CVB FINANCIAL CORP [CVBF] has reported a net loss of $221.4 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $83.6 million
Based in ONTARIO, California, CVB FINANCIAL CORP operates in the FINANCE sector.
Consolidated Statements of Earnings and Comprehensive Income - USD ($) 12 Months Ended Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2021
Interest income:
- Loans and leases, including fees: $448.3 million $389.2 million $356.6 million
- Investment securities available-for-sale: $83.6 million $68.5 million $38.3 million
- Investment securities held-to-maturity: $54.8 million $49.0 million $22.2 million
- Total investment income: $138.3 million $117.6 million $60.4 million
- Dividends from FHLB stock: $1.9 million $1.2 million $1.0 million
- Interest-earning deposits with other institutions: $17.9 million $6.7 million $2.6 million
- Total interest income: $606.3 million $514.7 million $420.6 million
Interest expense:
- Deposits: $51.5 million $6.8 million $5.3 million
- Borrowings and customer repurchase agreements: $66.8 million $2.3 million $0.5 million
- Junior subordinated debentures: $0 million $0 million $0.2 million
- Total interest expense: $118.3 million $9.2 million $6.1 million
Net interest income before provision for (recapture of) credit losses: $488.0 million $505.5 million $414.6 million
Provision for (recapture of) credit losses: $2.0 million $10.6 million ($25.5 million)
Net interest income after provision for (recapture of) credit losses: $486.0 million $494.9 million $440.1 million
Noninterest income:
- Write-down of BOLI: $12.8 million $5.4 million $8.5 million
- Gain on OREO, net: $0 million $0 million $1.2 million
- Gain on sale of building, net: $0 million $2.7 million $0.2 million
- Other: $12.2 million $7.5 million $7.0 million
- Total noninterest income: $59.3 million $50.0 million $47.4 million
Noninterest expense:
- Salaries and employee benefits: $139.2 million $131.6 million $117.9 million
- Occupancy and equipment: $22.1 million $22.7 million $19.8 million
- Professional services: $9.1 million $9.4 million $8.0 million
- Computer software expense: $14.1 million $13.5 million $11.6 million
- Marketing and promotion: $6.8 million $6.3 million $4.6 million
- (Recapture of) provision for unfunded loan commitments: ($0.5 million) $0 ($1.0 million)
- Amortization of intangible assets: $6.5 million $7.6 million $8.2 million
- Acquisition related expenses: $0 $6.0 million $1.0 million
- Other: $32.7 million $19.5 million $19.8 million
- Total noninterest expense: $229.9 million $216.6 million $189.8 million
Earnings before income taxes: $315.4 million $328.3 million $297.6 million
Income taxes: $94.0 million $92.9 million $85.1 million
Net earnings: $221.4 million $235.4 million $212.5 million
Other comprehensive income (loss):
- Unrealized gain (loss) on securities arising during the period, before tax: $44.3 million ($498.1 million) ($55.8 million)
- Less: Income tax (expense) benefit related to items of other comprehensive income: ($13.1 million) $147.3 million $16.5 million
- Other comprehensive income (loss), net of tax: $31.2 million ($350.8 million) ($39.3 million)
Comprehensive income (loss): $252.7 million ($115.4 million) $173.2 million
Basic earnings per common share: $1.59 $1.67 $1.57
Diluted earnings per common share: $1.59 $1.67 $1.56
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