CVB Financial Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CVB Financial Corp. filed its Q1 2024 10-Q report, detailing financial performance and loan portfolio specifics.</b>

AI Summary

CVB FINANCIAL CORP (CVBF) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. CVB Financial Corp. filed a 10-Q report on May 9, 2024, for the period ending March 31, 2024. The filing pertains to the company's financial performance and position as of Q1 2024. The company is incorporated in California (CA) and operates under the SIC code 6022 (State Commercial Banks). Key financial data and disclosures related to loans, fair value measurements, and hedging instruments are included. The report covers various loan categories, including Commercial and Industrial, Real Estate, and Consumer loans.

Why It Matters

For investors and stakeholders tracking CVB FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest quarterly financial data for CVB Financial Corp., crucial for assessing performance and making investment decisions. The detailed breakdown of loan portfolios and fair value measurements offers insights into the company's risk exposure and asset quality in the current economic environment.

Risk Assessment

Risk Level: medium — CVB FINANCIAL CORP shows moderate risk based on this filing. The filing contains extensive details on loan classifications and fair value measurements, indicating a complex financial structure and potential for various risks related to asset quality and market fluctuations.

Analyst Insight

Monitor the company's loan loss provisions and fair value adjustments in subsequent filings to gauge the impact of economic conditions on asset quality.

Key Numbers

• 2024-03-31 — Report Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• CA — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• CVB FINANCIAL CORP (company) — FILER
• CVBF (company) — Ticker Symbol
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• 6022 (industry_code) — STANDARD INDUSTRIAL CLASSIFICATION
• CA (location) — STATE OF INCORPORATION
• ONTARIO (location) — BUSINESS ADDRESS CITY
• 9099804030 (phone) — BUSINESS PHONE

FAQ

Risk Factors

• Fair Value Measurements [medium — financial]: The company provides disclosures on fair value measurements, including recurring and nonrecurring measurements across different levels of the fair value hierarchy.
• Loan Portfolio Quality [medium — financial]: The filing details various loan categories and their classifications (e.g., Pass, Special Mention, Substandard, Doubtful), indicating asset quality.
• Hedging Instruments [low — financial]: Information on interest rate swaps designated as hedging instruments for cash flow hedging is provided, indicating exposure to interest rate risk.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive overview of a company's financial performance. (This filing provides the latest quarterly financial data for CVB Financial Corp.)

Filing Documents

• cvbf-20240331.htm (10-Q) — 7057KB
• cvbf-ex31_1.htm (EX-31.1) — 14KB
• cvbf-ex31_2.htm (EX-31.2) — 14KB
• cvbf-ex32_1.htm (EX-32.1) — 8KB
• cvbf-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-056453.txt (&nbsp;) — 29533KB
• cvbf-20240331.xsd (EX-101.SCH) — 1772KB
• cvbf-20240331_htm.xml (XML) — 9355KB

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

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

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 68 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 68 PART II – OTHER INFORMATION 69 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 69 ITEM 1A.

RISK FACTORS

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

– FINANCIAL INFORMATION (UNAUDITED)

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

CONDENSED CONSOLI DATED FINANCIAL STATEMENTS

ITEM 1. CONDENSED CONSOLI DATED FINANCIAL STATEMENTS CVB FINANCIAL CORP. AND SUBSIDIARIES CONDENSED CONSOLI DATED 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 Stockholde

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