CVB Financial Corp. Files Q3 2024 10-Q Report

TL;DR

CVB Financial Corp. dropped its Q3 2024 10-Q. Check financials.

AI Summary

CVB Financial Corp. reported its financial results for the period ending September 30, 2024. The company, a commercial bank, filed its 10-Q with the SEC on November 7, 2024. Key financial details and performance metrics for the third quarter are outlined in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for CVB Financial Corp., crucial for understanding the bank's health and strategic direction.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing (10-Q) and does not inherently present new risks.

Key Numbers

• N/A — Total Assets (Specific asset figures are not detailed in the provided header information.)
• N/A — Total Liabilities (Specific liability figures are not detailed in the provided header information.)
• N/A — Net Income (Specific income figures are not detailed in the provided header information.)

Key Players & Entities

• CVB FINANCIAL CORP (company) — Filer
• 0000354647 (company) — Central Index Key
• 20240930 (date) — Period of Report
• 20241107 (date) — Filing Date

FAQ

Filing Documents

• cvbf-20240930.htm (10-Q) — 8249KB
• 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) — 9KB
• 0000950170-24-123143.txt ( ) — 32749KB
• cvbf-20240930.xsd (EX-101.SCH) — 1902KB
• cvbf-20240930_htm.xml (XML) — 10210KB

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) September 30, December 31, 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

View Full Filing

View this 10-Q filing on SEC EDGAR