CVB Financial : Statement of Condition - Q1 2025
CVBF
Published on 05/21/2025 at 14:53
Board of Directors
President's Message
March 31, 2025
Hal W. Oswalt
Chairman
David A. Brager
President and CEO
Stephen A. Del Guercio
Director
Anna Kan
Director
George A. Borba
Vice Chairman
Jane Olvera Majors
Director
Raymond V. O'Brien III
Director
Kimberly Sheehy
Director
Leadership Team
CVB Financial Corp. (CVBF) 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. 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.
Our Bank is consistently recognized as one of the top-performing banks in the nation. In February, we were honored to be ranked on Forbes' list of 2025 Best Banks in America. In March, we were recognized on S&P Global Market Intelligence's list of best-performing public banks with assets greater than $10 billion in the United States for 2024. Findley Reports named Citizens Business Bank a 2025 "Super Premier" Performing Bank, and we maintained our Five-Star Superior from BauerFinancial. Additionally, Fitch Ratings affirmed our investment grade rating of BBB+ in March 2025.
In response to the wildfires that devastated portions of Southern California in January 2025, our Bank pledged $200,000 in immediate financial support to four local community organizations. The donations have helped provide relief to individuals, families, and businesses impacted by the fires. Citizens Business Bank applied to the Disaster Relief Matching Contribution Program and was able to secure an additional $50,000 in matching funds to donate to Union Station Homeless Services from the Federal Home Loan Bank of San Francisco. This combined contribution represents one quarter of a million dollars going back into our local communities to assist with disaster relief.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $4.7 billion in assets under management and administration, including $3.38 billion in assets under management, at quarter end.
David A. Brager
President and CEO
David C. Harvey
EVP, Chief Operating Officer
Richard H. Wohl
EVP, General Counsel
Yamynn De Angelis
EVP, Chief Risk Officer
Hector G. Gutierrez, Esq.
EVP, Deputy Chief Credit Officer
Daniel Limon
EVP, Banking Division
Timothy B. Noone
EVP, Specialty Banking
G. Larry Zivelonghi
EVP, Dairy & Livestock Industries
Michael K. Currie
SVP, Chief Information Officer
Donald E. Evenson
SVP, Chief Investment Officer
Michael B. Mulcahy
SVP, Los Angeles/Central Coast
Mark C. Richardson
SVP, Real Estate Banking
Michael D. Stain
SVP, Central Valley Region
Robert E. Zeltner
SVP, Orange County Region
E. Allen Nicholson
EVP, Chief Financial Officer
David F. Farnsworth
EVP, Chief Credit Officer
R. Daniel Banis
EVP, CitizensTrust
Ted J. Dondanville
EVP, Specialty Lending Group
Joyce Y. Kwon
EVP, Director of Human Resources
Susan M. Mlot
EVP, Head of Operations
LaVon M. Short
EVP, Director of Treasury
Management and Marketing
Jeffrey S. Boyer
SVP, Los Angeles/Kern County
Gilbert W. Estrada
SVP, Inland Empire Region
Deborah G. Gallagher
SVP, SBA Group
Rudy I. Ramirez
SVP, Chief Information Security Officer
Walter J. Smiechewicz
SVP, Chief Audit Executive
David S. Stong
SVP, San Diego Region
Shares of CVB Financial Corp. common stock are listed on Nasdaq under the ticker symbol "CVBF". If you are new to CVB Financial Corp. and would like more information about Citizens Business Bank, our principal financial services subsidiary, please visit us on our website at cbbank.com. Additional information about CVB Financial Corp. is available on our Citizens Business Bank website under the "Investors" tab.
On behalf of our Board of Directors and our hard-working associates, we want to thank our customers and shareholders for their continued loyalty and support.
President & Chief Executive O cer
CVB Financial Corp., Citizens Business Bank
CONSECUTIVE QUARTERS OF CASH DIVIDENDS PAID
CONSECUTIVE QUARTERS OF PROFITABILITY
$51.1 million
NET INCOME
as of 3.31.25
Top 50 Public Banks
S&P Global Market Intelligence, 2024
Super Premier
Performing Bank
Findley Reports, 2025
Five-Star
Superior Rating
BauerFinancial, 2025
America's
Best Banks
Forbes, 2025
Financials
Condensed Consolidated Balance Sheets Condensed Consolidated Statements of Earnings
(Dollars in thousands, except share amounts) (Unaudited)
March 31,
2025
December 31,
2024
(Dollars in thousands, except per share amounts) (Unaudited)
Three Months Ended March 31, 2025 2024
Assets
$ 153,875
50,823
204,698
480
2,542,115
2,379,668
4,921,783
18,012
8,536,432
(80,122)
8,456,310
27,543
316,248
45,716
9,967
765,822
171,178
215,898
$15,153,655
$ 7,037,096
4,911,285 11,948,381
261,887
500,000
22,909
5,047
229,115
12,967,339
1,296,881
1,201,499
(312,064)
2,186,316
$15,153,655
Cash and due from banks
$ 187,981
Interest-earning balances due from Federal Reserve
341,108
Total cash and cash equivalents
529,089
Interest-earning balances due from depository institutions
3,451
Investment securities available-for-sale, at fair value
(with amortized cost of $2,922,404 at March 31, 2025,
and $2,997,047 at December 31, 2024)
2,535,066
Investment securities held-to-maturity (with fair value
of $1,965,088 at March 31, 2025, and $1,954,345 at
December 31, 2024)
2,359,141
Total investment securities
4,894,207
Investment in stock of Federal Home Loan Bank (FHLB)
18,012
Loans and lease finance receivables
8,363,632
Allowance for credit losses
(78,252)
Net loans and lease finance receivables
8,285,380
Premises and equipment, net
26,772
Bank owned life insurance (BOLI)
318,301
Accrued interest receivable
42,334
Intangibles
8,812
Goodwill
765,822
Income taxes
151,326
Other assets
213,085
Total assets
$ 15,256,591
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing
$ 7,184,267
Interest-bearing
4,805,654
Total deposits
11,989,921
Customer repurchase agreements
276,163
Other borrowings
500,000
Deferred compensation
23,054
Accrued interest payable
4,362
Other liabilities
234,672
Total liabilities
13,028,172
Commitments and Contingencies
Stockholders' Equity
Common stock, authorized, 225,000,000 shares without
par; issued and outstanding 139,089,612 at March 31,
2025, and 139,690,086 at December 31, 2024
1,280,969
Retained earnings
1,224,750
Accumulated other comprehensive loss, net of tax
(277,300)
Total stockholders' equity
2,228,419
Total liabilities and stockholders' equity
$ 15,256,591
Interest income:
Loans and leases, including fees
$ 109,071
$ 116,349
Investment securities:
Investment securities available-for-sale
18,734
21,446
Investment securities held-to-maturity
13,021
13,402
Total investment income
31,755
34,848
Dividends from FHLB stock
379
419
Interest-earning deposits with other institutions
1,797
6,073
Total interest income
143,002
157,689
Interest expense:
Deposits
25,322
21,366
Borrowings and customer repurchase agreements
6,800
23,862
Other
436
-
Total interest expense
32,558
45,228
Net interest income before (recapture of) provision
for credit losses
110,444
112,461
(Recapture of) provision for credit losses
Net interest income after (recapture of) provision
(2,000)
-
for credit losses
112,444
112,461
Noninterest income:
Service charges on deposit accounts
4,908
5,036
Trust and investment services
3,411
3,224
Bankcard services
630
385
BOLI income
2,831
3,593
Gain on OREO, net
2,183
-
Other
2,266
1,875
Total noninterest income
16,229
14,113
Noninterest expense:
Salaries and employee benefits
36,477
36,401
Occupancy and equipment
5,998
5,565
Professional services
2,081
2,255
Computer software expense
4,221
3,525
Marketing and promotion
1,988
1,630
Provision for unfunded loan commitments
500
-
Amortization of intangible assets
1,155
1,438
Other
6,724
8,957
Total noninterest expense
59,144
59,771
Earnings before income taxes
69,529
66,803
Income taxes
18,425
18,204
Net earnings
$ 51,104
$ 48,599
Basic earnings per common share
$ 0.37
$ 0.35
Diluted earnings per common share
$ 0.36
$ 0.35
CVB Financial Corp. Citizens Business Bank Corporate Headquarters
909.980.4030 | cbbank.com Equal Housing Lender | Member FDIC
Disclaimer
CVB Financial Corporation published this content on May 21, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 21, 2025 at 18:52 UTC.