Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 135

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 135
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Suncrest had seven branch locations and two loan production offices in California’s Central Valley and the Sacramento area, which opened as Citizens Business Bank locations on January 10, 2022. The integration of Suncrest, including the conversion of core systems in the first quarter of 2022, was completed with the consolidation of two banking centers during the second quarter of 2022. For the year ended December 31, 2022, the Company incurred non-recurring merger related expenses associated with the Suncrest acquisition of $6.0 million.

ANALYSIS OF THE RESULTS OF OPERATIONS 

Financial Performance

    Variance

    Year Ended December 31,

    2024

    2023

    2024

    2023

    2022

    $

    %

    $

    %

    (Dollars in thousands, except per share amounts)

    Net interest income
     
    $
    447,347

    $
    487,990

    $
    505,513

    $
    (40,643
    )

    (8.33
    )%
     
    $
    (17,523
    )

    (3.47
    )%

    Recapture of (provision for) credit losses

    3,000

    (2,000
    )

    (10,600
    )

    5,000

    250.00
    %

    8,600

    81.13
    %

    Noninterest income

    54,474

    59,330

    49,989

    (4,856
    )

    (8.18
    )%

    9,341

    18.69
    %

    Noninterest expense

    (233,583
    )

    (229,886
    )

    (216,555
    )

    (3,697
    )

    (1.61
    )%

    (13,331
    )

    (6.16
    )%

    Income taxes

    (70,522
    )

    (93,999
    )

    (92,922
    )

    23,477

    24.98
    %

    (1,077
    )

    (1.16
    )%

    Net earnings
     
    $
    200,716

    $
    221,435