Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 319

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 319
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The amount of noninterest-bearing deposits in relation to total deposits is an integral element in our strategy of seeking to achieve a low cost of funds. Average noninterest-bearing deposits were $7.14 billion for 2024, representing a decrease of $649.21 million, or 8.33%, from average noninterest-bearing deposits of $7.79 billion for 2023. Average 

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noninterest-bearing deposits represented 59.92% of total average deposits for 2024, compared to 62.66% of total average deposits for 2023. 

Average savings deposits, which include savings, interest-bearing demand, and money market accounts, were $4.14 billion for 2024, representing a decrease of $197 million, or 4.54%, from average savings deposits of $4.34 billion for 2023. 

Average time deposits totaled $635.7 million for 2024, representing an increase of $331.7 million, or 109.08%, from total average time deposits of $304.1 million for 2023. 

Our deposits are primarily relationship based core deposits and customer repurchase agreements ("repos"). We had $300 million of brokered deposits at the end of 2024 and none at the end of 2023, which accounted for the majority of the growth in time deposits. Our core customer deposits consist of 72% of business deposits and 28% consisting of consumer deposits, primarily the owners and employees of our business customers. The largest percentage of our deposits, 39%, are analyzed business accounts, which represent customer operating accounts that generally utilize a wide array of treasury management products. As most of our business customers need to operate with more than $250,000 in their operating account, we have a significant percentage of deposits that are uninsured.  As of December 31, 2024, 45% of our total deposits and customer repos were uncollateralized and uninsured.

Our customer deposit relationships represent long tenured customers representing a diverse set of industries. The industry classification with the largest concentration is construction, which represented approximately 8% of our deposits at December 31, 2024. Overall, there are 14 different industry classifications that represent 2% or more of our deposits as of December 31, 2024. Our depositors have typically banked with us for many years. As of December 31, 2024, 47% of our deposit relationships have banked with us more