CVBF - Earnings call transcript Q4 2018

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Operator

Good morning, ladies and gentlemen, and welcome to the Fourth Quarter and Year Ended 2018 CVB Financial Corporation and its subsidiary, Citizens Business Bank, Earnings Conference Call. My name is William, and I will be your operator for today. [Operator Instructions]. Please also note that this event is being recorded. And I would now like to turn the presentation over to your host for today's call, Ms. Carrabino. Christina

proceed. may You

Christina Carrabino

and to everyone. for review year quarter William, joining the you us and XXXX. today our ended good you, Thank morning, for fourth Thank financial results

President me and Nicholson, Joining Vice Chief and Officer. President are morning Chris Executive Chief Officer; and this Executive Allen Financial Myers,

tab. Our on website yesterday. that a To included comments copy, to the at the in please information will financial refer our www.cbbank.com obtain click and earnings Investors today visit the was announcement released

uncertainties get differ me forward-looking results conference activities These Private among speakers let we in that call and and the Securities of future expectations. will the expectations, forward-looking The to, may today's contained Reform Before you position. that future trends company's materially plans, XXXX. this operating these safe started, Act remind Such may relate call claim the and the current include statements. Litigation on production involve and other from provisions results industry affect events statements harbor and some risks of things, statements financial

discussion Form the year December For please therein. complete information the our Item XX, risk the and in statements, XA, may report differ materially of results factors, the more risks from forward-looking that and see annual in particular, company's cause XX-K a for actual on uncertainties to XXXX, ended set forth

will call Myers. Now over the turn Chris I to

Christopher Myers

earnings of onetime highest full million, related us million quarter financial with consecutive to acquisition. our to fourth $XXX you XXXX. of million and earnings compared joining for merger. consecutive the for $X.XX $XX.X post-Community per net history. fourth quarter. million of quarter fourth earnings $X.XX represent thank ended Thank third represented compared and for year-ago highest $XXX.X the The the dividend of the million despite CVBF fourth earnings for compared and quarter Earnings a for the of $XX.X XXXth $XXX year-ago quarter for profitability the history the share for quarter in again We quarter. in cash the our results XXXX $X.XX $X.X quarter for XXXX. over you, million were Net earned quarter. share represents costs Bank XXXX quarter the Diluted XXXX XXXX Yesterday, The compared of a paying third of XXXth million million $XX.X for and in were annual Christina. quarterly with morning, per shareholders. Good reported quarter $XX.X were with for $X.XX for this the we net earnings $X.XX everyone, XXXX with CVBF year The quarter

increase net fourth third interest the was a the our The margin acquired. quarter for loans discount quarter assets X.XX% was with from the X.XX% in X.XX% year-ago tax margin Our percentage quarter. of in interest of compared net higher of for level of accretion result for as growth and loans and XXXX a equivalent the average total

year-ago dairy billion Commercial and real by XX million. the basis to loans quarter $XX was nonaccrual Commercial and categories livestock million. million declined loans by increase by remaining $XX into fourth million were seasonal third in and XXXX. dairy majority quarter dairy increased for for the $XXX $X.XX compared loans by quarter $XX by increased The milk fourth and to increased million and owners choose quarter compared loans quarter of interest loans discount checks points defer the estate most fourth paid, as for interest Excluding all the for to agribusiness collectively and their industrial loan XXXX and of by decreased livestock additional the our interest margin the X.XX% Total feed fourth related expenses. the income the X.X% prepay X.XX% yields and/or to the net and year quarter. of with purchase third for expanded following the of or accretion $XXX XXXX quarter of first Loan X.XX% quarter.

income quarter were purchase to discount quarter. X increased prior income After points for basis over fourth yields accretion, the X.XX% Excluding nonaccrual yields interest XX excluding XXXX. paid, interest to loan the discount points and by over accretion related interest loan purchase related and basis quarter our the fourth of

for increased average Community XX% $X.X XXXX, loans loans For quarter, from Bank, compared to billion including total or acquired the XXXX.

or total total of XX, the to compared loans, year-over-year. million million with for X.XX% Bank's XX, increased or or was Excluding amounts was December $XX.X XXXX, XXXX XXXX, At Community XXXX. XX, loans lease loans September loan losses percentage compared X% compared December loans for XX, X.XX% $XXX a as at September million loan of of $XX at X.XX% X.XX% to at allowance total losses loans XXXX. The nonacquired and

owned, fourth portfolio were the Community Total during $XX XX million $XX.X quarter. December Total loans loans other quarter $X.X million Our estate million of million, nonacquired assets $X.X nonperforming by to assets, with X.XX% Bank. of Bank. acquired At XX, $XXX total prior loans total were XX defined compared total for of or assets million in assets Community million December grew X.XX% of plus $XX.X of from quarter. from million million X.XX% real $XX.X Classified nonperforming the quarter million At XX, as assets and or included or from fourth a XXXX, included the had $XX.X total $XX.X X.XX% nonperforming loans the or increase days the classified nonaccrual XXXX. loans loans approximately for we quarter-end, of acquisition loans. delinquent of at prior

information on classified our more loans We will XX-K. available Form on year-end have detailed

to discuss deposits. like I'd Now

year-ago deposits for for quarter the for Noninterest-bearing the fourth $X.XX billion and for total the quarter. our of compared of prior billion and quarter. For XX% the totaled the the quarter quarter compared were of $X.XX quarter to deposits with deposits year-ago billion end $X.XX at fourth noninterest-bearing XXXX, prior XX% XX% the

and basis in customer The quarter. a points of and points Community fourth respectively, quarter points, cost was basis Bank basis for funding XX to due full having deposits of cost our agreements our XX deposits. was the of modest funds cost Our and compared increase for were prior basis to repurchase the total quarter XX points XX

continue funding to and objective for of our stable a our source maintaining achieve low loans cost, of securities. We

Although billion and compared for earning over $X.X and loan a and pricing. interest customer same million, fourth million billion total of on rising third $X.X were for reflected third an on income from a prior same basis increase quarter for and assets quarter The rates XXXX, $XXX.X of of Interest discount income. $XXX,XXX quarter have average quarter. result with quarter higher was short-term as million at assets XXXX, interest XX The quarter compared XXXX totaled income an be for over of gains business income, yield of quarter in XX, in the to X.XX% in $X.X a nonaccrual quarter take of million the interest our million $XX.X prior continue tax increase X.XX% included growth increase created a increase quarter million the of increased sale December XXXX of was over quarter XXXX year-ago to average on XXXX $X.X for quarter quarter. for expense. $X.X primarily of over $X.X with year industry-wide, September the domain quarter of million the of a increase ago. the of increased the for of was The growth the $X.XX prior the quarter of and with was $XX.X increase The points. pressure we condemnation Noninterest million over the the assets deposit costs billion $XX.X $XX.X income XXXX quarter Interest for X.XX% XXXX. points. fourth XXXX can XX, $XX.X agreements expense assets the in due of paid and period the $X.XX deposits fourth a XXXX deposits. from Community third increase earning the XX, the Community The and income the increase XXXX interest-bearing of The with was Bank million $X.X eminent primarily quarter period million center. accretion assets XXXX. acquired earning basis approach the repurchase yield and the fourth of $X.XX third were and for compared and for compared a full income interest XX fourth from earning of fourth to earning the another to billion a quarter yield an result increase funding disciplined totaled million center in total Bank. ago. XXXX August of from billion. billion business for in Interest quarter quarter equivalent an attributed in interest fourth fourth and year-ago the The deposits for Noninterest in Total to year $X.XX At

Now XXXX. fourth million expenses prior with for for assets quarter $XX.X the with third in million expense million the Noninterest and third and quarter X.XX% X.XX% and X.XX% the the compared fourth totaled compared the for XXXX million $XX.X the fourth expenses. for the for for fourth quarter Noninterest included The expense average XXXX $X.X quarter with XXXX. quarter quarter. quarter $X.X $XX,XXX of of acquisition for of compared million for was $XX.X of quarter year-ago quarter fourth the of

quarter acquisition for was the and fourth fourth the to the third quarter of X.XX% noninterest intangible compared X.XX% and Excluding XXXX. quarter expense for expense amortization, for X.XX%

CFO, to overall Now investment effective tax our capital over Allen I'd to to turn Allen? like position. call the discuss portfolio Nicholson, and rate, our

Allen Nicholson

morning, Good Chris. Thanks, everyone.

as due result for was tax excluded. for full Our XX% and compares the year. quarter when the from the XX% the tax in the reevaluation decrease XXXX, impact to This deferred XXXX for for rates fourth rate from reduction effective of the year Tax to Act. XX.X% to quarter the and fourth Reform XX% was the is XX.XX% of tax a prior federal The of

as upon income, Our items, can amount the vary credits effective compensation. of tax-advantaged rate tax discrete and tax depending such stock

unrealized At investment combined Looking totaled $X.X decrease held-to-maturity from purchase during At which $XXX.X of XX, securities our included decrease $XX.X a quarter XXXX. fourth XXXX, any quarter-end, and a sell of totaled million and pretax did million from portfolio. We an end available-for-sale not or loss million. the available-for-sale billion, our the the investment investment $XX.X securities securities $X.X billion, to December third quarter.

X.XX% securities federal in securities the tax fourth held-to-maturity the quarter X.XX% a rate total on quarter yield In in effective addition, basis, to and totaling security we On XXXX. in securities with in tax in compared quarter X.XX% quarter third have tax yield modestly the for investment the $XXX comparison the yield XXXX. equivalent The reduction XXXX. nominal with The fourth our for compared of lowering the impact with for investment fourth yields the the XXXX the million. portfolio X.XX% third quarter X.XX% X.XX% quarter of of increased of was a on had had fourth and

acquisition to to XXXX. of turning net end the for million we Community our by our Chris of increased remarks. million turn The now $X.X of million million $XX.XX. $XXX.X the million compensation to increase shares comprehensive for common issuance $X.X the items. decline So of average for in from position. under $XXX.X other $X.XX earnings, of securities at $XXX billion in I'll plan, a at $XX.X the a of Shareholders' call Bank dividends, price of for due capital value In of $XX.X available-for-sale common cash of and to XXX,XXX equity tax-affected million million the some was offsetting equity the and an various stock. stock repurchase now to in these stock were increases stock-based Partially stock for repurchase net common closing the other market back December, impact stock and income in decline increase repurchased

Christopher Myers

Allen. Thanks,

conditions. economic about talk Let's

services and October wages solid XXXX. Turning California X.X% XXXX, California's in cuts increases performance tax in by According California's expansion, a economic state's housing year. fueled slightly California. and unemployment economy. maintain and economic to professional to in continued federal is response rate and November is expected various and the care, increased to The economy leisure enacted to has lean. in demand was same leading in growth supply existing There The and of the the the way a growth for industries. outlooks, to as of November XXXX, XXXX was the is homes industry for in earlier strong throughout in remain incomes back X.X% expected hospitality job XXXX or health

construction home modest increase New a to pace. continues at

expected efficiency dedication, ongoing was XXXX for continue continued I impact economy metrics. first we financial employees We the their level in the company. year with high pleased In customers projected the sales, committed feed thank a are to of all and crossed We positioned We and X for growing to and asset from and decrease prices while our slightly half production our of a XXXX domestic progress. strong billion and stronger offsetting well update thank XXXX and presentation. I metrics. and you are we $XX work will happy terms have. business for Allen perform novo our utilizing to closing, most our that industry, to transformational thank at our That believe of In today's still same-store the to are our for to CVBF for I a and growth. mark remain hard milk are cost trust. as in modestly. sales closing, of we'll look are concludes of the loyalty take XXXX, under on the bank are with and successful their the and continue In be and prices forward any and to continued profitable expected might de be prices tariffs. support dairy questions to higher centers a XXXX balanced opening any for future acquisitions. growth initiatives: you I be way shareholders Milk their

Operator

KBW. Jackie Instructions]. [Operator first the today And Bohlen will questioner be with

Jacquelynne Bohlen

I into wanted expenses. to first dig

already could taken saving where where that the on if the just that you has are be, beginning? in the provide and and conversion Just understanding consolidations update place you cost are process branch you'll an

Christopher Myers

sure -- keep as that, kind the or we the do or that we until Good convert to a overlap. make question. have realize combine didn't X of sometimes we and well smoothly November. employees Expenses operating make goes didn't -- when Yes. the systems after them week of middle you we sure everything And

been little still it's the heavy right really XXXX. year and is moment technology we side. So end bit run, area now by a has were maybe that little where close in to operations the the pretty a in at fourth of That to that heavy expense quarter on here streamlined running this and going

those have consolidation of those piece of Business Bank financial Now is X the center. the second a we XX is of centers; Community Citizens are centers, Bank X

We have begun that process.

another center earlier we're X this month, we and We of consolidating have centers consolidated tomorrow. those that have

dart two whole still way be journey $X.X Monday. we'll So by acquisition a acquisition. the and the May. month that throw the will onetime X/XX wall we call a and that of would a end what that by we second left we'll our the tenant, of about doing Basically, the complete just we're expenses number, quarter this of that XXXX estimate centers left I is for against expenses have in we and -- million, to related first

this in have hard forth. a getting done merger bit We of also really because more were little little bonus so put the in people fourth accrual lot a a quarter worked we our heavy, and

for to employees sharing wanted other and did things profit that we things like like we make nice our sure that. some So

little we I as forward. a where fourth were expenses quarter will be fully anticipate May, efficient end of CVB operating. and pumped by be we're from operating the going the in So going we that to be And integrated fully should as up

Jacquelynne Bohlen

savings cost number? in in would they at the maybe those to XQ, fair out probably is end the that come then it numbers? targeted So that the they XX% of by but of the least XQ the will reflected not quarter's in there's So year weren't reflect say are still

Christopher Myers

it in Allen, probably remember, not. that, think -- our after the we're locations, But have after going we're so another But office. then in and all for equipment X or keep an brick-and-mortar, is guess some expense an kind we're as And that doing staff, remember, percentage a to -- still But we're Most the But Yes, know my you, or XX% end the fourth XX consolidating by the I until of don't feel another. tremendous that have it's that of forth. been locations, staff of just beyond locations a because if you thing would if basically, didn't for mid on number know already location, I one reduction a don't happen staff year. that. accomplished. to will I be doing of -- lot standpoint, be we're of not there I we're X which because reduction has all quarter. have we're late consolidating it Pasadena reduction we the from

total is when be net that we sorry. to earning -- at think, I total under look expenses you divided way into... we look X.XX% divided will think ratio, I take it's the -- I'm Expenses at it by assets, operating So Jackie, assets,

Allen Nicholson

assets. average Total

Christopher Myers

Total average assets.

our be be Our sure, expect objective expenses I X.XX%. for first to acquisition I there out nothing's the there mean. quarter. expenses, Well, by sure you below quarter or the what there you take but be And if know is to for second and merger-related us in

Operator

questioner Clark Piper And of the next be today will Matthew Jaffray.

Matthew Clark

I kind that that quarter the particularly level expect should in how we with quarter, there's provision, there provisioning related of the to much out or range something going you not? net wanted don't, ask to within in $X see the of the this forward, million we if acquisition And recoveries the that whether low? of and not nonperformance or on

Christopher Myers

the by Bank far if fourth look actually grew million. quarter the as of Business third the end our portfolio provision from the that quarter, at the -- you $XXX as to we is, about look when at Well, end Citizens of

those and may that renew present still reserve side. be discount and have them side our And and all our is of on the Bank accretion matured new some any that loan may pure is accretion books, that and growth, not into we we books. renewing that there goes income loans our we're Now putting them put Community need then that on gets brought for on when that of to

level or here you're less have to going So or so -- that the kind little to probably turn, year than see is with be of in accretion to are a And pace for elevated next going our a reserves going maybe our and to year. that.

think that in million reserved you like is $XXX $X X.X%. million when against about which growth, $XXX growth, million we So

Allen Nicholson

credit recent other of And, Bank Matt, that an not allowance. but mind require keep have Community just in and our still acquisitions they'll some discounts

So call portfolio what the and that. is we our growth referring our, Chris in nonacquired to

most so he pointed growth, And due is provisioning just of as the predominantly by out.

Matthew Clark

great. Okay, I that guess you expenses think just the trying exists a guess, that helpful, you X.X%, the again, for gave on And in charges? is on do then get mean the I that the how run million, guide, ratio, rate? to the overhead excess about $XX.X sense but merger which I excluding

Christopher Myers

-- I that. -- should below want should into the don't the I And this an we at to the this I think have to run normalized that X.XX%, be believe on to ongoing basis a Yes. that with that we of we we all metrics metrics, financial to -- on run that's that really we financial ratio, once company way or below company. get want get -- quarter in stuff. we those meet

models from forth, there. that go I'd if And So and or running -ish. so like it just model in at and X.XX% something you're

a able to that's know do I you what, I might but little fair. be we better, think think

going expenses in some over $XX increased billion have in assets. We are going to

have our kinds And demands and things some -- on AML we all and of -- have and different CECL it's to that's of do. we greater BSA

So build got be there. that some a going little bit staffing is to I've to there up

the if lucky. be think want low-XX% XX% is I And under can us for -- to efficiency and fair do to I pretty don't to could a we we're that if I run company. close think so operating or we we be a ratio dip maybe little XX% number know I that, So a X.X%,

Matthew Clark

growth... And Okay, then on loan the great.

Christopher Myers

some I to thing, can say And reserve on the one on Matt, other I the reserve, talk too. want

X.XX% So was the with marked did Is loans at that we the the Bank, credit mark. right, Allen? remember, acquisition when Community we

Allen Nicholson

correct. That's

Christopher Myers

mark. credit X.XX% So

So feel that adequate. was we fully

-- kind that so for can present And if does better that, opportunities than we if future, that you do of will. income the us presents in

Matthew Clark

Yes.

more growth, Wanted share bit of to they a just a gains. quarter. then relative to you whether stronger quarter, business. and last for the this little And on were coming I sense loan Whether market funding to up existing out ability your was Okay. talked from? know customers, win advantage your get competitors coming maybe

Just curious that out or played if not?

Christopher Myers

really it last had had was did thought then. strong the when strong pipeline we really our the like, Yes, I strongest company a in we investor a -- call, we history.

take so pipeline. think out. We X.XX% good ended robust some. dairy I that's moderated It's quarter-over-quarter, just growing it then. was our like We have if a not still up loans you

So annualized X%. look little that, want to X% a the still It's you to where rate when at over we be below X%. of growth an that's at

because loan might our Bank more of And acclimated getting our runoff you However, gross We system. think all production runoff had was the I quarter. very quarters, fourth Community into loans next couple still quarter, the for the see in we're strong. more

those structure loans want little a may of we differently. Some bit to

Community or a think Bank expected go I the when may loans I structure credit as don't overall, you as you retain you diligenced as it. we differently, is Sometimes may not little bit those -- forward. them due

Citizens seeing and we So -- our concerns and have a we we any Business at that bank very there. we're execute. we're not Bank, certain way run I'm But in disciplined

next quarters, the we all the still loan forward, could to would that the that. be are making say, fits take but -- of fit scheme two we're because sure a credit want is very But of way in things, slight have going it a we suitable to not And headwind so terms overall, that's in doesn't something going net I growth then the if for at in to much us. it look

in reserves some I at the the ways kind other. and be of those each tailwind then would think X.XX% -- so offset it

Matthew Clark

Yes.

since might what you sense more to want think remixed want that how deal You've to balance maybe that off exist? quantify closed, Just the just from get guess run a quite of you could for to you and sheet I as bit a the might here? a follow-up much

Christopher Myers

the we I cost deposit where thought non-relationship gotten think be based. the to in On were deposit and side, forth so of want higher terms interest-bearing we've we to that

So we're pretty much there.

to will going and deposits, because to be of rates on we're and side which So disciplined we're we're challenging and forward, are we're all trying selling. things -- kinds service build -- rate very trying relationship those the

that we've So higher pretty -- much that extinguished I think much cost pretty -- we deposits the those. that are we've non-relationship,

On that that something the good so need not renew loan a side, want and there's credit through Community not underwriting. and very a forth think Overall, is Bank I cycle we in job did to lot here so this and forth. say we to

think as Business Citizens itself a their were we deposits as knew Bank's that in as coming deposits not in. strong portfolio but I

if And deposits funding we're you core so Bank the and loans reaping will, deposits, -- capacity of solid had. big excess right over Citizens where the tremendous Bank of that the now the benefits Business Community good efficiency is

whatever the let So best. non-relationship we be big the is just to And We for -- not is portion to biggest, is objective let going in. the margin higher portfolio up, is as is. go we knew or to be and that our now were trying are of were or deposits right. it deposits, to deposits pound of really interest XX% We we securities that that again, fund go cost why XX% XX% pound We've using knew some my net their ratio, loans. loan-to-deposit a we're it coming

can core that's run we organization and what we our ahead we efficiently when to it, just as do acquisition, on thought so tried we of track get a in run we're like figure can track filter Citizens getting can and we Bank we'd think right through historically. be And And quickly I can we little now. there, or where has of as out to. even been an it I Business be we're what part as And

Operator

Aaron today with will be Deer And + the questioner Sandler O'Neill next Partners.

Aaron Deer

Allen, the the if give quarter? accounting of in dollar could please the total amount you purchase accretion fourth

Allen Nicholson

is would that it accelerated probably in And but a non-GAAP about it the Aaron, for million. I was call tables million was Sure. in in to some, payoff unexpectedly was $X.X what $X.X quarter. our loans the earnings sense for early, accretion there

So going in be number their there But a forward, the earlier is than what loans to that maturities. that sense payoff you of as run will give going rate is. volatility

Aaron Deer

Sure. for. No, I great. are you was two what interchange the exactly per expecting between that's revenue, to trying components. quarter? then looking third quarter, $X.X to the by I million differentiate That's was in that starting And about drop those still

Allen Nicholson

effective X. for They won't July be us

Christopher Myers

But it's not $X.X quarter, million million per it's $X.X per year.

So about $XXX,XXX a quarter. it's

Operator

[Operator next Tenner Gary will with be questioner Instructions]. And the Davidson. D.A.

Gary Tenner

for discount But, have could largely following got? credit deals up My is you've all discount questions the give the that you Allen, on been answered. question, the just us what aggregate credit remaining

Allen Nicholson

my at front that now. of -- have I think me don't I in Gary,

happy to that call. we're after to the everyone send So out

Operator

will Instructions]. Stan [Operator questioner Walthausen Westhoff our next be Co. with And &

Stanley Westhoff

the you that that? maybe $X Was through or driving what that? Community of the find nonperforming to by about of talk some you wanted what that last Can million on over Bank you go as so or the increased some touch just was loan I there impaired about that here. something quarter like them from

Christopher Myers

Yes, let me give you some that. on numbers

talking So so and when we -- look forth. at about you're nonperformers

kind anything at end fourth nothing total large that there the million trend that of or just was seeing that's in the of quarter, -- that. Bank. any There's million is for loans of like $XX.X So Community the we're the under nonaccrual of $XX

SBA we've through this area a that I in is huge that we're make as we're We're seeing going and those loans Community about a side. the mostly as the pretty And nonaccrual. we're of putting there I those scrubbing did the We -- can. see them portfolio. looking of loans, a to as the sure softness. overall, is classifieds point than on the side resources think The bit credit. SBA are closely. in good we're at go X(a) a these only again, little lot really where And lot that any Bank Citizens of It's terms we at up Business on feel guarantees, was more softness not some I loans, but But number much of don't Bank guarantees. that math XX%

Stanley Westhoff

makes of about mean, hesitation that? customers? That there on nonsense on in expand, guys hearing you take your they going -- want a got you And are and any What to think Washington lot by what do customers your is more Okay. you've sense. from credit? I just where then

Christopher Myers

look media, because the me Good I But question. to get get that you and I do it's and down have probably down And a the saying you paper, how month got sit amazing is you customer do their the And and this sit at -- is. table you jittery. you XX% you and I pick and nervous we business And are we X from around them them or of different business lunches with that good. customers offices. X ask up with

about the numbers we Our not are last in and feel solid, good changed and a are year. where forth really on. we that so And has so lot

are importing affecting prolific bit as of we the this. so But not the that all it I be of that talk from that So is hear little a rhetoric product few far. We thought all did and might hear a our Asia. tariffs customers were as

them there's And everyday the still the thing more we're mean bit optimism base. I to reading media causes and overall, papers. looking conservative. same -- it they're So But of within little client and the be lot doing a doing at a our

Operator

Instructions]. [Operator

Christopher Myers

talent. people is think, the we've we to people at from of Citizens a quality three of talked with our think acquired of merger And as people, pleased lot I've Business one wanted that we've that added that haven't talented of Community people to Bank senior I add, to and things Bank. I been team very synergies Community combine talented this the with real of lot members a about And I is the were One Bank senior our former well. leadership leadership

wholesalers, do, businesses, well well this hands that. work of this, territories And we are was still so love what on of the merger. we distributors, your dirty -- clients, on this really tremendous numbers -- get the There's really that's types a lot there manufacturers, The synergies. work

level. customers, the We much management I lot have But really too. pretty to I And a and for haven't Bank being sell them is people big have talent some helped and wealth to former forward. that pipeline the starting about the our to the services of and one a want have that a by joined And is more their company build clients. pipeline good going thing we're side their good us commitment we products of CitizensTrust side, thank talked Community they on are part to

said, it's and putting together. really seeing teams fruition. think seeing So it's all-star I in numbers, we're that's coming that them we're two I in the to marketplace. And And we're -- the that

competitor. a We out took also

say this of the thing side funds and gone it's that. complain guys, people complain outpricing the sales has when blah, things. So boy, and about are blah, -- I on is, cost my that's us of ask tremendously. margin nature I I how think to our say, always then will hey, loan One I'm That lower. -- is blah, two down everybody And

because our cost the is keep out some is backyard their of And now higher. competitor higher and that team. in funds is our competition right rates then the of piece a having that took competitor is on So of second we to

good positive far now excited and the I strategic merger, forward, I'm feel done about about third So you sit And our we position part, what so the we've people I is tell from very of that with going and that. the part, both part. It's right can where the stuff. financial piece the that

Operator

be to appears time. questioners at there no this And

I to your the back give comments. floor Mr. closing will So Myers,

Christopher Myers

everybody you We Have your Thank for you speaking thank us appreciate forward look this you for very listening. interest And again earnings joining thank want to quarter. a day much. for I first and with again and XXXX to quarter very Yes. call. of also great April much in the

Operator

Thank The now you for today's attending conference presentation. has concluded. all

now may You disconnect lines. your

CVB Financial (CVBF) 24 Jan 192018 Q4 Earnings call transcript