CVB Financial Corp. Reports Earnings for the First Quarter 2026
Rhea-AI Summary
CVB Financial Corp (NASDAQ: CVBF) reported Q1 2026 net income of $51.0 million ($0.38 diluted EPS) and annualized ROAA of 1.33%, ROAE of 8.86%, and ROATCE of 13.38%. Tax-equivalent net interest margin was 3.44%. On April 17, 2026 the company completed the acquisition of Heritage Commerce Corp, effective for reporting in Q2 2026.
Key balance-sheet items: total assets $15.51 billion, investment securities $4.84 billion (AFS pre-tax unrealized loss $310.4 million), and a Q1 provision for credit losses of $3.0 million.
Positive
- Completed acquisition of Heritage Commerce on April 17, 2026
- 196 consecutive quarters of profitability (49 years)
- Tax-equivalent net interest margin of 3.44% in Q1 2026
Negative
- Provision for credit losses of $3.0 million in Q1 2026
- Pre-tax unrealized loss on AFS securities of $310.4 million at March 31, 2026
- Acquisition-related expenses of $1.1 million in Q1 2026
News Market Reaction – CVBF
On the day this news was published, CVBF declined 0.79%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CVBF was up 0.32% while key regional bank peers like FBK (-0.56%), PRK (-1.16%), BMA (-4.3%), BOH (-0.06%) and SFNC (-0.61%) were down, pointing to stock-specific strength around this earnings report rather than a sector-wide move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 17 | Merger completion | Positive | +0.4% | Completion of all‑stock merger with Heritage, expanding assets and footprint. |
| Apr 01 | Regulatory approvals | Positive | +0.8% | Receipt of required Federal Reserve and OCC approvals for Heritage merger. |
| Mar 26 | Shareholder merger vote | Positive | -1.8% | Both CVBF and Heritage shareholders approved proposed merger transaction terms. |
| Mar 18 | Quarterly dividend | Positive | +1.6% | Declaration of $0.20 per share Q1 2026 cash dividend, 146th consecutive. |
| Feb 04 | Recognition award | Positive | +1.1% | Inclusion in Forbes 2026 America’s Best Banks list with strong ratings. |
Recent corporate and dividend news has generally seen modestly positive price reactions, with one divergence on a shareholder merger vote.
Over the past few months, CVBF has focused on strategic expansion and shareholder returns. The company closed its merger with Heritage Commerce Corp on Apr 17, 2026 after receiving regulatory approvals and shareholder backing. Prior updates highlighted the planned all‑stock merger and consistent dividends, including the $0.20 Q1 2026 payout and recognition among America’s Best Banks. Today’s Q1 2026 earnings fit into this narrative of steady profitability and balance sheet growth ahead of fully integrating Heritage.
Market Pulse Summary
This announcement delivers detailed Q1 2026 results, including net income of $51.0 million, diluted EPS of $0.38, and a tax-equivalent net interest margin of 3.44%. Management also highlights long-running profitability and dividend streaks, alongside balance sheet growth and tighter efficiency metrics. Investors may track future quarters for how the Heritage acquisition scales loans, deposits, and earnings, and how provisioning trends evolve relative to credit quality metrics.
Key Terms
tax equivalent financial
non-u.s. generally accepted accounting principles financial
gaap financial
afS financial
held-to-maturity financial
allowance for credit losses financial
fomc regulatory
fdic special assessment regulatory
AI-generated analysis. Not financial advice.
First Quarter 2026
- Net Earnings of
$51.0 million , or$0.38 per share - Return on Average Assets of
1.33% - Net Interest Margin of
3.44%
Ontario, CA, April 22, 2026 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ: CVBF) (“CVBF” or the “Company”) and its subsidiary, Citizens Business Bank, National Association (“Citizens” or the “Bank”), announced earnings for the quarter ended March 31, 2026.
CVB Financial Corp. reported net income of
For the first quarter of 2026, annualized return on average equity (“ROAE”) was
On April 17, 2026, the Company completed its acquisition of Heritage Commerce Corp (“Heritage”), including its banking subsidiary, Heritage Bank of Commerce. Effective the closing date of April 17, 2026, Heritage’s financial results are included in CVBF’s consolidated operations and will be reported in the Company’s second quarter 2026 results.
David Brager, Chief Executive Officer of the Company, commented, “Citizens Business Bank's performance in the first quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 196 consecutive quarters, or 49 years, of profitability, and our 146 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continued commitment and loyalty, as well as welcoming Heritage’s customers, associates and shareholders to Citizens Business Bank." Brager continued, "the merger with Heritage Bank of Commerce marks the most strategic and largest acquisition by asset size in our history, bringing together two premier, relationship focused business banks and advancing our longstanding objective of expanding Citizens throughout California by entering the Bay Area. Our team is eager to build on the strong customer and community relationships that Heritage has established. ”
Highlights for the First Quarter of 2026
- Pretax pre-provision income[1] grew by
$4.0 million or6% from Q1 of 2025 - Net interest income grew by
$7.4 million , or6.7% from Q1 of 2025 - Net interest margin of
3.44% increased by 13 basis points from Q1 of 2025 - Cost of funds decreased to
0.97% from 1.04 % in Q1 of 2025 - Provision for credit losses of
$3.0 million vs.$2 million recapture of credit losses in Q1 of 2025 - Loan growth of
$280 million , or3.3% from the end of Q1 of 2025 - Avg. total deposit and customer repurchase agreements grew by
$288 million , or2.4% from Q1 of 2025 - Adjusted efficiency ratio of
44.6% , excluding acquisition expense and provision for unfunded loan commitments[1]
INCOME STATEMENT HIGHLIGHTS
| Three Months Ended | |||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||
| Net interest income | $ | 117,840 | $ | 122,658 | $ | 110,444 | |||||
| Provision for (recapture of) credit losses | 3,000 | (2,500 | ) | (2,000 | ) | ||||||
| Noninterest income | 14,279 | 11,193 | 16,229 | ||||||||
| Noninterest expense | 60,568 | 61,988 | 59,144 | ||||||||
| Income tax expense | 17,549 | 19,319 | 18,425 | ||||||||
| Net earnings | $ | 51,002 | $ | 55,044 | $ | 51,104 | |||||
| Earnings per common share: | |||||||||||
| Basic | $ | 0.38 | $ | 0.40 | $ | 0.37 | |||||
| Diluted | $ | 0.38 | $ | 0.40 | $ | 0.36 | |||||
| NIM - tax equivalent (“TE”) [1] | 3.44 | % | 3.49 | % | 3.31 | % | |||||
| ROAA | 1.33 | % | 1.40 | % | 1.37 | % | |||||
| ROAE | 8.86 | % | 9.48 | % | 9.31 | % | |||||
| ROATCE | 13.38 | % | 14.41 | % | 14.51 | % | |||||
| Efficiency ratio | 45.84 | % | 46.31 | % | 46.69 | % | |||||
| [1] Includes tax equivalent (TE) adjustments utilizing a federal statutory rate of | |||||||||||
Net Interest Income
Net interest income was
The
__________________________________________________________________________________________________
[1] Non-U.S. generally accepted accounting principles (“GAAP”) financial measures. Reconciliations of the GAAP to non–GAAP measures are set forth at the end of this press release.
Net Interest Margin
Our tax equivalent net interest margin was
Our tax equivalent net interest margin for the first quarter of 2026 increased by 13 basis points compared to the first quarter of 2025, due to a seven basis point increase in the average interest-earning assets yield and a seven basis point decrease in cost of funds. The increase in earning assets yield was primarily due to a 10 basis point increase in average loan yields. Partially offsetting the increased loan yield was a 75 basis points decrease in the yield on funds deposited at the Federal Reserve, resulting from the FOMC lowering the target rate for the federal funds rate by 75 basis points during the last four months of 2025. Although the average yield on investment securities increased by 10 basis points from the first quarter of 2025, the fair-value hedges of our investment securities available for sale incurred a negative carry during the first quarter of 2026, resulting in a
Earning Assets and Deposits
On average, earning assets decreased by
The average balance on noninterest-bearing deposits decreased by
SELECTED FINANCIAL HIGHLIGHTS
| Three Months Ended | ||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| Yield on average investment securities (TE) | ||||||||||||||||||||||||||
| Yield on average loans | ||||||||||||||||||||||||||
| Yield on average earning assets (TE) | ||||||||||||||||||||||||||
| Cost of deposits | ||||||||||||||||||||||||||
| Cost of funds | ||||||||||||||||||||||||||
| Net interest margin (TE) | ||||||||||||||||||||||||||
| Average Earning Assets Mix | Avg | % of Total | Avg | % of Total | Avg | % of Total | ||||||||||||||||||||
| Total investment securities | $ | 4,921,215 | 35.43 | % | $ | 4,946,732 | 35.27 | % | $ | 4,908,718 | 36.21 | % | ||||||||||||||
| Investment in FHLB, FRB, and other stock | 55,948 | 0.40 | % | 33,681 | 0.24 | % | 18,012 | 0.13 | % | |||||||||||||||||
| Interest-earning deposits with other institutions | 290,536 | 2.09 | % | 528,211 | 3.77 | % | 162,389 | 1.20 | % | |||||||||||||||||
| Loans | 8,624,604 | 62.08 | % | 8,517,188 | 60.72 | % | 8,467,465 | 62.46 | % | |||||||||||||||||
| Total interest-earning assets | $ | 13,892,303 | 100.00 | % | $ | 14,025,812 | 100.00 | % | $ | 13,556,584 | 100.00 | % | ||||||||||||||
| Average Deposits & Borrowings | Avg | % of Total | Avg | % of Total | Avg | % of Total | ||||||||||||||||||||
| Noninterest bearing deposits | $ | 6,894,427 | 53.12 | % | $ | 7,001,471 | 53.52 | % | $ | 7,006,357 | 55.15 | % | ||||||||||||||
| Interest-bearing deposits | 5,041,899 | 38.85 | % | 5,087,709 | 38.89 | % | 4,866,318 | 38.31 | % | |||||||||||||||||
| Customer repurchase agreements | 541,881 | 4.18 | % | 493,886 | 3.77 | % | 317,322 | 2.50 | % | |||||||||||||||||
| FHLB advances and other borrowings | 500,000 | 3.85 | % | 500,000 | 3.82 | % | 513,078 | 4.04 | % | |||||||||||||||||
| Total deposits and borrowings | $ | 12,978,207 | 100.00 | % | $ | 13,083,066 | 100.00 | % | $ | 12,703,075 | 100.00 | % | ||||||||||||||
Provision for Credit Losses
There was a
Noninterest Income
Noninterest income totaled
Noninterest Expense
Noninterest expense totaled
As a percentage of average assets, noninterest expense was
Income Taxes
Our effective tax rate for the quarter ended March 31, 2026 was
BALANCE SHEET HIGHLIGHTS
Assets
Total assets were
Total assets at March 31, 2026 increased by
Investment Securities
Total investment securities were
At March 31, 2026, investment securities held-to-maturity (“HTM”) totaled
At March 31, 2026, investment securities available-for-sale totaled
Loans
Total loans and leases, at amortized cost, of
__________________________________________________________________________________________________
[1] Non-GAAP financial measures. Reconciliations of the GAAP to non–GAAP measures are set forth at the end of this press release.
The increase from March 31, 2025 was primarily due to increases of
Asset Quality
During the first quarter of 2026, we experienced credit charge-offs of
Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below.
| Nonperforming Assets and Delinquency Trends | March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
| (Dollars in thousands) | ||||||||||||
| Nonperforming loans | ||||||||||||
| Commercial real estate | $ | 2,094 | $ | 4,186 | $ | 24,379 | ||||||
| SBA | 477 | 21 | 1,024 | |||||||||
| Commercial and industrial | 3,573 | 478 | 173 | |||||||||
| Dairy & livestock and agribusiness | - | - | 60 | |||||||||
| Total | $ | 6,144 | $ | 4,685 | $ | 25,636 | ||||||
| % of Total loans | 0.07 | % | 0.05 | % | 0.31 | % | ||||||
| OREO | ||||||||||||
| Commercial real estate | $ | 206 | $ | 163 | $ | 495 | ||||||
| Total | $ | 206 | $ | 163 | $ | 495 | ||||||
| Total nonperforming assets | $ | 6,350 | $ | 4,848 | $ | 26,131 | ||||||
| % of Nonperforming assets to total assets | 0.04 | % | 0.03 | % | 0.17 | % | ||||||
| Past due 30-89 days (accruing) | ||||||||||||
| Commercial real estate | $ | 4,715 | $ | 2,887 | $ | - | ||||||
| SBA | 1,553 | 30 | 718 | |||||||||
| Commercial and industrial | 88 | 261 | - | |||||||||
| SFR mortgage | 249 | - | - | |||||||||
| Total | $ | 6,605 | $ | 3,178 | $ | 718 | ||||||
| % of Total loans | 0.08 | % | 0.04 | % | 0.01 | % | ||||||
| Total nonperforming, OREO, and past due | $ | 12,955 | $ | 8,026 | $ | 26,849 | ||||||
| Classified Loans | $ | 83,058 | $ | 52,701 | $ | 94,169 | ||||||
The
Classified loans are loans that are graded “substandard” or worse. Classified loans increased
Deposits & Customer Repurchase Agreements
Deposits of
Noninterest-bearing deposits were
Borrowings
As of March 31, 2026, December 31, 2025, and March 31, 2025, total borrowings consisted of
Capital
The Company’s total equity was
Our capital ratios under the revised capital framework referred to as Basel III remain well above regulatory standards.
| CVB Financial Corp. Consolidated | ||||||||||||
| Minimum Required Plus Capital Conservation Buffer | March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
| Tier 1 leverage capital ratio | 4.0 | % | 11.9 | % | 11.6 | % | 11.8 | % | ||||
| Common equity Tier 1 capital ratio | 7.0 | % | 16.3 | % | 15.9 | % | 16.5 | % | ||||
| Tier 1 risk-based capital ratio | 8.5 | % | 16.3 | % | 15.9 | % | 16.5 | % | ||||
| Total risk-based capital ratio | 10.5 | % | 17.1 | % | 16.7 | % | 17.3 | % | ||||
| Tangible common equity (“TCE”) ratio | 10.5 | % | 10.3 | % | 10.0 | % | ||||||
CitizensTrust
As of March 31, 2026, CitizensTrust had approximately
Corporate Overview
CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank, National Association. CVBF is one of the ten largest bank holding companies headquartered in California with more than
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.
Conference Call
Management will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, April 23, 2026, to discuss the Company’s first quarter 2026 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI42ee6e6012794b7dbf964ef79723487c
The conference call will also be simultaneously webcast over the Internet; please visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab to access the call from the site. Please access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call and will be available on the website for approximately 12 months.
Forward-Looking Statements
Certain statements set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will,” “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results or performance to differ materially from those projected. These forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies, goals and statements about the Company’s outlook regarding revenue and asset growth, financial performance and profitability, capital and liquidity levels, loan and deposit levels, growth and retention, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, the impact of business, economic, or political developments, the impact of monetary, fiscal and trade policies, and the impact of acquisitions we have made or may make, including our recent acquisition of Heritage Commerce Corp (“Heritage”) and its principal banking subsidiary, Heritage Bank of Commerce. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and there can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors, in addition to those set forth below, could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.
General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy and the strength of the local economies in which we conduct business; the effects of, and changes in, immigration, trade, tariff, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we have made or may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target, key personnel and customers into our operations; the timely development of competitive new products and services, and the acceptance of these products and services by potential and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities, and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill, including any impairment that may result from increased volatility in our stock price; changes in consumer or business spending, borrowing, and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract or retain deposits (including low cost deposits) or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment of dividends on our common stock; changes in the financial performance and/or condition of our borrowers or depositors; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; systemic or non-systemic bank failures or crises; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including on our asset credit quality, business operations, and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our ability to comply with federal and state employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; risks associated with our recently completed merger with Heritage, including difficulties and delays in integrating or retaining Heritage’s business, key personnel and customers, and achieving anticipated synergies, cost savings enhanced geographic coverage and other benefits from the transaction; and our ability to manage the risks involved in the foregoing.
Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's 2025 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings, equity, or shareholder returns, are for illustrative purposes only, are not forecasts, and actual results may differ.
Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with GAAP and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this earnings release and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP. These non-GAAP measures may or may not be comparable to similarly titled measures used by other companies.
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 138,613 | $ | 107,511 | $ | 187,981 | ||||||
| Interest-earning balances due from Federal Reserve | 313,773 | 268,878 | 341,108 | |||||||||
| Total cash and cash equivalents | 452,386 | 376,389 | 529,089 | |||||||||
| Interest-earning balances due from depository institutions | 4,937 | 13,064 | 3,451 | |||||||||
| Investment securities available-for-sale | 2,589,119 | 2,683,070 | 2,535,066 | |||||||||
| Investment securities held-to-maturity | 2,248,038 | 2,270,391 | 2,359,141 | |||||||||
| Total investment securities | 4,837,157 | 4,953,461 | 4,894,207 | |||||||||
| Investment in FHLB, FRB, and other stock | 55,948 | 55,948 | 18,012 | |||||||||
| Loans and lease finance receivables | 8,643,316 | 8,699,193 | 8,363,632 | |||||||||
| Allowance for credit losses | (80,170 | ) | (77,161 | ) | (78,252 | ) | ||||||
| Net loans and lease finance receivables | 8,563,146 | 8,622,032 | 8,285,380 | |||||||||
| Premises and equipment, net | 26,858 | 26,505 | 26,772 | |||||||||
| Bank owned life insurance (“BOLI”) | 328,457 | 325,299 | 318,301 | |||||||||
| Intangibles | 4,924 | 5,774 | 8,812 | |||||||||
| Goodwill | 765,822 | 765,822 | 765,822 | |||||||||
| Other assets | 467,945 | 486,760 | 406,745 | |||||||||
| Total assets | $ | 15,507,580 | $ | 15,631,054 | $ | 15,256,591 | ||||||
| Liabilities | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing | $ | 7,100,507 | $ | 6,800,691 | $ | 7,184,267 | ||||||
| Investment checking | 497,609 | 509,272 | 533,220 | |||||||||
| Savings and money market | 3,802,623 | 4,185,244 | 3,710,612 | |||||||||
| Time deposits | 544,485 | 576,775 | 561,822 | |||||||||
| Total deposits | 11,945,224 | 12,071,982 | 11,989,921 | |||||||||
| Customer repurchase agreements | 494,257 | 490,601 | 276,163 | |||||||||
| Federal Home Loan Bank advances and other borrowings | 500,000 | 500,000 | 500,000 | |||||||||
| Other liabilities | 246,818 | 273,247 | 262,088 | |||||||||
| Total liabilities | 13,186,299 | 13,335,830 | 13,028,172 | |||||||||
| Stockholders' Equity | ||||||||||||
| Common Stock | 1,221,938 | 1,222,365 | 1,280,969 | |||||||||
| Retained Earnings | 1,324,318 | 1,300,513 | 1,224,750 | |||||||||
| Accumulated other comprehensive loss, net | (224,975 | ) | (227,654 | ) | (277,300 | ) | ||||||
| Total stockholders' equity | 2,321,281 | 2,295,224 | 2,228,419 | |||||||||
| Total liabilities and stockholders' equity | $ | 15,507,580 | $ | 15,631,054 | $ | 15,256,591 | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 145,001 | $ | 144,568 | $ | 154,328 | ||||||
| Interest-earning balances due from Federal Reserve | 280,163 | 513,797 | 161,432 | |||||||||
| Total cash and cash equivalents | 425,164 | 658,365 | 315,760 | |||||||||
| Interest-earning balances due from depository institutions | 10,373 | 14,414 | 957 | |||||||||
| Investment securities available-for-sale | 2,660,813 | 2,661,115 | 2,539,211 | |||||||||
| Investment securities held-to-maturity | 2,260,402 | 2,285,617 | 2,369,507 | |||||||||
| Total investment securities | 4,921,215 | 4,946,732 | 4,908,718 | |||||||||
| Investment in FHLB, FRB, and other stock | 55,948 | 33,681 | 18,012 | |||||||||
| Loans and lease finance receivables | 8,624,604 | 8,517,188 | 8,467,465 | |||||||||
| Allowance for credit losses | (77,219 | ) | (79,341 | ) | (80,113 | ) | ||||||
| Net loans and lease finance receivables | 8,547,385 | 8,437,847 | 8,387,352 | |||||||||
| Premises and equipment, net | 26,897 | 26,775 | 27,408 | |||||||||
| BOLI | 326,031 | 325,389 | 316,643 | |||||||||
| Intangibles | 5,341 | 6,176 | 9,518 | |||||||||
| Goodwill | 765,822 | 765,822 | 765,822 | |||||||||
| Other assets | 480,068 | 433,774 | 419,116 | |||||||||
| Total assets | $ | 15,564,244 | $ | 15,648,975 | $ | 15,169,306 | ||||||
| Liabilities | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing | $ | 6,894,427 | $ | 7,001,471 | $ | 7,006,357 | ||||||
| Interest-bearing | 5,041,899 | 5,087,709 | 4,866,318 | |||||||||
| Total deposits | 11,936,326 | 12,089,180 | 11,872,675 | |||||||||
| Customer repurchase agreements | 541,881 | 493,886 | 317,322 | |||||||||
| Federal Home Loan Bank advances and other borrowings | 500,000 | 500,000 | 513,078 | |||||||||
| Other liabilities | 250,364 | 261,824 | 239,283 | |||||||||
| Total liabilities | 13,228,571 | 13,344,890 | 12,942,358 | |||||||||
| Stockholders' Equity | ||||||||||||
| Common Stock | 1,222,046 | 1,237,231 | 1,291,426 | |||||||||
| Retained Earnings | 1,332,021 | 1,304,100 | 1,232,497 | |||||||||
| Accumulated other comprehensive loss, net | (218,394 | ) | (237,246 | ) | (296,975 | ) | ||||||
| Total stockholders' equity | 2,335,673 | 2,304,085 | 2,226,948 | |||||||||
| Total liabilities and stockholders' equity | $ | 15,564,244 | $ | 15,648,975 | $ | 15,169,306 | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
| Interest income | ||||||||||||
| Loans and leases, including fees | $ | 113,272 | $ | 117,415 | $ | 109,071 | ||||||
| Investment securities: | ||||||||||||
| Investment securities available-for-sale | 19,400 | 20,062 | 18,734 | |||||||||
| Investment securities held-to-maturity | 12,466 | 12,649 | 13,021 | |||||||||
| Total investment income | 31,866 | 32,711 | 31,755 | |||||||||
| Dividends from FHLB, FRB, and other stock | 1,311 | 539 | 379 | |||||||||
| Interest-earning deposits with other institutions | 2,661 | 5,314 | 1,797 | |||||||||
| Total interest income | 149,110 | 155,979 | 143,002 | |||||||||
| Interest expense | ||||||||||||
| Deposits | 23,052 | 25,047 | 25,322 | |||||||||
| Borrowings and customer repurchase agreements | 7,972 | 8,007 | 6,800 | |||||||||
| Other | 246 | 267 | 436 | |||||||||
| Total interest expense | 31,270 | 33,321 | 32,558 | |||||||||
| Net interest income before provision for (recapture of) credit losses | 117,840 | 122,658 | 110,444 | |||||||||
| Provision for (recapture of) credit losses | 3,000 | (2,500 | ) | (2,000 | ) | |||||||
| Net interest income after provision for (recapture of) credit losses | 114,840 | 125,158 | 112,444 | |||||||||
| Noninterest income | ||||||||||||
| Service charges on deposit accounts | 4,817 | 4,734 | 4,908 | |||||||||
| Trust and investment services | 3,724 | 4,031 | 3,411 | |||||||||
| Loss on sale of AFS Investment Securities | - | (2,785 | ) | - | ||||||||
| Gain on other real estate owned (“OREO”), net | - | 113 | 2,183 | |||||||||
| Other | 5,738 | 5,100 | 5,727 | |||||||||
| Total noninterest income | 14,279 | 11,193 | 16,229 | |||||||||
| Noninterest expense | ||||||||||||
| Salaries and employee benefits | 37,461 | 37,105 | 36,477 | |||||||||
| Occupancy and equipment | 6,075 | 5,892 | 5,998 | |||||||||
| Professional services | 2,518 | 2,626 | 2,081 | |||||||||
| Computer software expense | 4,303 | 4,167 | 4,221 | |||||||||
| Marketing and promotion | 2,061 | 1,339 | 1,988 | |||||||||
| Amortization of intangible assets | 850 | 881 | 1,155 | |||||||||
| Provision for unfunded loan commitments | 500 | 1,000 | 500 | |||||||||
| Acquisition related expenses | 1,129 | 1,556 | - | |||||||||
| Other | 5,671 | 7,422 | 6,724 | |||||||||
| Total noninterest expense | 60,568 | 61,988 | 59,144 | |||||||||
| Earnings before income taxes | 68,551 | 74,363 | 69,529 | |||||||||
| Income tax expense | 17,549 | 19,319 | 18,425 | |||||||||
| Net earnings | $ | 51,002 | $ | 55,044 | $ | 51,104 | ||||||
| Basic earnings per common share | $ | 0.38 | $ | 0.40 | $ | 0.37 | ||||||
| Diluted earnings per common share | $ | 0.38 | $ | 0.40 | $ | 0.36 | ||||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | |||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | |||||||||||
| (Unaudited) | |||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||
| Interest income - tax equivalent (TE) | $ | 149,138 | $ | 156,007 | $ | 143,525 | |||||
| Interest expense | 31,270 | 33,321 | 32,558 | ||||||||
| Net interest income - (TE) | $ | 117,868 | $ | 122,686 | $ | 110,967 | |||||
| Return on average assets, annualized | 1.33 | % | 1.40 | % | 1.37 | % | |||||
| Return on average equity, annualized | 8.86 | % | 9.48 | % | 9.31 | % | |||||
| Efficiency ratio | 45.84 | % | 46.31 | % | 46.69 | % | |||||
| Adjusted efficiency ratio [1] | 44.61 | % | 44.40 | % | 46.30 | % | |||||
| Noninterest expense to average assets, annualized | 1.58 | % | 1.57 | % | 1.58 | % | |||||
| Yield on average loans | 5.32 | % | 5.47 | % | 5.22 | % | |||||
| Yield on average earning assets (TE) | 4.35 | % | 4.43 | % | 4.28 | % | |||||
| Cost of deposits | 0.78 | % | 0.82 | % | 0.86 | % | |||||
| Cost of deposits and customer repurchase agreements | 0.82 | % | 0.86 | % | 0.87 | % | |||||
| Cost of funds | 0.97 | % | 1.01 | % | 1.04 | % | |||||
| Net interest margin (TE) | 3.44 | % | 3.49 | % | 3.31 | % | |||||
| TCE ratio [1] | |||||||||||
| CVB Financial Corp. Consolidated | 10.52 | % | 10.25 | % | 10.04 | % | |||||
| Citizens Business Bank, National Association | 10.35 | % | 10.09 | % | 9.92 | % | |||||
| Weighted average shares outstanding | |||||||||||
| Basic | 134,760,313 | 135,525,188 | 138,973,996 | ||||||||
| Diluted | 134,916,024 | 135,920,667 | 139,294,401 | ||||||||
| Dividends declared | $ | 27,197 | $ | 27,180 | $ | 27,853 | |||||
| Dividend payout ratio [2] | 53.32 | % | 49.38 | % | 54.50 | % | |||||
| Number of shares outstanding - (end of period) | 135,791,180 | 135,551,799 | 139,089,612 | ||||||||
| Book value per share | $ | 17.09 | $ | 16.93 | $ | 16.02 | |||||
| Tangible book value per share [1] | $ | 11.42 | $ | 11.24 | $ | 10.45 | |||||
| [1] Non-GAAP financial measures. Reconciliations of the GAAP to non-GAAP measures are set forth at the end of this press release. | |||||||||||
| [2] Dividends declared on common stock divided by net earnings. | |||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||
| (Unaudited) | ||||||||||||
| (Dollars in thousands) | ||||||||||||
| Three Months Ended | ||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
| Nonperforming assets: | ||||||||||||
| Nonaccrual loans | $ | 6,144 | $ | 4,685 | $ | 25,636 | ||||||
| Other real estate owned (“OREO”), net | 206 | 163 | 495 | |||||||||
| Total nonperforming assets | $ | 6,350 | $ | 4,848 | $ | 26,131 | ||||||
| Loan modifications to borrowers experiencing financial difficulty | $ | 22,255 | $ | 16,902 | $ | 11,949 | ||||||
| Percentage of nonperforming assets to total loans outstanding and OREO | 0.07 | % | 0.06 | % | 0.31 | % | ||||||
| Percentage of nonperforming assets to total assets | 0.04 | % | 0.03 | % | 0.17 | % | ||||||
| Allowance for credit losses to nonperforming assets | 1262.52 | % | 1591.60 | % | 299.46 | % | ||||||
| Three Months Ended | ||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
| Allowance for credit losses: | ||||||||||||
| Balance at beginning of period | $ | 77,161 | $ | 79,336 | $ | 80,122 | ||||||
| Charge-offs | (123 | ) | (106 | ) | (40 | ) | ||||||
| Recoveries | 132 | 431 | 170 | |||||||||
| Net recoveries | 9 | 325 | 130 | |||||||||
| Provision for (recapture of) credit losses | 3,000 | (2,500 | ) | (2,000 | ) | |||||||
| Balance at end of period | $ | 80,170 | $ | 77,161 | $ | 78,252 | ||||||
| Net recoveries to average loans | 0.000 | % | 0.004 | % | 0.002 | % | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | |||||||||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||
| Allowance for Credit Losses by Loan Type | |||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||||||||||||
| Allowance For Credit Losses | Allowance as a % of Total Loans by Respective Loan Type | Allowance For Credit Losses | Allowance as a % of Total Loans by Respective Loan Type | Allowance For Credit Losses | Allowance as a % of Total Loans by Respective Loan Type | ||||||||||||||||||||||
| Commercial real estate | $ | 59,302 | 0.89 | % | $ | 61,661 | 0.94 | % | $ | 65,302 | 1.01 | % | |||||||||||||||
| Construction | 816 | 1.38 | % | 593 | 1.57 | % | 238 | 1.52 | % | ||||||||||||||||||
| SBA | 2,821 | 0.97 | % | 2,720 | 0.96 | % | 2,608 | 0.96 | % | ||||||||||||||||||
| Commercial and industrial | 12,565 | 1.32 | % | 8,438 | 0.87 | % | 6,118 | 0.65 | % | ||||||||||||||||||
| Dairy & livestock and agribusiness | 3,348 | 1.06 | % | 2,486 | 0.58 | % | 2,824 | 1.12 | % | ||||||||||||||||||
| Municipal lease finance receivables | 264 | 0.46 | % | 251 | 0.42 | % | 210 | 0.32 | % | ||||||||||||||||||
| SFR mortgage | 457 | 0.16 | % | 442 | 0.16 | % | 427 | 0.16 | % | ||||||||||||||||||
| Consumer and other loans | 597 | 1.02 | % | 570 | 0.98 | % | 525 | 0.94 | % | ||||||||||||||||||
| Total | $ | 80,170 | 0.93 | % | $ | 77,161 | 0.89 | % | $ | 78,252 | 0.94 | % | |||||||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||||||
| Quarterly Common Stock Price | ||||||||||||||||||||||||
| 2026 | 2025 | 2024 | ||||||||||||||||||||||
| Quarter End | High | Low | High | Low | High | Low | ||||||||||||||||||
| March 31, | $ | 21.48 | $ | 18.26 | $ | 21.71 | $ | 18.22 | $ | 20.45 | $ | 15.95 | ||||||||||||
| June 30, | $ | - | $ | - | $ | 20.15 | $ | 16.01 | $ | 17.91 | $ | 15.71 | ||||||||||||
| September 30, | $ | - | $ | - | $ | 21.34 | $ | 18.12 | $ | 20.29 | $ | 16.08 | ||||||||||||
| December 31, | $ | - | $ | - | $ | 20.70 | $ | 17.95 | $ | 24.58 | $ | 17.20 | ||||||||||||
| Quarterly Consolidated Statements of Earnings | ||||||||||||||||||||||||
| Q1 | Q4 | Q3 | Q2 | Q1 | ||||||||||||||||||||
| 2026 | 2025 | 2025 | 2025 | 2025 | ||||||||||||||||||||
| Interest income | ||||||||||||||||||||||||
| Loans and leases, including fees | $ | 113,272 | $ | 117,415 | $ | 110,825 | $ | 108,845 | $ | 109,071 | ||||||||||||||
| Investment securities and other | 35,838 | 38,564 | 39,287 | 35,364 | 33,931 | |||||||||||||||||||
| Total interest income | 149,110 | 155,979 | 150,112 | 144,209 | 143,002 | |||||||||||||||||||
| Interest expense | ||||||||||||||||||||||||
| Deposits | 23,052 | 25,047 | 26,096 | 24,829 | 25,322 | |||||||||||||||||||
| Borrowings and customer repurchase agreements | 7,972 | 8,007 | 8,109 | 7,401 | 6,800 | |||||||||||||||||||
| Other | 246 | 267 | 330 | 371 | 436 | |||||||||||||||||||
| Total interest expense | 31,270 | 33,321 | 34,535 | 32,601 | 32,558 | |||||||||||||||||||
| Net interest income before provision for (recapture of) credit losses | 117,840 | 122,658 | 115,577 | 111,608 | 110,444 | |||||||||||||||||||
| Provision for (recapture of) credit losses | 3,000 | (2,500 | ) | 1,000 | - | (2,000 | ) | |||||||||||||||||
| Net interest income after provision for (recapture of) credit losses | 114,840 | 125,158 | 114,577 | 111,608 | 112,444 | |||||||||||||||||||
| Noninterest income | 14,279 | 11,193 | 13,006 | 14,744 | 16,229 | |||||||||||||||||||
| Noninterest expense | 60,568 | 61,988 | 58,576 | 57,557 | 59,144 | |||||||||||||||||||
| Earnings before income taxes | 68,551 | 74,363 | 69,007 | 68,795 | 69,529 | |||||||||||||||||||
| Income taxes | 17,549 | 19,319 | 16,421 | 18,231 | 18,425 | |||||||||||||||||||
| Net earnings | $ | 51,002 | $ | 55,044 | $ | 52,586 | $ | 50,564 | $ | 51,104 | ||||||||||||||
| Effective tax rate | 25.60 | % | 25.98 | % | 23.80 | % | 26.50 | % | 26.50 | % | ||||||||||||||
| Basic earnings per common share | $ | 0.38 | $ | 0.40 | $ | 0.38 | $ | 0.37 | $ | 0.37 | ||||||||||||||
| Diluted earnings per common share | $ | 0.38 | $ | 0.40 | $ | 0.38 | $ | 0.37 | $ | 0.36 | ||||||||||||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | ||||||||||||||
| Cash dividends declared | $ | 27,197 | $ | 27,180 | $ | 27,548 | $ | 27,703 | $ | 27,853 | ||||||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Loan Portfolio by Type | ||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | ||||||||||||||||
| Commercial real estate | $ | 6,631,238 | $ | 6,574,395 | $ | 6,535,319 | $ | 6,517,415 | $ | 6,490,604 | ||||||||||
| Construction | 59,329 | 37,812 | 29,976 | 17,658 | 15,706 | |||||||||||||||
| SBA | 291,693 | 282,371 | 266,228 | 271,735 | 271,844 | |||||||||||||||
| SBA - PPP | 9 | 30 | 51 | 85 | 179 | |||||||||||||||
| Commercial and industrial | 952,260 | 973,631 | 939,174 | 912,427 | 942,301 | |||||||||||||||
| Dairy & livestock and agribusiness | 314,838 | 431,577 | 292,963 | 233,772 | 252,532 | |||||||||||||||
| Municipal lease finance receivables | 57,453 | 59,542 | 61,383 | 63,652 | 65,203 | |||||||||||||||
| SFR mortgage | 278,214 | 281,766 | 286,111 | 288,435 | 269,493 | |||||||||||||||
| Consumer and other loans | 58,282 | 58,069 | 59,701 | 53,322 | 55,770 | |||||||||||||||
| Gross loans, at amortized cost | 8,643,316 | 8,699,193 | 8,470,906 | 8,358,501 | 8,363,632 | |||||||||||||||
| Allowance for credit losses | (80,170 | ) | (77,161 | ) | (79,336 | ) | (78,003 | ) | (78,252 | ) | ||||||||||
| Net loans | $ | 8,563,146 | $ | 8,622,032 | $ | 8,391,570 | $ | 8,280,498 | $ | 8,285,380 | ||||||||||
| Deposit Composition by Type and Customer Repurchase Agreements | ||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | ||||||||||||||||
| Noninterest-bearing | $ | 7,100,507 | $ | 6,800,691 | $ | 7,244,968 | $ | 7,247,128 | $ | 7,184,267 | ||||||||||
| Investment checking | 497,609 | 509,272 | 487,738 | 483,793 | 533,220 | |||||||||||||||
| Savings and money market | 3,802,623 | 4,185,244 | 3,809,768 | 3,669,912 | 3,710,612 | |||||||||||||||
| Time deposits | 544,485 | 576,775 | 581,765 | 583,990 | 561,822 | |||||||||||||||
| Total deposits | 11,945,224 | 12,071,982 | 12,124,239 | 11,984,823 | 11,989,921 | |||||||||||||||
| Customer repurchase agreements | 494,257 | 490,601 | 451,258 | 404,154 | 276,163 | |||||||||||||||
| Total deposits and customer repurchase agreements | $ | 12,439,481 | $ | 12,562,583 | $ | 12,575,497 | $ | 12,388,977 | $ | 12,266,084 | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Nonperforming Assets and Delinquency Trends | ||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | ||||||||||||||||
| Nonperforming loans | ||||||||||||||||||||
| Commercial real estate | $ | 2,094 | $ | 4,186 | $ | 23,707 | $ | 24,379 | $ | 24,379 | ||||||||||
| SBA | 477 | 21 | 3,952 | 1,265 | 1,024 | |||||||||||||||
| Commercial and industrial | 3,573 | 478 | 145 | 265 | 173 | |||||||||||||||
| Dairy & livestock and agribusiness | - | - | - | 60 | 60 | |||||||||||||||
| Total | $ | 6,144 | $ | 4,685 | $ | 27,804 | $ | 25,969 | $ | 25,636 | ||||||||||
| % of Total loans | 0.07 | % | 0.05 | % | 0.33 | % | 0.31 | % | 0.31 | % | ||||||||||
| Past due 30-89 days (accruing) | ||||||||||||||||||||
| Commercial real estate | $ | 4,715 | $ | 2,887 | $ | 43 | $ | - | $ | - | ||||||||||
| SBA | 1,553 | 30 | 42 | 3,419 | 718 | |||||||||||||||
| Commercial and industrial | 88 | 261 | - | - | - | |||||||||||||||
| SFR mortgage | 249 | - | - | - | - | |||||||||||||||
| Total | $ | 6,605 | $ | 3,178 | $ | 85 | $ | 3,419 | $ | 718 | ||||||||||
| % of Total loans | 0.08 | % | 0.04 | % | 0.00 | % | 0.04 | % | 0.01 | % | ||||||||||
| OREO | ||||||||||||||||||||
| Commercial real estate | $ | 206 | $ | 163 | $ | 661 | $ | 661 | $ | 495 | ||||||||||
| Total | $ | 206 | $ | 163 | $ | 661 | $ | 661 | $ | 495 | ||||||||||
| Total nonperforming, past due, and OREO | $ | 12,955 | $ | 8,026 | $ | 28,550 | $ | 30,049 | $ | 26,849 | ||||||||||
| % of Total loans | 0.15 | % | 0.09 | % | 0.34 | % | 0.36 | % | 0.32 | % | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||
| (Unaudited) | ||||||||||||
| Regulatory Capital Ratios | ||||||||||||
| Minimum Required | CVB Financial Corp. Consolidated | |||||||||||
| Capital Ratios | Plus Capital Conservation Buffer | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||
| Tier 1 leverage capital ratio | 4.0 | % | 11.9 | % | 11.6 | % | 11.8 | % | ||||
| Common equity Tier 1 capital ratio | 7.0 | % | 16.3 | % | 15.9 | % | 16.5 | % | ||||
| Tier 1 risk-based capital ratio | 8.5 | % | 16.3 | % | 15.9 | % | 16.5 | % | ||||
| Total risk-based capital ratio | 10.5 | % | 17.1 | % | 16.7 | % | 17.3 | % | ||||
GAAP TO NON-GAAP RECONCILIATIONS
The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's operational performance and to enhance investors’ overall understanding of such financial performance. However, these non-GAAP financial measures are supplemental and are not a substitute for an analysis based on GAAP measures. As other companies may use different calculations for these adjusted measures, this presentation may not be comparable to other similarly titled adjusted measures reported by other companies.
Pretax Pre-Provision Income (Non-GAAP)
Pretax pre-provision income is a Non-GAAP financial measure that represents total revenue less noninterest expense and is calculated before provision for credit losses and income tax expense. Management believes this measure provides useful information for comparing the results of operations between periods.
| Three Months Ended | ||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
| (Dollars in thousands) | ||||||||||||
| Net Income | $ | 51,002 | $ | 55,044 | $ | 51,104 | ||||||
| Add: Provision for (recapture of) credit losses | 3,000 | (2,500 | ) | (2,000 | ) | |||||||
| Add: Income tax expense | 17,549 | 19,319 | 18,425 | |||||||||
| Pretax pre-provision income | $ | 71,551 | $ | 71,863 | $ | 67,529 | ||||||
Tangible Book Value and Tangible Common Equity Ratio (Non-GAAP)
The tangible book value per share and tangible common equity ratios are a Non-GAAP financial measures derived from GAAP-based amounts. The following is a reconciliation of tangible book value and tangible common equity to the Company stockholders' equity computed in accordance with GAAP, as well as a calculation of tangible book value per share and tangible common equity ratio.
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||
| CVB Financial Corp. and Subsidiaries | ||||||||||||
| Stockholders' equity | $ | 2,321,281 | $ | 2,295,224 | $ | 2,228,419 | ||||||
| Less: Goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | ||||||
| Less: Intangible assets | (4,924 | ) | (5,774 | ) | (8,812 | ) | ||||||
| Tangible book value | $ | 1,550,535 | $ | 1,523,628 | $ | 1,453,785 | ||||||
| Total assets | 15,507,580 | 15,631,054 | 15,256,591 | |||||||||
| Less: Goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | ||||||
| Less: Intangible assets | (4,924 | ) | (5,774 | ) | (8,812 | ) | ||||||
| Tangible assets | $ | 14,736,834 | $ | 14,859,458 | $ | 14,481,957 | ||||||
| Common shares issued and outstanding | 135,791,180 | 135,551,799 | 139,089,612 | |||||||||
| Book value per share | $ | 17.09 | $ | 16.93 | $ | 16.02 | ||||||
| Tangible book value per share | $ | 11.42 | $ | 11.24 | $ | 10.45 | ||||||
| Tangible common equity ratio | 10.52 | % | 10.25 | % | 10.04 | % | ||||||
| Citizens Business Bank, National Association | ||||||||||||
| Stockholders' equity | $ | 2,295,693 | $ | 2,270,968 | $ | 2,212,100 | ||||||
| Less: Goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | ||||||
| Less: Intangible assets | (4,924 | ) | (5,774 | ) | (8,812 | ) | ||||||
| Tangible book value | $ | 1,524,947 | $ | 1,499,372 | $ | 1,437,466 | ||||||
| Total assets | 15,511,016 | 15,634,835 | 15,263,140 | |||||||||
| Less: Goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | ||||||
| Less: Intangible assets | (4,924 | ) | (5,774 | ) | (8,812 | ) | ||||||
| Tangible assets | $ | 14,740,270 | $ | 14,863,239 | $ | 14,488,506 | ||||||
| Common shares issued and outstanding | 135,791,180 | 135,551,799 | 139,089,612 | |||||||||
| Book value per share | $ | 16.91 | $ | 16.75 | $ | 15.90 | ||||||
| Tangible book value per share | $ | 11.23 | $ | 11.06 | $ | 10.33 | ||||||
| Tangible common equity ratio | 10.35 | % | 10.09 | % | 9.92 | % | ||||||
Return on Average Tangible Common Equity (Non-GAAP)
The return on average tangible common equity is a non-GAAP disclosure. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company's average stockholders' equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity.
| Three Months Ended | ||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
| (Dollars in thousands) | ||||||||||||
| Net Income | $ | 51,002 | $ | 55,044 | $ | 51,104 | ||||||
| Add: Amortization of intangible assets | 850 | 881 | 1,155 | |||||||||
| Less: Tax effect of amortization of intangible assets (1) | (247 | ) | (260 | ) | (341 | ) | ||||||
| Tangible net income | $ | 51,605 | $ | 55,665 | $ | 51,918 | ||||||
| Average stockholders' equity | $ | 2,335,673 | $ | 2,304,085 | $ | 2,226,948 | ||||||
| Less: Average goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | ||||||
| Less: Average intangible assets | (5,341 | ) | (6,176 | ) | (9,518 | ) | ||||||
| Average tangible common equity | $ | 1,564,510 | $ | 1,532,087 | $ | 1,451,608 | ||||||
| Return on average equity, annualized (2) | 8.86 | % | 9.48 | % | 9.31 | % | ||||||
| Return on average tangible common equity, annualized (2) | 13.38 | % | 14.41 | % | 14.51 | % | ||||||
| (1) Tax effected at respective statutory rates. | ||||||||||||
| (2) Annualized where applicable. | ||||||||||||
Adjusted Efficiency Ratio (Non-GAAP)
Adjusted efficiency ratio is a non-GAAP financial measure derived from GAAP-based amounts. This figure represents the ratio of noninterest expense, less acquisition related expense and provision for unfunded loan commitments, where applicable, to the sum of net interest income before provision for credit losses and total noninterest income. Management believes that the exclusion of such items from this financial measure provides useful information to gain an understanding of the operating results of our core business.
| Three Months Ended | ||||||||||||
| March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||
| (Dollars in thousands) | ||||||||||||
| Total noninterest expense | $ | 60,568 | $ | 61,988 | $ | 59,144 | ||||||
| Less: Provision for unfunded loan commitments | 500 | 1,000 | 500 | |||||||||
| Less: Acquisition related expenses | 1,129 | 1,556 | - | |||||||||
| Adjusted noninterest expense | $ | 58,939 | $ | 59,432 | $ | 58,644 | ||||||
| Net interest income before provision for credit losses | $ | 117,840 | $ | 122,658 | $ | 110,444 | ||||||
| Add: total noninterest income | 14,279 | 11,193 | 16,229 | |||||||||
| Total revenue | $ | 132,119 | $ | 133,851 | $ | 126,673 | ||||||
| Efficiency ratio | 45.84 | % | 46.31 | % | 46.69 | % | ||||||
| Adjusted efficiency ratio, excluding provision for unfunded loan commitments and acquisition related expenses | 44.61 | % | 44.40 | % | 46.30 | % | ||||||
