Q3 2025 CVB Financial Corp Earnings Call
Speaker #2: One . Good morning , ladies and gentlemen , and welcome to the third quarter of 2025 . CVB FINANCIAL CORP Corporation and its subsidiary , Citizens Business Bank .
Speaker #2: Earnings conference call . My name is Sheri , and I'm your operator for today . At this time , all participants are in a listen only mode .
Speaker #2: Later , we will conduct a question and answer period . Please note this call is being recorded . I would now like to turn the presentation over to your host for today's call .
Speaker #2: Alan Nicholson , Executive Vice President and Chief Financial Officer . You may proceed .
Speaker #3: Thank you , Sherry , and good morning , everyone . Thank you for joining us today to review our financial results for the third quarter of 2025 .
Speaker #3: Joining me this morning is David Brager President and Chief Executive Officer . Our comments today will refer to the financial information that was included in the earnings announcement released yesterday .
Speaker #3: To obtain a copy , please visit our website at . Bank.com and click on the investors tab . The speakers on this call claim the protection of the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995 .
Speaker #3: For a more complete discussion of the risks and uncertainties that may cause actual results to differ materially from our forward looking statements , please see the company's annual Report on Form 10-K for the year ended December 31st , 2024 and in particular , the information set forth in item one , a Risk factors therein .
Speaker #3: For a more complete version of the company's safe Harbor disclosure , please see the company's earnings release issued in connection with this call .
Speaker #3: I will now turn the call over to David Brager. Thank you, Alan.
Speaker #4: Good morning everyone . For the third quarter of 2025 , we reported net earnings of $52.6 million , or $0.38 per share , representing our 194th consecutive quarter of profitability , which equates to more than 48 years of consecutive quarters of profitability .
Speaker #4: We previously declared a $0.20 per share dividend for the third quarter of 2025 , representing our 144th consecutive quarter of paying a cash dividend to our shareholders .
Speaker #4: We produced a return on average tangible common equity of 14.11% and a return on average assets of 1.35% for the third quarter of 2025 .
Speaker #4: Our net earnings of $52.6 million , or $0.38 per share , compares with $50.6 million for the second quarter of 2025 , or $0.37 per share , and $51.2 million , or $0.37 per share , for the prior year quarter .
Speaker #4: The $2 million quarter over quarter increase in net income was primarily the result of growth in net interest income of $4 million . That was partially offset by a $1.5 million increase in provision for credit losses and unfunded loan commitments .
Speaker #4: Pre-tax pre-provision income in the third quarter of 2025 was $70 million , an increase of $1.2 million , or 2% , compared to the second quarter of 2025 and $2.4 million , or 3.5% higher , compared to the third quarter of 2020 .
Speaker #4: For . During the third quarter of 2025 , we received a $6 million legal settlement , which was more than offset by an $8.2 million loss on the sale of $65 million of low yielding AFS securities that were reinvested at yields of approximately 5% .
Speaker #4: The growth in Ppnr over the third quarter of last year was the net result of a $2 million increase in net interest income and a $1.5 million decrease in operating expenses that were partially offset by a $1.25 million increase in provision for unfunded commitments .
Speaker #4: Net interest income for the third quarter of 2025 was $4 million, higher than the prior quarter and $2 million higher than the third quarter of 2020.
Speaker #4: Four . Our average earning assets grew by $315 million between the second and third quarters of 2025 , and our net interest margin increased from 3.31% to 3.33% .
Speaker #4: As a result of our deleveraging strategy that was executed during the second half of 2024 . Our earning assets declined by $1.1 billion from the prior year quarter , while our net interest margin increased by 28 basis points from 3.05 in the third quarter of 2024 .
Speaker #4: Non-interest income was $13 million in the third quarter , which was $1.7 million lower than the second quarter . Excluding the legal settlement and loss of sale , loss on sale of AFS , third quarter non-interest income increased by $260,000 from the prior quarter , driven primarily by higher trust and investment service fee income .
Speaker #4: Non-interest expense was $58.6 million in the third quarter , which was $1 million higher than the second quarter of 2025 . Our efficiency ratio remained at 45.6% in the third quarter , at September 30th , 2025 , our total deposits and customer repurchase agreements totaled $12.6 billion , a $170 million increase from June 30th , 2025 , and a $108 million higher than September 30th , 2020 .
Speaker #4: For the quarter , over quarter growth was driven by growth in money market and customer repurchase balances . The year over year growth was net of a $100 million decrease in time deposits .
Speaker #4: Our non-interest bearing deposits grew by $108 million compared to the third quarter of 2024, while interest-bearing non-maturity deposits and customer repos grew by an additional $100 million on average.
Speaker #4: Non-interest bearing deposits were 59.8% of total deposits for the third quarter of 2025 , compared to 59.1% for the third quarter of 2020 .
Speaker #4: For . Our cost of deposits and repos was 90 basis points for the third quarter , compared to 87 basis points in the second quarter of 2025 and 101 basis points for the year ago quarter .
Speaker #4: Now , let's discuss loans . Total loans of September 30th , 2025 were $8.47 billion , a $112 million , or 5% annualized increase from the end of the second quarter of 2025 .
Speaker #4: The quarter over quarter increase in total loans was due to growth in nearly all loan categories . Loan growth was positively impacted by increases in line utilization for CNI and Darien Livestock lines of credit .
Speaker #4: A quarter over quarter increase of $27 million in CNI loans reflects an increase in line utilization from 26% at June 30th , 2025 to 28% at September 30th .
Speaker #4: In addition , dairy and livestock loans also grew by $47 million compared to the second quarter , driven by higher line utilization from 62% at the end of the second quarter to 64% at the end of the third quarter .
Speaker #4: Aggregate agribusiness loans grew by $12 million, while commercial real estate and construction loans grew by $18 million and $12 million, respectively.
Speaker #4: From the end of the second quarter, total loans decreased by $66 million from the end of 2024, driven by dairy and livestock loans declining by $139 million.
Speaker #4: As these lines experienced their seasonal high utilization at calendar year end , excluding small declines in SBA and municipal loans , as well as decreases in dairy and livestock loans , our loans grew by $85 million from the end of 2024 .
Speaker #4: We've experienced an increase in loan originations, and our loan pipelines remain strong, although rate competition for the quality of loans we focus on has continued to be intense.
Speaker #4: Loan originations in the third quarter of 2025 were approximately 55% higher than the third quarter of 2024 , and year to date loan originations have been 57% higher than the same period in 2024 .
Speaker #4: We have averaged yields of approximately 6.5% on new loan originations during 2025 , but the third quarter average was lower at about 6.25% .
Speaker #4: We experienced $333,000 of net recoveries for the third quarter of 2025 , compared to $249,000 in net charge offs in the second quarter .
Speaker #4: Total nonperforming and delinquent loans decreased by $1.5 million to $28.5 million at September 30th , 2025 . Nonperforming and delinquent loans were $24.8 million , lower than the $53.3 million at the end of the third quarter of 2024 .
Speaker #4: Subsequent to the close of the third quarter , a $20 million non-performing loan was paid in full , paid off in full . The sale of the building collateralizing this loan resulted in the bank receiving all principal at approximately $3 million of interest , which will be included in interest income in the fourth quarter of 2025 .
Speaker #4: Classified loans were $78.2 million at September 30th , 2020 . Five , compared to $73.4 million at June 30th , 2025 , and $89.5 million at December 31st , 2024 .
Speaker #4: Classified loans as a percentage of total loans was 0.9% at September 30th, 2025. I will now turn the call over to Alan to further discuss additional aspects of our balance sheet and our net interest income, or, sorry, net interest income.
Speaker #3: Thanks , Dave . Net interest income was $115.6 million in the third quarter of 2025 . This compares to $111.6 million in the second quarter of 2025 , and $113.6 million in the third quarter of 2020 for .
Speaker #3: Interest income was $150.1 million in the third quarter of 2025 , compared to $144.2 million in the second quarter and $165.8 million in the third quarter of last year .
Speaker #3: Average earning assets increased by $315 million in the third quarter compared to the second quarter, and the earning asset yield increased from 4.28% to 4.32%, compared to the third quarter of 2024.
Speaker #3: Earning assets decreased by $1.1 billion , and the earning asset yield declined by 11 basis points . Interest expense was $34.5 million in the third quarter , and $32.6 million in the second quarter of 2025 .
Speaker #3: Our cost of funds increased from 1.03% for the second quarter of 2025 to 1.05% in the third quarter of 2025. The average balances of interest-bearing deposits and repos increased by $217 million over the prior quarter.
Speaker #3: Interest expense decreased from the third quarter of 2024 by $17.6 million , primarily due to a $1.23 billion decline in average borrowings that resulted in approximately a $15 million decline in interest expense .
Speaker #3: Interest-bearing deposits and customer repos increased by $53 million over the third quarter of 2024, while the total cost of deposits and repos decreased by 11 basis points.
Speaker #3: With this reduction in borrowings and lower cost of deposits, our cost of funds decreased by 41 basis points from the third quarter of last year.
Speaker #3: Our allowance for credit loss was $79 million at September 30th , 2025 , or 0.9 4% of gross loans in comparison , our allowance for credit losses at June 30th , 2025 was $78 million , or 0.9 3% of gross loans .
Speaker #3: The increase in the ACL resulted from $1 million provision for credit loss and net recoveries of $333,000 . Our economic forecast continues to be a blend of multiple forecasts produced by Moody's .
Speaker #3: We continue to have the largest individual scenario waiting on Moody's baseline forecast , with both upside and downside risks weighted among multiple forecasts .
Speaker #3: The resulting economic forecast is September 30th , 2025 was modestly different from our forecast at the end of the second quarter of 2025 .
Speaker #3: The comparative change from the previous economic forecast reflects lower GDP growth, a slightly lower unemployment rate, and lower commercial real estate prices.
Speaker #3: Real GDP is forecasted to stay below 1.5% until the end of 2027 , and not reached 2% until 2028 . The unemployment rate is forecasted to reach 5% by the beginning of 2026 , and remain above 5% through 2028 .
Speaker #3: Commercial real estate prices are forecasted to continue their decline through the second quarter of 2026 , before experiencing growth through 2028 . Switching to our investment portfolio available for sale or AFS investment securities were $2.58 billion at September 30th , 2025 .
Speaker #3: During the third quarter , we sold $65 million of securities with an average yield of 1.3% . Realizing an $8.2 million loss , and purchased $214 million of new securities at an average book yield of 5% .
Speaker #3: The unrealized loss on AFS securities decreased by $31.6 million , from $364 million at June 30th , 2025 , to $334 million on September 30th , 2025 .
Speaker #3: The net after tax impact of changes in both the fair value of our AFS securities and or derivatives resulted in a $20 million increase in other comprehensive income for the third quarter .
Speaker #3: Our held to maturity investments totaled $2.3 billion . At September 30th , 2025 , which is $82 million lower than the balance at December 31st , 2024 .
Speaker #3: Now , turning to the capital position at September 30th , 2025 , our shareholders equity was $2.28 billion , a $42 million increase from the end of June 2025 , including the $20 million increase in other comprehensive income .
Speaker #3: There were 290,000 shares repurchased during the third quarter of 2025 , at an average price of $20.35 . Year to date , we have repurchased 2.4 million shares at an average share price of $18.43 .
Speaker #3: The company's tangible common equity ratio was 10.1% at September 30th , 2025 , while our common equity tier one capital ratio was 16.3% and our total risk based capital ratio was 17.1% .
Speaker #3: I'll now turn the call back to Dave for further discussion of our expenses .
Speaker #4: Thank you . Allan . Non-interest expense for the third quarter of 2025 was $58.6 million , compared to $57.6 million in the second quarter of 2025 and $58.8 million in the third quarter of 2020 .
Speaker #4: For the third quarter of 2025 included a $500,000 provision for off balance sheet reserves . Excluding this $500,000 provision , operating expenses grew by $500,000 over the second quarter of 2025 .
Speaker #4: This growth in operating expense was due to an $877,000 increase in salary and benefits from our annual mid-year salary increases , non-interest expense , including the provision for unfunded loan commitments , decreased from the third quarter of 2024 by approximately $1.5 million .
Speaker #4: Almost all expense categories declined , led by a $770,000 decrease in salary and benefit expense . We also experienced a $430,000 decrease in legal expense and a $380,000 decline in occupancy and equipment expense .
Speaker #4: One area of expense growth is continued is our continued investment in technology , infrastructure and automation , which resulted in $440,000 , or 11% growth in software expense from the third quarter of 2020 .
Speaker #4: For noninterest expense totaled 1.5% . As a percentage of average assets in the third quarter of 2025 , compared to 1.52% for the second quarter of 2025 and 1.40 for the third quarter of 2024 .
Speaker #4: This concludes today's presentation . Now , Allen and I will be happy to take any questions that you might have .
Speaker #2: Thank you . To ask a question , please press star one one on your telephone and wait for your name to be announced .
Speaker #2: To withdraw your question , press star one one again . Due to time restraints , we ask that you please limit yourself to one question and one follow up question .
Speaker #2: Please stand by while we compile the Q&A roster . And our first question will come from the line of Matthew Clark with Piper Sandler .
Speaker #2: Your line is open .
Speaker #5: Hey , good morning , David Allen .
Speaker #6: Good morning .
Speaker #5: On your interest bearing deposit costs up a few basis points this quarter cause your your beta cycle to date to slow a little bit to 28% .
Speaker #5: How should we think about the beta kind of through the cycle from here . And maybe remind us what portion of your deposit base do you feel like you can , you know , be more aggressive with ?
Speaker #4: Yeah . So obviously that rate , that last rate cut was towards the end of the third quarter . So we didn't get the benefit of the the big benefit of what we did and had a little bit to do with some of the mix of individual accounts .
Speaker #4: In our repurchase agreement . Sweep one of our largest depositors , had built his deposits pretty , pretty good . But we did reduce every rate , every money market rate and repo rate over 1.25% .
Speaker #4: We reduced by a full 25 basis points the day after the fed moved . So , you know , we're just trying to match that off .
Speaker #4: Obviously it doesn't you know it depends a little bit on the mix between some of the the higher paying ones and the lower paying ones .
Speaker #4: It's still got reduced . But at the end of the day our plan is to continue to , you know , match whatever the fed funds decreases with decreases in money market rates over 1% .
Speaker #4: Do you have anything to add to that, Alan?
Speaker #3: No . I mean , I think , you know , there's a small portion , obviously , of our our deposit base that has higher yields than , you know , there was a little bit of a increase relative to the rest of the deposits in the quarter .
Speaker #3: But but as Dave said , we'll be reducing the all of them as the market as the fed goes down .
Speaker #5: Okay , great . Since we're limited to two , I'm just going to jump to M&A . Any updated any any increase in dialogue there on the M&A front , I guess where do we stand ?
Speaker #6: Yeah , a lot of dialogue . Not a lot .
Speaker #4: Not a lot has happened yet . You know I feel a little bit like Allen Iverson on the practice thing . You know we just keep practicing .
Speaker #4: But we're continuing conversations . I still believe that , you know the dam is going to break here . But at this point there's not anything imminent .
Speaker #4: And we're still having conversations . I will say one thing we did in the third quarter , and it was in our investor presentation .
Speaker #4: Excuse me, subsequent to the third quarter, we did hire a team of four bankers from City National Bank, and we're opening a de novo office in the Temecula-Murrieta area.
Speaker #4: They actually started yesterday . So we're excited about that . We feel like we got four really great bankers and they all came from sort of different parts of city National , but they all live in that area .
Speaker #4: And so we're going to open a presence there . So we're excited about that . And we'll see how they do as we go forward .
Speaker #4: But at the end of the day , we're going to keep looking to bring the right bankers and or the right opportunities from an M&A perspective .
Speaker #5: Okay, great. Thank you.
Speaker #2: Thank you. One moment for our next question. And that will come from the line of Andrew Terrell with Stephens. Your line is open.
Speaker #7: Hey good morning .
Speaker #4: Good morning .
Speaker #7: I wanted to start just on loan growth . You guys had a had a really good quarter Dave . It sounded like in your prepared remarks , you know , obviously originations are up a lot this year .
Speaker #7: It sounds like the pipeline is still pretty strong . I just wanted to get I know you've got a seasonal benefit in the fourth quarter , but just expectations on on loan growth , you know , over the near term .
Speaker #7: Do you think you can continue at this mid-single-digit pace?
Speaker #4: Yeah , I you know , at the beginning of the year and pretty much for as long as I've been CEO , I've said kind of that low single digit growth .
Speaker #4: And I think we can still hit that for the year . The pipelines are still strong . You know , I , I feel pretty confident over the next quarter that , you know , that should continue .
Speaker #4: We'll see how it plays out . I mean , it's excluding the dairy obviously , because the dairy is the seasonal aspect of it , but we're still not back to our normal utilization rate .
Speaker #4: We still have a lot in the pipeline. We're seeing many opportunities and some larger opportunities as well. So I do feel confident the mid-single digits might be a little aggressive for the annualized, but I do think that we're in a good spot from that perspective.
Speaker #4: And , you know , we'll we'll see how it plays out . But I'm sticking to my low single digit growth rate for the year .
Speaker #7: Very good . I appreciate it . And I did want to ask about you referenced just pricing competition in the market . And sounds like your new origination yields came down a little bit this quarter .
Speaker #7: Relative to the first half of the year . And rates have obviously come come down so that that'll influence it . But I'm curious , are you are you willing to be a little more competitive on on the pricing front now just given where the market's at today or have your has your approach to to new loan pricing ?
Speaker #7: Not really changed much .
Speaker #4: Yeah. I mean, look, we're always willing to compete on price for the right relationship. So, you know, that's something we've had to do.
Speaker #4: And I think that's what part of the reason why we've continued to see opportunities on the on the loan front . But yeah , it's it is aggressive .
Speaker #4: I mean , I , I just saw a deal . It was this was a pretty large equipment deal . But it had a four handle that we were competing with a large bank on .
Speaker #4: So people are out there pretty aggressively . And you know , we're trying to hold the line as best we can . But we are definitely willing to compete on price as long as the credit quality is where we want it to be .
Speaker #7: Understood . Thanks for taking my questions .
Speaker #8: Of course .
Speaker #2: Thank you . One moment for our next question . And that will come from the line of Gary Tenner with D.A. Davidson . Your line is open .
Speaker #9: Thanks . Good morning .
Speaker #4: Good morning .
Speaker #9: I wanted to ask about the loan side. It looks like you had a slightly earlier than typical increase in dairy and livestock line utilization.
Speaker #9: So just as we're thinking about the fourth quarter and what's usually pretty large spike there . Is that spike muted a bit because you had some drawdown here in the third quarter ?
Speaker #4: No , we actually brought on two new dairy relationships in the third quarter . So that impacted it as well . You know it's interesting at the beginning of the year they were doing really well .
Speaker #4: Milk prices have come down a little bit . So they're still doing okay . But not as well as they were doing in the in the first couple of quarters .
Speaker #4: So I think we'll still see some of that . But it you know , I wouldn't necessarily say it's going to be muted that , that growth that small increase in utilization probably had a little bit more to do with the the new relationships than just people doing things early .
Speaker #4: So we should still see a normal increase in that line item in the fourth quarter.
Speaker #9: Great. Thanks for that. And then just a question about the $700 million of interest rate swaps that you kind of updated back in May.
Speaker #9: I think the kind of outlook for short term rates is , you know , probably points to more lowering over the next 12 months or so than maybe what was contemplated back in May .
Speaker #9: So any thoughts about about that swap arrangement ? And making any changes to it ?
Speaker #3: So Gary , you're correct . If the market and the Fed's forecast is true , it'll probably come a negative drag on our net interest income next year .
Speaker #3: But we put those on and continue to look to them as a true fair value hedge and hedging. Really, our equity or tangible common equity ratio and our large AFS portfolio.
Speaker #3: So, I don't think we have any plans on changing that. We extended them last quarter for that same reason, to be better aligned with the duration of the portfolio.
Speaker #9: Okay . Got it . Thank you .
Speaker #2: Thank you . One moment for our next question . And that will come from the line of Liam Cohill with Raymond James . Your line is open .
Speaker #10: Hey guys. Good morning. It's Liam on for David.
Speaker #4: Good morning Liam .
Speaker #10: Good morning . You guys have highlighted the intense rate competition on the lending side . You know , you called out that one regional competitor offering the four handle on the equipment loan .
Speaker #10: Is that who you're seeing the most competition from on both the loan and deposit side today . And how difficult is deposit gathering given this , you know , intense loan growth .
Speaker #4: Yeah . So the deposit gathering has still been relatively strong . It's not as strong as it was towards the end of of 20 , you know , I'd say all of 24 in the beginning of the year .
Speaker #4: It slowed a little bit . But you know , we're going after operating companies and , you know , it is a little more competitive .
Speaker #4: I think . But I don't think it's changed much from the perspective . You know , we're not we're not looking for high rate CDs or high rate money market accounts .
Speaker #4: It has to be a full relationship, so that hasn't changed. But I will say the loan pricing is generally coming from the larger banks and the larger regional banks.
Speaker #4: It's not you know , it's not as much from the banks that are our size or smaller per se . So I do think that that will continue .
Speaker #4: And look , there's you know , there's a lot of market disruption with , you know , some of the acquisitions that have been done .
Speaker #4: There's a lot of market disruption from the perspective of , you know , Wells Fargo's asset cap is removed . I mean , all of these things are sort of influencing that .
Speaker #4: So there are some probably more aggressive competitors in the market . But you know , we're really focused on , you know , the operating company and and most of our new deposits .
Speaker #4: I'd say most of the new deposit gathering relationship gathering that includes deposits is coming on at a little bit higher percentage of noninterest bearing than our overall portfolio .
Speaker #4: So we feel pretty good about it . There were , you know , this this last quarter on the deposit side , like Alan and I said was more related to just one large customer in the bank that had a little greater mix at a higher rate .
Speaker #4: But we should start to see the benefit of that deposit. That deposit cost is going down as the Fed continues to lower. So there's competition on both sides.
Speaker #4: But you know, we were willing to compete, but we want to do it for the right relationships.
Speaker #10: I appreciate the color there . Thank you . And I'm excited to hear about the team lift out . What lending verticals do you expect them to focus on and what are some of the opportunities that you see in that particular market ?
Speaker #4: So they've been they've been focused on more operating companies and high net worth individuals . They did not have the opportunity to do investor commercial real estate .
Speaker #4: So that's an area that they can instead of having to refer out or , you know , give to somebody else that they'll be able to do here within their group .
Speaker #4: They they all live in that area . And they covered different parts of southern California from Orange County to Riverside County . So they'll be able to , you know , cast a wide net in those markets .
Speaker #4: And for us , it fills in a little bit of the geography from our San Diego region to our Riverside region . So that's a good thing .
Speaker #4: And Temecula Murrieta is really a growing market . So we're we're excited about the opportunities there . And they're all experienced bankers . And they've been doing it for a long time .
Speaker #4: So we're excited to see what they can do .
Speaker #10: Thanks so much . I'll step back .
Speaker #2: Thank you . As a reminder , if you have a question , please press star one one and one moment for our next question that will come from the line of Charlie Driscoll with CCB .
Speaker #2: Your line is open .
Speaker #11: Hi . Good morning guys , this is Charlie on for Kelly .
Speaker #4: Good morning . .
Speaker #11: You guys continue to build cash balances again this quarter . Just wondering if there's any updated message there regarding any potential areas to deploy that .
Speaker #11: Are you kind of viewing it as dry powder for a seasonally strong Q4, or just any color on how you're thinking of utilizing it?
Speaker #11: Thank you .
Speaker #3: Couple quick things . One , you're right . In the fourth quarter . We'll see . You know , a fairly large increase in the dairy .
Speaker #3: We also see end of the quarter more more year end versus quarterly average impact . But we do see deposit outflows for tax reasons .
Speaker #3: And bonuses etc. . So we prepare for that . But we you know , we will , especially if the fed continues to cut .
Speaker #3: We do evaluate where bond yields are . They're down from where we were buying early in the quarter . But we may we may put some of that to work .
Speaker #3: You know , depending on on how we look at the bond market in the quarter .
Speaker #11: Okay . Thank you . And then if you guys could just touch on expenses , they've been really well controlled . Just looking forward here .
Speaker #11: If we do get a little bit of growth and what the team looked at , how you're thinking about expense expense management heading into 2026 .
Speaker #3: Not really any change there . I mean , continue to manage a very closely , you know , low single digit type of growth is our expectation , you know , third quarter is always when we do our annual increases .
Speaker #3: So of course quarter over quarter that had impact . But year over year actually salary expense by itself was essentially flat . The one area we'll continue to invest in , as we noted in the prepared remarks , is technology that includes automation as well as just sort of sort of the standard stuff , just to keep us safe from cyber and all the other stuff .
Speaker #3: So .
Speaker #11: All right. Thank you. Thanks, guys.
Speaker #2: Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. Brager for any closing remarks.
Speaker #4: Thank you . Sheree , are Citizens Business Bank continues to perform consistently in all operating environments . Our solid financial performance is highlighted by our 194 consecutive quarters , or more than 48 years of profitability and 144 consecutive quarters of paying cash dividends .
Speaker #4: We remain focused on our mission of banking the best small to medium sized businesses and their owners through all economic cycles . I'd like to thank our customers and our associates for their commitment and loyalty , and would like to thank all of you for joining us this quarter .
Speaker #4: We appreciate your interest and look forward to speaking with you in January for our fourth quarter 2020 earnings call . Please let Alan or I know if you have any questions .
Speaker #4: Have a great day .