CVBF
STATEMENT OF
CONDITION
September 30, 2024
President's Message
CVB Financial Corp. (CVBF) reported net income of $51.2 million for the quarter ended September 30, 2024, compared with $50.0 million for the second quarter of 2024. The Bank continues to execute on our strategy of banking the best small to medium sized businesses in the markets we serve. The results in the third quarter represent our 190th consecutive quarter of profitability. Our solid financial performance is also highlighted by our 140th consecutive quarter of paying cash dividends.
In August, we celebrated the 50th anniversary of our Bank. Founded in 1974 as Chino Valley Bank, Citizens Business Bank has grown to more than $15 billion in assets with 3 trust offices and over 60 banking locations throughout California. We were honored to have our Board of Directors invited by Nasdaq to ring the closing bell in celebration of 50 years of creating banking relationships by focusing on our customer and helping them achieve more for their business, their employees, and the communities they serve.
As one of the top-performing banks in the nation, we are regularly recognized by local and national organizations. The Los Angeles Business Journal showcased Citizens Business Bank in their Top Financial Institutions List 2024. Awardco, an employee recognition platform, awarded Citizens Business Bank as the 2024 Best Employee Engagement Winner. Some of the factors considered in the Awardco recognition were a 97% participation rate in our annual engagement survey and a 150+% increase in associates participating in quarterly wellness programs.
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 $3.3 billion in assets under management, at quarter end.
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 for their continued loyalty and support.
President & Chief Executive Officer
CVB Financial Corp., Citizens Business Bank
Board of Directors
Hal W. Oswalt
George A. Borba
Chairman
Vice Chairman
David A. Brager
Jane Olvera Majors
President and CEO
Director
Stephen A. Del Guercio
Raymond V. O'Brien III
Director
Director
Anna Kan
Kimberly Sheehy
Director
Director
Leadership Team
David A. Brager
E. Allen Nicholson
President and CEO
EVP, Chief Financial Officer
David C. Harvey
David F. Farnsworth
EVP, Chief Operating Officer
EVP, Chief Credit Officer
Richard H. Wohl
R. Daniel Banis
EVP, General Counsel
EVP, CitizensTrust
Yamynn De Angelis
Ted J. Dondanville
EVP, Chief Risk Officer
EVP, Banking Division
Hector G. Gutierrez, Esq.
Joyce Y. Kwon
EVP, Deputy Chief Credit Officer
EVP, Director of Human Resources
Daniel Limon
Susan M. Mlot
EVP, Specialty Lending Group
EVP, Head of Operations
Timothy B. Noone
LaVon M. Short
EVP, Specialty Banking
EVP, Director of Treasury
G. Larry Zivelonghi
Management and Marketing
Jeffrey S. Boyer
EVP, Dairy & Livestock Industries
Michael K. Currie
SVP, Los Angeles Region-North
Gilbert W. Estrada
SVP, Chief Information Officer
Donald E. Evenson
SVP, Inland Empire Region
Richard M. Favor
SVP, Chief Investment Officer
Deborah G. Gallagher
SVP, Central Coast Region
Michael B. Mulcahy
SVP, SBA Group
Rudy I. Ramirez
SVP, Los Angeles Region-Metro
Mark C. Richardson
SVP,Chief Information SecurityOfficer
Walter J. Smiechewicz
SVP, Real Estate Banking
Michael D. Stain
SVP, Chief Audit Executive
David S. Stong
SVP, Central Valley Region
Robert E. Zeltner
SVP, San Diego Region
SVP, Orange County Region
140
consecutive quarters of cash dividends paid
190
consecutive quarters
of profitability
$51.2 million
net income
as of 9.30.24
Top 50 Public Banks
Super Premier
Five-Star
America's Greatest
S&P Global Market
Performing Bank
Superior Rating
Workplaces for Women
Intelligence, 2024
Findley Reports, 2024
BauerFinancial, 2024
Newsweek, 2024
Financials
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 3 trust office locations serving California.
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share amounts)
September 30,
December 31,
(Unaudited)
2024
2023
Assets
Cash and due from banks
$
200,651
$ 171,396
Interest-earning balances due from Federal Reserve
252,809
109,889
Total cash and cash equivalents
453,460
281,285
Interest-earning balances due from depository institutions
24,338
8,216
Investment securities available-for-sale, at fair value
(with amortized cost of $2,818,313 at September 30,
2024, and $3,398,942 at December 31, 2023)
2,465,585
2,956,125
Investment securities held-to-maturity (with fair value
of $2,063,694 at September 30, 2024, and $2,082,881
at December 31, 2023)
2,405,254
2,464,610
Total investment securities
4,870,839
5,420,735
Investment in stock of Federal Home Loan Bank (FHLB)
18,012
18,012
Loans and lease finance receivables
8,572,565
8,904,910
Allowance for credit losses
(82,942)
(86,842)
Net loans and lease finance receivables
8,489,623
8,818,068
Premises and equipment, net
36,275
44,709
Bank owned life insurance (BOLI)
316,553
308,706
Accrued interest receivable
45,450
48,994
Intangibles
11,130
15,291
Goodwill
765,822
765,822
Income taxes
155,478
163,968
Other assets
216,236
127,187
Total assets
$
15,403,216
$16,020,993
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing
$7,136,824
$7,206,175
Interest-bearing
4,935,665
4,227,467
Total deposits
12,072,489
11,433,642
Customer repurchase agreements
394,515
271,642
Other borrowings
500,000
2,070,000
Deferred compensation
22,633
22,335
Accrued interest payable
6,675
23,268
Other liabilities
209,073
122,134
Total liabilities
13,205,385
13,943,021
Commitments and Contingencies
Stockholders' Equity
Common stock, authorized, 225,000,000 shares without
par; issued and outstanding 139,678,314 at September
30, 2024, and 139,344,981 at December 31, 2023
1,294,041
1,288,899
Retained earnings
1,178,619
1,112,642
Accumulated other comprehensive loss, net of tax
(274,829)
(323,569)
Total stockholders' equity
2,197,831
2,077,972
Total liabilities and stockholders' equity
$
15,403,216
$16,020,993
Condensed Consolidated Statements of Earnings
(Dollars in thousands, except per share amounts)
Three Months Ended September 30,
(Unaudited)
2024
2023
Interest income:
Loans and leases, including fees
$
114,929
$
113,190
Investment securities:
Investment securities available-for-sale
20,178
22,441
Investment securities held-to-maturity
13,284
13,576
Total investment income
33,462
36,017
Dividends from FHLB stock
375
598
Interest-earning deposits with other institutions
16,986
6,422
Total interest income
165,752
156,227
Interest expense:
Deposits
29,821
16,517
Borrowings and customer repurchase agreements
22,312
16,339
Total interest expense
52,133
32,856
Net interest income before provision for credit losses
113,619
123,371
Provision for credit losses
-
2,000
Net interest income after provision for credit losses
113,619
121,371
Noninterest income:
Service charges on deposit accounts
5,120
5,062
Trust and investment services
3,565
3,246
Bankcard services
355
354
BOLI income
3,499
1,548
Loss on sale of investment securities
(11,582)
-
Gain on sale leaseback transactions
9,106
-
Other
2,771
4,099
Total noninterest income
12,834
14,309
Noninterest expense:
Salaries and employee benefits
36,647
34,744
Occupancy and equipment
6,204
5,618
Professional services
2,855
2,117
Computer software expense
3,906
3,648
Marketing and promotion
1,964
1,628
(Recapture of) provision for unfunded loan commitments
(750)
(900)
Amortization of intangible assets
1,286
1,567
Other
6,723
6,636
Total noninterest expense
58,835
55,058
Earnings before income taxes
67,618
80,622
Income taxes
16,394
22,735
Net earnings
$
51,224
$
57,887
Basic earnings per common share
$
0.37
$
0.42
Diluted earnings per common share
$
0.37
$
0.42
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 November 21, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on November 21, 2024 at 04:17:00.922.