EX-99.1 2 d892956dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

Press Release       LOGO

For Immediate Release

 

     Contact:  David A. Brager
    

President and Chief

    

Executive Officer

    

(909) 980-4030

CVB Financial Corp. Reports Earnings for the First Quarter 2025

First Quarter 2025

 

   

Net Earnings of $51.1 million, or $0.36 per share

 

   

Return on Average Assets of 1.37%

 

   

Return on Average Tangible Common Equity of 14.51%

 

   

Net Interest Margin of 3.31%

Ontario, CA, April 23, 2025-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended March 31, 2025.

CVB Financial Corp. reported net income of $51.1 million for the quarter ended March 31, 2025, compared with $50.9 million for the fourth quarter of 2024 and $48.6 million for the first quarter of 2024. Diluted earnings per share were $0.36 for the first quarter, compared to $0.36 for the prior quarter and $0.35 for the same period last year.

For the first quarter of 2025, annualized return on average equity (“ROAE”) was 9.31%, annualized return on average tangible common equity (“ROATCE”) was 14.51%, and an annualized return on average assets (“ROAA”) was 1.37%.

David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the first quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 192 consecutive quarters, or 48 years, of profitability, and our 142 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.”

Highlights for the First Quarter of 2025

 

   

Pretax income was $69.5 million, up $1.5 million or 2%, from the prior quarter

 

   

Efficiency ratio of 46.7%

 

   

Net gain of $2.2 million on sale of $19.3 million of OREO assets

 

   

Net interest margin of 3.31%, increased by 13 basis points compared to the fourth quarter of 2024

 

   

Cost of funds decreased to 1.04% from 1.13% in the fourth quarter of 2024

 

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Noninterest bearing deposits grew by $147 million from the end of 2024

 

   

Dairy and Livestock loans decreased by $168 million or 44% from the end of 2024

 

   

Net Recoveries of $130,000 and $2 million recapture of credit losses

 

   

TCE Ratio of 10.0% & CET1 Ratio of 16.5%

INCOME STATEMENT HIGHLIGHTS

 

     Three Months Ended  
     March 31,
2025
     December 31,
2024
     March 31,
2024
 
     (Dollars in thousands, except per share amounts)  

Net interest income

    $   110,444        $   110,418        $   112,461   

Recapure of (provision for) credit losses

     2,000         3,000         -    

Noninterest income

     16,229         13,103         14,113   

Noninterest expense

     (59,144)         (58,480)         (59,771)   

Income taxes

     (18,425)         (17,183)         (18,204)   
  

 

 

    

 

 

    

 

 

 

 Net earnings

    $ 51,104        $ 50,858        $ 48,599   
  

 

 

    

 

 

    

 

 

 

Earnings per common share:

        

 Basic

    $ 0.37        $ 0.36        $ 0.35   

 Diluted

    $ 0.36        $ 0.36        $ 0.35   

NIM

     3.31%         3.18%         3.10%   

ROAA

     1.37%         1.30%         1.21%   

ROAE

     9.31%         9.14%         9.31%   

ROATCE

     14.51%         14.31%         15.13%   

Efficiency ratio

     46.69%         47.34%         47.22%   

Net Interest Income

Net interest income was $110.4 million for the first quarter of 2025, essentially equal to the fourth quarter of 2024, and a $2.02 million, or 1.79%, decrease from the first quarter of 2024. Compared to the prior quarter, net interest income in the first quarter of 2025 was impacted by a 13-basis point increase in net interest margin that was offset by a $405.6 million decline in earning assets.

The decline in net interest income of $2 million compared to the first quarter of 2024 was the net result of a $1.09 billion decline in earning assets partially offset by a 21-basis point increase in net interest margin. The decrease in earning assets was primarily due to the deleveraging strategy deployed in the second half of 2024, which resulted in the Company’s borrowings declining by $1.48 billion.

Net Interest Margin

Our tax equivalent net interest margin was 3.31% for the first quarter of 2025, compared to 3.18% for the fourth quarter of 2024 and 3.10% for the first quarter of 2024. The 13 basis points increase in our net interest margin compared to the fourth quarter of 2024, was the combined result of a four-basis point increase in our interest-earning assets and a nine-basis point decrease in our cost of funds, including a seven-basis point decrease in cost of deposits. The four-basis point increase in our interest-earning asset yield was primarily due to a seven-basis point increase in loan yields and a five-basis points increase in investment securities yields. We experienced an increase in yields on investments in the first quarter of 2025, as a result of the sale of lower-yielding available-for-sale (“AFS”) securities and the purchase of higher-yielding AFS securities during the fourth quarter of 2024. However, this increase in investment yields was partially offset by a decrease during the first quarter of 2025 in the positive carry on our fair value hedging instruments that pay a fixed interest rate while receiving daily SOFR.

 

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Net interest margin for the first quarter of 2025 increased by 21-basis points compared to the first quarter of 2024, primarily as a result of 27-basis point decrease in cost of funds from 1.31% for the first quarter of 2024 to 1.04% for the first quarter of 2025. The decrease in cost of funds was primarily due to a $1.48 billion decline in borrowings, which had an average cost of 4.76% in the first quarter of 2024. For the first quarter of 2025, the Company had average borrowings of $513 million at a cost of 4.61% and average deposits and customer repos of $12.19 billion at a cost of .87%, which compares to the first quarter of 2024 in which borrowings averaged $2 billion at a cost of 4.76% and average deposits and customer repos of $11.95 billion at a cost of .73%. The decrease in cost of funds was offset by lower interest earning asset yields that declined by 6 basis points from 4.34% in the first quarter of 2024 to 4.28% in the first quarter of 2025. The lower earning asset yields included lower loan yields, which declined from 5.30% for the first quarter of 2024 to 5.22% for the first quarter of 2025.

Earning Assets and Deposits

On average, earning assets decreased by $405.6 million compared to the fourth quarter of 2024 and declined by $1.09 billion when compared to the first quarter of 2024. The decline in earning assets from the fourth quarter of 2024 was primarily a $323 million decrease in funds held at the Federal Reserve, as well as a $55 million average decline in outstanding loans. Compared to the first quarter of 2024, the average balance of outstanding loans was $357 million lower, investment securities decreased by $449.0 million and the average amount of funds held at the Federal Reserve decreased by $272.0 million. Noninterest-bearing deposits declined on average by $109.7 million, or 1.54%, from the fourth quarter of 2024 and interest-bearing deposits and customer repurchase agreements declined on average by $270.9 million. Compared to the first quarter of 2024, total deposits and customer repurchase agreements increased on average by $243.9 million, or 2.04%, including an increase of $420.2 million in interest-bearing deposits and customer repurchase agreements. On average, noninterest-bearing deposits were 59.01% of total deposits during the most recent quarter, compared to 58.74% for the fourth quarter of 2024 and 61.72% for the first quarter of 2024.

 

     Three Months Ended  
SELECTED FINANCIAL HIGHLIGHTS    March 31, 2025      December 31, 2024      March 31, 2024  
     (Dollars in thousands)  

Yield on average investment securities (TE)

     2.63%        2.58%        2.64%  

Yield on average loans

     5.22%        5.15%        5.30%  

Yield on average earning assets (TE)

     4.28%        4.24%        4.34%  

Cost of deposits

     0.86%        0.93%        0.74%  

Cost of funds

     1.04%        1.13%        1.31%  

Net interest margin (TE)

     3.31%        3.18%        3.10%  
Average Earning Asset Mix    Avg       % of Total       Avg       % of Total       Avg       % of Total   

Total investment securities

    $ 4,908,718         36.21%        $ 4,936,514         35.36%        $ 5,357,708         36.59%   

Interest-earning deposits with other institutions

     162,389         1.20%         485,103         3.47%         444,101         3.03%   

Loans

     8,467,465         62.46%         8,522,587         61.04%         8,824,579         60.26%   

Total interest-earning assets

     13,556,584            13,962,216            14,644,400      

Provision for Credit Losses

There was a $2.0 million recapture of provision for credit losses in the first quarter of 2025, compared to a $3.0 million recapture of provision for credit losses in the fourth quarter of 2024 and no provision in the first quarter of 2024. Net recoveries for the first quarter of 2025 were $130,000 compared to net recoveries of $180,000 in the prior quarter. Allowance for credit losses represented 0.94% of gross loans at March 31, 2025 and December 31, 2024

Noninterest Income

Noninterest income was $16.2 million for the first quarter of 2025, compared with $13.1 million for the fourth quarter of 2024 and $14.1 million for the first quarter of 2024. During the first quarter of 2025, the Bank sold four OREO properties resulting in a gain

 

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of $2.2 million. Income from Bank Owned Life Insurance (“BOLI”) increased in the first quarter of 2025 by $445,000 from the fourth quarter of 2024 and decreased by $762,000 compared to the first quarter of 2024. Compared to the fourth quarter of 2024 and the first quarter of 2024, income from various equity investments increased by $750,000 and $450,000, respectively.

Noninterest Expense

Noninterest expense for the first quarter of 2025 was $59.1 million, compared to $58.5 million for the fourth quarter of 2024 and $59.8 million for the first quarter of 2024. The $664,000 quarter-over-quarter increase includes a $500,000 provision for unfunded loan commitments in the first quarter of 2025, compared to no provision or recapture of provision in the first and fourth quarter of 2024. Salaries and employee benefit costs increased $479,000, as the first quarter of each calendar year reflects higher payroll taxes than the fourth quarter of the prior year. Offsetting those quarter-over-quarter increases was a decline in legal expenses of $326,000.

The year-over-year decrease in noninterest expense of $627,000 was impacted by the higher level of assessment expense in the first quarter of 2024, in which we had an additional accrual of $2.3 million associated with the 2023 FDIC special assessment. The decline in assessment expense was offset by increases in software expenses of $696,000 and occupancy expenses of $433,000, as well as the $500,000 recapture of provision for unfunded loan commitments in the first quarter of 2025. As a percentage of average assets, noninterest expense was 1.58% for the first quarter of 2025, compared to 1.49% for the fourth quarter of 2024 and 1.48% for the first quarter of 2024. The efficiency ratio for the first quarter of 2025 was 46.69%, compared to 47.34% for the fourth quarter of 2024 and 47.22% for the first quarter of 2024.

Income Taxes

Our effective tax rate for the quarter ended March 31, 2025 was 26.50%, compared with 25.25% for the fourth quarter of 2024, and 27.25% for the same period of 2024. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as available tax credits.

 

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BALANCE SHEET HIGHLIGHTS

Assets

The Company reported total assets of $15.26 billion at March 31, 2025. This represented an increase of $102.9 million, or 0.68%, from total assets of $15.15 billion at December 31, 2024. The increase in assets included a $290.3 million increase in interest-earning balances due from the Federal Reserve, offset by a $27.6 million decrease in investment securities, and a $170.9 million decrease in net loans.

Total assets at March 31, 2025 decreased by $1.2 billion, or 7.36%, from total assets of $16.47 billion at March 31, 2024. The decrease in assets was primarily due to a decrease of $476.5 million in interest-earning balances due from the Federal Reserve, a decrease of $397.5 million in investment securities and a $402.5 million decrease in net loans.

Investment Securities

Total investment securities were $4.89 billion at March 31, 2025, a decrease of $27.6 million, or 0.56% from December 31, 2024, and a decrease of $397.5 million, or 7.51%, from $5.29 billion at March 31, 2024.

At March 31, 2025, investment securities held-to-maturity (“HTM”) totaled $2.36 billion, a decrease of $20.5 million, or 0.86% from December 31, 2024, and a decrease of $95.4 million, or 3.89%, from March 31, 2024.

At March 31, 2025, investment securities available-for-sale (“AFS”) totaled $2.54 billion, inclusive of a pre-tax net unrealized loss of $338.4 million. AFS securities decreased by $7.0 million, or 0.28% from December 31, 2024 and decreased by $302.0 million, or 10.65%, from $2.84 billion at March 31, 2024. The pre-tax unrealized loss decreased by $58.9 million from December 31, 2024 and decreased by $97.2 million from March 31, 2024.

Loans

Total loans and leases, at amortized cost, of $8.36 billion at March 31, 2025 decreased by $172.8 million, or 2.02%, from December 31, 2024. The quarter-over quarter decrease in loans included decreases of $16.8 million in commercial real estate loans and $167.8 million in dairy & livestock loans, partially offset by an increase of $17.1 million in commercial and industrial loans.

Total loans and leases, at amortized cost, decreased by $407.1 million, or 4.64%, from March 31, 2024. The $407.1 million decrease included decreases of $229.9 million in commercial real estate loans, $43.1 million in construction loans, $20.8 million in commercial and industrial loans, $99.1 million in dairy & livestock and agribusiness loans, $6.8 million in municipal lease financings, and $7.0 million in SFR mortgage loans.

Asset Quality

During the first quarter of 2025, we experienced credit charge-offs of $40,000 and total recoveries of $170,000, resulting in net recoveries of $130,000. The allowance for credit losses (“ACL”) totaled $78.3 million at March 31, 2025, compared to $80.1 million at December 31, 2024 and $82.8 million at March 31, 2024. At March 31, 2025, ACL as a percentage of total loans and leases outstanding was 0.94%. This compares to 0.94% and 0.94% at December 31, 2024 and March 31, 2024, respectively.

Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below.

 

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Nonperforming Assets and Delinquency Trends     March 31, 
2025
      December 31, 
2024
      March 31, 
2024
 
Nonperforming loans    (Dollars in thousands)  

Commercial real estate

    $ 24,379        $ 25,866        $ 10,661   

SBA

     1,024         1,529         54   

Commercial and industrial

     173         340         2,727   

Dairy & livestock and agribusiness

     60         60         60   

SFR mortgage

     -         -         308   

Consumer and other loans

     -         -         -   
  

 

 

    

 

 

    

 

 

 

Total

    $  25,636        $  27,795        $ 13,810   
  

 

 

    

 

 

    

 

 

 

% of Total loans

     0.31%        0.33%        0.16%  

OREO

        

Commercial real estate

    $  495        $  18,656        $ -   

Commercial and industrial

     -         -         647   

SFR mortgage

     -         647         -   
  

 

 

    

 

 

    

 

 

 

Total

    $ 495        $ 19,303        $ 647   
  

 

 

    

 

 

    

 

 

 

Total nonperforming assets

    $ 26,131        $ 47,098        $ 14,457   
  

 

 

    

 

 

    

 

 

 

% of Nonperforming assets to total assets

     0.17%        0.31%        0.09%  

Past due 30-89 days (accruing)

        

Commercial real estate

    $ -        $ -        $  19,781   

SBA

     718         88         408   

Commercial and industrial

     -         399         6   

Dairy & livestock and agribusiness

     -         -         -   

SFR mortgage

     -         -         -   

Consumer and other loans

     -         -         -   
  

 

 

    

 

 

    

 

 

 

Total

    $ 718        $ 487        $ 20,195   
  

 

 

    

 

 

    

 

 

 

% of Total loans

     0.01%        0.01%        0.23%  

Total nonperforming, OREO, and past due

    $ 26,849        $ 47,585        $ 34,652   

Classified Loans

    $ 94,169        $ 89,549        $  103,080   

The $21.0 million decrease in nonperforming assets from December 31, 2024 was primarily due to the sale of $19.3 million of OREO at a net gain of $2.2 million during the first quarter of 2025. Classified loans are loans that are graded “substandard” or worse. Classified loans increased $4.6 million quarter-over-quarter, primarily due to increases of $6.5 million in classified dairy and livestock loans.

Deposits & Customer Repurchase Agreements

Deposits of $12.0 billion and customer repurchase agreements of $276.2 million totaled $12.27 billion at March 31, 2025. This represented a net increase of $55.8 million compared to December 31, 2024. Total deposits and customer repurchase agreements increased $95.4 million, or .78% when compared to $12.17 billion at March 31, 2024.

Noninterest-bearing deposits were $7.18 billion at March 31, 2025, an increase of $147.2 million, or 2.09%, when compared to $7.04 billion at December 31, 2024. Noninterest-bearing deposits increased by $71.5 million, or 1.00% when compared to $7.11 billion at March 31, 2024. At March 31, 2025, noninterest-bearing deposits were 59.92% of total deposits, compared to 58.90% at December 31, 2024 and 59.80% at March 31, 2024.

 

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Borrowings

As of March 31, 2025, total borrowings consisted of $500 million of FHLB advances. The FHLB advances include maturities of $300 million, at an average cost of approximately 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027. Total borrowings decreased by $1.5 billion from March 31, 2024. The $2.0 billion of borrowings at March 31, 2024 consisted of one-year advances from the Federal Reserve’s Bank Term Funding Program, at an average cost of approximately 4.75%, all of which were redeemed before the end of 2024.

Capital

The Company’s total equity was $2.23 billion at March 31, 2025. This represented an overall increase of $42.1 million from total equity of $2.19 billion at December 31, 2024. Increases to equity included $51.1 million in net earnings and a $34.8 million increase in other comprehensive income that were partially offset by $27.9 million in cash dividends. During the first quarter of 2025, we repurchased, under our stock repurchase plan, 782,063 shares of common stock, at an average repurchase price of $19.55, totaling $15.3 million. Our tangible book value per share at March 31, 2025 was $10.45.

Our capital ratios under the revised capital framework referred to as Basel III remain well-above regulatory standards.

 

          CVB Financial Corp. Consolidated
Capital Ratios    Minimum Required Plus
Capital Conservation Buffer
    March 31,
  2025
   December 31,
  2024
   March 31,
  2024

 

  

 

  

 

Tier 1 leverage capital ratio

   4.0%    11.8%   11.5%   10.5%

Common equity Tier 1 capital ratio

   7.0%    16.5%   16.2%   14.9%

Tier 1 risk-based capital ratio

   8.5%    16.5%   16.2%   14.9%

Total risk-based capital ratio

   10.5%    17.3%   17.1%   15.8%

Tangible common equity ratio

      10.0%   9.8%   8.3%

 

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CitizensTrust

As of March 31, 2025 CitizensTrust had approximately $4.7 billion in assets under management and administration, including $3.38 billion in assets under management. Revenues were $3.4 million for the first quarter of 2025, compared to $3.5 million in the fourth quarter of 2024 and $3.2 million for the first quarter of 2024. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

Corporate Overview

CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California.

Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

Conference Call

Management will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, April 24, 2025, to discuss the Company’s first quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI643a97d119af4b899539fee84f093408

The conference call will also be simultaneously webcast over the Internet; please visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab to access the call from the site. Please access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call and will be available on the website for approximately 12 months.

Safe Harbor

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 levels, growth and retention, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, the impact of economic developments, the impact of monetary, fiscal and trade policies, 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, immigration, trade, tariff, 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

 

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acquisition target and key personnel into our operations; the timely development of competitive 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 banking, taxes, securities, and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the transition away from USD LIBOR and uncertainties regarding potential alternative reference rates, including SOFR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill on our balance sheet; changes in customer 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 or retain deposits or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment 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 asset credit quality, business operations, and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our ability to comply with federal and state in employment laws and regulations; ongoing or 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 2024 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.

Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this earnings release and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP. These measures may or may not be comparable to similarly titled measures used by other companies.

###

 

- 9 -


CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

 

     March 31,
2025
  December 31,
2024
  March 31,
2024

Assets

      

Cash and due from banks

    $ 187,981      $ 153,875      $ 131,955  

Interest-earning balances due from Federal Reserve

     341,108       50,823       817,634  
  

 

 

 

 

 

 

 

 

 

 

 

Total cash and cash equivalents

     529,089       204,698       949,589  
  

 

 

 

 

 

 

 

 

 

 

 

Interest-earning balances due from depository institutions

     3,451       480       12,632  

Investment securities available-for-sale

     2,535,066       2,542,115       2,837,100  

Investment securities held-to-maturity

     2,359,141       2,379,668       2,454,586  
  

 

 

 

 

 

 

 

 

 

 

 

Total investment securities

     4,894,207       4,921,783       5,291,686  
  

 

 

 

 

 

 

 

 

 

 

 

Investment in stock of Federal Home Loan Bank (FHLB)

     18,012       18,012       18,012  

Loans and lease finance receivables

     8,363,632       8,536,432       8,770,713  

Allowance for credit losses

     (78,252     (80,122     (82,817
  

 

 

 

 

 

 

 

 

 

 

 

Net loans and lease finance receivables

     8,285,380       8,456,310       8,687,896  
  

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

     26,772       27,543       43,448  

Bank owned life insurance (BOLI)

     318,301       316,248       310,744  

Intangibles

     8,812       9,967       13,853  

Goodwill

     765,822       765,822       765,822  

Other assets

     406,745       432,792       374,464  
  

 

 

 

 

 

 

 

 

 

 

 

Total assets

    $ 15,256,591      $ 15,153,655      $ 16,468,146  
  

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

      

Liabilities:

      

Deposits:

      

Noninterest-bearing

    $ 7,184,267      $ 7,037,096      $ 7,112,789  

Investment checking

     533,220       551,305       545,066  

Savings and money market

     3,710,612       3,786,387       3,561,512  

Time deposits

     561,822       573,593       675,554  
  

 

 

 

 

 

 

 

 

 

 

 

Total deposits

     11,989,921       11,948,381       11,894,921  

Customer repurchase agreements

     276,163       261,887       275,720  

Other borrowings

     500,000       500,000       1,995,000  

Other liabilities

     262,088       257,071       215,680  
  

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

     13,028,172       12,967,339       14,381,321  
  

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

      

Stockholders’ equity

     2,505,719       2,498,380       2,422,110  

Accumulated other comprehensive loss, net of tax

     (277,300     (312,064     (335,285
  

 

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

     2,228,419       2,186,316       2,086,825  
  

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

    $  15,256,591      $  15,153,655      $  16,468,146  
  

 

 

 

 

 

 

 

 

 

 

 


CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS

(Unaudited)

(Dollars in thousands)

 

     Three Months Ended
     March 31,
2025
  December 31,
2024
  March 31,
2024

Assets

      

Cash and due from banks

    $ 154,328      $ 152,966      $ 162,049  

Interest-earning balances due from Federal Reserve

     161,432       484,038       433,421  
  

 

 

 

 

 

 

 

 

 

 

 

Total cash and cash equivalents

     315,760       637,004       595,470  
  

 

 

 

 

 

 

 

 

 

 

 

Interest-earning balances due from depository institutions

     957       1,065       10,680  

Investment securities available-for-sale

     2,539,211       2,542,649       2,900,097  

Investment securities held-to-maturity

     2,369,507       2,393,865       2,457,611  
  

 

 

 

 

 

 

 

 

 

 

 

Total investment securities

     4,908,718       4,936,514       5,357,708  
  

 

 

 

 

 

 

 

 

 

 

 

Investment in stock of FHLB

     18,012       18,012       18,012  

Loans and lease finance receivables

     8,467,465       8,522,587       8,824,579  

Allowance for credit losses

     (80,113     (82,960     (85,751
  

 

 

 

 

 

 

 

 

 

 

 

Net loans and lease finance receivables

     8,387,352       8,439,627       8,738,828  
  

 

 

 

 

 

 

 

 

 

 

 

Premises and equipment, net

     27,408       29,959       44,380  

Bank owned life insurance (BOLI)

     316,643       316,938       309,609  

Intangibles

     9,518       10,650       14,585  

Goodwill

     765,822       765,822       765,822  

Other assets

     419,116       406,898       350,319  
  

 

 

 

 

 

 

 

 

 

 

 

Total assets

    $ 15,169,306      $ 15,562,489      $ 16,205,413  
  

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

      

Liabilities:

      

Deposits:

      

Noninterest-bearing

    $ 7,006,357      $ 7,116,050      $ 7,182,718  

Interest-bearing

     4,866,318       4,998,424       4,454,135  
  

 

 

 

 

 

 

 

 

 

 

 

Total deposits

     11,872,675       12,114,474       11,636,853  

Customer repurchase agreements

     317,322       456,145       309,272  

Other borrowings

     513,078       500,000       1,991,978  

Other liabilities

     239,283       278,314       168,442  
  

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

     12,942,358       13,348,933       14,106,545  
  

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity

      

Stockholders’ equity

     2,523,923       2,507,060       2,432,075  

Accumulated other comprehensive loss, net of tax

     (296,975     (293,504     (333,207
  

 

 

 

 

 

 

 

 

 

 

 

Total stockholders’ equity

     2,226,948       2,213,556       2,098,868  
  

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

    $  15,169,306      $  15,562,489      $  16,205,413  
  

 

 

 

 

 

 

 

 

 

 

 


CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

   

Three Months Ended

    March 31,
2025
   December 31, 
2024
  March 31,
2024

Interest income:

     

Loans and leases, including fees

     $  109,071      $ 110,277      $ 116,349  

Investment securities:

     

Investment securities available-for-sale

    18,734       18,041       21,446  

Investment securities held-to-maturity

    13,021       13,020       13,402  
 

 

 

 

 

 

 

 

 

 

 

 

Total investment income

    31,755       31,061       34,848  

Dividends from FHLB stock

    379       380       419  

Interest-earning deposits with other institutions

    1,797       5,881       6,073  
 

 

 

 

 

 

 

 

 

 

 

 

Total interest income

    143,002       147,599       157,689  
 

 

 

 

 

 

 

 

 

 

 

 

Interest expense:

     

Deposits

    25,322       28,317       21,366  

Borrowings and customer repurchase agreements

    6,800       8,291       23,862  

Other

    436       573       -  
 

 

 

 

 

 

 

 

 

 

 

 

Total interest expense

    32,558       37,181       45,228  
 

 

 

 

 

 

 

 

 

 

 

 

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

    110,444       110,418       112,461  

(Recapture of) provision for credit losses

    (2,000     (3,000     -  
 

 

 

 

 

 

 

 

 

 

 

 

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

    112,444       113,418       112,461  
 

 

 

 

 

 

 

 

 

 

 

 

Noninterest income:

     

Service charges on deposit accounts

    4,908       5,097       5,036  

Trust and investment services

    3,411       3,512       3,224  

Loss on sale of AFS investment securities

    -       (16,735     -  

Gain on OREO, net

    2,183       -       -  

Gain on sale leaseback transactions

    -       16,794       -  

Other

    5,727       4,435       5,853  
 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest income

    16,229       13,103       14,113  
 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense:

        .  

Salaries and employee benefits

    36,477       35,998       36,401  

Occupancy and equipment

    5,998       5,866       5,565  

Professional services

    2,081       2,646       2,255  

Computer software expense

    4,221       3,921       3,525  

Marketing and promotion

    1,988       1,757       1,630  

Amortization of intangible assets

    1,155       1,163       1,438  

Provision for unfunded loan commitments

    500       -       -  

Other

    6,724       7,129       8,957  
 

 

 

 

 

 

 

 

 

 

 

 

Total noninterest expense

    59,144       58,480       59,771  
 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

    69,529       68,041       66,803  

Income taxes

    18,425       17,183       18,204  
 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

   $   51,104      $   50,858      $   48,599  
 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

   $ 0.37      $ 0.36      $ 0.35  
 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

   $ 0.36      $ 0.36      $ 0.35  
 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

   $ 0.20      $ 0.20      $ 0.20  
 

 

 

 

 

 

 

 

 

 

 

 


CVB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

 

    

Three Months Ended

 
    

March 31,
2025

    

December 31,
2024

    

March 31,
2024

 

Interest income - tax equivalent (TE)

  

 $

143,525  

 

  

 $

148,128

 

  

 $

158,228  

 

Interest expense

  

 

32,558  

 

  

 

37,181

 

  

 

45,228  

 

  

 

 

    

 

 

    

 

 

 

Net interest income - (TE)

  

 $

110,967  

 

  

 $

110,947

 

  

 $

113,000  

 

  

 

 

    

 

 

    

 

 

 

Return on average assets, annualized

  

 

1.37% 

 

  

 

1.30% 

 

  

 

1.21% 

 

Return on average equity, annualized

  

 

9.31% 

 

  

 

9.14% 

 

  

 

9.31% 

 

Efficiency ratio [1]

  

 

46.69% 

 

  

 

47.34% 

 

  

 

47.22% 

 

Noninterest expense to average assets, annualized

     1.58%         1.49%         1.48%   

Yield on average loans

  

 

5.22% 

 

  

 

5.15% 

 

  

 

5.30% 

 

Yield on average earning assets (TE)

  

 

4.28% 

 

  

 

4.24% 

 

  

 

4.34% 

 

Cost of deposits

  

 

0.86% 

 

  

 

0.93% 

 

  

 

0.74% 

 

Cost of deposits and customer repurchase agreements

  

 

0.87% 

 

  

 

0.97% 

 

  

 

0.73% 

 

Cost of funds

  

 

1.04% 

 

  

 

1.13% 

 

  

 

1.31% 

 

Net interest margin (TE)

  

 

3.31% 

 

  

 

3.18% 

 

  

 

3.10% 

 

[1] Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.

 

Tangible Common Equity Ratio (TCE) [2]

        

CVB Financial Corp. Consolidated

  

 

10.04% 

 

  

 

9.81% 

 

  

 

8.33% 

 

Citizens Business Bank

  

 

9.92% 

 

  

 

9.64% 

 

  

 

8.23% 

 

[2] (Capital - [GW+Intangibles])/(Total Assets — [GW+Intangibles])

 

Weighted average shares outstanding

        

Basic

  

 

138,973,996  

 

  

 

 138,661,665  

 

  

 

 138,428,596  

 

Diluted

  

 

139,294,401  

 

  

 

 139,102,524  

 

  

 

 138,603,324  

 

Dividends declared

  

 $

27,853  

 

  

 $

27,978  

 

  

 $

27,886  

 

Dividend payout ratio [3]

  

 

54.50% 

 

  

 

55.01% 

 

  

 

57.38% 

 

[3] Dividends declared on common stock divided by net earnings.

 

Number of shares outstanding - (end of period)

  

 

 139,089,612  

 

  

 

 139,689,686  

 

  

 

 139,641,884  

 

Book value per share

  

 $

16.02  

 

  

 $

15.65  

 

  

 $

14.94  

 

Tangible book value per share

  

 $

10.45  

 

  

 $

10.10  

 

  

 $

9.36  

 

    

March 31,
2025

    

December 31,
2024

    

March 31,
2024

 

Nonperforming assets:

        

Nonaccrual loans

  

 $

25,636  

 

  

 $

27,795  

 

  

 $

13,810  

 

Other real estate owned (OREO), net

  

 

495  

 

  

 

19,303  

 

  

 

647  

 

  

 

 

    

 

 

    

 

 

 

Total nonperforming assets

  

 $

26,131  

 

  

$

47,098  

 

  

$

14,457  

 

  

 

 

    

 

 

    

 

 

 

Modified loans/performing troubled debt restructured loans (TDR) [4]

  

 $

11,949  

 

  

 $

6,467  

 

  

$

10,765  

 

  

 

 

    

 

 

    

 

 

 

[4] Effective January 1, 2023, performing and nonperforming TDRs are reflected as Loan Modifications to borrowers experiencing financial difficulty.

 

Percentage of nonperforming assets to total loans
outstanding and OREO

  

 

0.31% 

 

  

 

0.55% 

 

  

 

0.16% 

 

Percentage of nonperforming assets to total assets

  

 

0.17% 

 

  

 

0.31% 

 

  

 

0.09% 

 

Allowance for credit losses to nonperforming assets

  

 

299.46% 

 

  

 

170.12% 

 

  

 

572.85% 

 

    

Three Months Ended

 
    

March 31,
2025

    

December 31,
2024

    

March 31,
2024

 

Allowance for credit losses:

        

Beginning balance

  

 $

80,122  

 

  

 $

82,942  

 

  

 $

86,842  

 

Total charge-offs

  

 

(40) 

 

  

 

(64) 

 

  

 

(4,267) 

 

Total recoveries on loans previously charged-off

  

 

170  

 

  

 

244  

 

  

 

242  

 

  

 

 

    

 

 

    

 

 

 

Net recoveries (charge-offs)

  

 

130  

 

  

 

180  

 

  

 

(4,025) 

 

(Recapture of) provision for credit losses

  

 

(2,000) 

 

  

 

(3,000) 

 

  

 

-  

 

  

 

 

    

 

 

    

 

 

 

Allowance for credit losses at end of period

  

 $

78,252  

 

  

 $

80,122  

 

  

 $

82,817  

 

  

 

 

    

 

 

    

 

 

 

Net recoveries (charge-offs) to average loans

  

 

0.002% 

 

  

 

0.002% 

 

  

 

-0.046% 

 


CVB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in millions)

 

Allowance for Credit Losses by Loan Type

 

     March 31, 2025    December 31, 2024    March 31, 2024
     Allowance
For Credit
Losses
        Allowance
as a % of
Total Loans
by Respective
Loan Type
       Allowance
For Credit
Losses
        Allowance
as a % of
Total Loans
by Respective
Loan Type
       Allowance
For Credit
Losses
        Allowance
as a % of
Total Loans
by Respective
Loan Type
   

Commercial real estate

    $ 65.3         1.01%       $ 66.2         1.02%       $ 69.4         1.03%  

Construction

     0.2         1.52%        0.3         1.94%        1.3         2.20%  

SBA

     2.6         0.96%        2.6         0.96%        2.5         0.94%  

Commercial and industrial

     6.1         0.65%        6.1         0.66%        5.1         0.53%  

Dairy & livestock and agribusiness

     2.8         1.12%        3.6         0.86%        3.3         0.92%  

Municipal lease finance receivables

     0.2         0.32%        0.2         0.31%        0.2         0.27%  

SFR mortgage

     0.5         0.16%        0.5         0.16%        0.5         0.17%  

Consumer and other loans

     0.6         0.94%        0.6         1.04%        0.5         0.97%  
  

 

 

 

          

 

 

 

          

 

 

 

       

Total

    $   78.3         0.94%       $    80.1         0.94%       $    82.8         0.94%  
  

 

 

 

     

 

    

 

 

 

     

 

    

 

 

 

     

 

 

 


CVB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands, except per share amounts)

Quarterly Common Stock Price

 

     2025      2024      2023  
Quarter End    High      Low      High      Low      High      Low  

March 31,

    $   21.71        $ 18.22        $ 20.45        $ 15.95        $ 25.98        $ 16.34   

June 30,

    $ -         $ -         $ 17.91        $ 15.71        $ 16.89        $ 10.66   

September 30,

    $ -         $ -         $ 20.29        $ 16.08        $ 19.66        $ 12.89   

December 31,

    $ -         $ -         $ 24.58        $ 17.20        $ 21.77        $ 14.62   
Quarterly Consolidated Statements of Earnings

 

            Q1      Q4      Q3      Q2      Q1  
            2025      2024      2024      2024      2024  

Interest income

                 

Loans and leases, including fees

       $   109,071        $   110,277        $   114,929        $   114,200        $   116,349   

Investment securities and other

        33,931         37,322         50,823         44,872         41,340   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total interest income

        143,002         147,599         165,752         159,072         157,689   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Interest expense

                 

Deposits

        25,322         28,317         29,821         25,979         21,366   

Borrowings and customer repurchase agreements

 

     6,800         8,291         22,312         22,244         23,862   

Other

        436         573         -          -          -    
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total interest expense

        32,558         37,181         52,133         48,223         45,228   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

 

     110,444         110,418         113,619         110,849         112,461   

(Recapture of) provision for credit losses

        (2,000)         (3,000)         -          -          -    
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

 

     112,444         113,418         113,619         110,849         112,461   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Noninterest income

        16,229         13,103         12,834         14,424         14,113   

Noninterest expense

        59,144         58,480         58,835         56,497         59,771   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Earnings before income taxes

        69,529         68,041         67,618         68,776         66,803   

Income taxes

        18,425         17,183         16,394         18,741         18,204   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net earnings

       $   51,104        $    50,858        $   51,224       $   50,035        $   48,599   
     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Effective tax rate

        26.50%         25.25%         24.25%         27.25%         27.25%   

Basic earnings per common share

       $ 0.37        $ 0.36        $ 0.37        $ 0.36        $ 0.35   

Diluted earnings per common share

       $ 0.36        $ 0.36        $ 0.37        $ 0.36        $ 0.35   

Cash dividends declared per common share

 

    $ 0.20        $ 0.20        $ 0.20        $ 0.20        $ 0.20   

Cash dividends declared

       $ 27,853        $ 27,978        $ 27,977        $ 28,018        $ 27,886   


CVB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands)

 

Loan Portfolio by Type

 

     March 31,     December 31,     September 30,     June 30,     March 31,  
     2025     2024     2024     2024     2024  

Commercial real estate

    $ 6,490,604      $ 6,507,452      $ 6,618,637      $ 6,664,925      $ 6,720,538  

Construction

     15,706       16,082       14,755       52,227       58,806  

SBA

     271,844       273,013       272,001       267,938       268,320  

SBA - PPP

     179       774       1,255       1,757       2,249  

Commercial and industrial

     942,301       925,178       936,489       956,184       963,120  

Dairy & livestock and agribusiness

     252,532       419,904       342,445       350,562       351,624  

Municipal lease finance receivables

     65,203       66,114       67,585       70,889       72,032  

SFR mortgage

     269,493       269,172       267,181       267,593       276,475  

Consumer and other loans

     55,770       58,743       52,217       49,771       57,549  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Gross loans, at amortized cost

     8,363,632       8,536,432       8,572,565       8,681,846       8,770,713  

Allowance for credit losses

     (78,252     (80,122     (82,942     (82,786     (82,817
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net loans

    $ 8,285,380      $ 8,456,310      $ 8,489,623      $ 8,599,060      $ 8,687,896  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Deposit Composition by Type and Customer Repurchase Agreements

 

     March 31,     December 31,     September 30,     June 30,     March 31,  
     2025     2024     2024     2024     2024  

Noninterest-bearing

    $ 7,184,267      $ 7,037,096      $ 7,136,824      $ 7,090,095      $ 7,112,789  

Investment checking

     533,220       551,305       504,028       515,930       545,066  

Savings and money market

     3,710,612       3,786,387       3,745,707       3,409,320       3,561,512  

Time deposits

     561,822       573,593       685,930       774,980       675,554  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits

      11,989,921        11,948,381        12,072,489        11,790,325        11,894,921  

Customer repurchase agreements

     276,163       261,887       394,515       268,826       275,720  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total deposits and customer
repurchase agreements

    $ 12,266,084      $ 12,210,268      $ 12,467,004      $ 12,059,151      $ 12,170,641  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


CVB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

(Dollars in thousands)

 

Nonperforming Assets and Delinquency Trends

 

     March 31, 
2025
     December 31, 
2024
     September 30, 
2024
     June 30, 
2024
     March 31, 
2024
 

Nonperforming loans:

         

Commercial real estate

   $ 24,379       $ 25,866       $ 18,794       $ 21,908       $ 10,661   

Construction

    -        -        -        -        -   

SBA

    1,024        1,529        151        337        54   

Commercial and industrial

    173        340        2,825        2,712        2,727   

Dairy & livestock and agribusiness

    60        60        143        -        60   

SFR mortgage

    -        -        -        -        308   

Consumer and other loans

    -        -        -        -        -   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 25,636       $ 27,795       $ 21,913       $ 24,957       $ 13,810   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

% of Total loans

    0.31%        0.33%        0.26%        0.29%        0.16%   

Past due 30-89 days (accruing):

         

Commercial real estate

   $ -       $ -       $ 30,701       $ 43       $ 19,781   

Construction

    -        -        -        -        -   

SBA

    718        88        -        -        408   

Commercial and industrial

    -        399        64        103        6   

Dairy & livestock and agribusiness

    -        -        -        -        -   

SFR mortgage

    -        -        -        -        -   

Consumer and other loans

    -        -        -        -        -   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 718       $ 487       $ 30,765       $ 146       $ 20,195   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

% of Total loans

    0.01%        0.01%        0.36%        0.00%        0.23%   

OREO:

         

Commercial real estate

   $ 495       $ 18,656       $ -       $ -       $ -   

SBA

    -        -        -        -        -   

Commercial and industrial

    -        -        -        -        -   

SFR mortgage

    -        647        647        647        647   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 495       $ 19,303       $ 647       $ 647       $ 647   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total nonperforming, past due, and OREO

   $  26,849       $  47,585       $  53,325       $  25,750       $  34,652   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

% of Total loans

    0.32%        0.56%        0.62%        0.30%        0.40%   


CVB FINANCIAL CORP. AND SUBSIDIARIES

SELECTED FINANCIAL HIGHLIGHTS

(Unaudited)

Regulatory Capital Ratios

 

                 CVB Financial Corp. Consolidated   
Capital Ratios   

Minimum Required Plus

  Capital Conservation Buffer  

       March 31,
2025
  December 31,
2024
  March 31,
2024

 

  

 

      

 

Tier 1 leverage capital ratio

   4.0%      11.8%   11.5%   10.5%

Common equity Tier 1 capital ratio

   7.0%      16.5%   16.2%   14.9%

Tier 1 risk-based capital ratio

   8.5%          16.5%   16.2%   14.9%

Total risk-based capital ratio

   10.5%      17.3%   17.1%   15.8%

Tangible common equity ratio

        10.0%   9.8%   8.3%

 


Tangible Book Value Reconciliations (Non-GAAP)

The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. The following is a reconciliation of tangible book value to the Company stockholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2025, December 31, 2024 and March 31, 2024.

 

     March 31,
2025
  December 31,
2024
  March 31,
2024
     (Dollars in thousands, except per share amounts)

Stockholders’ equity

    $ 2,228,419      $ 2,186,316      $ 2,086,825  

Less: Goodwill

     (765,822     (765,822     (765,822

Less: Intangible assets

     (8,812     (9,967     (13,853
  

 

 

 

 

 

 

 

 

 

 

 

Tangible book value

    $ 1,453,785      $ 1,410,527      $ 1,307,150  

Common shares issued and outstanding

      139,089,612        139,689,686        139,641,884  
  

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share

    $ 10.45      $ 10.10      $ 9.36  
  

 

 

 

 

 

 

 

 

 

 

 


Return on Average Tangible Common Equity Reconciliations (Non-GAAP)

The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company’s average stockholders’ equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity.

 

 

     Three Months Ended  
     March 31,
2025
     December 31,
2024
     March 31,
2024
 
     (Dollars in thousands)  

Net Income

    $ 51,104         $ 50,858         $ 48,599    

Add: Amortization of intangible assets

     1,155          1,163          1,438    

Less: Tax effect of amortization of intangible assets (1)

     (341)         (344)         (425)   
  

 

 

    

 

 

    

 

 

 

Tangible net income

    $ 51,918         $ 51,677         $ 49,612    
  

 

 

    

 

 

    

 

 

 

Average stockholders’ equity

    $  2,226,948         $ 2,213,556         $ 2,098,868    

Less: Average goodwill

     (765,822)         (765,822)         (765,822)   

Less: Average intangible assets

     (9,518)         (10,650)         (14,585)   
  

 

 

    

 

 

    

 

 

 

Average tangible common equity

    $  1,451,608         $  1,437,084         $  1,318,461    
  

 

 

    

 

 

    

 

 

 

Return on average equity, annualized (2)

     9.31%         9.14%         9.31%   

Return on average tangible common equity, annualized (2)

     14.51%         14.31%         15.13%   

(1) Tax effected at respective statutory rates.

(2) Annualized where applicable.