Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 247

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 247
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 to be recognized over a weighted-average period of approximately 3.4 years. The total fair value of options vested was $361,000, $267,000 and $203,000 during 2024, 2023 and 2022, respectively. Cash received from stock option exercises was $565,000, $210,000 and $1.9 million, in 2024, 2023 and 2022, respectively. At December 31, 2024, options for the purchase of 433,350 shares of CVB’s common stock were outstanding under the above plans, of which options to purchase 208,450 shares were exercisable at prices ranging from $14.61 to $24.83. The Company has a policy of issuing new shares to satisfy share option exercises.  

125

Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock UnitsThe Company granted 524,000, 484,000 and 674,961 restricted stock awards during 2024, 2023 and 2022 respectively. The weighted average grant date fair value of RSAs, RSUs and PRSUs granted in 2024, 2023 and 2022 was $17.91 per share, $22.44 per share and $22.82 per share, respectively. These awards will vest, in equal installments, over a period of approximately one to five years. Compensation cost is recognized over the requisite service period, which is approximately one to five years, and amounted to $9.8 million, $9.1 million and $7.6 million during the years ended December 31, 2024, 2023 and 2022, respectively. Total unrecognized compensation cost related to RSAs and PRSUs was $15.6 million at December 31, 2024. The table below summarizes activity related to the Company’s non-vested RSAs and PRSUs for the year ended December 31, 2024.  

        Shares

        WeightedAverage Fair Value

        (In thousands)

        Nonvested at January 1, 2024

        1,157

        $
        21.93

        Granted

        524

        17.91

        Vested

        (425
        )

        19.71

        Forfeited

        (37
        )

        22.23

        Nonvested at December 31, 2024