CVB Financial (US:CVBF)2024-10-24 10:06Financial Performance - Net earnings for the third quarter of 2024 were $51.2 million, or $0.37 per share, representing a 2.4% increase from the previous quarter but a 11.5% decrease year-over-year [2]. - Revenues for the third quarter of 2024 were $3.6 million, an increase of 12.5% compared to $3.2 million for the same period in 2023 [36]. - Net earnings for the three months ended September 30, 2024, were $51,224,000, up from $50,035,000 in the previous quarter, representing a 2.4% increase [46]. - Basic earnings per common share for the three months ended September 30, 2024, were $0.37, consistent with the previous quarter [46]. - The diluted earnings per share for the three months ended September 30, 2024, was $0.20, compared to $0.18 for the same period in 2023 [47]. Income and Expenses - Net interest income increased by $2.8 million, or 2.50%, from the second quarter of 2024, but decreased by $9.8 million, or 7.90%, compared to the third quarter of 2023 [5]. - Noninterest income was $12.8 million for the third quarter of 2024, down from $14.4 million in the previous quarter and $14.3 million in the same quarter last year [12]. - Noninterest expense increased to $58.8 million, up from $56.5 million in the previous quarter and $55.0 million year-over-year [13]. - Total noninterest income for the three months ended September 30, 2024, was $12,834,000, a decrease from $14,424,000 in the previous quarter, indicating a decline of 11% [46]. - Total noninterest expense increased to $58,835,000 for the three months ended September 30, 2024, compared to $56,497,000 in the previous quarter, marking a rise of 4.1% [46]. Asset and Liability Management - Total assets decreased to $15.4 billion as of September 30, 2024, down $748.3 million or 4.63% from June 30, 2024 [17]. - Total loans and leases at amortized cost were $8.57 billion, a decrease of $109.3 million or 1.26% from June 30, 2024 [25]. - Total cash and cash equivalents increased to $453.46 million as of September 30, 2024, compared to $281.29 million at the end of 2023 [43]. - Total liabilities stood at $14,346,368 thousand, an increase from $14,177,100 thousand, reflecting a growth of 1.2% year-over-year [45]. - Total investment securities were $4.87 billion, a decrease of $549.9 million or 10.14% from December 31, 2023 [20]. Deposits and Loans - Total deposits and customer repurchase agreements decreased by $503.7 million, or 3.90%, year-over-year, including an 8.8% decline in noninterest-bearing deposits [8]. - Deposits increased to $12.07 billion, a net increase of $407.9 million compared to June 30, 2024 [31]. - Total deposits rose to $12,056,172 thousand, up from $11,882,179 thousand, representing an increase of 1.5% year-over-year [45]. - Net loans and lease finance receivables decreased to $8.49 billion as of September 30, 2024, down from $8.82 billion at the end of 2023 [43]. Capital and Equity - The Company's total equity increased to $2.20 billion as of September 30, 2024, up $119.9 million from December 31, 2023 [34]. - Stockholders' equity increased to $2.47 billion as of September 30, 2024, compared to $2.40 billion at the end of 2023, representing a growth of 2.5% [43]. - The Tier 1 leverage capital ratio was 10.6% as of September 30, 2024, well above the minimum required of 4.0% [35]. - Common equity Tier 1 capital ratio increased to 15.8% as of September 30, 2024, up from 14.6% at December 31, 2023 [56]. - Tangible book value per share rose to $10.17 as of September 30, 2024, compared to $9.31 at December 31, 2023, reflecting a growth of 9.2% [58]. Risk Management and Future Outlook - The company emphasizes the importance of risk management and the potential impact of economic developments on future performance [40]. - Forward-looking statements indicate expectations for revenue and asset growth, but actual results may differ due to various risks and uncertainties [40]. - The allowance for credit losses was $82,810 thousand, slightly improved from $86,986 thousand a year ago, indicating better asset quality management [44]. - The provision for credit losses was zero for the three months ended September 30, 2024, compared to a provision of $2,000,000 in the previous quarter [46]. Nonperforming Assets - Nonperforming loans totaled $21.9 million, representing 0.26% of total loans as of September 30, 2024, down from 0.29% at June 30, 2024 [30]. - Total nonperforming assets increased to $22.560 million as of September 30, 2024, from $21.302 million a year earlier [47]. - The percentage of total loans classified as nonperforming decreased to 0.26% as of September 30, 2024, down from 0.29% in June 2024 [55].