Cvb Financial Corp (CVBF) 10-K Annual Report March 2020

-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter and record earnings for the year ended December 31, 2019.

CVB Financial Corp. reported net income of $51.3 million for the quarter ended December 31, 2019, compared with $50.4 million for the third quarter of 2019 and $43.2 million for the fourth quarter of 2018. Diluted earnings per share were $0.37 for the fourth quarter, compared to $0.36 for the prior quarter and $0.31 for the same period last year.

Chris Myers, President and CEO of Citizens Business Bank, commented “2019 was an extraordinary year for our Company, highlighted by achieving record annual earnings of $207.8 million, a 37% increase over the prior year.” Myers continued, “We successfully completed the integration of the largest merger in the Bank’s history and generated industry leading financial metrics, including return on average assets of 1.84%, a return on average tangible capital of almost 18%, and an efficiency ratio of 40%.”

Net income of $51.3 million for the fourth quarter of 2019 produced an annualized return on average equity (“ROAE”) of 10.21% and an annualized return on average tangible common equity (“ROATCE”) of 16.36%. ROAE and ROATCE for the third quarter of 2019 were 10.18% and 16.53%, respectively, and 9.29% and 15.93%, respectively, for the fourth quarter of 2018. Annualized return on average assets (“ROAA”) was 1.79% for the fourth quarter, compared to 1.78% for the third quarter of 2019 and 1.49% for the fourth quarter of 2018. The efficiency ratio for the fourth quarter of 2019 was 41.01%, compared to 39.60% for the third quarter of 2019 and 49.15% for the fourth quarter of 2018.

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The following information was filed by Cvb Financial Corp (CVBF) on Thursday, January 23, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cvb Financial Corp's 10-K Annual Report:

Other - Other Highlight
However, we cannot predict the extent to which the deterioration in general economic conditions, real estate values, changes in Risk Management - Credit Risk Management Allowance for Loan Losses The allowance for loan losses is established as management's estimate of probable losses inherent in the loan and lease receivables portfolio.

Financial - Shares Highlight
The Company and the Bank are now required to maintain minimum capital ratios as follows: Common Equity Tier 1 Ratio Tier 1 Capital Ratio Total Capital Ratio Tier 1 Leverage Ratio Regulatory minimum ratio 4.5% 6.0% 8.0% 4.0% Plus: Capital conservation buffer requirement 2.5% 2.5% 2.5% - Regulatory minimum ratio plus capital conservation buffer 7.0% 8.5% 10.5% 4.0% It is possible that further increases in regulatory capital may be required in response to the implementation of the Basel III final rule.
M & A - Other Highlight
The loan with the first lien is typically at a 50% advance to the acquisition costs and the second lien loan provides the financing for 40% of the acquisition costs with the borrower's down payment of 10% of the acquisition costs.
Other - Other Highlight
Any adverse change in these factors could have a significant impact on the recoverability of goodwill and could have a material impact on our consolidated financial statements.
Revenue - Geography Highlight
Some of the key risks that we must manage are credit risks, asset/liability, interest rate and market risks, counterparty risk, transaction risk, compliance risk, strategic risk, cybersecurity risk, price risk and foreign exchange risk.
Legal - Other
Such events and circumstances may...Read more
Financial - Income
Increases in the cash value...Read more
Other - Other
Average savings deposits, which include...Read more
Revenue - Product
Rate and Volume Analysis for...Read more
Other - Other
Provision for Loan Losses The...Read more
Financial - Income
2019 Compared to 2018 The...Read more
Financial - Earnings
Average loans as a percentage...Read more
Other - Other
The determination of the balance...Read more
Financial - Expense
Salaries and benefit costs increased...Read more
Other - Other
Any such failures, interruptions or...Read more
Financial - Expense
Interest and penalties related to...Read more
Financial - Earnings
The 43 basis point increase...Read more
Other - Other
The allowance for loan losses...Read more
Financial - Expense
Uses of funds include withdrawal...Read more
Financial - Earnings
The 41 basis point increase...Read more
Other - Other
Maturity Distribution of Large Denomination...Read more
Financial - Expense
Salaries and employee benefit costs...Read more
Financial - Cash Flow
Consolidated Statements of Cash Flows...Read more
Other - Other
Further, EVE does not take...Read more
Other - Other
Total liabilities were $9.29 billion...Read more
Financial - Earnings
This increase was due to...Read more
Financial - Income
The $3.4 million increase in...Read more
Other - Other
The provision for loan losses...Read more
Financial - Earnings
Average interest-earning assets increased by...Read more
Other - Other
It is recognized that any...Read more
Financial - Expense
Higher expense for accelerated vesting...Read more
Other - Other
This was due to the...Read more
Other - Other
The $14.7 million decrease in...Read more
Financial - Earnings
Conversely, average investment securities declined...Read more
Financial - Earnings
Conversely, average investment securities declined...Read more
Financial - Income
The $598,000 increase in BOLI...Read more
Financial - Expense
Our ability to control noninterest...Read more
Other - Other
The average balance of deposits...Read more
Financial - Earnings
Interest-earning assets totaled $10.03 billion...Read more
Other - Other
2018 Compared to 2017 one-time...Read more
M & A - Other
The year-over-year increase included $16.4...Read more
Other - Other
At December 31, 2018, our...Read more
Other - Other
Nonperforming Assets The following table...Read more
Other - Other
Nonperforming Assets and Delinquencies The...Read more
Other - Other
Next, we pursue growth in...Read more
Financial - Earnings
Average interest-earning assets increased by...Read more
Other - Other
The allowance for loan losses...Read more
Financial - Earnings
The table below provides the...Read more
Other - Other
Average noninterest-bearing deposits totaled $5.18...Read more
Revenue - Product
This is caused by the...Read more
Other - Other
This risk is significant within...Read more
Financial - Expense
The amount of noninterest-bearing deposits...Read more
Financial - Expense
The cost of interest-bearing deposits...Read more
Other - Other
The exact amount, however, will...Read more
Other - Other
The following table summarizes information...Read more
Other - Other
The year-over-year increase also included...Read more
Financial - Expense
Noninterest Expense The following table...Read more
Other - Other
At December 31, 2019, our...Read more
Other - Other
We utilize internal auditors and...Read more
M & A - Other
The decline in these loan...Read more
M & A - Other
The decline in these loan...Read more
Financial - Cash Flow
The amount of impaired loans...Read more
M & A - Other
Service charges on deposit accounts...Read more
Other - Other
These lines of credit are...Read more
Revenue - Product
Dairy & livestock and agribusiness...Read more
Other - Other
310-10-35 The allowance for loan...Read more
Other - Other
While we have implemented various...Read more
Other - Other
Actual performance that differs from...Read more
Financial - Earnings
Interest-earning assets increased on average...Read more
Other - Other
The allocations presented should not...Read more
Other - Other
Customer repurchase agreements represent excess...Read more
Financial - Income
For 2019, the Durbin Amendment's...Read more
Other - Other
The table below presents a...Read more
Other - Other
The year-over-year increase also included...Read more
Legal - Other
At December 31, 2019, $6.03...Read more
Financial - Expense
tax-equivalent Interest expense of $22.1...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Cvb Financial Corp provided additional information to their SEC Filing as exhibits

Exhibit 4.2: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CVBF
CIK: 354647
Form Type: 10-K Annual Report
Accession Number: 0001193125-20-059185
Submitted to the SEC: Mon Mar 02 2020 5:18:56 PM EST
Accepted by the SEC: Mon Mar 02 2020
Period: Tuesday, December 31, 2019
Industry: State Commercial Banks