMember2024-03-310000354647cvbf:CommercialAndIndustrialLoansMember2024-01-012024-03-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000354647us-gaap:FederalHomeLoanBankAdvancesMember2023-01-012023-12-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercvbf:PaycheckProtectionProgramMember2023-12-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:OtherLiabilitiesMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:DoubtfulMembercvbf:DairyAndLivestockAndAgribusinessMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMembercvbf:TermExtensionMember2024-01-012024-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConstructionLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2024-03-310000354647us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310000354647cvbf:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000354647cvbf:InvestmentSecuritiesMember2024-03-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:ContractualInterestRateReductionMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:ConsumerAndOtherLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:AvailableforsaleSecuritiesMember2024-01-012024-03-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:ConstructionLoansMember2022-12-310000354647cvbf:SmallBusinessAdministrationLoansMember2024-01-012024-03-310000354647us-gaap:DoubtfulMembercvbf:CommercialAndIndustrialMember2024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647cvbf:GdpMembersrt:ScenarioForecastMember2025-01-012025-12-310000354647us-gaap:SpecialMentionMembercvbf:CommercialAndIndustrialMember2023-12-310000354647us-gaap:SpecialMentionMembercvbf:DairyAndLivestockAndAgribusinessMember2024-03-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647cvbf:SmallBusinessAdministrationLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000354647us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialRealEstateMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ConstructionLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:SpecialMentionMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2024-03-310000354647cvbf:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:OtherRealEstateOwnedMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialAndIndustrialSectorMember2023-12-310000354647us-gaap:FairValueInputsLevel2Membercvbf:InvestmentSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:SpecialMentionMembercvbf:ConsumerOtherMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ConstructionLoansMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ResidentialRealEstateMember2023-12-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:ConstructionSpeculativeMember2024-03-310000354647us-gaap:FairValueInputsLevel1Membercvbf:GovernmentAgencyGseMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ResidentialRealEstateMember2023-12-310000354647us-gaap:ResidentialRealEstateMember2024-01-012024-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2024-01-012024-03-310000354647cvbf:CommercialAndIndustrialLoansMember2022-12-310000354647us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000354647cvbf:ConsumerAndOtherLoansMember2022-12-310000354647us-gaap:CommercialAndIndustrialSectorMemberus-gaap:PrincipalForgivenessMember2023-01-012023-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercvbf:PaycheckProtectionProgramMember2024-03-310000354647us-gaap:SubstandardMembercvbf:CommercialTradeFinancingMember2023-12-310000354647us-gaap:RetainedEarningsMember2023-01-012023-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:ConsumerAndOtherLoansMember2024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CashFlowHedgingMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000354647us-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercvbf:CommercialAndIndustrialLoansMember2024-03-310000354647cvbf:TermExtensionMemberus-gaap:CommercialRealEstateMember2023-01-012023-03-310000354647cvbf:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647us-gaap:FederalHomeLoanBankAdvancesMember2024-05-312024-05-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:CommercialRealEstateMember2024-03-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647cvbf:CommercialRealEstateNonOwnerOccupiedMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ConstructionLoansMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:ConstructionLoansMember2024-01-012024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:OtherRealEstateOwnedMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashFlowHedgingMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:ConsumerAndOtherLoansMember2023-12-310000354647cvbf:CommercialTradeFinancingMemberus-gaap:DoubtfulMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:FinancingReceivables30To59DaysPastDueMembercvbf:CommercialAndIndustrialLoansMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000354647us-gaap:FederalHomeLoanBankAdvancesMember2024-12-312024-12-310000354647us-gaap:FairValueHedgingMember2023-01-012023-03-310000354647cvbf:ConsumerOtherMember2023-12-310000354647cvbf:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000354647us-gaap:DoubtfulMembercvbf:PaycheckProtectionProgramMember2023-12-310000354647cvbf:CommercialAndIndustrialMember2024-01-012024-03-310000354647us-gaap:DoubtfulMemberus-gaap:ConstructionLoansMember2023-12-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMember2023-12-310000354647cvbf:UnallocatedPortfolioLayerFairValueMember2024-03-310000354647us-gaap:FiduciaryAndTrustMember2023-01-012023-03-310000354647us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-3100003546472023-01-012023-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647cvbf:ConsumerOtherMemberus-gaap:DoubtfulMember2023-12-310000354647cvbf:ConsumerAndOtherLoansMember2024-03-310000354647us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialRealEstateMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:PassMembercvbf:DairyAndLivestockAndAgribusinessMember2023-12-310000354647us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000354647us-gaap:SpecialMentionMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2024-01-012024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ResidentialRealEstateMember2024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647cvbf:FinancialAsset30To89DaysPastDueMember2024-03-310000354647us-gaap:ResidentialRealEstateMember2023-01-012023-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:SmallBusinessAdministrationLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SmallBusinessAdministrationLoansPppMember2023-12-310000354647us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-12-310000354647us-gaap:RealEstateLoanMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SecuredByFarmLandMember2023-12-310000354647cvbf:TermExtensionMemberus-gaap:CommercialRealEstateMember2024-01-012024-03-310000354647srt:MinimumMember2023-12-310000354647cvbf:GovernmentAgencyGseMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:SpecialMentionMembercvbf:ConsumerMortgageMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310000354647us-gaap:FinancingReceivables30To59DaysPastDueMembercvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FinancingReceivables30To59DaysPastDueMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:AvailableforsaleSecuritiesMember2023-01-012023-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:PaycheckProtectionProgramMember2023-12-3100003546472023-01-012023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:ConsumerAndOtherLoansMember2023-12-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2024-03-310000354647us-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:CollateralizedMortgageObligationsMember2024-03-310000354647us-gaap:CreditCardMemberus-gaap:AccountingStandardsUpdate201409Member2023-01-012023-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:CommercialRealEstateOwnerOccupiedMember2024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:OtherRealEstateOwnedMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:FairValueInputsLevel2Membercvbf:GovernmentAgencyGseMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:UnusedLinesOfCreditMember2024-03-310000354647cvbf:AccountingStandardsUpdate201409NotAdoptedMember2024-01-012024-03-310000354647us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-01-012023-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2023-12-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2023-12-310000354647cvbf:PaycheckProtectionProgramMember2023-12-310000354647us-gaap:CollateralizedMortgageObligationsMember2023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2024-03-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000354647cvbf:ConsumerAndOtherLoansMember2023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherLiabilitiesMember2024-03-310000354647us-gaap:SpecialMentionMember2023-12-310000354647us-gaap:FairValueHedgingMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-03-310000354647us-gaap:BorrowingsMember2024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Memberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SmallBusinessAdministrationLoansPppMember2024-03-310000354647us-gaap:RealEstateLoanMember2023-12-310000354647cvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SecuredByDairyAndLiveStockLandMembercvbf:SecuredByFarmLandMember2023-12-310000354647us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember2023-03-310000354647cvbf:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000354647cvbf:SmallBusinessAdministrationLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000354647us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMember2024-03-310000354647cvbf:MunicipalLeaseFinanceReceivablesMember2022-12-310000354647us-gaap:FairValueHedgingMember2024-01-012024-03-310000354647us-gaap:SpecialMentionMembercvbf:PaycheckProtectionProgramMember2023-12-310000354647us-gaap:SubstandardMembercvbf:CommercialAndIndustrialMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:SmallBusinessAdministrationLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:HeldtomaturitySecuritiesMember2024-01-012024-03-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-3100003546472024-03-310000354647us-gaap:NondesignatedMember2024-01-012024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:ResidentialRealEstateMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:ContractualInterestRateReductionMember2023-01-012023-12-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:ConstructionSpeculativeMember2024-03-310000354647cvbf:CommercialAndIndustrialMember2023-12-310000354647cvbf:TermExtensionMember2024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:PaycheckProtectionProgramMember2023-12-310000354647cvbf:ConsumerOtherMember2024-01-012024-03-310000354647cvbf:ConstructionSpeculativeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000354647us-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-310000354647cvbf:InterestRateSwapAgreementsWithCustomersMember2024-03-310000354647cvbf:AccountingStandardsUpdate201409NotAdoptedMember2023-01-012023-03-310000354647cvbf:CommercialRealEstateLoansMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:CommercialRealEstateNonOwnerOccupiedMember2024-03-310000354647us-gaap:ResidentialRealEstateMember2023-03-310000354647cvbf:PaycheckProtectionProgramMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000354647cvbf:ConstructionNonSpeculativeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647cvbf:ConsumerAndOtherLoansMember2023-03-310000354647us-gaap:CashFlowHedgingMember2023-01-012023-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2024-03-310000354647cvbf:AgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SecuredByFarmLandMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:SmallBusinessAdministrationLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2024-03-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-3100003546472023-12-310000354647srt:MinimumMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-3100003546472023-03-310000354647us-gaap:ConstructionLoansMember2023-01-012023-03-310000354647us-gaap:SpecialMentionMembercvbf:CommercialRealEstateLoansMember2023-12-310000354647us-gaap:SubstandardMembercvbf:DairyAndLivestockAndAgribusinessMember2024-03-310000354647cvbf:SmallBusinessAdministrationLoansMember2023-12-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:CommercialRealEstateNonOwnerOccupiedMember2023-12-310000354647us-gaap:RetainedEarningsMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:OtherAssetsMember2024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:CommercialAndIndustrialLoansMember2024-03-310000354647cvbf:ConstructionNonSpeculativeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:RetainedEarningsMember2022-12-310000354647cvbf:GovernmentAgencyGseMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMember2024-03-310000354647cvbf:CommercialRealEstateOwnerOccupiedMember2023-12-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-03-310000354647us-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2024-03-310000354647us-gaap:CommercialAndIndustrialSectorMember2024-03-310000354647country:US2024-03-310000354647cvbf:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647cvbf:ConstructionSpeculativeMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:InterestRateSwapMember2023-06-012023-06-300000354647us-gaap:RetainedEarningsMember2024-01-012024-03-310000354647us-gaap:PassMemberus-gaap:ConstructionLoansMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ConstructionLoansMember2023-12-310000354647us-gaap:SpecialMentionMembercvbf:CommercialAndIndustrialMember2024-03-310000354647cvbf:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647cvbf:CommercialTradeFinancingMember2023-01-012023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:OtherRealEstateOwnedMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:SmallBusinessAdministrationLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMember2024-01-012024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000354647us-gaap:CommercialRealEstateMember2024-01-012024-03-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:SmallBusinessAdministrationLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:SubstandardMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647cvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:PassMembercvbf:CommercialRealEstateLoansMember2023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-03-310000354647cvbf:ConstructionSpeculativeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:CommercialAndIndustrialSectorMemberus-gaap:ContractualInterestRateReductionMember2024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMember2023-12-310000354647cvbf:CommercialTradeFinancingMember2024-03-310000354647us-gaap:PassMembercvbf:DairyAndLivestockAndAgribusinessMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:CommercialAndIndustrialSectorMembercvbf:TermExtensionMember2023-01-012023-12-310000354647us-gaap:CommercialRealEstateMember2024-03-310000354647us-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:SubstandardMembercvbf:CommercialTradeFinancingMember2024-03-310000354647cvbf:ConsumerAndOtherLoansMember2024-01-012024-03-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647srt:ScenarioForecastMembercvbf:UnemploymentMember2025-03-012025-03-310000354647us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:ContractualInterestRateReductionMemberus-gaap:CommercialRealEstateMember2024-03-310000354647us-gaap:AccountingStandardsUpdate201409Member2023-01-012023-03-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647cvbf:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000354647cvbf:CommercialAndIndustrialMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ConstructionLoansMember2024-03-310000354647cvbf:ModificationsOfLoansToBorrowersExperiencingFinancialDifficultyMember2024-03-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:CommercialAndIndustrialLoansMember2024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647cvbf:DairyAndLivestockAndAgribusinessMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647cvbf:DairyLivestockAndAgribusinessMembercvbf:TermExtensionMember2023-01-012023-12-310000354647us-gaap:DoubtfulMembercvbf:CommercialAndIndustrialMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:ConsumerAndOtherLoansMember2024-03-310000354647us-gaap:PassMembercvbf:CommercialAndIndustrialMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:ConsumerAndOtherLoansMember2024-03-310000354647cvbf:CommercialTradeFinancingMember2024-01-012024-03-310000354647us-gaap:FairValueInputsLevel1Membercvbf:InvestmentSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ResidentialRealEstateMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647cvbf:MunicipalLeaseFinanceReceivablesMember2024-01-012024-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:OtherRealEstateOwnedMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647cvbf:FinancingReceivablesCurrentMember2024-03-310000354647us-gaap:DoubtfulMembercvbf:CommercialRealEstateLoansMember2024-03-310000354647cvbf:AgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2023-12-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647cvbf:CommercialRealEstateNonOwnerOccupiedMember2024-03-310000354647us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2023-12-310000354647us-gaap:FinancingReceivables30To59DaysPastDueMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:SpecialMentionMembercvbf:CommercialTradeFinancingMember2024-03-310000354647us-gaap:AccountingStandardsUpdate201409Memberus-gaap:FiduciaryAndTrustMember2023-01-012023-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647cvbf:ConsumerAndOtherLoansMember2023-01-012023-03-310000354647us-gaap:RealEstateLoanMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SecuredByFarmLandMember2024-03-310000354647us-gaap:CommercialRealEstateMembercvbf:FinancialAsset30To89DaysPastDueMember2024-03-310000354647us-gaap:OtherDebtSecuritiesMember2024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:CommercialRealEstateNonOwnerOccupiedMember2024-03-310000354647us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-03-310000354647cvbf:TermExtensionMemberus-gaap:CommercialRealEstateMember2023-12-310000354647us-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:ResidentialRealEstateMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647us-gaap:CommercialAndIndustrialSectorMembercvbf:TermExtensionMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMembercvbf:TermExtensionMember2023-12-310000354647cvbf:TermExtensionMemberus-gaap:CommercialRealEstateMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ConstructionLoansMember2024-03-310000354647us-gaap:DoubtfulMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647cvbf:ConsumerAndOtherLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:PassMembercvbf:ConsumerOtherMember2024-03-310000354647cvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SecuredByFarmLandMembercvbf:DairyAndLivestockLoansMember2024-03-310000354647us-gaap:PassMembercvbf:ConsumerMortgageMember2023-12-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-3100003546472022-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ResidentialRealEstateMember2024-03-310000354647cvbf:UnallocatedPortfolioLayerFairValueMember2023-12-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647cvbf:SmallBusinessAdministrationLoansMember2023-01-012023-03-310000354647us-gaap:SecuredDebtMember2024-03-310000354647cvbf:ConstructionNonSpeculativeMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000354647us-gaap:FairValueHedgingMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ConstructionLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:AccountingStandardsUpdate201409Member2024-01-012024-03-310000354647us-gaap:SpecialMentionMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000354647us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2023-12-310000354647cvbf:FinancingReceivablesCurrentMembercvbf:DairyLivestockAndAgribusinessMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2024-03-310000354647us-gaap:PassMembercvbf:PaycheckProtectionProgramMember2024-03-310000354647us-gaap:SubstandardMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647cvbf:ConstructionNonSpeculativeMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000354647us-gaap:DoubtfulMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CashFlowHedgingMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000354647us-gaap:PassMember2024-03-310000354647cvbf:InvestmentSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:SubstandardMembercvbf:ConsumerMortgageMember2024-03-310000354647cvbf:ConsumerOtherMember2023-01-012023-12-310000354647us-gaap:CommercialAndIndustrialSectorMembercvbf:TermExtensionMember2024-01-012024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2023-12-310000354647cvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:FairValueInputsLevel1Membercvbf:GovernmentAgencyGseMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SmallBusinessAdministrationLoansPppMember2023-12-310000354647us-gaap:SubstandardMembercvbf:ConsumerMortgageMember2023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:SmallBusinessAdministrationLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:HeldtomaturitySecuritiesMember2023-01-012023-03-310000354647us-gaap:CreditCardMemberus-gaap:AccountingStandardsUpdate201409Member2024-01-012024-03-310000354647cvbf:ConsumerOtherMember2024-03-310000354647us-gaap:CommercialRealEstateMember2023-03-310000354647us-gaap:ConstructionLoansMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:SmallBusinessAdministrationLoansMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membercvbf:OtherRealEstateOwnedMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647cvbf:SmallBusinessAdministrationLoansMember2022-12-310000354647cvbf:SecuredByDairyAndLiveStockLandMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMember2023-12-310000354647cvbf:FinancingReceivablesCurrentMemberus-gaap:CommercialAndIndustrialSectorMember2024-03-310000354647us-gaap:CommercialAndIndustrialSectorMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000354647us-gaap:FairValueHedgingMemberus-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-3100003546472024-01-012024-03-310000354647cvbf:SmallBusinessAdministrationLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000354647cvbf:CommercialRealEstateLoansMember2023-12-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2023-12-310000354647cvbf:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647cvbf:CommercialRealEstateOwnerOccupiedMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:OtherAssetsMember2024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647cvbf:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000354647us-gaap:NondesignatedMember2023-01-012023-03-310000354647us-gaap:PassMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:PassMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercvbf:ConsumerAndOtherLoansMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:DepositAccountMember2024-01-012024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:SmallBusinessAdministrationLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647cvbf:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000354647us-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:SubstandardMember2024-03-310000354647cvbf:ConsumerOtherMemberus-gaap:DoubtfulMember2024-03-310000354647cvbf:CommercialAndIndustrialLoansMember2023-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ResidentialRealEstateMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2023-12-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialRealEstateMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:PassMembercvbf:CommercialTradeFinancingMember2023-12-310000354647us-gaap:NondesignatedMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SmallBusinessAdministrationLoansPppMember2023-12-310000354647cvbf:ConstructionNonSpeculativeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000354647cvbf:FederalReservesBankTermFundingProgramMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMember2023-12-310000354647cvbf:SmallBusinessAdministrationLoansMember2024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647cvbf:SmallBusinessAdministrationLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000354647us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CollateralizedMortgageObligationsMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310000354647cvbf:TermExtensionMemberus-gaap:CommercialRealEstateMember2023-01-012023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ResidentialRealEstateMember2024-03-310000354647us-gaap:PassMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:ResidentialRealEstateMember2023-12-310000354647us-gaap:SpecialMentionMembercvbf:PaycheckProtectionProgramMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:OtherRealEstateOwnedMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:CashFlowHedgingMember2024-01-012024-03-310000354647us-gaap:SubstandardMembercvbf:PaycheckProtectionProgramMember2023-12-310000354647us-gaap:DoubtfulMembercvbf:PaycheckProtectionProgramMember2024-03-310000354647cvbf:DairyAndLivestockAndAgribusinessMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CommercialRealEstateMember2024-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647cvbf:GdpMembersrt:ScenarioForecastMembersrt:MinimumMember2026-01-012026-12-310000354647us-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:SubstandardMembercvbf:PaycheckProtectionProgramMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:PaycheckProtectionProgramMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:ConsumerAndOtherLoansMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:SmallBusinessAdministrationLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:PaycheckProtectionProgramMember2024-03-310000354647us-gaap:SubstandardMembercvbf:CommercialRealEstateLoansMember2023-12-310000354647cvbf:SmallBusinessAdministrationLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMember2023-01-012023-03-310000354647us-gaap:DoubtfulMemberus-gaap:ConstructionLoansMember2024-03-310000354647us-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:CommercialAndIndustrialLoansMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SmallBusinessAdministrationLoansPppMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialRealEstateMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:DairyLivestockAndAgribusinessMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:ResidentialRealEstateMember2023-12-310000354647us-gaap:CommercialRealEstateMemberus-gaap:PrincipalForgivenessMember2023-01-012023-03-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMembercvbf:ConsumerAndOtherLoansMember2024-03-310000354647us-gaap:AccountingStandardsUpdate201409Memberus-gaap:FiduciaryAndTrustMember2024-01-012024-03-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000354647us-gaap:SubstandardMembercvbf:DairyAndLivestockAndAgribusinessMember2023-12-310000354647us-gaap:FederalHomeLoanBankAdvancesMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:ConstructionLoansMember2024-03-310000354647us-gaap:CreditCardMember2023-01-012023-03-310000354647cvbf:ConstructionSpeculativeMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:ConsumerAndOtherLoansMember2023-12-310000354647us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialRealEstateMember2024-03-310000354647us-gaap:NondesignatedMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2023-12-310000354647cvbf:InvestmentSecuritiesMember2023-12-310000354647us-gaap:CommercialAndIndustrialSectorMembercvbf:FinancialAsset30To89DaysPastDueMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:PrincipalForgivenessMember2023-01-012023-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercvbf:SmallBusinessAdministrationLoansPppMember2023-12-310000354647cvbf:ConstructionNonSpeculativeMember2024-03-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:SmallBusinessAdministrationLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2024-03-310000354647us-gaap:SpecialMentionMembercvbf:ConsumerMortgageMember2023-12-310000354647us-gaap:ResidentialRealEstateMember2022-12-310000354647us-gaap:DoubtfulMembercvbf:CommercialRealEstateLoansMember2023-12-310000354647us-gaap:FiduciaryAndTrustMember2024-01-012024-03-310000354647us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647cvbf:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000354647us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2023-12-310000354647cvbf:ConstructionNonSpeculativeMember2023-12-310000354647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:DairyLivestockAndAgribusinessMember2024-03-310000354647us-gaap:CommercialAndIndustrialSectorMembercvbf:TermExtensionMember2023-12-310000354647us-gaap:OtherDebtSecuritiesMember2023-12-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647cvbf:SecuredPublicFundMember2024-03-310000354647us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000354647us-gaap:FairValueInputsLevel3Membercvbf:GovernmentAgencyGseMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:SpecialMentionMembercvbf:DairyAndLivestockAndAgribusinessMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:OtherRealEstateOwnedMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:DairyLivestockAndAgribusinessMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:FairValueInputsLevel2Membercvbf:GovernmentAgencyGseMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:InterestRateSwapMember2023-12-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMembercvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:MunicipalLeaseFinanceReceivablesMember2024-03-310000354647us-gaap:RepurchaseAgreementsMember2024-03-310000354647us-gaap:SubstandardMembercvbf:CommercialRealEstateLoansMember2024-03-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:DepositAccountMemberus-gaap:AccountingStandardsUpdate201409Member2023-01-012023-03-310000354647us-gaap:InterestRateSwapMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ConstructionLoansMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:MunicipalLeaseFinanceReceivablesMember2023-12-310000354647us-gaap:FinancialAssetNotPastDueMembercvbf:SmallBusinessAdministrationLoansMember2024-03-310000354647us-gaap:SubstandardMemberus-gaap:ConstructionLoansMember2024-03-310000354647us-gaap:CommercialAndIndustrialSectorMemberus-gaap:ContractualInterestRateReductionMember2023-01-012023-12-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000354647cvbf:ConstructionNonSpeculativeMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000354647cvbf:DairyLivestockAndAgribusinessMemberus-gaap:ContractualInterestRateReductionMember2024-03-310000354647cvbf:ConstructionNonSpeculativeMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:ConsumerAndOtherLoansMember2023-12-310000354647us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000354647us-gaap:SubstandardMember2023-12-310000354647us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialRealEstateMember2024-03-310000354647us-gaap:SpecialMentionMemberus-gaap:ConstructionLoansMember2023-12-310000354647us-gaap:FairValueInputsLevel3Memberus-gaap:OtherDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Membercvbf:LoansExcludingPurchasedCreditImpairedLoansMembercvbf:SmallBusinessAdministrationLoansPppMember2024-03-310000354647us-gaap:FairValueHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000354647us-gaap:MortgageBackedSecuritiesMember2023-12-3100003546472024-04-300000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMembercvbf:CommercialAndIndustrialLoansMember2023-12-310000354647us-gaap:FairValueInputsLevel3Membercvbf:GovernmentAgencyGseMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647cvbf:LoansExcludingPurchasedCreditImpairedLoansMember2023-12-310000354647us-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-03-310000354647us-gaap:CollateralizedMortgageObligationsMember2024-03-310000354647cvbf:CommercialRealEstateLoansMember2024-01-012024-03-310000354647us-gaap:NondesignatedMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-310000354647us-gaap:FairValueMeasurementsNonrecurringMembercvbf:LoansExcludingPurchasedCreditImpairedLoansMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:ResidentialRealEstateMember2023-12-310000354647us-gaap:FairValueInputsLevel3Membercvbf:InvestmentSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310000354647cvbf:TermExtensionMember2023-12-31cvbf:Locationxbrli:purecvbf:Agreementcvbf:Subsidiaryxbrli:sharescvbf:Centeriso4217:USDxbrli:sharescvbf:Collateraliso4217:USD

 

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, 2024

 

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: 139,639,680 outstanding as of April 30, 2024.

 


 

TABLE OF CONTENTS

 

 

PART I –

FINANCIAL INFORMATION (UNAUDITED)

3

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

4

 

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

10

ITEM 2.

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

41

 

CRITICAL ACCOUNTING POLICIES

41

 

OVERVIEW

42

 

ANALYSIS OF THE RESULTS OF OPERATIONS

44

 

ANALYSIS OF FINANCIAL CONDITION

51

 

ASSET/LIABILITY AND MARKET RISK MANAGEMENT

65

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

68

ITEM 4.

CONTROLS AND PROCEDURES

68

PART II –

OTHER INFORMATION

69

ITEM 1.

LEGAL PROCEEDINGS

69

ITEM 1A.

RISK FACTORS

70

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

71

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

71

ITEM 4.

MINE SAFETY DISCLOSURES

71

ITEM 5.

OTHER INFORMATION

71

ITEM 6.

EXHIBITS

72

SIGNATURES

 

73

 

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 2023 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)

 

 

 

March 31,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Assets

 

 

 

 

 

 

Cash and due from banks

 

$

131,955

 

 

$

171,396

 

Interest-earning balances due from Federal Reserve

 

 

817,634

 

 

 

109,889

 

Total cash and cash equivalents

 

 

949,589

 

 

 

281,285

 

Interest-earning balances due from depository institutions

 

 

12,632

 

 

 

8,216

 

Investment securities available-for-sale, at fair value (with amortized cost of
  $
3,333,603 at March 31, 2024, and $3,398,942 at December 31, 2023)

 

 

2,837,100

 

 

 

2,956,125

 

Investment securities held-to-maturity (with fair value of $2,044,031 at March 31, 2024, and $2,082,881 at December 31, 2023)

 

 

2,454,586

 

 

 

2,464,610

 

Total investment securities

 

 

5,291,686

 

 

 

5,420,735

 

Investment in stock of Federal Home Loan Bank (FHLB)

 

 

18,012

 

 

 

18,012

 

Loans and lease finance receivables

 

 

8,770,713

 

 

 

8,904,910

 

Allowance for credit losses

 

 

(82,817

)

 

 

(86,842

)

Net loans and lease finance receivables

 

 

8,687,896

 

 

 

8,818,068

 

Premises and equipment, net

 

 

43,448

 

 

 

44,709

 

Bank owned life insurance (BOLI)

 

 

310,744

 

 

 

308,706

 

Accrued interest receivable

 

 

47,891

 

 

 

48,994

 

Intangibles

 

 

13,853

 

 

 

15,291

 

Goodwill

 

 

765,822

 

 

 

765,822

 

Income taxes

 

 

180,750

 

 

 

163,968

 

Other assets

 

 

145,823

 

 

 

127,187

 

Total assets

 

$

16,468,146

 

 

$

16,020,993

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

Noninterest-bearing

 

$

7,112,789

 

 

$

7,206,175

 

Interest-bearing

 

 

4,782,132

 

 

 

4,227,467

 

Total deposits

 

 

11,894,921

 

 

 

11,433,642

 

Customer repurchase agreements

 

 

275,720

 

 

 

271,642

 

Other borrowings

 

 

1,995,000

 

 

 

2,070,000

 

Deferred compensation

 

 

23,082

 

 

 

22,335

 

Accrued interest payable

 

 

45,404

 

 

 

23,268

 

Other liabilities

 

 

147,194

 

 

 

122,134

 

Total liabilities

 

 

14,381,321

 

 

 

13,943,021

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

 

Common stock, authorized, 225,000,000 shares without par; issued and outstanding 139,641,884 at March 31, 2024, and 139,344,981 at December 31, 2023

 

 

1,288,755

 

 

 

1,288,899

 

Retained earnings

 

 

1,133,355

 

 

 

1,112,642

 

Accumulated other comprehensive (loss) income, net of tax

 

 

(335,285

)

 

 

(323,569

)

Total stockholders' equity

 

 

2,086,825

 

 

 

2,077,972

 

Total liabilities and stockholders' equity

 

$

16,468,146

 

 

$

16,020,993

 

 

 

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

 

 

 

March 31,

 

 

 

2024

 

 

2023

 

Interest income:

 

 

 

 

 

 

Loans and leases, including fees

 

$

116,349

 

 

$

108,394

 

Investment securities:

 

 

 

 

 

 

Investment securities available-for-sale

 

 

21,446

 

 

 

19,596

 

Investment securities held-to-maturity

 

 

13,402

 

 

 

13,956

 

Total investment income

 

 

34,848

 

 

 

33,552

 

Dividends from FHLB stock

 

 

419

 

 

 

349

 

Interest-earning deposits with other institutions

 

 

6,073

 

 

 

491

 

Total interest income

 

 

157,689

 

 

 

142,786

 

Interest expense:

 

 

 

 

 

 

Deposits

 

 

21,366

 

 

 

5,365

 

Borrowings and customer repurchase agreements

 

 

23,862

 

 

 

11,693

 

Total interest expense

 

 

45,228

 

 

 

17,058

 

Net interest income before provision for credit losses

 

 

112,461

 

 

 

125,728

 

Provision for credit losses

 

 

 

 

 

1,500

 

Net interest income after provision for credit losses

 

 

112,461

 

 

 

124,228

 

Noninterest income:

 

 

 

 

 

 

Service charges on deposit accounts

 

 

5,036

 

 

 

5,344

 

Trust and investment services

 

 

3,224

 

 

 

2,914

 

Bankcard services

 

 

385

 

 

 

377

 

BOLI income

 

 

3,593

 

 

 

1,189

 

Other

 

 

1,875

 

 

 

3,378

 

Total noninterest income

 

 

14,113

 

 

 

13,202

 

Noninterest expense:

 

 

 

 

 

 

Salaries and employee benefits

 

 

36,401

 

 

 

35,247

 

Occupancy and equipment

 

 

5,565

 

 

 

5,450

 

Professional services

 

 

2,255

 

 

 

1,696

 

Computer software expense

 

 

3,525

 

 

 

3,408

 

Marketing and promotion

 

 

1,630

 

 

 

1,715

 

Provision for unfunded loan commitments

 

 

 

 

 

500

 

Amortization of intangible assets

 

 

1,438

 

 

 

1,720

 

Other

 

 

8,957

 

 

 

5,145

 

Total noninterest expense

 

 

59,771

 

 

 

54,881

 

Earnings before income taxes

 

 

66,803

 

 

 

82,549

 

Income taxes

 

 

18,204

 

 

 

23,279

 

Net earnings

 

$

48,599

 

 

$

59,270

 

 

 

 

 

 

 

 

Other comprehensive (loss) income:

 

 

 

 

 

 

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

 

$

(17,073

)

 

$

40,702

 

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

 

 

5,357

 

 

 

(12,033

)

Other comprehensive (loss) income, net of tax

 

 

(11,716

)

 

 

28,669

 

Comprehensive income (loss)

 

$

36,883

 

 

$

87,939

 

 

 

 

 

 

 

 

 Basic earnings per common share

 

$

0.35

 

 

$

0.42

 

 Diluted earnings per common share

 

$

0.35

 

 

$

0.42

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

5


 

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Dollars and shares in thousands)

(Unaudited)

 

Three Months Ended March 31, 2024 and 2023

 

 

Common Shares Outstanding

 

 

Common Stock

 

 

Retained Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Total

 

Balance, January 1, 2024

 

139,345

 

 

$

1,288,899

 

 

$

1,112,642

 

 

$

(323,569

)

 

$

2,077,972

 

Repurchase of common stock

 

(146

)

 

 

(2,573

)

 

 

 

 

 

 

 

 

(2,573

)

Exercise of stock options

 

3

 

 

 

43

 

 

 

 

 

 

 

 

 

43

 

Shares issued pursuant to stock-based
   compensation plan

 

440

 

 

 

2,386

 

 

 

 

 

 

 

 

 

2,386

 

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

 

 

 

 

 

 

 

(27,886

)

 

 

 

 

 

(27,886

)

Net earnings

 

 

 

 

 

 

 

48,599

 

 

 

 

 

 

48,599

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

(11,716

)

 

 

(11,716

)

Balance, March 31, 2024

 

139,642

 

 

$

1,288,755

 

 

$

1,133,355

 

 

$

(335,285

)

 

$

2,086,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2023

 

139,819

 

 

$

1,300,466

 

 

$

1,002,847

 

 

$

(354,796

)

 

$

1,948,517

 

Repurchase of common stock

 

(918

)

 

 

(21,036

)

 

 

 

 

 

 

 

 

(21,036

)

Exercise of stock options

 

4

 

 

 

72

 

 

 

 

 

 

 

 

 

72

 

Shares issued pursuant to stock-based
   compensation plan

 

397

 

 

 

2,284

 

 

 

 

 

 

 

 

 

2,284

 

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

 

 

 

 

 

 

 

(28,007

)

 

 

 

 

 

(28,007

)

Net earnings

 

 

 

 

 

 

 

59,270

 

 

 

 

 

 

59,270

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

28,669

 

 

 

28,669

 

Balance, March 31, 2023

 

139,302

 

 

$

1,281,786

 

 

$

1,034,110

 

 

$

(326,127

)

 

$

1,989,769

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

6


 

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

 

 

Three Months Ended

 

 

March 31,

 

 

2024

 

 

2023

 

Cash Flows from Operating Activities

 

 

 

 

 

Interest and dividends received

$

161,187

 

 

$

148,044

 

Service charges and other fees received

 

10,560

 

 

 

11,779

 

Interest paid

 

(23,092

)

 

 

(17,239

)

Net cash paid to vendors, employees and others

 

(71,181

)

 

 

(72,445

)

Income taxes

 

 

 

 

(19

)

Net cash provided by operating activities

 

77,474

 

 

 

70,120

 

Cash Flows from Investing Activities

 

 

 

 

 

Proceeds (purchases) of FHLB stock, net

 

 

 

 

(11,070

)

Net change in interest-earning balances from depository institutions

 

(4,416

)

 

 

(2,391

)

Proceeds from repayment of investment securities available-for-sale

 

82,060

 

 

 

89,465

 

Proceeds from maturity of investment securities available-for-sale

 

15,000

 

 

 

3

 

Proceeds from repayment and maturity of investment securities held-to-maturity

 

18,446

 

 

 

17,552

 

Purchases of investment securities held-to-maturity

 

(11,455

)

 

 

(2,026

)

Net (increase) decrease in equity investments

 

(1,599

)

 

 

2,680

 

Net decrease in loan and lease finance receivables

 

132,281

 

 

 

138,709

 

Purchase of premises and equipment

 

(166

)

 

 

(343

)

Proceeds from BOLI death benefit

 

882

 

 

 

 

Net cash provided by investing activities

 

231,033

 

 

 

232,579

 

Cash Flows from Financing Activities

 

 

 

 

 

Net increase (decrease) in other deposits

 

182,120

 

 

 

(553,692

)

Net increase (decrease) in time deposits

 

279,159

 

 

 

(10,683

)

Net (decrease) increase in other borrowings

 

(75,000

)

 

 

410,000

 

Net increase (decrease) in customer repurchase agreements

 

4,078

 

 

 

(75,196

)

Cash dividends on common stock

 

(28,030

)

 

 

(28,091

)

Repurchase of common stock

 

(2,573

)

 

 

(21,036

)

Proceeds from exercise of stock options

 

43

 

 

 

72

 

Net cash provided by (used in) financing activities

 

359,797

 

 

 

(278,626

)

Net increase in cash and cash equivalents

 

668,304

 

 

 

24,073

 

Cash and cash equivalents, beginning of period

 

281,285

 

 

 

203,461

 

Cash and cash equivalents, end of period

$

949,589

 

 

$

227,534

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

 

 

 

 

 

7


 

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in thousands)

(Unaudited)

 

 

Three Months Ended

 

 

March 31,

 

 

2024

 

 

2023

 

Reconciliation of Net Earnings to Net Cash Provided by Operating Activities

 

 

 

 

 

Net earnings

$

48,599

 

 

$

59,270

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

Increase in BOLI

 

(3,593

)

 

 

(1,189

)

Net amortization of premiums and discounts on investment securities

 

4,142

 

 

 

4,635

 

Accretion of discount for acquired loans, net

 

(1,042

)

 

 

(1,102

)

Provision for credit losses

 

 

 

 

1,500

 

Provision for unfunded loan commitments

 

 

 

 

500

 

Valuation allowance on other real estate owned

 

28

 

 

 

 

Stock-based compensation

 

2,386

 

 

 

2,284

 

Depreciation and amortization, net

 

3,092

 

 

 

4,448

 

Change in other assets and liabilities

 

23,862

 

 

 

(226

)

Total adjustments

 

28,875

 

 

 

10,850

 

Net cash provided by operating activities

$

77,474

 

 

$

70,120

 

 

 

 

 

 

 

Supplemental Disclosure of Non-cash Investing Activities

 

 

 

 

 

Transfer of loans to other real estate owned

$

675

 

 

$

 

 

 

 

See accompanying notes to the unaudited condensed consolidated financial statements.

8


 

CVB FINANCIAL CORP. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

 

1. BUSINESS

 

The condensed consolidated financial statements include CVB Financial Corp. (referred to herein on an unconsolidated basis as “CVB” and on a consolidated basis as “we”, “our” or the “Company”) and its wholly owned subsidiary: Citizens Business Bank (the “Bank” or “CBB”), after elimination of all intercompany transactions and balances. The Company has one inactive subsidiary, Chino Valley Bancorp.

 

The Company’s primary operations are related to traditional banking activities. This includes the acceptance of deposits and the lending and investing of money through the operations of the Bank. The Bank also provides trust and investment-related services to customers through its CitizensTrust Division. The Bank’s customers consist primarily of small to mid-sized businesses and individuals located throughout California. As of March 31, 2024, the Bank operated 62 banking centers and three trust office locations. The Company is headquartered in the city of Ontario, California.

 

2. BASIS OF PRESENTATION

 

The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results for the full year. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, accounting policies and financial notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC. A summary of the significant accounting policies consistently applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows.

 

Reclassification — Certain amounts in the prior periods’ unaudited condensed consolidated financial statements and related footnote disclosures have been reclassified to conform to the current presentation with no impact on previously reported net income or stockholders’ equity.

 

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Except as discussed below, our accounting policies are described in Note 3 – Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC (“Form 10-K”).

 

Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for credit losses. Other significant estimates, which may be subject to change, include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets.

 

 

 

 

10

 


 

4. INVESTMENT SECURITIES

 

The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale securities with fair value based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service based upon market quotes.

 

 

March 31, 2024

 

 

Amortized Cost

 

 

Gross Unrealized Holding Gain

 

 

Gross Unrealized Holding Loss

 

 

Fair Value

 

 

Total Percent

 

 

(Dollars in thousands)

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government agency/GSE

$

32,644

 

 

$

 

 

$

(4

)

 

$