CVB Financial Corp. Files Q2 2024 10-Q Report
Ticker: CVBF · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 354647
Sentiment: neutral
Topics: 10-Q, financials, banking
TL;DR
CVB Financial Corp. dropped its Q2 10-Q. Check financials for interest income/expense & non-interest income.
AI Summary
CVB Financial Corp. reported its Q2 2024 results, ending June 30, 2024. The company's filing details its financial performance, including interest income, interest expense, and non-interest income. Specific figures for these categories are available within the report, providing insight into the bank's operational profitability and asset management for the quarter.
Why It Matters
This 10-Q filing provides investors and analysts with the official financial statements for CVB Financial Corp. for the second quarter of 2024, crucial for understanding the company's performance and making informed investment decisions.
Risk Assessment
Risk Level: medium — As a financial institution, CVB Financial Corp. is subject to various market, credit, and regulatory risks inherent in the banking industry.
Key Numbers
- Q2 2024 — Reporting Period (The second quarter of 2024, ending June 30, 2024.)
- 10-Q — Filing Type (Quarterly report filed by public companies.)
Key Players & Entities
- CVB FINANCIAL CORP (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period for the 10-Q
- 20240808 (date) — Date the 10-Q was filed
- ONTARIO (location) — City where CVB Financial Corp. is headquartered
- CA (location) — State where CVB Financial Corp. is headquartered
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ended June 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on August 8, 2024.
What is the primary business of CVB Financial Corp. according to the SIC code?
According to the Standard Industrial Classification code [6022], CVB Financial Corp. is in the 'Commercial Banks' industry.
Where is CVB Financial Corp. headquartered?
CVB Financial Corp. is headquartered at 701 N Haven Ave Ste 300, Ontario, CA 91764.
What specific financial data points are mentioned in the filing's header information?
The header information references financial data related to Noninterest Income, Interest and Dividend Income Operating, and Interest Expense, along with specific dates like 2024-04-01 and 2024-06-30.
Filing Stats: 4,204 words · 17 min read · ~14 pages · Grade level 18.1 · Accepted 2024-08-08 11:32:58
Filing Documents
- cvbf-20240630.htm (10-Q) — 8107KB
- cvbf-ex31_1.htm (EX-31.1) — 15KB
- cvbf-ex31_2.htm (EX-31.2) — 15KB
- cvbf-ex32_1.htm (EX-32.1) — 9KB
- cvbf-ex32_2.htm (EX-32.2) — 8KB
- 0000950170-24-093517.txt ( ) — 32099KB
- cvbf-20240630.xsd (EX-101.SCH) — 1820KB
- cvbf-20240630_htm.xml (XML) — 10090KB
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40 CRITICAL ACCOUNTING POLICIES 40 OVERVIEW 41 ANALYSIS OF THE RESULTS OF OPERATIONS 43 ANALYSIS OF FINANCIAL CONDITION 53 ASSET/LIABILITY AND MARKET RISK MANAGEMENT 69 ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 72 ITEM 4.
CONTROLS AND PROCEDURES
CONTROLS AND PROCEDURES 72 PART II – OTHER INFORMATION 73 ITEM 1.
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS 73 ITEM 1A.
RISK FACTORS
RISK FACTORS 73 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 73 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 74 ITEM 4. MINE SAFETY DISCLOSURES 74 ITEM 5. OTHER INFORMATION 74 ITEM 6. EXHIBITS 75
– 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) June 30, December 31, 2024 2023 Assets Cash and due from banks $ 174,454 $ 171,396 Interest-earning balances due from Federal Reserve 669,740 109,889 Total cash and cash equivalents 844,194 281,285 Interest-earning balances due from depository institutions 7,345 8,216 Investment securities available-for-sale, at fair value (with amortized cost of $ 3,247,428 at June 30, 2024, and $ 3,398,942 at December 31, 2023) 2,745,796 2,956,125 Investment securities held-to-maturity (with fair value of $ 2,006,090 at June 30, 2024, and $ 2,082,881 at December 31, 2023) 2,429,886 2,464,610 Total investment securities 5,175,682 5,420,735 Investment in stock of Federal Home Loan Bank (FHLB) 18,012 18,012 Loans and lease finance receivables 8,681,846 8,904,910 Allowance for credit losses ( 82,786 ) ( 86,842 ) Net loans and lease finance receivables 8,599,060 8,818,068 Premises and equipment, net 43,232 44,709 Bank owned life insurance (BOLI) 314,329 308,706 Accrued interest receivable 49,339 48,994 Intangibles 12,416 15,291 Goodwill 765,822 765,822 Income taxes 180,400 163,968 Other assets 141,664 127,187 Total assets $ 16,151,495 $ 16,020,993 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $ 7,090,095 $ 7,206,175 Interest-bearing 4,700,230 4,227,467 Total deposits 11,790,325 11,433,642 Customer repurchase agreements 268,826 271,642 Other borrowings 1,800,000 2,070,000 Deferred compensation 23,417 22,335 Accrued interest payable 34,403 23,268 Other liabilities 122,097 122,134 Total liabilities 14,039,068 13,943,021 Commitments and Contingencies Stockholders'