CVBF - Earnings call transcript Q2 2020

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Operator

Good morning, ladies and gentlemen. And welcome to the Second Quarter of 2020 CVB Financial Corporation and its Subsidiary Citizens Business Bank Earnings Conference Call. My name is Nick and I’ll be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer period. event recorded. this that note is being Please I’ll your host to turn over to the presentation for now like today's call, Ms. Carrabino. Christina ahead. go Please

Christina Carrabino

Thank our morning, us good second you, you XXXX. Nick, joining for quarter everyone. of today results financial Thank review for the to and

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

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

company's position. partners on of customers on pandemic. ultimate including results our of Reform on the depend pandemic. be Safe are and and actions and development, Harbor business and which scope let we duration get These remind Before Litigation among expectations The may conference today's contained will in future future call relate the industry The statements our include started, other significantly provisions and highly claim statements. risks, operating results me forward-looking Securities impact authorities industry predicted, our and financial business you current the and plans, that The these protection uncertain our events the impact the Such and Act that the some future things, activities materially to, risks of economy, may will may trends taken other and cannot the speakers the forward-looking expectations. company's Among affect prospects. statements pandemic and to call affect involve results response COVID-XX government by the on uncertainties, differ from this business XXXX. banking in the ongoing and the financial Private

item and the the Please and of the actual therein. company's in on Report For XA, the December set may statements. materially for differ Annual XX, year information uncertainties a in cause more Form see particular from Risk our ended forward-looking Factors XXXX complete that discussion forth to XX-K results risks

will turn call to the Dave over Brager. I Dave? Now

Dave Brager

you for Christina, second Thank you, and our on again quarter. good call the us investor joining and thank everyone, morning, for

quarter As and COVID-XX we economic effects the safety pandemic Bank closure and in the widespread services through stay-at-home our financial industry, yesterday distancing announced impact afternoon, measures health social Citizens in including California. effects orders earnings orders, impacts and broadly of the release continue second Business that the to of the require business the

business quarter report manage reported share, pandemic, XXXrd Before continue we profitability. more of for $X.XX XXXX and the second second consecutive of quarter to provide represented which this impact our $XX.X XXXX on or results. we to our financial Yesterday, details the will quarter of per million I and to on plan earnings we on how our Allen net

XXXX, consecutive quarter dividend an We of also share second quarter the to $X.XX declared a represented paying for our XXXrd shareholders. cash dividend of per which our

the we per earnings months ended XXXX. and of the Our of XX, quarter, six-month year share million, $XX.X second months were for of compared quarter. $X.XX for first earned for period first period with year compared same quarter first for $X.XX six in million $X.XX of the for six XXXX, XXXX, Through million $XXX.X Diluted $X.XX the quarter. with $XX.X with compares ago $XX $XX.X $X.XX the the Earnings million June XXXX. share for net the with for the XXXX, of the ago compares earnings per and first million for quarter

loss the fee million in recorded income interest XXXX. quarter of $XX XXXX second a loss of resulting $X a approximately $X million and in million in than income a Our the second deterioration and was the prior higher We originated the in quarter loss quarter which lower the $XX.X $X.X credit loan loan we million pre-tax our XXXX. the quarter quarter, billion We provision of of of second the SBA's than credit quarter under Program $X.X provision of and the the had Paycheck during first second of the In million of second million for quarter pre-provision of provision million primarily $XX.X comparison, was Protection result XXXX. provision quarter $X.X XXXX. to further in a forecast economy our due second The pandemic. in for additional the was of

forecast discuss in in our call. more economic detail will We later this

$XX.X our were compared $X.X $X.X for billion, maintaining agreements with had June customers our loans prior deposit compared the XX, and billion deposits second PPP deposits and June deposits total XXXX, Average for March our XXXX for year Non-interest-bearing XX% XXXX, of discuss growth liquidity. XX, ago. billion and $X.X year the quarter the and for $X.X I year billion ago $X were were quarter, period quarter proceeds would Now, at totaled $X.X $X.X and repurchase a for the both deposits second prior second At and due customer total XX% of the ago quarter, the quarter At We billion billion of and same from prior billion non-interest-bearing approximately the XXXX, end at quarter. deposits the XX, the the for billion non-interest-bearing significant like for quarter. year of greater ago $X.X to to with the loans. compared billion, deposits our billion compared quarter. $X.X with quarter with primarily for

grew of billion or quarter from billion, average repurchase and customer second deposits Our $XX.X the the first quarter. agreements for XX% by $X.X total

or by quarter. of of the PPP to moving first increased $XXX $X.X end on Now loans. including Total the loans million, XX.X% from billion loans

June loans but by $XX PPP loans. over end total loans to loan when XXXX. million, to over This the million in commitments March and utilization across prior compared prior XX, June generally was by total $XXX June XX, unused end. quarter balances reduction at are a approximately approximately all the by million, of quarter. real March declined from Excluding overall million million XX% the line X% XXXX The estate from increased C&I compared rate year. million by excluded, total loans, $XXX loans to first year with impacted $XXX loans Compared increased the at or the XX segments. the The XX the $XXX first increased loan XXXX, by including Commercial $XXX declined quarter higher, XX% a $XXX for Average with $XXX ago XXXX loans in were decline increased second quarter. decrease by million, XX, bank's usage decreased million, the quarter in loans and were line from loans PPP C&I of by

quarter income loan interest recognized income in decline the year The loans by of $XXX.X additional of losses balance increase provision in $XXX.X average yields. result million. the was and from $XXX net an was fee income was for interest interest Net PPP first from quarter first net second had the for The primarily ago for net interest margin. offset income loans quarter the interest from XXXX, and million of quarter, the million lower in before first due from the decrease the with million $XXX.X During prior interest the quarter. income a declining compared PPP for credit year to

interest of compared Our X.XX% excluded X.XX% adjusted from margin of quarter, discount tax the interest PPP equivalent ago for the acquired for quarter. second on XXXX. and X.XX% prior X.XX% second and the X.XX% is the the the loans tax accretion equivalent XXXX, first X.X% quarter loans non-accrual for of net interest When with was down for net paid second for for year and quarter, quarter impact margin was quarter the the

the X.XX% during of quarter than quarter Federal was Our with X.X% XXXX, ago quarter by $X on X.XX% of the the acquired impacted second at quarter. primarily in in net impact This rate discount Federal Reserve's interest were income the of yields and decline compared for that the to margin XXXX was for decreases Loan resulted year the accretion excess the Reserve. loans. for average liquidity first second for due the negatively deposited billion decline and more

were impact second paid XXXX. to for loan of yields points of lower basis quarter non-accrual the first of income basis Excluding the loans, the interest the accretion XX PPP lower first discount XX than XXXX purchase related points interest quarter quarter, X.XX% than and and

and customer XX agreements funds basis repurchase and the of for quarter total deposits were our second of cost points. points cost was Our XX basis

from cost by points eight basis Our and the second the basis quarter, prior from funds last of year. of points XX declined quarter

on for the to non-interest with second and Non-interest Now, $XX.X quarter, ago for the million prior moving was year quarter million million for XXXX, $XX.X of the quarter. $XX.X income. compared income

last Bakersfield. buildings of quarter $X.X of included the eminent our domain year, from settlement an center The gain legal million in net located a action on one of banking second

and the income fee swap higher the quarter, which the current of levels $X.X both million, of XXXX. we quarter was second than million record generated quarter $X.X During of prior

million the was quarter. with expenses. Now million and and year benefit for Non-interest $XX.X the the for the ago X,XXX compared million XXXX quarter approximately first quarter payroll-related quarter in by origination origination than for first $X.X $XX.X tax of to XXXX, Compared salary more with expense the of to second PPP of $XX.X included million, million costs expenses, $X.X expense of primarily timing which declined due million $X.X related, loans. and higher the loan deferred

the assets second The X.XX% second and quarter first the quarter second with included to X.XX% the the totaled XXXX. acquisition X.XX% Community expense related Bank compared million in expense quarter for XXXX $X.X Non-interest quarter of average merger. for of for of

for the the of ratio compared XXXX. of XXXX second XX.XX% XX.XX% XX.XX% quarter the efficiency Our with was second quarter for quarter and for prior

non-accrual other and $XX.X real the metrics. quality prior XXXX. as were asset for our million June at $XX.X quarter compared assets to turning million plus end, quarter estate loans million XX, defined non-performing Now, owned At with $XX.X

$X.X we $X.X million, million, days XX, quarter. At delinquent XXXX. at OREO prior a same XXXX, XX, with second $XX.X loans compared the $X.X from $X.X Classified XXXX, the had loans June million quarter. to we of quarter XX, June had XX prior days of increase for of were XX as March million the As million the

of granted available quarter detailed primarily and interest $X.XX June XX, granted rated. a of to customers important only retail XX% XX, June loans at XX, more will trade These XX% loans XXXX. commercial X% the industries loans. real loans At our billion. received of these these classified were deferment loans We XX-Q. of on of to loans properties our estate these rate, loans March will principal loan that, XXXX. our payment origination, retail represented in in customers of It's for of recreation At now loans XX%. XXXX and with loans in effective I to deferments retail amount Nicholson capital loan approximately our X% days note information portfolio were deferrals, to on Commercial were XX% in Form comprised have restaurant, the Allen? have to on for prior levels and pass with C&I Only to Allen and CRE the allowance, second July X% values call averaging turn loans Through of XX second discuss were tax underwritten loans our primarily commercial approximately and we were entertainment being originated XX% May. the liquidity. deferments between of properties hotel, to over the temporary the and our

Allen Nicholson

Thanks, everyone. Good Dave. morning,

XX.XX% effective was quarter quarter. second quarter to for for ago of tax the for XX% year XXXX Our and the the rate first XX.XX% compared

rate tax year-to-date effective Our was XX%.

entire recorded due losses to allowance losses quarter additional of a and balance. second X.XX% charge-offs the loans. or the the in was in result credit forecasting million second reserve million $XX Including first the of second amount $XX.X the quarter, our when greater activity in quarter. losses for $X.X $XX of We quarter, $XXX,XXX allowance loan our represents Our excluding as a exceeds in in net our decline million that PPP credit of the XXXX provision an an million pandemic. for recorded total credit ending during for billion loans economic This $XX of increased classified

by Our economic forecast Moody's. multiple produced forecasts blend is of a

declining to GDP to GDP and downside the XXXX Moody's rebounding GDP COVID-XX the the of in but by X.X% XXXX, state at of X% is economy, XX% rate cases will quarter to largest our be elevated reopening forecast a quarter. have Unemployment number bank increase rising at with U.S. and have year and on increased the in California the through forecast XXXX. second the less the weighting the strong XXXX. our in a before in X% by economic XX% The in backtracking continues growth to forecasted the full is in been on level declined XX% XXXX forecasted X.X%. to continues stay of to third X% decrease approximately quarter than scenario. models an in forecast baseline in weighting second With assumes

our Now, turning capital to position.

shareholders' months, stock The market other decrease of in the available-for-sale securities. $XX in by six quarter first and offset due $XX billion. million net tax-affected $XX.X from to $X.XX increase of million in $XX.X the in $XX.X was For million million decreased of equity to and the by cash income during dividends, the comprehensive primarily first repurchases impact million increase earnings value

position continues capital be strong. to overall very Our

capital ratio Our above tangible one capital At was regulatory well XX.X% risk-based of our was ratio ratio considered second capitalized. XX%. capital ratios are common equity be June equity at was common our quarter end XX, X.X% and the Tier and requirements total well the to our regulatory

of liquidity. combined liquid of highly billion on we of quarter remarks. available we million We exceeding securities pledge portfolio entirely million will and decrease funded balance availability for excess June Federal sale securities. available funds totaled security portfolio well and call billion, X.X%. the XX, significant $X government quarter At XXXX, end started June had of $X.X Reserve. of positioned pretax Dave million decrease deposits that turn quarter. off-balance quarter deposit from These from end, the comprised billion. mortgage-backed with almost highly totaled the expected the mortgage-backed is the unrealized deploy we of This gain a which $XX core by some sub $XX debt in investment a At our I end most sources has XX, some and had from lines is $XX.X interest held-to-maturity $X.XX second of are primarily the liquid the XX, loans. At available-for-sale XXXX $XX.X at At first to into billion quarter, sheet zero had in yield million XXXX. the of end, a securities also with June purchases of investment $XXX to $XX sheet securities approximately million The secured and closing The at agency back the a At to securities credit of $X.X are advances FHLB. totaling million. now bank for

Dave Brager

Thank you, Allen.

discussed, we succeed well earnings, As excellent our that to Allen bank I and believe solid consistent strong with remains capital, positioned credit and liquidity.

attributes and people, customers variety the source continue continue we've Through cost-effective organization values stable and and our guided will economic us our through of financial cycles of for times on strength, and and a key our communities, and Bank communities customers, a performer. focus, associates economic able core to create focus during that consistent our and a These operation fun, history Business over been our services our will have challenging forward they core for our having been enduring to to XX-year shareholders. drive for cycles value many future. make have We superior of values high customer Citizens we the our five financial

communities to We pandemic. navigate to as through will seek the support we continue the we current customers serve and

specifically lending discussed assisting time program. organization lender communities would needed housing been I Program through including organizations in crime customers and are services this have like Paycheck our and largest turning impacted for we most which assisting to poverty its neighborhoods of as charitable an one particularly over times this. This Reserve's Street like donations need $X.X Protection one by dedicated to registering pandemic programs, Federal last during and Hope these eligible making Main and avenues this Housing, is through under affordable Bank to billion, nonprofit quarter, loans of As that at organizations around various the the supporting a developers providing those we difficult in during during Business the and is Citizens highlight country. the is negatively time: X,XXX

average to Hope with that Our health well-being partnered household donating residents bank maintain and non-perishable has over to services to items their assist food XXX Housing offer and through by seniors. senior

As respect we compassion a safe following respectful and others to our maintain environment, working treating safe part associates embracing pledge are to and and the committed values: of and a inclusive environment, with working diverse healthy environment. creating to a our and

all and and keep our committed period. the applicable is directives during to in following customers bank this Our an guidance, associates and safe regulations, to healthy effort

commitment to events Business view commitment the associates to continuing opportunities. in serve you proud open I program our our our months to Bank the executive a of team exceptionally of gratitude Board three we have addition, U.S., times. unprecedented report been to have this communities special and of award remains effort provided the recent In ensure associates. Citizens during career qualified across for want our and past happy and associates. for and award the that I'm growth occurring also our supported assured enthusiastically recently to our our team financial provide my customers thank and of helped over have these express We associates that I that to

in to financial and environment, second leave on to and reopening. quarter we We evolving be second with began overall national, full impacted. moving in XXXX, three in of as due are and of bolster the seeing reopening future. rolled operations continue disciplined positive business many into us transpire our of many positive by benefits just of continues times the credit. close a track second seeking recently COVID-XX many through the recovery half previously spike approach this reopening. conservative pandemic will the we that closing, governor We the managing focused uncertainty, and policies me, counties particularly to with as the and into during be -- to capital tend pandemic in outperformance, back long-term that the our reopening, banking case our presented record to hope excuse steps highlight phase our hospitalizations, curtail towards their economy of cases troubled California's of some our supportive and institutions continue to the that of started In historically businesses the what or of after will challenges signs As state businesses and Unfortunately, sharply the managing to all customers the move and economic to had to local as

opportunities protecting in our carefully support healthy and Our to manage loyalty, ongoing their closing, to trust. their In the presentation. focused manner selectively. our shareholder growth to on today's value, bank thank shareholders remains concludes and for stay That by and for strategy customers evaluate would a I disciplined like Please and continuing balanced and safe. continued

Allen and Now, that I have. be might to will take you happy questions any

Operator

question-and-answer Thank [Operator you. Jackie the question session. Instructions] Please, from of comes ahead. KBW. We’ll now First begin go Bohlen

Jackie Bohlen

morning, Hi. Good everyone.

Dave Brager

morning, Good Jackie.

Jackie Bohlen

interest question have just that XX $X.X on included if the see million was the Or a on had presentation. you to slide just related purely in the fees? that saw fees. the I I earned I the wanted to that if balances? And on PPP

Allen Nicholson

the That was just the recognition fees. of

Jackie Bohlen

Okay.

Allen Nicholson

So was the interest about million. itself $X.X

Jackie Bohlen

Okay.

Dave Brager

million, total that Jackie, we $X.X highlighted. The was

Jackie Bohlen

$X.X million. Okay.

Okay.

that. missed somehow I Sorry,

Dave Brager

That's all right.

Jackie Bohlen

internally the loans And your them? forgiveness expectations and then payoff you Okay. are these of of how modeling

Allen Nicholson

But quarterly estimating all things performs. up. the SBA term. most on But on the life months XX that We average. There's waiting have is average do that. we're XX XX-month But have had still term our that expect few that of Almost We're forgiveness. longer be than have set customers see our are is anxious months. we'll a monitor to how to going the a that it expectation to and them of very about

Jackie Bohlen

that is XX you're months structure And amortizing then XX and not over months? Okay. fee the --

Dave Brager

a at so yield level. effective loan an doing We're

Jackie Bohlen

Okay.

if see will If liquidity as deposits? to that step then this meaningful quarters? I just Thank Or Okay. pay remain in these off, about PPP on elevated? next the size. that thoughts you just difficult answer. loans your realize mean, more you're want very just get queue. declines in then couple is thinking one if to a But you'll balance over I and I And you. sheet of I'll customer think how question back

Dave Brager

Yes.

we were obviously mean, loan PPP like surprised. mean of we we a I So for time deposit. felt $X, got made $X every it I

is customers they've other that our first Most So I PPP on think funds daily higher of levels a believe that for round We liquidity. that I payroll monitor the spent are things. those and for maintaining most fungible. part The the money of really of basis. the

I some the to investment maintain people think liquidity in things there's wanting right slowdowns potentially some and -- now. and are

as it of to we the portion but slightly, believe a that in the bit will end through little year. also think opportunity hoping at we are modeling least decline I -- seen. still going invested securities absent funds But we've of and the are But loans to do through investing that's those it's to But remain we a elevated well. So excess first. be loan

Jackie Bohlen

Okay. step Great. Thank you. back. I'll

Dave Brager

Thanks.

Operator

you. Thank

Next Raymond question of comes from ahead. Please David Feaster James. go

David Feaster

everybody. morning, good Hey,

Dave Brager

Good morning, David.

Allen Nicholson

David. Hey,

David Feaster

that to on wanted you've redeferral with April. March that X% is deferrals early just we're low. of the most the mean, point got happening And extremely kind in rate. at crossing I and start read at I of

if high just you of this you seeing this curious that think trends in you're rates? on any realm? that stay is curious and the double-digit Just redeferral rate redeferral what Just actually we low expect could Or single with beginning? kind

Dave Brager

to actually the We remain a Yes. that were rate. good of numbers low. as anticipate And July It's Those X% XX, the quarter end. redeferral after were question. those

where want cases conversations And the asking first it, relatively round, have to if But on the However, to of to we're they strong We that the deferral credit the before. any is make them. there's don't if with for want our first customers the second going little thing it use a term issues. to and they're look the want really I'll -- be second And in to in on in did underlying that round a but we're bit understand able we're that. at harder deal. they this going for something we really were many we than return need doing as said thing we've we come one we one more sure round, stronger also or wanted as out to --

collateral, the we've has there the paydowns. X% taken been where for the structure. situations There's of additional some we've at first where ask looked on So

So one but can't to up. be I looking anticipate we're higher the believe I be -- will at will make it I individually. situations, there's different ultimately actual lower, it number remain end but than that where it a X%. guess been that every single just will on

David Feaster

then That's just of we into of heavy think we do And about lifting is guess I half Yes. more downgrades think in assuming most see fair. that the translates reserve that I reserve year? second do downgrades. forward largely I year? only more how come on builds large build? see following of kind that. forward, risk you up the we'll builds mean, redeferrals that additional rating guess, going get mean, done of probably the back reserve risk you going could the reserve in additional modest the that Or half more the might the rating and as I

David Brager

part downgrades. shows then impacted being to presentation, we investor classified. But it be. percentage what I that see But most know the credit on any what's to largely deferral is blanks. and slide. and that amounts Yes. in quarters deferred and interesting it's Allen going I'll for and don't It is industries, more the In on COVID driven in our the you been the extent go what we outlined We to an going shows first think let just the modeling. we're our some the forecast start fill I'll quarter, believe third in it's do by economic this two

standpoint credit more quarter better the think by and things I more quarter be the so third that stay forecast to the get fourth it's by going migration. to assuming are or driven economic that at from an And least be the driven same going

want to you So I Allen, don't that. if anything add know to

Allen Nicholson

only the rates forecast we impact I is point an would could migration, thing to the But more get some reflective have also the mitigating that The and builds. add increase is loss of economic not could credit decline future to see improvement our where Yes. modeling. you within if

Q –

XXX% just non-performers. as allowance losses I sorry classified And mean credit helpful. one of over I'm Allen XXX% thing. David, our our loans. quick mentioned That’s Okay. is our for of

David Brager

That's Yes. point. a good

Q –

I me. then last And one guess for

organic to going get loan thoughts forward. wanted Just growth your on

more the perspective payoffs of the a simply mentioned It largely was curious a elevated is this curious sales had box were decreasing you're How you're much You just there just for trends paydowns or heading and of quarter. versus what maybe where the decline to But down PPP the limited credit from maybe the expected. due than the seeing strategic tightening declining of that C&I bit utilization into utilization. or new outside ex you're seems seeing. as loans demand more asset next and of Just credit? like pipeline

David Brager

Yes.

the loan XXXX. normally than first we gross we the you So tell We seeing we of this don't here. six produced demand, will demand. months loans But far lot loan did in months I actually more give are detail of as a that six as in XXXX first of

So prospects. active. still and we our demand customers from are We're seeing

priority have pandemic. But how do related seen the prepayments the the loans. environment. penalties be of to to also to that be Obviously, first able we've that's in recognized to the look heightened by quality about first at that grow because is that uncertainties six we in Our evidenced want this disciplined to We prepayment and months. we've very just we

we that If So we're loan estate that think a and look as are penalties first I our that's with quarter about commercial real we've refinances commercial dealing to maybe some I mean, XX% that to relationship. impact bit going you we're going interest on relationship But to transaction rates yields when at estate attractive self-funding where price. going see that's relationship you of little well. if sub-X.XX% somebody or can hard our loans their And the close those net a been to by deposits a relationship. second relationship on is self-funding on in related And in rates some not in the that's up loan really larger months. than in and for to and deposit loan have of XX-year is margin loan And prepayment us as the industry-type relationship, six their loans. we're with losing their there's philosophy from banks. the that at banks. compete compete can And see to that We're to year-over-year today, we're differently real first

compete. want the We've But to not on produced back loans. want we we're we're more We run-off end, loans. also relationships. to some grow seeing losing but So,

David Feaster

terrific. helpful. you. Okay, Thank That’s

Operator

of ahead. Next Please comes Tenner D.A. Gary question from Davidson. go

Gary Tenner

morning. Good Thanks.

Dave Brager

Good morning, Gary.

Gary Tenner

this on Just the obviously at point. on wanted follow-up X%, the second deferral to the deferrals,

In July terms or point the original kind or end August? actually end sorry the of terms in expire of XX, would of I'm Is in of the of June -- remainder, XX days? July where the of what's remainder the by actually, XX the that time as broadly those

Dave Brager

Yeah.

of obviously would were have almost April done that that March So, in ones I'd say are that in the the process, The think ones where probably more were But better have end they a point that to that expired. looks the be expired. I complete -- where by end what as like. the have will of we'll the kind July, than second much really of August deferment of far idea as be

there. of to game we So have a play little bit

don't X% higher. that is higher. I that's suggested know that number number, much why going just So I be to that how

Gary Tenner

excess terms of in the then, And of quarter at mentioned liquidity think investment, $XXX you the million I invested great. Okay, end.

where the your not level of the growth grow does loans. you that the of point securities comfort if in speaking, taking Generally investment do the incremental to is terms able be the half obviously, materialize, in into think year loan Your the back portfolio? preference will

Allen Nicholson

liquidity far want do find will a the portfolio daily it on that but a it somewhat But, into opportunities. cash market quarter, out monitoring, we bonds. in comes Certainly, through. of on $XXX than the invest Gary, But, it portfolio, of probably will million I Dave we're and if on and flow bond basis. appropriate reinvest to depend said, back the We can somewhat plan the very investing we as opportunities. depend the we amount look closely. more on the We look as think to fair will

Gary Tenner

Thanks. you. Thank

Operator

ahead. go Mr. back no to time, there this At more Please like the Instructions] call I'd to [Operator now are turn over questions. Brager.

Dave Brager

you. you everybody forward in day. joining Allen thank for for third Please Great, you and earnings your great thank I speaking any quarter know October to Stay safe, We want call. this XXXX a you listening. I if questions. and thank us look our let and have for interest appreciate with to Have quarter.

Operator

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

You disconnect. may now

CVB Financial (CVBF) 23 Jul 202020 Q2 Earnings call transcript