CVB Financial (US:CVBF)2025-01-23 11:03Financial Performance - Net income for Q4 2024 was $50.9 million, a decrease of 0.6% from Q3 2024 ($51.2 million) and an increase of 5.0% from Q4 2023 ($48.5 million) [2] - Diluted earnings per share for Q4 2024 were $0.36, compared to $0.37 in Q3 2024 and $0.35 in Q4 2023 [2] - For the full year 2024, net income was $200.7 million, down 9.4% from $221.4 million in 2023, with diluted earnings per share decreasing from $1.59 to $1.44 [4] - Net earnings for the three months ended December 31, 2024, were $50,858,000, a decrease of 0.7% from $51,224,000 in the previous quarter [66] - Basic earnings per common share for the three months ended December 31, 2024, were $0.36, unchanged from the previous quarter [66] Income and Expenses - Net interest income for Q4 2024 was $110.4 million, a decrease of 2.82% from Q3 2024 and a decrease of 7.49% from Q4 2023 [9] - Noninterest income for Q4 2024 was $13.1 million, up from $12.8 million in Q3 2024 but down from $19.2 million in Q4 2023, with a pre-tax net gain of $16.8 million from sale-leaseback transactions [22] - Noninterest expense for Q4 2024 was $58.5 million, a decrease from $58.8 million in Q3 2024 and $65.9 million in Q4 2023 [24] - Total noninterest expense was $58,480,000 for the three months ended December 31, 2024, a decrease of 0.6% from $58,835,000 in the previous quarter [66] Asset and Liability Management - Total assets decreased by $249.6 million, or 1.62%, from $15.4 billion at September 30, 2024, to $15.1 billion at December 31, 2024 [27] - Total loans and leases at amortized cost decreased by $36.1 million, or 0.42%, from September 30, 2024, primarily due to decreases in commercial real estate loans [37] - Total deposits and customer repurchase agreements increased by $150.5 million compared to Q3 2024 and by $115.3 million from Q4 2023 [17] - Total liabilities decreased to $12,967,339 thousand from $13,943,021 thousand, a reduction of approximately 7.0% year-over-year [62] Capital and Equity - The Company's total equity increased by $108.34 million to $2.19 billion at December 31, 2024, with a tangible book value per share of $10.10 [47] - The Tier 1 leverage capital ratio was 11.5% at December 31, 2024, above the minimum required of 4.0% [49] - The common equity Tier 1 capital ratio increased to 16.2% in Q4 2024, compared to 14.6% in Q4 2023, reflecting enhanced financial stability [76] - Stockholders' equity rose to $2,498,380 thousand, up from $2,401,541 thousand a year ago, indicating an increase of about 4.0% [62] Credit Quality - The allowance for credit losses (ACL) was $80.1 million at December 31, 2024, representing 0.94% of total loans, down from 0.97% at September 30, 2024 [39] - Total nonperforming assets decreased from $53.3 million at September 30, 2024, to $47.6 million at December 31, 2024 [42] - Total nonperforming loans increased to $27,795 thousand as of December 31, 2024, up from $21,302 thousand a year earlier, representing a rise of 30.5% [74] - The percentage of total loans classified as nonperforming rose to 0.33% in Q4 2024, compared to 0.24% in Q4 2023 [74] Market Activity - The company announced a $10 million share repurchase program [10] - The Company authorized a new 10 million share stock repurchase program during Q4 2024, although no repurchases occurred in that quarter [47] - The high stock price for Q4 2024 reached $24.58, compared to a high of $21.77 in Q3 2024 [70]