CVBF CVB Financial Corporation

CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended June 30, 2024.

CVB Financial Corp. reported net income of $50.0 million for the quarter ended June 30, 2024, compared with $48.6 million for the first quarter of 2024 and $55.8 million for the second quarter of 2023. Diluted earnings per share were $0.36 for the second quarter, compared to $0.35 for the prior quarter and $0.40 for the same period last year. Net income of $50.0 million for the second quarter of 2024 produced an annualized return on average equity (“ROAE”) of 9.57%, an annualized return on average tangible common equity (“ROATCE”) of 15.51%, and an annualized return on average assets (“ROAA”) of 1.24%.

David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “For nearly 50 years, Citizens Business Bank has focused on benefiting our customers, communities, and our associates. The second quarter financial results represent our 189th consecutive quarter of profitability and the Bank has maintained its steady and stable performance in the face of a challenging environment.”

Highlights for the Second Quarter of 2024

• Average deposits increased $245.3 million compared to the first quarter of 2024
• Noninterest-bearing deposits were 60% of total deposits for the second quarter of 2024
• Net charge-offs were $31,000 for the second quarter of 2024
• CET1 Ratio > 15% and TCE Ratio = 8.7% as of June 30, 2024
• Noninterest expense decreased by $3.3 million compared to the first quarter of 2024
• Efficiency Ratio improved to 45.1%, compared to 47.2% in the first quarter of 2024
• Net interest margin of 3.05%, declined by 5 basis points compared to the first quarter of 2024
• Dividend payout ratio was 56% for the second quarter of 2024

INCOME STATEMENT HIGHLIGHTS

	Three Months Ended												Six Months Ended
	June 30, 2024				March 31, 2024				June 30, 2023				June 30, 2024				June 30, 2023
	(Dollars in thousands, except per share amounts)
Net interest income	$	110,849			$	112,461			$	119,535			$	223,310			$	245,263
Recapure of (provision for) credit losses		-				-				(500	)			-				(2,000	)
Noninterest income		14,424				14,113				12,656				28,537				25,858
Noninterest expense		(56,497	)			(59,771	)			(54,017	)			(116,268	)			(108,898	)
Income taxes		(18,741	)			(18,204	)			(21,904	)			(36,945	)			(45,183	)
Net earnings	$	50,035			$	48,599			$	55,770			$	98,634			$	115,040
Earnings per common share:
Basic	$	0.36			$	0.35			$	0.40			$	0.71			$	0.83
Diluted	$	0.36			$	0.35			$	0.40			$	0.71			$	0.82
NIM		3.05	%			3.10	%			3.22	%			3.07	%			3.33	%
ROAA		1.24	%			1.21	%			1.36	%			1.22	%			1.42	%
ROAE		9.57	%			9.31	%			11.03	%			9.44	%			11.58	%
ROATCE		15.51	%			15.13	%			18.39	%			15.32	%			19.46	%
Efficiency ratio		45.10	%			47.22	%			40.86	%			46.17	%			40.17	%

Net Interest IncomeNet interest income was $110.8 million for the second quarter of 2024. This represented a $1.6 million, or 1.43%, decline from the first quarter of 2024, and an $8.7 million, or 7.27%, decrease from the second quarter of 2023. The quarter-over-quarter decrease in net interest income was due to a five basis point decline in net interest margin. The decline in net interest income compared to the second quarter of 2023 was due to a 17 basis point decrease in net interest margin and a $294.2 million decline in average earning assets.

Net Interest MarginOur tax equivalent net interest margin was 3.05% for the second quarter of 2024, compared to 3.10% for the first quarter of 2024 and 3.22% for the second quarter of 2023. The five basis point decrease in our net interest margin compared to the first quarter of 2024, was the result of a seven basis point increase in our cost of funds, offset by a three basis point increase in our interest-earning asset yield. The three basis point increase in our interest-earning asset yield was due to the net impact of a seven basis point increase in the yield on investment securities, an increase in funds held at the Federal Reserve and a four basis point decrease in loan yields. The increase in investment yields was primarily due to the increased spread on pay-fixed swaps. The mix of earning assets was positively impacted by the increase in average funds held at the Federal Reserve, yielding 5.4%, which increased from 3% of earning assets in the prior quarter to nearly 5% in the second quarter of 2024. Our cost of funds increased in the second quarter to 1.38%, as our cost of deposits and customer repurchase agreements increased by 14 basis points to 0.87%. Non-maturity interest-bearing deposits also increased in cost from the prior quarter by 14 basis points, while time deposits increased on average by $286 million, with an increase to the cost of time deposits of 79 basis points. On average, borrowings decreased by $142 million compared to the first quarter, while continuing to have an average cost of 4.76%. The decrease in net interest margin of 17 basis points, compared to the second quarter of 2023, was primarily the result of a 55 basis point increase in cost of funds. This increase in cost of funds from the prior year was the result of a 53 basis point increase in the cost of deposits and an increase in the level of borrowings, which grew on average by $323 million. A 36 basis point increase in earning asset yields over the prior year quarter partially offset the increase in funding costs. Included in the higher earning asset yields, were higher loan yields, which grew from 5.01% for the second quarter of 2023 to 5.26% for the second quarter of 2024. Additionally, the yield on investment securities increased by 34 basis points from the prior year quarter, primarily due to the positive spread generated from the Company’s pay-fixed swaps, in which the Company receives daily SOFR and pays a weighted average fixed cost of approximately 3.8%.

Earning Assets and DepositsOn average, total earning assets were stable between the first and second quarter of 2024 but declined by $294.2 million when compared to the second quarter of 2023. Compared to the second quarter of 2023, the mix of assets changed modestly, with the average balance of investment securities decreasing by $482.6 million and declining from 38% to 35.5% of total earning assets. Conversely, the average amount of funds held at the Federal Reserve increased by $356.9 million, growing from 2.4% of total earning assets in the second quarter of 2023 to 4.9% for the second quarter of 2024. Noninterest-bearing deposits declined on average by $29.4 million, or 0.41%, from the first quarter of 2024 and interest-bearing deposits and customer repurchase agreements increased on average by $252.6 million, including an increase in average time deposits of $285.8 million. Compared to the second quarter of 2023, total deposits and customer repurchase agreements declined on average by $631.1 million, or 4.93%, including a decline of $670 million in noninterest-bearing deposits. Non-maturity interest-bearing deposits and customer repurchase agreements decreased by $398.5 million on average, while time deposits grew on average by $437.5 million. On average, noninterest-bearing deposits were 60.20% of total deposits during the most recent quarter, compared to 61.72% for the first quarter of 2024 and 63.58% for the second quarter of 2023.

		Three Months Ended
SELECTED FINANCIAL HIGHLIGHTS		June 30, 2024					March 31, 2024					June 30, 2023
		(Dollars in thousands)
Yield on average investment securities (TE)		2.71%					2.64%					2.37%
Yield on average loans		5.26%					5.30%					5.01%
Yield on average earning assets (TE)		4.37%					4.34%					4.01%
Cost of deposits		0.88%					0.74%					0.35%
Cost of funds		1.38%					1.31%					0.83%
Net interest margin (TE)		3.05%					3.10%					3.22%
Average Earning Asset Mix		Avg			% of Total		Avg			% of Total		Avg			% of Total
	Total investment securities	$	5,206,959		35.49%		$	5,357,708		36.59%		$	5,689,606		38.01%
	Interest-earning deposits with other institutions	716,916			4.89%		444,101			3.03%		353,610			2.36%
	Loans	8,731,587			59.51%		8,824,579			60.26%		8,892,413			59.41%
	Total interest-earning assets	14,673,474					14,644,400					14,967,661

Provision for Credit LossesThere was no provision for credit losses in the first and second quarter of 2024, compared to $500,000 in provision in the second quarter of 2023. Net charge-offs for the second quarter of 2024 were $31,000, compared to $4.0 million in the prior quarter. Projected loss rates were 0.95% at June 30, 2024, compared to 0.94% at March 31, 2024.

Noninterest IncomeNoninterest income was $14.4 million for the second quarter of 2024, compared with $14.1 million for the first quarter of 2024 and $12.7 million for the second quarter of 2023. Second quarter income from Bank Owned Life Insurance (“BOLI”) decreased by $651,000 from the first quarter of 2024 and increased by $845,000 compared to the second quarter of 2023. We experienced $531,000 in death benefits that exceeded the asset value on certain policies in the first quarter of 2024 and approximately $800,000 in death benefits in the second quarter of 2023. There were no death benefits in the second quarter of 2024. As a result of the restructuring and enhancements in BOLI policies during the fourth quarter of 2023, the income derived from increases in the cash-surrender value of the policies was $1.6 million higher in the second quarter of 2024, when compared to the year-ago quarter.

Noninterest ExpenseNoninterest expense for the second quarter of 2024 was $56.5 million, compared to $59.8 million for the first quarter of 2024 and $54.0 million for the second quarter of 2023. The $3.3 million quarter-over-quarter decrease was primarily due to the $3.0 million expense variance resulting from changes in the amount accrued as an estimate of the FDIC special assessment. In the first quarter of 2024, the FDIC revised and increased their initial loss estimate described in their final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (DIF) associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank by 25%, which resulted in the Company recording an additional $2.3 million for the FDIC special assessment in the first quarter. In the second quarter of 2024, the loss estimate was revised and reduced to reflect the initial amount assessed by the FDIC, resulting in a $700,000 reduction in this accrual. There was a $500,000 recapture of provision for unfunded loan commitments in the second quarter of 2024, compared to no provision or recapture in the first quarter of 2024. The $975,000 quarter-over-quarter decrease in staff related expenses included $1.5 million in lower payroll taxes, due to the timing of related payroll taxes, including the impact from the payment of bonuses in the first quarter of 2024. Software expense increased by $424,000 or 12% compared to the prior quarter. Marketing and promotion expense increased by $326,000 due to higher donations of $587,000 in the second quarter and professional services increased $471,000, including a $285,000 increase in legal expense, quarter-over-quarter.

The $2.5 million increase in noninterest expense year-over-year included increased staff related expenses of $1.9 million, or 5.60%. Marketing and promotion expense increased by $635,000 due to $673,000 in higher donations in the second quarter of 2024 and software expense increased $633,000, or 19% year-over-year. As a percentage of average assets, noninterest expense was 1.40% for the second quarter of 2024, compared to 1.48% for the first quarter of 2024 and 1.32% for the second quarter of 2023. The efficiency ratio for the second quarter of 2024 was 45.10%, compared to 47.22% for the first quarter of 2024 and 40.86% for the second quarter of 2023.  

Income Taxes Our effective tax rate for the quarter ended June 30, 2024 was 27.25%, compared with 28.20% for the same period of 2023. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as available tax credits.

BALANCE SHEET HIGHIGHTS

AssetsThe Company reported total assets of $16.15 billion at June 30, 2024. This represented a decrease of $316.7 million, or 1.92%, from total assets of $16.47 billion at March 31, 2024. The decrease in assets included a $147.9 million decrease in interest-earning balances due from the Federal Reserve, a $116.0 million decrease in investment securities, and an $88.8 million decrease in net loans.

Total assets increased by $130.5 million, or 0.81%, from total assets of $16.02 billion at December 31, 2023. The increase in assets included a $559.9 million increase in interest-earning balances due from the Federal Reserve, offset by a $245.1 million decrease in investment securities, and a $219.0 million decrease in net loans.

Total assets at June 30, 2024 decreased by $333.0 million, or 2.02%, from total assets of $16.48 billion at June 30, 2023. The decrease in assets was primarily due to a $405.2 million decrease in investment securities and a $221.4 million decrease in net loans, partially offset by an increase of $282.7 million in interest-earning balances due from the Federal Reserve and a $57.0 million increase in the cash surrender value of BOLI.

Investment Securities and BOLITotal investment securities were $5.18 billion at June 30, 2024, a decrease of $245.1 million, or 4.52% from December 31, 2023, and a decrease of $405.2 million, or 7.26%, from $5.58 billion at June 30, 2023.  

At June 30, 2024, investment securities held-to-maturity (“HTM”) totaled $2.43 billion, a decrease of $24.7 million from the prior quarter end, a $34.7 million, or 1.41% decline from December 31, 2023, and a decrease of $82.8 million, or 3.30%, from June 30, 2023.

At June 30, 2024, investment securities available-for-sale (“AFS”) totaled $2.75 billion, inclusive of a pre-tax net unrealized loss of $487.9 million. AFS securities decreased by $91.3 million from the prior quarter end, by $210.3 million, or 7.12% from December 31, 2023 and decreased by $322.4 million, or 10.51%, from $3.07 billion at June 30, 2023. Pre-tax unrealized loss increased by $2.3 million from the end of the prior quarter, while increasing by $38.1 million from December 31, 2023 and declining by $9.8 million from June 30, 2023.

Combined, the AFS and HTM investments in mortgage backed securities (“MBS”) and collateralized mortgage obligations (“CMO”) totaled $4.12 billion or approximately 80% of the total investment securities at June 30, 2024. Virtually all of our MBS and CMO are issued or guaranteed by government or government sponsored enterprises, which have the implied guarantee of the U.S. Government. In addition, at June 30, 2024, we had $556.2 million of Government Agency securities that represent approximately 10.8% of the total investment securities.

Our combined AFS and HTM municipal securities totaled $486.5 million as of June 30, 2024, or 9.4% of our total investment portfolio. These securities are located in 35 states. Our largest concentrations of holdings by state, as a percentage of total municipal bonds, are located in Texas at 16.08%, Minnesota at 11.05%, and California at 9.70%.

At June 30, 2024, the Company had $314.3 million of Bank Owned Life insurance (“BOLI”), compared to $308.7 million at December 31, 2023 and $257.3 million at June 30, 2023. The $57.0 million increase in value of BOLI, when compared to June 30, 2023, was primarily due to a restructuring of the Company’s life insurance policies at the end of 2023, including a $4.5 million write-down in value on surrender policies that was offset by a $10.9 million enhancement to cash surrender values, as well as additional policy purchases totaling $41 million. This restructuring has increased returns on our BOLI policies resulting in additional non-taxable noninterest income in 2024.

LoansTotal loans and leases, at amortized cost, of $8.68 billion at June 30, 2024 decreased by $88.9 million, or 1.01%, from March 31, 2024. The quarter-over quarter decrease in loans included decreases of $55.6 million in commercial real estate loans, $8.9 million in SFR mortgage loans, $6.9 million in commercial and industrial, $6.6 million in construction loans, and $7.8 million in consumer and other loans.

Total loans and leases, at amortized cost, decreased by $223.1 million, or 2.50%, from December 31, 2023. The decrease in total loans included decreases of $119.6 million in commercial real estate loans, $62.3 million in dairy & livestock and agribusiness loans, $14.5 million in construction loans, and $13.7 million in commercial and industrial loans.

Total loans and leases, at amortized cost, decreased by $225.6 million, or 2.53%, from June 30, 2023. The $225.6 million decrease included decreases of $239.2 million in commercial real estate loans, $16.6 million in construction loans, $14.2 million in SBA loans, $7.0 million in municipal lease financings, and $5.2 million in consumer and other loans, partially offset by increases of $52.3 million in dairy & livestock and agribusiness loans and $4.4 million in SFR mortgage loans.

Asset QualityDuring the second quarter of 2024, we experienced credit charge-offs of $51,000 and total recoveries of $20,000, resulting in net charge-offs of $31,000. The allowance for credit losses (“ACL”) totaled $82.8 million at June 30, 2024 and March 31, 2024, compared to $87.0 million at June 30, 2023. At June 30, 2024, ACL as a percentage of total loans and leases outstanding was 0.95%. This compares to 0.94% at March 31, 2024 and 0.98% at December 31, 2023 and June 30, 2023.

Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below.

Nonperforming Assets and Delinquency Trends		June 30, 2024				March 31, 2024				June 30, 2023
Nonperforming loans		(Dollars in thousands)
Commercial real estate		$	21,908			$	10,661			$	3,159
SBA		337				54				629
Commercial and industrial		2,712				2,727				2,039
Dairy & livestock and agribusiness		-				60				273
SFR mortgage		-				308				354
Consumer and other loans		-				-				-
Total		$	24,957			$	13,810			$	6,454
% of Total loans		0.29		%		0.16		%		0.07		%
OREO
Commercial real estate		$	-			$	-			$	-
Commercial and industrial		647				647				-
SFR mortgage		-				-				-
Total		$	647			$	647			$	-
Total nonperforming assets		$	25,604			$	14,457			$	6,454
% of Nonperforming assets to total assets		0.16		%		0.09		%		0.04		%
Past due 30-89 days (accruing)
Commercial real estate		$	43			$	19,781			$	532
SBA		-				408				-
Commercial and industrial		103				6				-
Dairy & livestock and agribusiness		-				-				555
SFR mortgage		-				-				-
Consumer and other loans		-				-				-
Total		$	146			$	20,195			$	1,087
% of Total loans		0.00		%		0.23		%		0.01		%
Classified Loans		$	124,728			$	103,080			$	77,834

The $11.1 million increase in nonperforming loans from March 31, 2024 was primarily due to the addition of three nonperforming commercial real estate loans totaling $10.9 million. Classified loans are loans that are graded “substandard” or worse. Classified loans increased $21.6 million quarter-over-quarter, primarily due to the addition of five classified dairy & livestock and agribusiness loans totaling $12.5 million and one classified commercial real estate loan of $7.6 million.

Deposits & Customer Repurchase AgreementsDeposits of $11.79 billion and customer repurchase agreements of $268.8 million totaled $12.06 billion at June 30, 2024. This represented a net decrease of $111.5 million compared to March 31, 2024. Total deposits at June 30, 2024 included $400 million in brokered time deposits. Deposits and customer repurchases increased on average from the prior quarter by $223.2 million, due to the growth in brokered deposits. Total deposits and customer repurchase agreements increased $353.9 million, or 3.02% when compared to $11.71 billion at December 31, 2023 and decreased $790.7 million, or 6.15% when compared to $12.85 billion at June 30, 2023.

Noninterest-bearing deposits were $7.09 billion at June 30, 2024, a decrease of $22.7 million, or 0.32%, when compared to $7.11 billion at March 31, 2024. Noninterest-bearing deposits decreased by $116.1 million, or 1.61% when compared to $7.21 billion at December 31, 2023, and decreased by $788.7 million, or 10.01% when compared to $7.88 billion at June 30, 2023. At June 30, 2024, noninterest-bearing deposits were 60.13% of total deposits, compared to 59.80% at March 31, 2024, 63.03% at December 31, 2023, and 63.55% at June 30, 2023.

BorrowingsAs of June 30, 2024, total borrowings of $1.8 billion consisted of $1.3 billion from the Federal Reserve’s Bank Term Funding Program, at a cost of 4.76%, maturing in January of 2025, and $500 million of FHLB advances. The FHLB advances include maturities of $300 million, at an average cost of approximately 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027.

CapitalThe Company’s total equity was $2.11 billion at June 30, 2024. This represented an overall increase of $34.5 million from total equity of $2.08 billion at December 31, 2023. Increases to equity included $98.6 million in net earnings, that were partially offset by $55.9 million in cash dividends and a $10.8 million decrease in other comprehensive income. We engaged in no stock repurchases during the first half of 2024. Our tangible book value per share at June 30, 2024 was $9.55.

Our capital ratios under the revised capital framework referred to as Basel III remain well-above regulatory standards.

				CVB Financial Corp. Consolidated
Capital Ratios		Minimum Required PlusCapital Conservation Buffer		June 30,2024		December 31,2023		June 30,2023
Tier 1 leverage capital ratio		4.0%		10.5%		10.3%		9.8%
Common equity Tier 1 capital ratio		7.0%		15.3%		14.6%		14.1%
Tier 1 risk-based capital ratio		8.5%		15.3%		14.6%		14.1%
Total risk-based capital ratio		10.5%		16.1%		15.5%		14.9%
Tangible common equity ratio				8.7%		8.5%		7.8%

CitizensTrustAs of June 30, 2024, CitizensTrust had approximately $4.3 billion in assets under management and administration, including $3.0 billion in assets under management. Revenues were $3.4 million for the second quarter of 2024, compared to $3.3 million for the same period of 2023. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

Corporate OverviewCVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with approximately $16 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California.

Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

Conference CallManagement will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, July 25, 2024 to discuss the Company’s second quarter 2024 financial results. The conference call can be accessed live by registering at: https://register.vevent.com/register/BI4328ad5286e54a1c985328a9dd4a9a98

The conference call will also be simultaneously webcast over the Internet; please visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab to access the call from the site. Please access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call and will be available on the website for approximately 12 months.

Safe HarborCertain statements set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will,” “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results or performance to differ materially from those projected. These forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies, goals and statements about the Company’s outlook regarding revenue and asset growth, financial performance and profitability, capital and liquidity levels, loan and deposit levels, growth and retention, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, the impact of economic developments, and the impact of acquisitions we have made or may make. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and there can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors, in addition to those set forth below, could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.

General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct business; the effects of, and changes in, trade, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we have made or may make, including, without limitation, the failure to obtain the necessary regulatory approvals, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target and key personnel into our operations; the timely development of competitive products and services and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities, and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill on our balance sheet; changes in customer spending, borrowing, and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract or retain deposits or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment of dividends on our common stock; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, and their effects on our asset credit quality, business operations, and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our ability to comply with federal and state employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; and our ability to manage the risks involved in the foregoing. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's 2023 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).

The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this earnings release and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP. These measures may or may not be comparable to similarly titled measures used by other companies.

Contact:	David A. Brager
	President and Chief Executive Officer
	(909) 980-4030

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
		June 30, 2024				December 31, 2023				June 30, 2023
Cash and due from banks		$	174,454			$	171,396			$	231,316
Interest-earning balances due from Federal Reserve			669,740				109,889				387,039
Total cash and cash equivalents			844,194				281,285				618,355
Interest-earning balances due from depository institutions			7,345				8,216				30,478
Investment securities available-for-sale			2,745,796				2,956,125				3,068,151
Investment securities held-to-maturity			2,429,886				2,464,610				2,512,707
Total investment securities			5,175,682				5,420,735				5,580,858
Investment in stock of Federal Home Loan Bank (FHLB)			18,012				18,012				29,484
Loans and lease finance receivables			8,681,846				8,904,910				8,907,397
Allowance for credit losses			(82,786	)			(86,842	)			(86,967	)
Net loans and lease finance receivables			8,599,060				8,818,068				8,820,430
Premises and equipment, net			43,232				44,709				45,518
Bank owned life insurance (BOLI)			314,329				308,706				257,348
Intangibles			12,416				15,291				18,303
Goodwill			765,822				765,822				765,822
Other assets			371,403				340,149				317,948
Total assets		$	16,151,495			$	16,020,993			$	16,484,544
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing		$	7,090,095			$	7,206,175			$	7,878,810
Investment checking			515,930				552,408				574,817
Savings and money market			3,409,320				3,278,664				3,627,858
Time deposits			774,980				396,395				316,036
Total deposits			11,790,325				11,433,642				12,397,521
Customer repurchase agreements			268,826				271,642				452,373
Other borrowings			1,800,000				2,070,000				1,495,000
Other liabilities			179,917				167,737				138,283
Total liabilities			14,039,068				13,943,021				14,483,177
Stockholders' Equity
Stockholders' equity			2,446,755				2,401,541				2,346,243
Accumulated other comprehensive loss, net of tax			(334,328	)			(323,569	)			(344,876	)
Total stockholders' equity			2,112,427				2,077,972				2,001,367
Total liabilities and stockholders' equity		$	16,151,495			$	16,020,993			$	16,484,544

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
		Three Months Ended												Six Months Ended
		June 30, 2024				March 31, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Assets
Cash and due from banks		$	162,724			$	162,049			$	178,405			$	162,387			$	176,776
Interest-earning balances due from Federal Reserve			704,023				433,421				347,161				568,722				192,913
Total cash and cash equivalents			866,747				595,470				525,566				731,109				369,689
Interest-earning balances due from depository institutions			12,893				10,680				6,449				11,786				8,704
Investment securities available-for-sale			2,764,096				2,900,097				3,162,917				2,832,097				3,189,384
Investment securities held-to-maturity			2,442,863				2,457,611				2,526,689				2,450,237				2,536,580
Total investment securities			5,206,959				5,357,708				5,689,606				5,282,334				5,725,964
Investment in stock of FHLB			18,012				18,012				32,032				18,012				30,459
Loans and lease finance receivables			8,731,587				8,824,579				8,892,413				8,778,083				8,927,672
Allowance for credit losses			(82,815	)			(85,751	)			(86,508	)			(84,283	)			(85,833	)
Net loans and lease finance receivables			8,648,772				8,738,828				8,805,905				8,693,800				8,841,839
Premises and equipment, net			43,624				44,380				45,629				44,002				45,942
Bank owned life insurance (BOLI)			312,645				309,609				257,428				311,127				256,786
Intangibles			13,258				14,585				19,298				13,922				20,136
Goodwill			765,822				765,822				765,822				765,822				765,822
Other assets			390,834				350,319				308,789				370,575				319,885
Total assets		$	16,279,566			$	16,205,413			$	16,456,524			$	16,242,489			$	16,385,226
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing		$	7,153,315			$	7,182,718			$	7,823,496			$	7,168,016			$	7,957,357
Interest-bearing			4,728,864				4,454,135				4,481,766				4,591,500				4,551,121
Total deposits			11,882,179				11,636,853				12,305,262				11,759,516				12,508,478
Customer repurchase agreements			287,128				309,272				495,179				298,200				522,813
Other borrowings			1,850,330				1,991,978				1,526,958				1,921,154				1,250,863
Other liabilities			157,463				168,442				101,417				162,953				99,960
Total liabilities			14,177,100				14,106,545				14,428,816				14,141,823				14,382,114
Stockholders' Equity
Stockholders' equity			2,456,945				2,432,075				2,353,975				2,444,510				2,343,358
Accumulated other comprehensive loss, net of tax			(354,479	)			(333,207	)			(326,267	)			(343,844	)			(340,246	)
Total stockholders' equity			2,102,466				2,098,868				2,027,708				2,100,666				2,003,112
Total liabilities and stockholders' equity		$	16,279,566			$	16,205,413			$	16,456,524			$	16,242,489			$	16,385,226

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Dollars in thousands, except per share amounts)
		Three Months Ended										Six Months Ended
		June 30, 2024				March 31, 2024			June 30, 2023			June 30, 2024				June 30, 2023
Interest income:
Loans and leases, including fees		$	114,200			$	116,349		$	110,990		$	230,549			$	219,384
Investment securities:
Investment securities available-for-sale			21,225				21,446			19,356			42,671				38,952
Investment securities held-to-maturity			13,445				13,402			13,740			26,847				27,696
Total investment income			34,670				34,848			33,096			69,518				66,648
Dividends from FHLB stock			377				419			483			796				832
Interest-earning deposits with other institutions			9,825				6,073			4,670			15,898				5,161
Total interest income			159,072				157,689			149,239			316,761				292,025
Interest expense:
Deposits			25,979				21,366			10,765			47,345				16,130
Borrowings and customer repurchase agreements			22,244				23,862			18,939			46,106				30,632
Total interest expense			48,223				45,228			29,704			93,451				46,762
Net interest income before provision for (recapture of) credit losses			110,849				112,461			119,535			223,310				245,263
Provision for (recapture of) credit losses			-				-			500			-				2,000
Net interest income after provision for (recapture of) credit losses			110,849				112,461			119,035			223,310				243,263
Noninterest income:
Service charges on deposit accounts			5,117				5,036			4,838			10,153				10,182
Trust and investment services			3,428				3,224			3,315			6,652				6,229
Other			5,879				5,853			4,503			11,732				9,447
Total noninterest income			14,424				14,113			12,656			28,537				25,858
Noninterest expense:
Salaries and employee benefits			35,426				36,401			33,548			71,827				68,795
Occupancy and equipment			5,772				5,565			5,517			11,337				10,967
Professional services			2,726				2,255			2,562			4,981				4,258
Computer software expense			3,949				3,525			3,316			7,474				6,724
Marketing and promotion			1,956				1,630			1,321			3,586				3,036
Amortization of intangible assets			1,437				1,438			1,719			2,875				3,439
(Recapture of) provision for unfunded loan commitments			(500	)			-			400			(500	)			900
Other			5,731				8,957			5,634			14,688				10,779
Total noninterest expense			56,497				59,771			54,017			116,268				108,898
Earnings before income taxes			68,776				66,803			77,674			135,579				160,223
Income taxes			18,741				18,204			21,904			36,945				45,183
Net earnings		$	50,035			$	48,599		$	55,770		$	98,634			$	115,040
Basic earnings per common share		$	0.36			$	0.35		$	0.40		$	0.71			$	0.83
Diluted earnings per common share		$	0.36			$	0.35		$	0.40		$	0.71			$	0.82
Cash dividends declared per common share		$	0.20			$	0.20		$	0.20		$	0.40			$	0.40

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
		Three Months Ended												Six Months Ended
		June 30, 2024				March 31, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Interest income - tax equivalent (TE)		$	159,607			$	158,228			$	149,785			$	317,835			$	293,117
Interest expense			48,223				45,228				29,704				93,451				46,762
Net interest income - (TE)		$	111,384			$	113,000			$	120,081			$	224,384			$	246,355
Return on average assets, annualized			1.24	%			1.21	%			1.36	%			1.22	%			1.42	%
Return on average equity, annualized			9.57	%			9.31	%			11.03	%			9.44	%			11.58	%
Efficiency ratio [1]			45.10	%			47.22	%			40.86	%			46.17	%			40.17	%
Noninterest expense to average assets, annualized			1.40	%			1.48	%			1.32	%			1.44	%			1.34	%
Yield on average loans			5.26	%			5.30	%			5.01	%			5.28	%			4.95	%
Yield on average earning assets (TE)			4.37	%			4.34	%			4.01	%			4.36	%			3.96	%
Cost of deposits			0.88	%			0.74	%			0.35	%			0.81	%			0.26	%
Cost of deposits and customer repurchase agreements			0.87	%			0.73	%			0.35	%			0.80	%			0.26	%
Cost of funds			1.38	%			1.31	%			0.83	%			1.34	%			0.66	%
Net interest margin (TE)			3.05	%			3.10	%			3.22	%			3.07	%			3.33	%
[1] Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
Tangible Common Equity Ratio (TCE) [2]
CVB Financial Corp. Consolidated			8.68	%			8.33	%			7.75	%
Citizens Business Bank			8.57	%			8.23	%			7.67	%
[2] (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles])
Weighted average shares outstanding
Basic			138,583,510				138,428,596				138,330,131				138,419,379				138,420,067
Diluted			138,669,058				138,603,324				138,383,239				138,561,481				138,556,510
Dividends declared		$	28,018			$	27,886			$	27,787			$	55,904			$	55,794
Dividend payout ratio [3]			56.00	%			57.38	%			49.82	%			56.68	%			48.50	%
[3] Dividends declared on common stock divided by net earnings.
Number of shares outstanding - (end of period)			139,677,162				139,641,884				139,343,284
Book value per share		$	15.12			$	14.94			$	14.36
Tangible book value per share		$	9.55			$	9.36			$	8.74
		June 30, 2024				December 31, 2023				June 30, 2023
Nonperforming assets:
Nonaccrual loans		$	24,957			$	21,302			$	6,454
Other real estate owned (OREO), net			647				-				-
Total nonperforming assets		$	25,604			$	21,302			$	6,454
Modified loans/performing troubled debt restructured loans (TDR) [4]		$	26,363			$	9,460			$	3,307
[4] Effective January 1, 2023, performing and nonperforming TDRs are reflected as Loan Modifications to borrowers experiencing financial difficulty.
Percentage of nonperforming assets to total loans outstanding and OREO			0.29	%			0.24	%			0.07	%
Percentage of nonperforming assets to total assets			0.16	%			0.13	%			0.04	%
Allowance for credit losses to nonperforming assets			323.33	%			407.67	%			1347.49	%
		Three Months Ended												Six Months Ended
		June 30, 2024				March 31, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Allowance for credit losses:
Beginning balance		$	82,817			$	86,842			$	86,540			$	86,842			$	85,117
Total charge-offs			(51	)			(4,267	)			(88	)			(4,318	)			(198	)
Total recoveries on loans previously charged-off			20				242				15				262				48
Net recoveries (charge-offs)			(31	)			(4,025	)			(73	)			(4,056	)			(150	)
Provision for (recapture of) credit losses			-				-				500				-				2,000
Allowance for credit losses at end of period		$	82,786			$	82,817			$	86,967			$	82,786			$	86,967
Net recoveries (charge-offs) to average loans			-0.000	%			-0.046	%			-0.001	%			-0.046	%			-0.002	%

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in millions)
Allowance for Credit Losses by Loan Type
		June 30, 2024								December 31, 2023								June 30, 2023
		Allowance For Credit Losses			Allowance as a % of Total Loans by Respective Loan Type					Allowance For Credit Losses			Allowance as a % of Total Loans by Respective Loan Type					Allowance For Credit Losses			Allowance as a % of Total Loans by Respective Loan Type
Commercial real estate		$	69.4			1.04	%			$	69.5			1.02	%			$	67.9			0.98	%
Construction			0.8			1.51	%				1.3			1.91	%				1.2			1.69	%
SBA			2.5			0.93	%				2.7			0.99	%				2.7			0.95	%
Commercial and industrial			5.1			0.53	%				9.1			0.94	%				9.1			0.95	%
Dairy & livestock and agribusiness			3.8			1.08	%				3.1			0.75	%				5.0			1.66	%
Municipal lease finance receivables			0.2			0.26	%				0.2			0.29	%				0.3			0.35	%
SFR mortgage			0.5			0.19	%				0.5			0.20	%				0.4			0.17	%
Consumer and other loans			0.5			1.07	%				0.4			0.85	%				0.4			0.73	%
Total		$	82.8			0.95	%			$	86.8			0.98	%			$	87.0			0.98	%

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
Quarterly Common Stock Price
			2024							2023								2022
Quarter End		High			Low				High				Low				High				Low
March 31,		$	20.45		$	15.95			$	25.98			$	16.34			$	24.37			$	21.36
June 30,		$	17.91		$	15.71			$	16.89			$	10.66			$	25.59			$	22.37
September 30,		$	-		$	-			$	19.66			$	12.89			$	28.14			$	22.63
December 31,		$	-		$	-			$	21.77			$	14.62			$	29.25			$	25.26
Quarterly Consolidated Statements of Earnings
					Q2				Q1				Q4				Q3				Q2
						2024				2024				2023				2023				2023
Interest income
Loans and leases, including fees					$	114,200			$	116,349			$	115,721			$	113,190			$	110,990
Investment securities and other						44,872				41,340				42,357				43,037				38,249
Total interest income						159,072				157,689				158,078				156,227				149,239
Interest expense
Deposits						25,979				21,366				18,888				16,517				10,765
Borrowings and customer repurchase agreements						22,244				23,862				19,834				16,339				18,939
Total interest expense						48,223				45,228				38,722				32,856				29,704
Net interest income before (recapture of) provision for credit losses						110,849				112,461				119,356				123,371				119,535
(Recapture of) provision for credit losses						-				-				(2,000	)			2,000				500
Net interest income after (recapture of) provision for credit losses						110,849				112,461				121,356				121,371				119,035
Noninterest income						14,424				14,113				19,163				14,309				12,656
Noninterest expense						56,497				59,771				65,930				55,058				54,017
Earnings before income taxes						68,776				66,803				74,589				80,622				77,674
Income taxes						18,741				18,204				26,081				22,735				21,904
Net earnings					$	50,035			$	48,599			$	48,508			$	57,887			$	55,770
Effective tax rate						27.25	%			27.25	%			34.97	%			28.20	%			28.20	%
Basic earnings per common share					$	0.36			$	0.35			$	0.35			$	0.42			$	0.40
Diluted earnings per common share					$	0.36			$	0.35			$	0.35			$	0.42			$	0.40
Cash dividends declared per common share					$	0.20			$	0.20			$	0.20			$	0.20			$	0.20
Cash dividends declared					$	28,018			$	27,886			$	27,945			$	27,901			$	27,787

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands)
Loan Portfolio by Type
		June 30,				March 31,				December 31,				September 30,				June 30,
			2024				2024				2023				2023				2023
Commercial and industrial		$	6,664,925			$	6,720,538			$	6,784,505			$	6,843,059			$	6,904,095
Construction			52,227				58,806				66,734				63,022				68,836
SBA			267,938				268,320				270,619				283,124				278,904
SBA - PPP			1,757				2,249				2,736				3,233				5,017
Commercial and industrial			956,184				963,120				969,895				938,064				956,242
Dairy & livestock and agribusiness			350,562				351,624				412,891				351,463				298,247
Municipal lease finance receivables			70,889				72,032				73,590				75,621				77,867
SFR mortgage			267,593				276,475				269,868				268,171				263,201
Consumer and other loans			49,771				57,549				54,072				51,875				54,988
Gross loans, at amortized cost			8,681,846				8,770,713				8,904,910				8,877,632				8,907,397
Allowance for credit losses			(82,786	)			(82,817	)			(86,842	)			(88,995	)			(86,967	)
Net loans		$	8,599,060			$	8,687,896			$	8,818,068			$	8,788,637			$	8,820,430
Deposit Composition by Type and Customer Repurchase Agreements
		June 30,				March 31,				December 31,				September 30,				June 30,
			2024				2024				2023				2023				2023
Noninterest-bearing		$	7,090,095			$	7,112,789			$	7,206,175			$	7,586,649			$	7,878,810
Investment checking			515,930				545,066				552,408				560,223				574,817
Savings and money market			3,409,320				3,561,512				3,278,664				3,906,187				3,627,858
Time deposits			774,980				675,554				396,395				305,727				316,036
Total deposits			11,790,325				11,894,921				11,433,642				12,358,786				12,397,521
Customer repurchase agreements			268,826				275,720				271,642				269,552				452,373
Total deposits and customer repurchase agreements		$	12,059,151			$	12,170,641			$	11,705,284			$	12,628,338			$	12,849,894

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands)
Nonperforming Assets and Delinquency Trends
		June 30,				March 31,				December 31,				September 30,				June 30,
			2024				2024				2023				2023				2023
Nonperforming loans:
Commercial real estate		$	21,908			$	10,661			$	15,440			$	3,655			$	3,159
Construction			-				-				-				-				-
SBA			337				54				969				1,050				629
Commercial and industrial			2,712				2,727				4,509				4,672				2,039
Dairy & livestock and agribusiness			-				60				60				243				273
SFR mortgage			-				308				324				339				354
Consumer and other loans			-				-				-				4				-
Total		$	24,957			$	13,810			$	21,302			$	9,963		[1]	$	6,454
% of Total loans			0.29	%			0.16	%			0.24	%			0.11	%			0.07	%
Past due 30-89 days (accruing):
Commercial real estate		$	43			$	19,781			$	300			$	136			$	532
Construction			-				-				-				-				-
SBA			-				408				108				-				-
Commercial and industrial			103				6				12				-				-
Dairy & livestock and agribusiness			-				-				-				-				555
SFR mortgage			-				-				201				-				-
Consumer and other loans			-				-				18				-				-
Total		$	146			$	20,195			$	639			$	136			$	1,087
% of Total loans			0.00	%			0.23	%			0.01	%			0.00	%			0.01	%
OREO:
Commercial real estate		$	-			$	-			$	-			$	-			$	-
SBA			-				-				-				-				-
Commercial and industrial			647				647				-				-				-
SFR mortgage			-				-				-				-				-
Total		$	647			$	647			$	-			$	-			$	-
Total nonperforming, past due, and OREO		$	25,750			$	34,652			$	21,941			$	10,099			$	7,541
% of Total loans			0.30	%			0.40	%			0.25	%			0.11	%			0.08	%
[1] Includes $2.6 million of nonaccrual loans past due 30-89 days.

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
Regulatory Capital Ratios
					CVB Financial Corp. Consolidated
Capital Ratios		Minimum Required Plus Capital Conservation Buffer			June 30, 2024			December 31, 2023			June 30, 2023
Tier 1 leverage capital ratio		4.0%			10.5%			10.3%			9.8%
Common equity Tier 1 capital ratio		7.0%			15.3%			14.6%			14.1%
Tier 1 risk-based capital ratio		8.5%			15.3%			14.6%			14.1%
Total risk-based capital ratio		10.5%			16.1%			15.5%			14.9%
Tangible common equity ratio					8.7%			8.5%			7.8%

Tangible Book Value Reconciliations (Non-GAAP)
The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of tangible book value to the Company stockholders' equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of June 30, 2024, December 31, 2023 and June 30, 2023.
			June 30, 2024				December 31, 2023				June 30, 2023
			(Dollars in thousands, except per share amounts)
	Stockholders' equity		$	2,112,427			$	2,077,972			$	2,001,367
	Less: Goodwill			(765,822	)			(765,822	)			(765,822	)
	Less: Intangible assets			(12,416	)			(15,291	)			(18,303	)
	Tangible book value		$	1,334,189			$	1,296,859			$	1,217,242
	Common shares issued and outstanding			139,677,162				139,344,981				139,343,284
	Tangible book value per share		$	9.55			$	9.31			$	8.74

Return on Average Tangible Common Equity Reconciliations (Non-GAAP)
The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company's average stockholders' equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity.
		Three Months Ended													Six Months Ended
			June 30,				March 31,				June 30,				June 30,				June 30,
				2024				2024				2023				2024				2023
			(Dollars in thousands)
	Net Income		$	50,035			$	48,599			$	55,770			$	98,634			$	115,040
	Add: Amortization of intangible assets			1,437				1,438				1,719				2,875				3,439
	Less: Tax effect of amortization of intangible assets [1]			(425	)			(425	)			(508	)			(850	)			(1,017	)
	Tangible net income		$	51,047			$	49,612			$	56,981			$	100,659			$	117,462
	Average stockholders' equity		$	2,102,466			$	2,098,868			$	2,027,708			$	2,100,666			$	2,003,112
	Less: Average goodwill			(765,822	)			(765,822	)			(765,822	)			(765,822	)			(765,822	)
	Less: Average intangible assets			(13,258	)			(14,585	)			(19,298	)			(13,922	)			(20,136	)
	Average tangible common equity		$	1,323,386			$	1,318,461			$	1,242,588			$	1,320,922			$	1,217,154
	Return on average equity, annualized [2]			9.57	%			9.31	%			11.03	%			9.44	%			11.58	%
	Return on average tangible common equity, annualized [2]			15.51	%			15.13	%			18.39	%			15.32	%			19.46	%
	[1] Tax effected at respective statutory rates.
	[2] Annualized where applicable.