• CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2024

    Source: Nasdaq GlobeNewswire / 22 Jan 2025 15:52:47   America/Chicago

    Fourth Quarter 2024

    • Net Earnings of $51 million, or $0.36 per share
    • Return on Average Assets of 1.30%
    • Net Interest Margin of 3.18%

    Full Year 2024

    • Net Earnings of $201 million, or $1.44 per share
    • Return on Average Tangible Common Equity of 14.95%

    Ontario, CA, Jan. 22, 2025 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter and the year ended December 31, 2024.

    CVB Financial Corp. reported net income of $50.9 million for the quarter ended December 31, 2024, compared with $51.2 million for the third quarter of 2024 and $48.5 million for the fourth quarter of 2023. Diluted earnings per share were $0.36 for the fourth quarter, compared with $0.37 for the prior quarter and $0.35 for the same period last year.

    For the fourth quarter of 2024, annualized return on average equity (“ROAE”) was 9.14%, annualized return on average tangible common equity (“ROATCE”) was 14.31%, and annualized return on average assets (“ROAA”) was 1.30%.

    For the year ended December 31, 2024, the Company reported net income of $200.7 million, compared with $221.4 million for the year ended December 31, 2023. Diluted earnings per share were $1.44 for the year ended December 31, 2024, compared to $1.59 for the same period last year. For the year ended December 31, 2024, ROAA was 1.24% and ROATCE was 14.95%, which compares to a 1.35% ROAA and 18.48% ROATCE for 2023.

    David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “We are pleased with our fourth quarter results which represents our 191st consecutive quarter of profitability. I would like to thank our customers for their loyalty and our associates for their commitment.”

    Highlights for the Fourth Quarter of 2024

    • Net interest margin of 3.18%
    • Efficiency Ratio of 47.34%
    • TCE Ratio = 9.82% & CET1 Ratio > 16%
    • Announced 10 million Share Repurchase Program
    • Q4 average deposits and customer repurchase agreements increased by $150 million
    • Noninterest-bearing deposits were 59% of total deposits
    • Executed the sale and leaseback of two buildings generating pre-tax gains of $16.8 million
    • Sold $155 million in AFS securities for a pre-tax loss of $16.7 million
    • Loans declined by $36 million, or 0.4% from the end of the third quarter of 2024
    • Net recoveries were $180,000 for the fourth quarter of 2024
    • $19 million increase in OREO
    • $3 million recapture of allowance for credit losses

    Highlights for the Full Year 2024

    • Net interest margin of 3.09%
    • Efficiency ratio < 47%
    • Grew non-maturity deposits by $338 million from the end of 2023
    • Loans declined by $368 million, or 4.1% from the end of 2023
    • Sold $467 million in AFS securities for a pre-tax loss of $28.3 million
    • Executed the sale and leaseback of four buildings generating pre-tax gains of $25.9 million
    • Redeemed $2.1 billion of Bank Term Funding Program borrowings

    INCOME STATEMENT HIGHLIGHTS

     Three Months Ended
    		  Year Ended December 31,
     December 31,
    2024
    		 September 30,
    2024
    		 December 31,
    2023
    		  2024 
    		 2023 2022
     (Dollars in thousands, except per share amounts)
    Net interest income$110,418  $113,619  $119,356   $447,347  $487,990  $505,513 
    Recapure of (provision for) credit losses 3,000   -   2,000    3,000   (2,000)  (10,600)
    Noninterest income 13,103   12,834   19,163    54,474   59,330   49,989 
    Noninterest expense (58,480)  (58,835)  (65,930)   (233,583)  (229,886)  (216,555)
    Income taxes (17,183)  (16,394)  (26,081)   (70,522)  (93,999)  (92,922)
    Net earnings$50,858  $51,224  $48,508   $200,716  $221,435  $235,425 
    Earnings per common share:            
    Basic$0.36  $0.37  $0.35   $1.44  $1.59  $1.67 
    Diluted$0.36  $0.37  $0.35   $1.44  $1.59  $1.67 
                 
    NIM 3.18%  3.05%  3.26%   3.09%  3.31%  3.30%
    ROAA 1.30%  1.23%  1.19%   1.24%  1.35%  1.39%
    ROAE 9.14%  9.40%  9.65%   9.35%  11.03%  11.39%
    ROATCE 14.31%  14.93%  16.21%   14.95%  18.48%  18.85%
    Efficiency ratio 47.34%  46.53%  47.60%   46.55%  42.00%  38.98%
                             

    Net Interest Income
    Net interest income was $110.4 million for the fourth quarter of 2024. This represented a $3.2 million, or 2.82%, decrease from the third quarter of 2024, and a $8.9 million, or 7.49%, decrease from the fourth quarter of 2023. The quarter-over-quarter decrease in net interest income was due to a $18.2 million decrease in interest income resulting from a $974 million average decrease in earning assets and a 19 basis point decline in our earning asset yield. The decline in earning assets was primarily a result of a $747 million decrease in interest-earning balances due from the Federal Reserve. The decrease in balances held at the Federal Reserve were the result of the $1.3 billion redemption of a Bank Term Fund Program (BTFP) advance at the end of the third quarter of 2024, which resulted in average total borrowings declining by $1.22 billion in the fourth quarter of 2024. The decline in interest income was partially offset by $15 million decrease in interest expense, including the $14.9 million lower interest on borrowings from the redemption of the BTFP advance.

    The decline in net interest income compared to the fourth quarter of 2023 was primarily due to a $10.5 million decrease in interest income resulting from a $684 million decrease in average earning assets and a 6 basis point decline in our earning asset yield. Interest expense decreased by $1.5 million compared to the fourth quarter of 2023, primarily due to $1.1 billion in lower average borrowings in the fourth quarter of 2024.

    Net interest income of $447.3 million for the year ended December 31, 2024, decreased $40.6 million, or 8.33%, compared to the same period of 2023. Interest income increased by $23.8 million, while interest expense grew by $64.4 million from 2023. Growth in interest income was primarily due to a 25 basis point increase in the earning asset yield. Interest expense on deposits and customer repurchase agreements increased by $57.8 million, primarily due to a 49 basis point increase in the cost of deposits and repurchase agreements. Average borrowings grew by $163.6 million year over year, resulting in a $6.1 million increase in interest expense. Overall, cost of funds grew from 0.83% for 2023 to 1.32% in 2024.

    Net Interest Margin
    Our tax equivalent net interest margin was 3.18% for the fourth quarter and 3.05% for the third quarter of 2024, compared to 3.26% for the fourth quarter of 2023. Fourth quarter cost of funds decreased 34 basis points compared to the third quarter of 2024, partially offset by a 19 basis point decrease in our interest-earning asset yield. Our cost of funds decreased from 1.47% in the third quarter of 2024 to 1.13% in the fourth quarter, as average borrowings declined quarter over quarter by $1.2 billion. The cost of borrowings decreased from 4.77% in the third quarter of 2024 to 4.62% in the fourth quarter due to the redemption of a $1.3 billion BTFP advance in September 2024. In addition, cost of deposits and customer repurchase agreements decreased by four basis points to 0.97% for the fourth quarter of 2024. The 19 basis point quarter over quarter decrease in our interest-earning asset yield was primarily due to a 16 basis point decrease in loan yields and an 80 basis point decrease in the positive carry on fair value hedging instruments that pay a fixed interest rate and receive daily SOFR. These swaps originally had a total notional value of $1 billion, of which $700 million remained outstanding at December 31, 2024. A $300 million swap that matured in 2027 was terminated in December of 2024. The fourth quarter yield on funds on deposit at the Federal Reserve decreased by 50 basis points compared to the third quarter of 2024, although these funds decreased as a percentage of earnings assets to 3.5%, from 8.2% in the prior quarter.

    Net interest margin for the fourth quarter of 2024 decreased by 8 basis points compared to the fourth quarter of 2023, as a result of lower interest earning asset yields that declined by 6 basis points and a 4 basis point increase in funding costs. Earning asset yields declined from 4.30% in the fourth quarter of 2023 to 4.24% in the fourth quarter of 2024. The lower earning asset yields included lower loan yields, which declined from 5.18% for the fourth quarter of 2023 to 5.15% for the fourth quarter of 2024, as well as a 66 basis point quarter over quarter decrease in the positive carry on fair value hedging instruments. Funds on deposit at the Federal Reserve yielded 100 basis points less than the prior year quarter. Compared to the fourth quarter of 2023, the cost of deposits and customer repurchase agreements increased by 36 basis points in the fourth quarter of 2024, but cost of funds only increased by 4 basis points due to a $1.1 billion decrease in average borrowings.

    Earning Assets and Deposits
    On average, total earning assets declined by $974 million, or 6.52%, compared to the third quarter of 2024 and declined by $684 million, or 4.67% when compared to the fourth quarter of 2023. The quarter-over-quarter decrease includes a $747 million decrease in average funds on deposit at the Federal Reserve, $143.5 million decline in average investment securities, and a $82.7 million decrease in average loans outstanding. Compared to the fourth quarter of 2023, the decrease in earnings assets was primarily due to a $328.1 million decline in average loans outstanding and a $391.7 million decrease in total investment securities.   Total deposits and customer repurchase agreements increased on average by $150.5 million compared to the third quarter of 2024 and increased on average by $115.3 million from the fourth quarter of 2023. Noninterest-bearing deposits declined on average by $8.9 million, or 0.12%, from the third quarter of 2024 and by $334.8 million, or 4.5%, from the fourth quarter of 2023. On average, noninterest-bearing deposits were 58.7% of total deposits for the fourth quarter of 2024, compared to 59.10% for the third quarter of 2024 and 61.30% in the fourth quarter of 2023.

                 
      Three Months Ended
    SELECTED FINANCIAL HIGHLIGHTSDecember 31, 2024 September 30, 2024 December 31, 2023
      (Dollars in thousands)
    Yield on average investment securities (TE) 2.58%   2.67%   2.71% 
    Yield on average loans 5.15%   5.31%   5.18% 
    Yield on average earning assets (TE) 4.24%   4.43%   4.30% 
    Cost of deposits 0.93%   0.98%   0.62% 
    Cost of funds 1.13%   1.47%   1.09% 
    Net interest margin (TE) 3.18%   3.05%   3.26% 
                 
    Average Earning Asset MixAvg % of Total Avg % of Total Avg % of Total
     Total investment securities$4,936,514 35.36% $5,080,033 34.01% $5,328,208 36.38%
     Interest-earning deposits with other institutions 485,103 3.47%  1,232,551 8.25%  443,773 3.03%
     Loans 8,522,587 61.04%  8,605,270 57.61%  8,856,654 60.47%
     Total interest-earning assets 13,962,216    14,935,866    14,646,647  
                 
                 
                 
      Year Ended December 31,
    SELECTED FINANCIAL HIGHLIGHTS 2024   2023   2022 
      (Dollars in thousands)
    Yield on average investment securities (TE) 2.65%   2.52%   2.03% 
    Yield on average loans 5.26%   5.04%   4.49% 
    Yield on average earning assets (TE) 4.35%   4.10%   3.36% 
    Cost of deposits 0.88%   0.41%   0.05% 
    Cost of funds 1.32%   0.83%   0.06% 
    Net interest margin (TE) 3.09%   3.31%   3.30% 
                  
    Average Earning Asset MixAvg % of Total Avg % of Total Avg % of Total
     Total investment securities$5,144,555 35.35% $5,579,488 37.63% $5,939,554 38.47%
     Interest-earning deposits with other institutions 720,428 4.95%  331,156 2.23%  804,744 5.21%
     Loans 8,670,420 59.58%  8,893,335 59.97%  8,676,820 56.20%
     Total interest-earning assets 14,553,415    14,829,057    15,439,427  
                 

    Provision for Credit Losses
    There was a $3.0 million recapture of provision for credit losses in the fourth quarter and no provision in the third quarter of 2024, compared to $2.0 million recapture of provision in the fourth quarter of 2023. Net recoveries for the fourth quarter of 2024 were $180,000 compared to net recoveries of $156,000 in the prior quarter. Allowance for credit losses represented 0.94% of gross loans at December 31, 2024, compared to 0.97% at September 30, 2024.

    For the year ended December 31, 2024, we recorded a $3.0 million recapture of provision for credit losses, compared to a $2 million provision for credit loss for 2023.

    Noninterest Income
    Noninterest income was $13.1 million for the fourth quarter of 2024, compared with $12.8 million for the third quarter of 2024 and $19.2 million for the fourth quarter of 2023. During the fourth quarter of 2024, the Bank executed sale-leaseback transactions with the sale of two buildings, that were simultaneously leased back, resulting in a pre-tax net gain of $16.8 million. The gains on selling the buildings were offset by realizing a pre-tax net loss of $16.7 million on the sale of $155 million of AFS securities. Fourth quarter income from Bank Owned Life Insurance (“BOLI”) decreased by $1.1 million from the third quarter of 2024 and decreased by $5.5 million compared to the fourth quarter of 2023, which was primarily due to $6.5 million of income from the surrender and redeployment of the BOLI policies at the end 2023.

    For the year ended December 31, 2024, noninterest income was $54.5 million, compared to $59.3 million for 2023. Noninterest income in 2024 included a total pre-tax gain of $25.9 million from the sale-leaseback of four locations partially offset by pre-tax loss of $28.3 million from the sale of $467 million of AFS securities while 2023 included a $2.6 million gain from an equity fund distribution. Trust and investment income for 2024 grew by $1.2 million, or 9.34%, from the prior year.

    Noninterest Expense
    Noninterest expense for the fourth quarter of 2024 was $58.5 million, compared to $58.8 million for the third quarter of 2024 and $65.9 million for the fourth quarter of 2023. The quarter-over-quarter decrease included a $650,000 decrease in staff related expense, offset by an increase in expense of $750,000 due to the recapture of provision for unfunded loan commitments in the third quarter of 2024.

    Noninterest expense decreased by $7.4 million compared to the fourth quarter of 2023 primarily due to $9.2 million FDIC special assessment in the fourth quarter of 2023. Partially offsetting the impact of lower regulatory assessment expense were increases of $346,000 in staff related expenses, $342,000 increase in occupancy expenses and an increase in expense due to a $500,000 recapture of provision for unfunded loan commitments in the fourth quarter of 2023. The efficiency ratio was 47.34% for the fourth quarter of 2024, compared to 47.60% for the same period of 2023.  

    Income Taxes
    Our effective tax rate for the fourth quarter of 2024 was 25.25% and was 26% for the year ended December 31, 2024, compared with 34.97% for the fourth quarter of 2023 and 29.80% for year-to-date 2023. The fourth quarter of 2023 effective tax rate was impacted by the surrender of certain BOLI policies. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as available tax credits.

    BALANCE SHEET HIGHLIGHTS

    Assets
    The Company reported total assets of $15.1 billion at December 31, 2024. This represented a decrease of $249.6 million, or 1.62%, from total assets of $15.4 billion at September 30, 2024. The decrease in assets included a $201.99 million decrease in interest-earning balances due from the Federal Reserve, a $70.6 million decrease in cash and due from banks and depository institutions, and a $33.3 million decrease in net loans, partially offset by a $50.95 million increase in investment securities.

    Total assets at December 31, 2024 decreased by $867.3 million, or 5.41%, from total assets of $16.02 billion at December 31, 2023. The decrease in assets included a $499.0 million decrease in investment securities, a $361.8 million decrease in net loans, and a $59.1 million decrease in interest-earning balances due from the Federal Reserve.

    Sale-Leaseback Transaction
    During the fourth quarter of 2024, the Bank executed sale-leaseback transactions and sold two buildings for an aggregate sale price of $30.1 million. The Bank simultaneously entered into lease agreements with the respective purchasers for initial terms of 15 years. These sale-leaseback transactions resulted in a pre-tax net gain of $16.8 million for the fourth quarter of 2024. The Bank also recorded Right of Use (“ROU”) assets and corresponding operating lease liabilities each totaling $15.6 million.

    Total sale-leaseback transactions for full year 2024 entailed the sale of four buildings sold for a cumulative sale price of $47.1 million, resulting in a pre-tax net gain of $25.9 million and cash proceeds of $44.76 million. Total ROU assets and corresponding operating lease liabilities recorded was $26.8 million.

    Investment Securities and BOLI
    Total investment securities were $4.92 billion at December 31, 2024, an increase of $50.9 million, or 1.05%, from September 30, 2024, and a decrease of $499.0 million, or 9.20%, from $5.42 billion at December 31, 2023.

    At December 31, 2024, investment securities available-for-sale (“AFS”) totaled $2.54 billion, inclusive of a pre-tax net unrealized loss of $447.7 million. AFS securities increased by $76.53 million or 3.10% from September 30, 2024 and decreased by $414.0 million, or 14.01%, from $2.96 billion at December 31, 2023. Pre-tax unrealized loss increased by $80.02 million from September 30, 2024 and decreased by $2.04 million from December 31, 2023.

    Concurrent with the sale-leaseback transactions during the fourth quarter of 2024, the Bank sold AFS securities with a book value of $154.7 million, resulting in a net pre-tax loss of $16.7 million, which was offset by purchased AFS securities with a book value of $385.0 million. Including the sale of AFS securities during the third quarter of 2024, total book value of AFS securities sold during the second half of 2024 was $467.0 million, resulting in a cumulative net pre-tax loss of $28.3 million.

    At December 31, 2024, investment securities held-to-maturity (“HTM”) totaled $2.38 billion, a decrease of $25.6 million, or 1.06%, from September 30, 2024, and a decrease of $84.9 million, or 3.45%, from December 31, 2023.

    At December 31, 2024, the Company had $316.2 million of Bank Owned Life insurance (“BOLI”), compared to $316.6 million at September 30, 2024 and $308.7 million at December 31, 2023. The Bank completed a restructuring of the Company’s life insurance policies at the end of 2023, which resulted to $4.5 million write-down in value on surrender policies that was offset by a $10.9 million enhancement to cash surrender values, as well as additional policy purchases totaling $41 million.

    Loans
    Total loans and leases, at amortized cost, of $8.54 billion at December 31, 2024 decreased by $36.1 million, or 0.42%, from September 30, 2024. The quarter-over quarter decrease in loans is primarily due to decreases of $111.1 million in commercial real estate loans, $11.3 million in Commercial and Industrial loans, and $9.5 million in agribusiness loans, offset by a seasonal increase of $87 million in dairy & livestock loans.

    Total loans and leases, at amortized cost, decreased by $368.5 million, or 4.14%, from December 31, 2023. The year-over-year decrease in total loans is primarily due to decreases of $277.1 million in commercial real estate loans, $50.65 million in construction loans, and $44.7 million in commercial and industrial loans.

    Asset Quality
    During the fourth quarter of 2024, we experienced credit charge-offs of $64,000 and total recoveries of $244,000, resulting in net recoveries of $180,000. The allowance for credit losses (“ACL”) totaled $80.1 million at December 31, 2024, compared to $82.9 million at September 30, 2024 and $86.8 million at December 31, 2023. At December 31, 2024, ACL as a percentage of total loans and leases outstanding was 0.94%. This compares to 0.97% at September 30, 2024 and 0.98% at December 31, 2023.

    Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below.

    Nonperforming Assets and Delinquency TrendsDecember 31,
    2024    		 September 30,
    2024    		 December 31,
    2023
        
    Nonperforming loans (Dollars in thousands)
    Commercial real estate $25,866  $18,794  $15,440 
    SBA  1,529   151   969 
    Commercial and industrial  340   2,825   4,509 
    Dairy & livestock and agribusiness  60   143   60 
    SFR mortgage  -   -   324 
    Consumer and other loans  -   -   - 
    Total $ 27,795  $ 21,913  $ 21,302 
    % of Total loans  0.33%  0.26%  0.24%
    OREO      
    Commercial real estate $18,656  $-  $- 
    Commercial and industrial  -   -   - 
    SFR mortgage  647   647   - 
    Total $ 19,303  $ 647  $ - 
           
    Total nonperforming assets $ 47,098  $ 22,560  $ 21,302 
    % of Nonperforming assets to total assets  0.31%  0.15%  0.13%
           
    Past due 30-89 days (accruing)      
    Commercial real estate $-  $30,701  $300 
    SBA  88   -   108 
    Commercial and industrial  399   64   12 
    Dairy & livestock and agribusiness  -   -   - 
    SFR mortgage  -   -   201 
    Consumer and other loans  -   -   18 
    Total $ 487  $ 30,765  $ 639 
    % of Total loans  0.01%  0.36%  0.01%
    Total nonperforming, OREO, and past due $ 47,585  $ 53,325  $ 21,941 
           
    Classified Loans $ 89,549  $ 124,606  $ 102,197 
     

    Total nonperforming assets and delinquent loans decreased from $53.3 million at September 30, 2024 to $47.6 million at December 31, 2024. Of the $30.7 million in past due and accruing loans as of September 30, 2024, $24.8 million became classified as nonperforming loans and approximately $1 million became OREO by the end of 2024. The remaining $4.9 million of past due and accruing loans at the end of the third quarter were paid off by the borrower or from the sale of loan collateral. An additional $17.7 million of loans that were classified as nonperforming at the end of the third quarter of 2024 were foreclosed during the fourth quarter and recorded as OREO at December 31, 2024.

    Classified loans are loans that are graded “substandard” or worse. Classified loans totaled $89.55 million or 1.05% of total loans at December 31, 2024 compared with $124.61 million or 1.44 % of loans at September 30, 2024 and $102.20 million or 1.15 % of total loans at December 31, 2023. The quarter-over-quarter decrease of $35.06 million is primarily due to a $26.72 million net decrease in classified nonowner occupied commercial real estate loans and a $10.82 million net decrease in dairy & livestock and agribusiness loans.

    Deposits & Customer Repurchase Agreements

    Deposits of $11.9 billion and customer repurchase agreements of $261.9 million totaled $12.21 billion at December 31, 2024. This represented a net decrease of $256.7 million compared to September 30, 2024. Total deposits and customer repurchase agreements increased $505.0 million, or 4.31%, when compared to $11.71 billion at December 31, 2023, partially due to the growth in brokered deposits, which totaled $300 million at December 31, 2024. Overall, non-maturity deposits grew by $314.7 million, or 2.80%, from the end of 2023.

    Noninterest-bearing deposits were $7.04 billion at December 31, 2024, a decrease of $100.0 million, or 1.40%, when compared to $7.14 billion at September 30, 2024. Noninterest-bearing deposits decreased by $169.1 million, or 2.35%, when compared to $7.21 billion at December 31, 2023. At December 31, 2024, noninterest-bearing deposits were 58.90% of total deposits, compared to 59.12% at September 30, 2024 and 63.03% at December 31, 2023.

    Borrowings
    As of December 31, 2024, total borrowings consisted of $500 million of FHLB advances. The FHLB advances include maturities of $300 million, at an average cost of approximately 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027. Total borrowings decreased by $1.57 billion from the end of 2023. During the third quarter of 2024, we repaid the $1.3 billion of borrowings from the Federal Reserve’s Bank Term Funding Program, with a cost of 4.76%, that were scheduled to mature in January of 2025.

    Capital
    The Company’s total equity was $2.19 billion at December 31, 2024. This represented an overall increase of $108.34 million from total equity of $2.08 billion at December 31, 2023. Retained earnings grew by $96.84 million and other comprehensive income increased by $11.51 million. A new 10 million share 10b5-1 stock repurchase program was authorized by the Board of Directors during the fourth quarter of 2024. No stock repurchases occurred during the fourth quarter of 2024. Our tangible book value per share at December 31, 2024 was $10.10.

    Our capital ratios under the revised capital framework referred to as Basel III remain well-above regulatory standards.

        CVB Financial Corp. Consolidated
    Capital Ratios Minimum Required Plus
    Capital Conservation Buffer    		 December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023
             
    Tier 1 leverage capital ratio 4.0% 11.5% 10.6% 10.3%
    Common equity Tier 1 capital ratio 7.0% 16.2% 15.8% 14.6%
    Tier 1 risk-based capital ratio 8.5% 16.2% 15.8% 14.6%
    Total risk-based capital ratio 10.5% 17.1% 16.6% 15.5%
             
    Tangible common equity ratio   9.8% 9.7% 8.5%
             

    CitizensTrust
    As of December 31, 2024, CitizensTrust had approximately $4.6 billion in assets under management and administration, including $3.3 billion in assets under management. Revenues were $3.51 million for the fourth quarter of 2024 and $13.73 million for the year ended December 31, 2024, compared to $3.1 million and $12.6 million, respectively, for the same periods of 2023. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

    Corporate Overview
    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 three trust office locations serving California.

    Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

    Conference Call
    Management will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, January 23, 2025 to discuss the Company’s fourth quarter and year ended 2024 financial results. The conference call can be accessed live by registering at: https://register.vevent.com/register/BIf69e02e605ed46219d375263adc834bc

    The conference call will also be simultaneously webcast over the Internet; please visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab to access the call from the site. Please access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call and will be available on the website for approximately 12 months.

    Safe Harbor
    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 levels, 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 which we conduct business; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we have made or may make, including, without limitation, the failure to obtain the necessary regulatory approvals, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target, key personnel and customers into our operations; the timely development of competitive products and services and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities, and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill on our balance sheet; changes in customer spending, borrowing, and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract or retain deposits (including low cost deposits) or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment of dividends on our common stock; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; systemic or non-systemic bank failures or crises; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, and their effects on our asset credit quality, business operations, and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat money laundering, fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our ability to comply with federal and state employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; and our ability to manage the risks involved in the foregoing. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's 2023 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).

    The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this earnings release and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP. These measures may or may not be comparable to similarly titled measures used by other companies.

    Contact:David A. Brager
     President and Chief
     Executive Officer
     (909) 980-4030
      



    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
           
           
      December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023
    Assets      
    Cash and due from banks $153,875  $200,651  $171,396 
    Interest-earning balances due from Federal Reserve  50,823   252,809   109,889 
         Total cash and cash equivalents  204,698   453,460   281,285 
    Interest-earning balances due from depository institutions  480   24,338   8,216 
    Investment securities available-for-sale  2,542,115   2,465,585   2,956,125 
    Investment securities held-to-maturity  2,379,668   2,405,254   2,464,610 
         Total investment securities  4,921,783   4,870,839   5,420,735 
    Investment in stock of Federal Home Loan Bank (FHLB)  18,012   18,012   18,012 
    Loans and lease finance receivables  8,536,432   8,572,565   8,904,910 
         Allowance for credit losses  (80,122)  (82,942)  (86,842)
            Net loans and lease finance receivables  8,456,310   8,489,623   8,818,068 
    Premises and equipment, net  27,543   36,275   44,709 
    Bank owned life insurance (BOLI)  316,248   316,553   308,706 
    Intangibles  9,967   11,130   15,291 
    Goodwill  765,822   765,822   765,822 
    Other assets  432,792   417,164   340,149 
                   Total assets $15,153,655  $15,403,216  $16,020,993 
    Liabilities and Stockholders' Equity      
    Liabilities:      
    Deposits:      
    Noninterest-bearing $7,037,096  $7,136,824  $7,206,175 
    Investment checking  551,305   504,028   552,408 
    Savings and money market  3,786,387   3,745,707   3,278,664 
    Time deposits  573,593   685,930   396,395 
         Total deposits  11,948,381   12,072,489   11,433,642 
    Customer repurchase agreements  261,887   394,515   271,642 
    Other borrowings  500,000   500,000   2,070,000 
    Other liabilities  257,071   238,381   167,737 
         Total liabilities  12,967,339   13,205,385   13,943,021 
    Stockholders' Equity      
    Stockholders' equity  2,498,380   2,472,660   2,401,541 
    Accumulated other comprehensive loss, net of tax  (312,064)  (274,829)  (323,569)
         Total stockholders' equity  2,186,316   2,197,831   2,077,972 
                   Total liabilities and stockholders' equity $15,153,655  $15,403,216  $16,020,993 
           


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
               
               
        Three Months Ended
    		  Year Ended
      December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		    2024     2023 
    Assets          
    Cash and due from banks $152,966  $162,383  $155,556  $160,018  $171,265 
    Interest-earning balances due from Federal Reserve  484,038   1,216,671   437,554   710,308   323,881 
         Total cash and cash equivalents  637,004   1,379,054   593,110   870,326   495,146 
    Interest-earning balances due from depository institutions  1,065   15,880   6,219   10,120   7,275 
    Investment securities available-for-sale  2,542,649   2,661,990   2,849,423   2,716,581   3,066,287 
    Investment securities held-to-maturity  2,393,865   2,418,043   2,478,785   2,427,974   2,513,201 
    Total investment securities  4,936,514   5,080,033   5,328,208   5,144,555   5,579,488 
    Investment in stock of FHLB  18,012   18,012   18,012   18,012   25,078 
    Loans and lease finance receivables  8,522,587   8,605,270   8,856,654   8,670,420   8,893,335 
    Allowance for credit losses  (82,960)  (82,810)  (88,943)  (83,580)  (86,908)
         Net loans and lease finance receivables  8,439,627   8,522,460   8,767,711   8,586,840   8,806,427 
    Premises and equipment, net  29,959   38,906   44,768   39,191   45,488 
    Bank owned life insurance (BOLI)  316,938   315,435   236,055   313,671   251,989 
    Intangibles  10,650   11,819   15,993   12,571   18,434 
    Goodwill  765,822   765,822   765,822   765,822   765,822 
    Other assets  406,898   365,740   393,227   378,490   351,025 
              Total assets $15,562,489  $16,513,161  $16,169,125  $16,139,598  $16,346,172 
    Liabilities and Stockholders' Equity          
    Liabilities:          
    Deposits:          
    Noninterest-bearing $7,116,050  $7,124,952  $7,450,856  $7,144,129  $7,793,336 
    Interest-bearing  4,998,424   4,931,220   4,703,144   4,779,181   4,644,582 
         Total deposits  12,114,474   12,056,172   12,154,000   11,923,310   12,437,918 
    Customer repurchase agreements  456,145   363,959   301,330   354,432   421,112 
    Other borrowings  500,000   1,729,405   1,585,272   1,515,725   1,352,099 
    Other liabilities  278,314   196,832   134,373   200,466   128,161 
         Total liabilities  13,348,933   14,346,368   14,174,975   13,993,933   14,339,290 
    Stockholders' Equity          
    Stockholders' equity  2,507,060   2,479,766   2,411,269   2,469,095   2,370,700 
    Accumulated other comprehensive loss, net of tax  (293,504)  (312,973)  (417,119)  (323,430)  (363,818)
         Total stockholders' equity  2,213,556   2,166,793   1,994,150   2,145,665   2,006,882 
              Total liabilities and stockholders' equity $15,562,489  $16,513,161  $16,169,125  $16,139,598  $16,346,172 
               


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
               
        Three Months Ended
    		  Year Ended
      December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		    2024     2023 
    Interest income:          
    Loans and leases, including fees $110,277  $114,929  $115,721  $455,755  $448,295 
    Investment securities:          
    Investment securities available-for-sale  18,041   20,178   22,170   80,890   83,563 
    Investment securities held-to-maturity  13,020   13,284   13,478   53,151   54,750 
         Total investment income  31,061   33,462   35,648   134,041   138,313 
    Dividends from FHLB stock  380   375   431   1,551   1,861 
    Interest-earning deposits with other institutions  5,881   16,986   6,278   38,765   17,861 
         Total interest income  147,599   165,752   158,078   630,112   606,330 
    Interest expense:          
    Deposits  28,317   29,821   18,888   105,483   51,535 
    Borrowings and customer repurchase agreements  8,291   22,312   19,834   76,709   66,805 
    Other  573   -   -   573   - 
         Total interest expense  37,181   52,133   38,722   182,765   118,340 
    Net interest income before provision for (recapture of) credit losses  110,418   113,619   119,356   447,347   487,990 
    Provision for (recapture of) credit losses  (3,000)  -   (2,000)  (3,000)  2,000 
    Net interest income after provision for (recapture of) credit losses  113,418   113,619   121,356   450,347   485,990 
    Noninterest income:          
    Service charges on deposit accounts  5,097   5,120   4,975   20,370   20,219 
    Trust and investment services  3,512   3,565   3,081   13,729   12,556 
    Loss on sale of AFS investment securities  (16,735)  (11,582)  -   (28,317)  - 
    Gain on sale leaseback transactions  16,794   9,106   -   25,900   - 
    Other  4,435   6,625   11,107   22,792   26,555 
         Total noninterest income   13,103   12,834   19,163   54,474   59,330 
    Noninterest expense:          
    Salaries and employee benefits  35,998   36,647   35,652   144,472   139,191 
    Occupancy and equipment  5,866   6,204   5,524   23,407   22,109 
    Professional services  2,646   2,855   2,707   10,482   9,082 
    Computer software expense  3,921   3,906   3,679   15,301   14,051 
    Marketing and promotion  1,757   1,964   2,092   7,307   6,756 
    Amortization of intangible assets  1,163   1,286   1,446   5,324   6,452 
    (Recapture of) provision for unfunded loan commitments  -   (750)  (500)  (1,250)  (500)
    Other  7,129   6,723   15,330   28,540   32,745 
         Total noninterest expense  58,480   58,835   65,930   233,583   229,886 
    Earnings before income taxes  68,041   67,618   74,589   271,238   315,434 
    Income taxes  17,183   16,394   26,081   70,522   93,999 
    Net earnings $50,858  $51,224  $48,508  $200,716  $221,435 
               
    Basic earnings per common share $0.36  $0.37  $0.35  $1.44  $1.59 
    Diluted earnings per common share $0.36  $0.37  $0.35  $1.44  $1.59 
    Cash dividends declared per common share $0.20  $0.20  $0.20  $0.80  $0.80 
               


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
               
      Three Months Ended Year Ended
      December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		    2024     2023 
    Interest income - tax equivalent (TE) $148,128  $166,285  $158,620  $632,248  $608,508 
    Interest expense  37,181   52,133   38,722   182,765   118,340 
    Net interest income - (TE) $110,947  $114,152  $119,898  $449,483  $490,168 
               
    Return on average assets, annualized  1.30%  1.23%  1.19%  1.24%  1.35%
    Return on average equity, annualized  9.14%  9.40%  9.65%  9.35%  11.03%
    Efficiency ratio [1]  47.34%  46.53%  47.60%  46.55%  42.00%
    Noninterest expense to average assets, annualized  1.49%  1.42%  1.62%  1.45%  1.41%
    Yield on average loans  5.15%  5.31%  5.18%  5.26%  5.04%
    Yield on average earning assets (TE)  4.24%  4.43%  4.30%  4.35%  4.10%
    Cost of deposits  0.93%  0.98%  0.62%  0.88%  0.41%
    Cost of deposits and customer repurchase agreements  0.97%  1.01%  0.61%  0.90%  0.41%
    Cost of funds  1.13%  1.47%  1.09%  1.32%  0.83%
    Net interest margin (TE)  3.18%  3.05%  3.26%  3.09%  3.31%
    [1] Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.    
               
    Tangible Common Equity Ratio (TCE) [2]          
    CVB Financial Corp. Consolidated  9.81%  9.71%  8.51%    
    Citizens Business Bank  9.64%  9.59%  8.40%    
    [2] (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles])    
               
    Weighted average shares outstanding          
    Basic  138,661,665   138,649,763   138,368,496   138,414,598   138,332,598 
    Diluted  139,102,524   138,839,499   138,569,762   138,579,141   138,461,507 
    Dividends declared $27,978  $27,977  $27,945  $111,859  $111,640 
    Dividend payout ratio [3]  55.01%  54.62%  57.61%  55.73%  50.42%
    [3] Dividends declared on common stock divided by net earnings.    
               
    Number of shares outstanding - (end of period)  139,689,686   139,678,314   139,344,981     
    Book value per share $15.65  $15.73  $14.91     
    Tangible book value per share $10.10  $10.17  $9.31     
               
      December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		    
            
    Nonperforming assets:          
    Nonaccrual loans $27,795  $21,913  $21,302     
    Other real estate owned (OREO), net  19,303   647   -     
    Total nonperforming assets $47,098  $22,560  $21,302     
    Modified loans/performing troubled debt restructured loans (TDR) [4] $6,467  $15,769  $9,460     
               
    [4] Effective January 1, 2023, performing and nonperforming TDRs are reflected as Loan Modifications to borrowers experiencing financial difficulty.    
               
    Percentage of nonperforming assets to total loans outstanding and OREO  0.55%  0.26%  0.24%    
    Percentage of nonperforming assets to total assets  0.31%  0.15%  0.13%    
    Allowance for credit losses to nonperforming assets  170.12%  367.65%  407.67%    
               
      Three Months Ended  Year Ended
      December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		    2024     2023 
    Allowance for credit losses:          
    Beginning balance $82,942  $82,786  $88,995  $86,842  $85,117 
    Total charge-offs  (64)  (26)  (181)  (4,408)  (405)
    Total recoveries on loans previously charged-off  244   182   28   688   130 
    Net recoveries (charge-offs)  180   156   (153)  (3,720)  (275)
    Provision for (recapture of) credit losses  (3,000)  -   (2,000)  (3,000)  2,000 
    Allowance for credit losses at end of period $80,122  $82,942  $86,842  $80,122  $86,842 
               
    Net recoveries (charge-offs) to average loans  0.002%  0.002%  -0.002%  -0.043%  -0.003%
               


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in millions)
                      
    Allowance for Credit Losses by Loan Type               
                      
      December 31, 2024 September 30, 2024 December 31, 2023
      Allowance
    For Credit
    Losses    		 Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type    		 Allowance
    For Credit
    Losses    		 Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type    		 Allowance
    For Credit
    Losses    		  Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type    		 
                      
    Commercial real estate $66.2  1.02%  $69.7  1.05%  $69.5  1.02%
    Construction  0.3  1.94%   0.5  3.07%   1.3  1.91%
    SBA  2.6  0.96%   2.5  0.92%   2.7  0.99%
    Commercial and industrial  6.1  0.66%   5.3  0.56%   9.1  0.94%
    Dairy & livestock and agribusiness  3.6  0.86%   3.8  1.12%   3.1  0.75%
    Municipal lease finance receivables  0.2  0.31%   0.2  0.28%   0.2  0.29%
    SFR mortgage  0.5  0.16%   0.4  0.16%   0.5  0.20%
    Consumer and other loans  0.6  1.04%   0.5  0.99%   0.4  0.85%
                      
    Total $80.1  0.94%  $82.9  0.97%  $86.8  0.98%
                      


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
    Quarterly Common Stock Price
                 
       2024   2023   2022 
    Quarter End High Low High Low High Low
    March 31, $20.45 $15.95  $25.98  $16.34  $24.37  $21.36 
    June 30, $17.91 $15.71  $16.89  $10.66  $25.59  $22.37 
    September 30, $20.29 $16.08  $19.66  $12.89  $28.14  $22.63 
    December 31, $24.58 $17.20  $21.77  $14.62  $29.25  $25.26 
                 
    Quarterly Consolidated Statements of Earnings
                 
        Q4 Q3 Q2 Q1 Q4
         2024   2024   2024   2024   2023 
    Interest income            
    Loans and leases, including fees   $110,277  $114,929  $114,200  $116,349  $115,721 
    Investment securities and other    37,322   50,823   44,872   41,340   42,357 
    Total interest income    147,599   165,752   159,072   157,689   158,078 
    Interest expense            
    Deposits    28,317   29,821   25,979   21,366   18,888 
    Borrowings and customer repurchase agreements  8,291   22,312   22,244   23,862   19,834 
    Other    573   -   -   -   - 
    Total interest expense    37,181   52,133   48,223   45,228   38,722 
    Net interest income before (recapture of)          
    provision for credit losses    110,418   113,619   110,849   112,461   119,356 
    (Recapture of) provision for credit losses  (3,000)  -   -   -   (2,000)
    Net interest income after (recapture of)          
    provision for credit losses    113,418   113,619   110,849   112,461   121,356 
                 
    Noninterest income    13,103   12,834   14,424   14,113   19,163 
    Noninterest expense    58,480   58,835   56,497   59,771   65,930 
    Earnings before income taxes    68,041   67,618   68,776   66,803   74,589 
    Income taxes    17,183   16,394   18,741   18,204   26,081 
    Net earnings   $50,858  $51,224  $50,035  $48,599  $48,508 
                 
    Effective tax rate    25.25%  24.25%  27.25%  27.25%  34.97%
                 
    Basic earnings per common share   $0.36  $0.37  $0.36  $0.35  $0.35 
    Diluted earnings per common share  $0.36  $0.37  $0.36  $0.35  $0.35 
                 
    Cash dividends declared per common share $0.20  $0.20  $0.20  $0.20  $0.20 
                 
    Cash dividends declared   $27,978  $27,977  $28,018  $27,886  $27,945 
                 


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
               
    Loan Portfolio by Type
      December 31, September 30,June 30, March 31, December 31,
       2024   2024   2024   2024   2023 
               
    Commercial real estate $6,507,452  $6,618,637  $6,664,925  $6,720,538  $6,784,505 
    Construction  16,082   14,755   52,227   58,806   66,734 
    SBA  273,013   272,001   267,938   268,320   270,619 
    SBA - PPP  774   1,255   1,757   2,249   2,736 
    Commercial and industrial  925,178   936,489   956,184   963,120   969,895 
    Dairy & livestock and agribusiness  419,904   342,445   350,562   351,624   412,891 
    Municipal lease finance receivables  66,114   67,585   70,889   72,032   73,590 
    SFR mortgage  269,172   267,181   267,593   276,475   269,868 
    Consumer and other loans  58,743   52,217   49,771   57,549   54,072 
    Gross loans, at amortized cost  8,536,432   8,572,565   8,681,846   8,770,713   8,904,910 
    Allowance for credit losses  (80,122)  (82,942)  (82,786)  (82,817)  (86,842)
    Net loans $8,456,310  $8,489,623  $8,599,060  $8,687,896  $8,818,068 
               
               
               
    Deposit Composition by Type and Customer Repurchase Agreements
               
      December 31, September 30,June 30, March 31, December 31,
       2024   2024   2024   2024   2023 
               
    Noninterest-bearing $7,037,096  $7,136,824  $7,090,095  $7,112,789  $7,206,175 
    Investment checking  551,305   504,028   515,930   545,066   552,408 
    Savings and money market  3,786,387   3,745,707   3,409,320   3,561,512   3,278,664 
    Time deposits  573,593   685,930   774,980   675,554   396,395 
    Total deposits  11,948,381   12,072,489   11,790,325   11,894,921   11,433,642 
               
    Customer repurchase agreements  261,887   394,515   268,826   275,720   271,642 
    Total deposits and customer repurchase agreements $12,210,268  $12,467,004  $12,059,151  $12,170,641  $11,705,284 
               


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
               
    Nonperforming Assets and Delinquency Trends
      December 31, September 30,June 30, March 31, December 31,
       2024   2024   2024   2024   2023 
    Nonperforming loans:          
    Commercial real estate $25,866  $18,794  $21,908  $10,661  $15,440 
    Construction  -   -   -   -   - 
    SBA  1,529   151   337   54   969 
    Commercial and industrial  340   2,825   2,712   2,727   4,509 
    Dairy & livestock and agribusiness  60   143   -   60   60 
    SFR mortgage  -   -   -   308   324 
    Consumer and other loans  -   -   -   -   - 
    Total $ 27,795  $ 21,913  $ 24,957  $ 13,810  $ 21,302 
    % of Total loans  0.33%  0.26%  0.29%  0.16%  0.24%
               
    Past due 30-89 days (accruing):          
    Commercial real estate $-  $30,701  $43  $19,781  $300 
    Construction  -   -   -   -   - 
    SBA  88   -   -   408   108 
    Commercial and industrial  399   64   103   6   12 
    Dairy & livestock and agribusiness  -   -   -   -   - 
    SFR mortgage  -   -   -   -   201 
    Consumer and other loans  -   -   -   -   18 
    Total $ 487  $ 30,765  $ 146  $ 20,195  $ 639 
    % of Total loans  0.01%  0.36%  0.00%  0.23%  0.01%
               
    OREO:          
    Commercial real estate $18,656  $-  $-  $-  $- 
    SBA  -   -   -   -   - 
    Commercial and industrial  -   -   -   -   - 
    SFR mortgage  647   647   647   647   - 
    Total $ 19,303  $ 647  $ 647  $ 647  $ - 
         Total nonperforming, past due, and OREO $ 47,585  $ 53,325  $ 25,750  $ 34,652  $ 21,941 
         % of Total loans  0.56%  0.62%  0.30%  0.40%  0.25%
               


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
             
    Regulatory Capital Ratios
             
             
             
        CVB Financial Corp. Consolidated
    Capital Ratios Minimum Required Plus
    Capital Conservation Buffer    		 December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023
             
    Tier 1 leverage capital ratio 4.0% 11.5% 10.6% 10.3%
    Common equity Tier 1 capital ratio 7.0% 16.2% 15.8% 14.6%
    Tier 1 risk-based capital ratio 8.5% 16.2% 15.8% 14.6%
    Total risk-based capital ratio 10.5% 17.1% 16.6% 15.5%
             
    Tangible common equity ratio   9.8% 9.7% 8.5%
             


    Tangible Book Value Reconciliations (Non-GAAP)
            
    The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of tangible book value to the Company stockholders' equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of December 31, 2024, September 30, 2024 and December 31, 2023.
            
       December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023
       (Dollars in thousands, except per share amounts)
            
     Stockholders' equity $2,186,316  $2,197,831  $2,077,972 
     Less: Goodwill  (765,822)  (765,822)  (765,822)
     Less: Intangible assets  (9,967)  (11,130)  (15,291)
     Tangible book value $1,410,527  $1,420,879  $1,296,859 
     Common shares issued and outstanding  139,689,686   139,678,314   139,344,981 
     Tangible book value per share $10.10  $10.17  $9.31 
            


    Return on Average Tangible Common Equity Reconciliations (Non-GAAP)
     
    The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company's average stockholders' equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity.
                          
                          
       Three Months Ended Year Ended
        December 31,   September 30,   December 31,         
        2024   2024   2023   2024   2023 
      (Dollars in thousands)                 
                          
     Net Income $50,858  $51,224  $48,508  $200,716  $221,435 
     Add: Amortization of intangible assets  1,163   1,286   1,446   5,324   6,452 
     Less: Tax effect of amortization of intangible assets [1]  (344)  (380)  (427)  (1,574)  (1,907)
     Tangible net income $51,677  $52,130  $49,527  $204,466  $225,980 
                          
     Average stockholders' equity $2,213,556  $2,166,793  $1,994,150  $2,145,665  $2,006,882 
     Less: Average goodwill  (765,822)  (765,822)  (765,822)  (765,822)  (765,822)
     Less: Average intangible assets  (10,650)  (11,819)  (15,993)  (12,571)  (18,434)
     Average tangible common equity $1,437,084  $1,389,152  $1,212,335  $1,367,272  $1,222,626 
                          
     Return on average equity, annualized [2]  9.14%  9.40%  9.65%  9.35%  11.03%
     Return on average tangible common equity, annualized [2]  14.31%  14.93%  16.21%  14.95%  18.48%
                          
                          
     [1] Tax effected at respective statutory rates.                    
     [2] Annualized where applicable.                    
                          

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