$CVBF

CVB FINANCIAL CORP

CIK:0000354647|SEC Filings

Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans and leases, including fees	$ 159,212	$ 108,845	$ 272,484	$ 217,916
Investment securities:
Investment securities available-for-sale	23,229	18,299	42,629	37,033
Investment securities held-to-maturity	12,322	12,886	24,788	25,907
Total investment income	35,551	31,185	67,417	62,940
Dividends from FHLB, FRB, and other stock	1,227	411	2,538	790
Interest-earning deposits with other institutions	6,138	3,768	8,799	5,565
Total interest income	202,128	144,209	351,238	287,211
Interest expense:
Deposits	32,119	24,829	55,171	50,151
Borrowings and customer repurchase agreements	6,707	7,401	14,679	14,201
Subordinated debentures	639	0	639	0
Other	248	371	494	807
Total interest expense	39,713	32,601	70,983	65,159
Net interest income before provision for (recapture of) credit losses	162,415	111,608	280,255	222,052
Provision for (recapture of) credit losses	0	0	3,000	(2,000)
Net interest income after provision for (recapture of) credit losses	162,415	111,608	277,255	224,052
Noninterest income:
BOLI income	3,492	3,228	6,631	6,059
Gain on OREO, net	0	0	0	2,183
Other	3,374	2,194	5,306	4,460
Total noninterest income	17,010	14,744	31,289	30,973
Noninterest expense:
Salaries and employee benefits	46,568	34,999	84,029	71,476
Occupancy and equipment	8,293	6,106	14,368	12,104
Professional services	3,250	2,191	5,768	4,272
Computer software expense	6,136	4,410	10,439	8,631
Marketing and promotion	2,098	1,817	4,159	3,805
Amortization of intangible assets	3,577	1,155	4,427	2,310
Provision for unfunded loan commitments	4,250	0	4,750	500
Acquisition related expenses	31,400	0	32,529	0
Other	8,806	6,879	14,477	13,603
Total noninterest expense	114,378	57,557	174,946	116,701
Earnings before income taxes	65,047	68,795	133,598	138,324
Income tax expense	16,786	18,231	34,335	36,656
Net earnings	48,261	50,564	99,263	101,668
Other comprehensive income
Unrealized (loss) gain on securities and derivatives arising during the period, before tax	(4,398)	15,645	(621)	64,999
Less: Income tax benefit (expense) related to items of other comprehensive income	1,278	(6,477)	180	(21,067)
Other comprehensive (loss) income, net of tax	(3,120)	9,168	(441)	43,932
Comprehensive income	$ 45,141	$ 59,732	$ 98,822	$ 145,600
Basic earnings per common share	$ 0.29	$ 0.37	$ 0.65	$ 0.73
Diluted earnings per common share	$ 0.29	$ 0.37	$ 0.65	$ 0.73
Service Charges on Deposit Accounts [Member]
Noninterest income:
Revenue from contract with customer, including assessed tax	$ 5,336	$ 4,959	$ 10,153	$ 9,867
Trust and Investment Services [Member]
Noninterest income:
Revenue from contract with customer, including assessed tax	4,184	3,716	7,908	7,127
Bankcard Services [Member]
Noninterest income:
Revenue from contract with customer, including assessed tax	$ 624	$ 647	$ 1,291	$ 1,277

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Interest and dividends received	$ 337,256,000	$ 292,810,000
Service charges and other fees received	24,411,000	22,299,000
Interest paid	(69,073,000)	(65,625,000)
Net cash paid to vendors, employees and others	(147,379,000)	(131,308,000)
Proceeds from sale of loans	327,450,000	0
Income taxes paid, net	(22,130,000)	(23,190,000)
Net cash provided by operating activities	450,535,000	94,986,000
Cash Flows from Investing Activities
Net change in FHLB, FRB, and other stock	7,243,000	0
Net change in interest-earning balances from depository institutions	12,315,000	(10,524,000)
Proceeds from repayment of investment securities available-for-sale	249,585,000	167,451,000
Proceeds from repayment and maturity of investment securities held-to-maturity	47,009,000	52,560,000
Proceeds from sale of investment securities available-for-sale	488,210,000	0
Purchases of investment securities available-for-sale	(361,510,000)	(29,388,000)
Purchases of investment securities held-to-maturity	(1,114,000)	(6,230,000)
Net increase in equity investments	(26,968,000)	(18,499,000)
Net (increase) decrease in loan and lease finance receivables	(156,258,000)	179,611,000
Purchase of premises and equipment	(1,925,000)	(1,529,000)
Proceeds from BOLI death benefit	0	2,340,000
Proceeds from sales of OREO	0	21,348,000
Cash acquired from acquisition, net of cash paid	542,651,000	0
Net cash provided by investing activities	799,238,000	357,140,000
Cash Flows from Financing Activities
Net (decrease) increase in other deposits	(103,747,000)	26,045,000
Net (decrease) increase in time deposits	(431,999,000)	10,397,000
Repayment of long-term FHLB advances	(300,000,000)	0
Net change in short-term borrowings	300,000,000	0
Net increase in customer repurchase agreements	72,804,000	142,267,000
Cash dividends on common stock	(54,442,000)	(55,925,000)
Repurchase of common stock and restricted stock	(5,133,000)	(41,231,000)
Proceeds from exercise of stock options	714,000	259,000
Net cash (used in) provided by financing activities	(521,803,000)	81,812,000
Net increase in cash and cash equivalents	727,970,000	533,938,000
Cash and cash equivalents, beginning of period	376,389,000	204,698,000
Cash and cash equivalents, end of period	1,104,359,000	738,636,000
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities
Net Income (Loss)	99,263,000	101,668,000
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of other real estate owned	0	(2,045,000)
Increase in BOLI	0	(6,059,000)
Net amortization of premiums and discounts on investment securities	6,584,000	7,836,000
Accretion of discount for acquired loans, net	3,603,000	(1,390,000)
Provision for (recapture of) credit losses	3,000,000	(2,000,000)
Provision for unfunded loan commitments	4,750,000	500,000
Stock-based compensation	2,436,000	4,934,000
Depreciation, amortization and accretion, net	8,567,000	8,678,000
Proceeds from sales of loans held for sale	327,450,000	0
Change in other assets and liabilities	2,088,000	(17,136,000)
Total adjustments	351,272,000	(6,682,000)
Net cash provided by operating activities	450,535,000	94,986,000
Supplemental Disclosure of Non-cash Investing Activities
Securities purchased and not settled	150,680,000	0
Transfer of loans to other real estate owned	43,000	661,000
Business Combination:
Fair value of tangible assets acquired	5,288,984,000	0
Goodwill and intangibles	450,694,000	0
Fair value of liabilities assumed	4,894,181,000	0
Issuance of common stock for acquisitions	$ 840,173,000	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 194,590	$ 107,511
Interest-earning balances due from Federal Reserve	909,769	268,878
Total cash and cash equivalents	1,104,359	376,389
Interest-earning balances due from depository institutions	749	13,064
Investment securities available-for-sale, at fair value (with amortized cost of $3,777,744 at June 30, 2026, and $2,982,228 at December 31, 2025)	3,457,764	2,683,070
Investment securities held-to-maturity (with fair value of $1,867,394 at June 30, 2026, and $1,925,492 at December 31, 2025)	2,218,529	2,270,391
Total investment securities	5,676,293	4,953,461
Investment in FHLB, FRB, and other stock	81,275	55,948
Loans and lease finance receivables	12,017,055	8,699,193
Allowance for credit losses	(126,661)	(77,161)
Net loans and lease finance receivables	11,890,394	8,622,032
Premises and equipment, net	33,114	26,505
Bank owned life insurance ("BOLI")	415,118	325,299
Accrued interest receivable	60,747	46,723
Intangibles	117,927	5,774
Goodwill	1,099,936	765,822
Income tax asset	307,883	174,169
Other assets	394,986	265,868
Total assets	21,182,781	15,631,054
Deposits:
Noninterest-bearing	8,606,924	6,800,691
Interest-bearing	7,681,777	5,271,291
Total deposits	16,288,701	12,071,982
Customer repurchase agreements	563,405	490,601
Federal Home Loan Bank advances and other borrowings	500,000	500,000
Subordinated debt, net	38,973	0
Deferred compensation	54,395	22,318
Accrued interest payable	6,532	4,770
Other liabilities	561,086	246,159
Total liabilities	18,013,092	13,335,830
Stockholders' Equity
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 176,247,135 at June 30, 2026, and 135,551,799 at December 31, 2025	2,060,555	1,222,365
Retained earnings	1,337,229	1,300,513
Accumulated other comprehensive loss, net	(228,095)	(227,654)
Total stockholders' equity	3,169,689	2,295,224
Total liabilities and stockholders' equity	$ 21,182,781	$ 15,631,054