Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 282

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 282
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 200,716

    $
    221,435

    $
    235,425

    Add: Amortization of intangible assets

    5,324

    6,452

    7,566

    Less: Tax effect of amortization of intangible assets (1)

    (1,574
    )

    (1,907
    )

    (2,237
    )

    Tangible net income
     
    $
    204,466

    $
    225,980

    $
    240,754

    Average stockholders’ equity
     
    $
    2,145,665

    $
    2,006,882

    $
    2,066,463

    Less: Average goodwill

    (765,822
    )

    (765,822
    )

    (764,143
    )

    Less: Average intangible assets

    (12,571
    )

    (18,434
    )

    (25,376
    )

    Average tangible common equity
     
    $
    1,367,272

    $
    1,222,626

    $
    1,276,944

    Return on average equity, annualized (2)

    9.35
    %

    11.03
    %

    11.39
    %

    Return on average tangible common equity, annualized (2)

    14.95
    %

    18.48
    %

    18.85
    %

(1)Tax effected at respective statutory rates. 

(2)Annualized where applicable.

Net Interest Income 

The principal component of our earnings is net interest income, which is the difference between the interest and fees earned on loans, investments and interest earning cash (interest-earning assets) and the interest paid on deposits and borrowed funds (interest-bearing liabilities). Net interest margin is net interest income as a percentage of average interest-earning assets for the period. The level of interest rates and the volume and mix of interest-earning assets and interest-bearing liabilities impact net interest income and net interest margin. The net interest spread is the yield on average interest-earning assets minus the cost of average interest-bearing liabilities. Net interest margin and net interest spread are included on a tax equivalent (“TE”) basis by adjusting interest income utilizing the federal statutory tax rates of 21% in effect for the years ended December