Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 239

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 239
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 recognized was $21.3 million and the tax credit amortization expense included in the provision for income taxes was $17.4 million. The following table presents the balances of the Company's tax credit investments and related unfunded commitments at December 31, 2024 and 2023.

119

        December 31,

        2024

        2023

        (Dollars in thousands)

        Tax credit investments
         
        $
        57,264

        $
        17,616

        Unfunded commitments - tax credit investments
         
        $
        45,809

        $
        3,883

       The following table presents other information related to the Company's tax credit investments for the years ended December 31, 2024, 2023, and 2022. 

        Year Ended December 31,

        2024

        2023

        2022

        (Dollars in thousands)

        Tax credits and other tax benefits recognized
         
        $
        21,257

        $
        16,239

        $
        2,157

        Tax credit amortization expense included in provision for income taxes
         
        $
        17,421

        $
        14,102

        $
        2,018

       There were no significant unrecognized tax benefits at December 31, 2024 and 2023. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease within the next twelve months. The Company is subject to income taxes in the federal, California, Arizona and three other non-material jurisdictions.  The Company is no longer subject  to examinations by taxing  jurisdictions for periods before 2020, with the exception of California, for which the Company is no longer subject to examination for years before 2013.At December 31, 2024, the Company has net operating loss (NOLs) carryforwards of approximately $7.9 million for federal and $7.9 million California tax purposes, as a result of the acquisition of Suncrest Bank.  The federal and California NOLs of approximately $6.4 and $5.7 million, respectively, are subject to annual IRC Section 382 limitations of $3.4 million and have no expiration for federal tax purposes but will expire in 2032 for California if not utilized.  The balance of the NOLs are subject to annual IRC Section