Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 175

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 175
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 years and 77% of our deposit relationships have been with us for three or more years.

Total deposits and customer repos were $12.21 billion at December 31, 2024, a $505.0 million, or 4.31%, increase from December 31, 2023. The unprecedented increase in short-term interest rates impacted the mix of our deposits. Overall, we have experienced a decline in noninterest-bearing deposit levels and an increase in interest-bearing deposit levels due to the impact of higher interest rates that has led to deposits moving to higher yielding alternatives, such as our money market and time deposit products. We also experienced noninterest-bearing deposits being transferred from the Bank’s balance sheet by customers to be invested by CitizensTrust in higher yielding instruments such as United States treasury notes or bonds.    

The following table provides the remaining maturities of large denomination ($250,000 or more) time deposits, including public funds, at December 31, 2024. 

Maturity Distribution of Large Denomination Time Deposits 

    December 31, 2024

    (Dollars in thousands)

    3 months or less
     
    $
    68,755

    Over 3 months through 6 months

    13,227

    Over 6 months through 12 months

    16,869

    Over 12 months

    3,361

    Total
     
    $
    102,212

Time deposits totaled $573.6 million at December 31, 2024, representing an increase of $177.2 million, or 44.70%, from total time deposits of $396.4 million at December 31, 2023. 

65

Borrowings 

The following table summarizes information about our term FHLB advances, repurchase agreements and other borrowings outstanding for the periods presented.

    RepurchaseAgreements

    FHLB

    BTFP

    Total

    (Dollars in thousands)

    At December 31, 2024

    Amount outstanding
     
    $
    261,887

    $
    500,000

    $
    —

    $
    761,887

    Weighted-average interest rate

    0.72
    %

    4.55
    %

    —

    3.23
    %

    Year ended December 31, 2024

    Highest amount at month-end