CVB Financial Corp. Reports Earnings for the Second Quarter 2026
Rhea-AI Summary
CVB Financial Corp (NASDAQ: CVBF) reported second quarter 2026 net earnings of $48.3 million, or $0.29 per diluted share, versus $51.0 million ($0.38) in Q1 2026 and $50.6 million ($0.37) a year earlier. ROAA was 0.97%, ROAE 6.41%, and ROATCE 10.85%.
The company completed its acquisition of Heritage Commerce Corp on April 17, 2026, adding loans with a fair value of $3.4 billion, $4.7 billion of deposits, $38.7 million of subordinated debentures, and $450.7 million of intangibles. Q2 results include 74 days of Heritage operations.
Net interest income rose to $162.4 million, up 37.8% from Q1 2026 and 45.5% year over year, as tax-equivalent net interest margin expanded to 3.72%. Average interest-earning assets increased to $17.57 billion. Cost of funds declined to 0.96%, while 52.8% of deposits were noninterest-bearing at quarter end.
Noninterest income grew to $17.0 million. Noninterest expense increased to $114.4 million, including $31.4 million of Heritage acquisition expenses and a $4.25 million provision for unfunded loan commitments. The reported efficiency ratio was 63.75%, with an adjusted efficiency ratio of 43.88% excluding acquisition and unfunded commitment costs. CVB Financial Corp also announced a new share repurchase plan for up to 15 million shares.
Positive
- Net interest income up 37.8% QoQ to $162.4 million
- Net interest margin expanded to 3.72%, up 28 bps QoQ and 41 bps YoY
- Loans increased by $3.37 billion, or 39.0%, from end of Q1 2026
- Average deposits and customer repos grew $3.60 billion, or 29.0%, from Q1 2026
- Cost of funds decreased to 0.96% from 0.97% in Q1 2026 and 1.03% a year ago
- New share repurchase authorization for up to 15 million shares announced
Negative
- Net earnings declined to $48.3 million from $51.0 million in Q1 2026 and $50.6 million a year ago
- EPS fell to $0.29 from $0.38 in Q1 2026 and $0.37 in Q2 2025
- Noninterest expense rose to $114.4 million from $60.6 million in Q1 2026, including $31.4 million in acquisition costs
- Efficiency ratio worsened to 63.75% from 45.84% in Q1 2026
- Noninterest-bearing deposits mix declined on average to 52.3% of total deposits from 57.8% in Q1 2026 and 59.7% a year earlier
- Provision for unfunded loan commitments of $4.25 million recorded related to the Heritage acquisition
News Explained
Systems conversion is complete, and 21.18 billion dollars of assets on June 30 shows the acquisition is already reflected in the balance sheet.
The Heritage combination closed on
Total assets were
News Market Reaction – CVBF
On the day this news was published, CVBF declined 2.47%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jun 24 | Cash dividend | Positive | +1.9% | Declared 147th consecutive quarterly cash dividend of $0.20 per share |
| Jun 15 | Share repurchase | Positive | +1.9% | Authorized repurchase of up to 15 million common shares |
| May 21 | Leadership transition | Neutral | +0.1% | George Borba Jr. became chairman following the annual meeting |
| Apr 22 | Quarterly earnings | Positive | -0.8% | Reported Q1 net income of $51.0 million and diluted EPS of $0.38 |
| Apr 17 | Merger completion | Positive | +0.4% | Completed all-stock merger with Heritage Commerce Corp |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent dividend, buyback, and acquisition announcements had positive 24-hour reactions of 1.86%, 1.92%, and 0.39%, while the Q1 earnings reaction was -0.79%.
Key Terms
net interest margin financial
roae financial
roatce financial
roaa financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Second Quarter 2026
- Net Earnings of
$48.3 million , or$0.29 per share - Assets totaled
$21.18 billion as acquisition of Heritage Commerce Corp completed on April 17, 2026 - Net Interest Margin expanded to
3.72% $31.4 million of acquisition expense and$4.25 million provision for unfunded loan commitments
Ontario, CA, July 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 June 30, 2026.
CVB Financial Corp. reported net income of
For the second 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, and also completed the systems conversion during the second quarter of 2026. The Company’s second quarter 2026 financial results included 74 days of Heritage's operations, post-merger, which impacts the comparability of the current quarter's results to prior periods. At close, the Company acquired loans with a fair value of
David Brager, Chief Executive Officer of the Company, commented, “Our consistent financial performance is highlighted by our 197 consecutive quarters, or 49 years, of profitability, and our 147 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continued commitment and loyalty, as well as our associates for the outstanding efforts and commitment to the successful systems conversion completed in June" 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. With the systems integration behind us, we will continue to focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. We now operate in every major economic center of California and will continue to deliver our relationship focused banking model throughout the state of California.”
Highlights for the Second Quarter of 2026
- Net interest income grew by
$44.6 million , or37.8% from Q1 of 2026 - Net interest margin of
3.72% increased by 28 basis points from Q1 of 2026 - Loans increased by
$3.37 billion , or39.0% from the end of Q1 of 2026 - Completed sale of SFR mortgage pool loans acquired from Heritage with a fair value of
$327 million - Average total deposit and customer repurchase agreements increased by
$3.60 billion , or29.0% from Q1 of 2026 52.8% of total deposits noninterest-bearing at quarter end- Cost of funds decreased to
0.96% from0.97% in Q1 of 2026 - Adjusted efficiency ratio of
43.88% , excluding acquisition expense and provision for unfunded loan commitments[1] - Announced share repurchase plan up to 15 million shares, replacing the prior 2024 share repurchase program
INCOME STATEMENT HIGHLIGHTS
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||||
| Net interest income | $ | 162,415 | $ | 117,840 | $ | 111,608 | $ | 280,255 | $ | 222,052 | |||||||||
| Provision for credit losses | — | 3,000 | — | 3,000 | 2,000 | ||||||||||||||
| Noninterest income | 17,010 | 14,279 | 14,744 | 31,289 | 30,973 | ||||||||||||||
| Noninterest expense | 114,378 | 60,568 | 57,557 | 174,946 | 116,701 | ||||||||||||||
| Income tax expense | 16,786 | 17,549 | 18,231 | 34,335 | 36,656 | ||||||||||||||
| Net earnings | $ | 48,261 | $ | 51,002 | $ | 50,564 | $ | 99,263 | $ | 101,668 | |||||||||
| Earnings per common share: | |||||||||||||||||||
| Basic | $ | 0.29 | $ | 0.38 | $ | 0.37 | $ | 0.65 | $ | 0.73 | |||||||||
| Diluted | $ | 0.29 | $ | 0.38 | $ | 0.37 | $ | 0.65 | $ | 0.73 | |||||||||
| NIM - tax equivalent (“TE”) [1] | 3.72 | % | 3.44 | % | 3.31 | % | 3.60 | % | 3.31 | % | |||||||||
| ROAA | 0.97 | % | 1.33 | % | 1.34 | % | 1.13 | % | 1.35 | % | |||||||||
| ROAE | 6.41 | % | 8.86 | % | 9.06 | % | 7.47 | % | 9.18 | % | |||||||||
| ROATCE | 10.85 | % | 13.38 | % | 14.08 | % | 11.99 | % | 14.29 | % | |||||||||
| Efficiency ratio | 63.75 | % | 45.84 | % | 45.55 | % | 56.15 | % | 46.12 | % | |||||||||
| [1] Includes tax equivalent (TE) adjustments utilizing a federal statutory rate of | |||||||||||||||||||
Net Interest Income
Net interest income was
___________________________________
[1] Non-U.S. generally accepted accounting principles (“GAAP”) financial measures. See GAAP to non–GAAP reconciliations of the measures are set forth at the last section of this press release.
Compared to the second quarter of 2025, the
Net Interest Margin
Our tax equivalent net interest margin was
Our tax equivalent net interest margin for the second quarter of 2026 increased by 41 basis points compared to the second quarter of 2025, reflecting a 34 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 31 basis point increase in average loan yields, reflecting the addition of higher-yielding acquired factored receivables portfolio acquired through the Heritage acquisition. Partially offsetting this increase was a lower yield on funds deposited at the Federal Reserve, resulting from the 75 basis points reduction in federal funds target rate by FOMC during the last four months of 2025. The average yield on investment securities increased by 12 basis points from the second quarter of 2025, despite the impact of the fair value hedges of our investment securities available-for-sale ("AFS"), which generated a negative carry during the second quarter of 2026 and reduced interest income by
Earning Assets and Deposits
The increases in average earning assets and average total deposits were primarily attributable to the Heritage acquisition. On average, earning assets increased by
The average balance on noninterest-bearing deposits increased by
SELECTED FINANCIAL HIGHLIGHTS
| Three Months Ended | |||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 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 | $ | 5,270,895 | 30.01 | % | $ | 4,921,215 | 35.43 | % | $ | 4,847,415 | 35.75 | % | |||||
| Investment in FHLB, FRB, and other stock | 77,891 | 0.44 | % | 55,948 | 0.40 | % | 18,012 | 0.13 | % | ||||||||
| Interest-earning deposits with other institutions | 669,165 | 3.81 | % | 290,536 | 2.09 | % | 337,929 | 2.49 | % | ||||||||
| Loans | 11,548,138 | 65.74 | % | 8,624,604 | 62.08 | % | 8,354,898 | 61.62 | % | ||||||||
| Total interest-earning assets | $ | 17,566,089 | 100.00 | % | $ | 13,892,303 | 100.00 | % | $ | 13,558,254 | 100.00 | % | |||||
| Average Deposits & Borrowings | Avg | % of Total | Avg | % of Total | Avg | % of Total | |||||||||||
| Noninterest bearing deposits | $ | 8,123,844 | 49.22 | % | $ | 6,894,427 | 53.12 | % | $ | 7,051,702 | 55.56 | % | |||||
| Interest-bearing deposits | 7,400,171 | 44.84 | % | 5,041,899 | 38.85 | % | 4,755,828 | 37.47 | % | ||||||||
| Customer repurchase agreements | 564,766 | 3.42 | % | 541,881 | 4.18 | % | 376,629 | 2.97 | % | ||||||||
| FHLB advances and other borrowings | 384,295 | 2.33 | % | 500,000 | 3.85 | % | 508,159 | 4.00 | % | ||||||||
| Subordinated debentures | 31,993 | 0.19 | % | — | 0.00 | % | — | 0.00 | % | ||||||||
| Total deposits and borrowings | $ | 16,505,069 | 100.00 | % | $ | 12,978,207 | 100.00 | % | $ | 12,692,318 | 100.00 | % | |||||
Provision for Credit Losses
There was no provision for credit losses in the second quarter of 2026, compared to 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 June 30, 2026 was
BALANCE SHEET HIGHLIGHTS
Assets
Total assets were
Total assets increased by
Total assets at June 30, 2026 increased by
Investment Securities
Total investment securities were
At June 30, 2026, investment securities held-to-maturity (“HTM”) totaled
___________________________________
[1] Non-GAAP financial measures. See GAAP to non–GAAP reconciliations of the measures are set forth at the last section of this press release.
At June 30, 2026, investment securities AFS totaled
Loans
Total loans and leases, at amortized cost, of
Total loans and leases, at amortized cost, increased by
Total loans and leases, at amortized cost, increased by
Asset Quality
During the second 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 | June 30, 2026 | March 31, 2026 | June 30, 2025 | |||||||||
| (Dollars in thousands) | ||||||||||||
| Nonperforming loans | ||||||||||||
| Commercial real estate | $ | 4,905 | $ | 2,094 | $ | 24,379 | ||||||
| Construction | 685 | — | — | |||||||||
| SBA | 918 | 477 | 1,265 | |||||||||
| Commercial and industrial | 9,672 | 3,573 | 265 | |||||||||
| Dairy & livestock and agribusiness | — | — | 60 | |||||||||
| Consumer and other loans | 462 | — | — | |||||||||
| Total | $ | 16,642 | $ | 6,144 | $ | 25,969 | ||||||
| % of Total loans | 0.14 | % | 0.07 | % | 0.31 | % | ||||||
| OREO | ||||||||||||
| Commercial real estate | $ | 206 | $ | 206 | $ | 661 | ||||||
| Total | $ | 206 | $ | 206 | $ | 661 | ||||||
| Total nonperforming assets | $ | 16,848 | $ | 6,350 | $ | 26,630 | ||||||
| % of Nonperforming assets to total assets | 0.08 | % | 0.04 | % | 0.17 | % | ||||||
| Past due 30-89 days (accruing) | ||||||||||||
| Commercial real estate | $ | 2,762 | $ | 4,715 | $ | — | ||||||
| SBA | 785 | 1,553 | 3,419 | |||||||||
| Commercial and industrial | 75 | 88 | — | |||||||||
| SFR mortgage | — | 249 | — | |||||||||
| Consumer and other loans | 123 | — | — | |||||||||
| Total | $ | 3,745 | $ | 6,605 | $ | 3,419 | ||||||
| % of Total loans | 0.03 | % | 0.08 | % | 0.04 | % | ||||||
| Total nonperforming, OREO, and past due | $ | 20,593 | $ | 12,955 | $ | 30,049 | ||||||
| Classified Loans | $ | 109,718 | $ | 83,058 | $ | 73,422 | ||||||
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 June 30, 2026, total borrowings were
Capital
The Company’s total equity was
Our tangible book value per share 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 | June 30, 2026 | December 31, 2025 | June 30, 2025 | |||||
| Tier 1 leverage capital ratio | ||||||||
| Common equity Tier 1 capital ratio | ||||||||
| Tier 1 risk-based capital ratio | ||||||||
| Total risk-based capital ratio | ||||||||
| Tangible common equity (“TCE”) ratio | ||||||||
CitizensTrust
As of June 30, 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, July 23, 2026, to discuss the Company’s second quarter 2026 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BIf3989c35152a4f7d8d7a5a51b75f972f
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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor for "forward-looking statements" provided by 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 and its wholly-owned banking subsidiary, Heritage Bank of Commerce (collectively “Heritage”) . 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 effects of acquisitions we have made or may make, including, without limitation, the failure to achieve the expected efficiencies and financial results from such acquisitions; 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; changes in the scope and cost of FDIC insurance; 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, including the adoption of artificial intelligence, in banking and financial services; the use, reliability and accuracy of the financial models and data on which we rely; 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, deposit attrition, customer or employee loss, and/or revenue loss as a result of the merger; 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 website (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) | ||||||||||||
| June 30, 2026 | December 31, 2025 | June 30, 2025 | ||||||||||
| Assets | ||||||||||||
| Cash and due from banks | $ | 194,590 | $ | 107,511 | $ | 195,063 | ||||||
| Interest-earning balances due from Federal Reserve | 909,769 | 268,878 | 543,573 | |||||||||
| Total cash and cash equivalents | 1,104,359 | 376,389 | 738,636 | |||||||||
| Interest-earning balances due from depository institutions | 749 | 13,064 | 11,004 | |||||||||
| Investment securities available-for-sale | 3,457,764 | 2,683,070 | 2,486,306 | |||||||||
| Investment securities held-to-maturity | 2,218,529 | 2,270,391 | 2,327,230 | |||||||||
| Total investment securities | 5,676,293 | 4,953,461 | 4,813,536 | |||||||||
| Investment in FHLB, FRB, and other stock | 81,275 | 55,948 | 18,012 | |||||||||
| Loans and lease finance receivables | 12,017,055 | 8,699,193 | 8,358,501 | |||||||||
| Allowance for credit losses | (126,661 | ) | (77,161 | ) | (78,003 | ) | ||||||
| Net loans and lease finance receivables | 11,890,394 | 8,622,032 | 8,280,498 | |||||||||
| Premises and equipment, net | 33,114 | 26,505 | 26,606 | |||||||||
| Bank owned life insurance (“BOLI”) | 415,118 | 325,299 | 320,596 | |||||||||
| Intangibles | 117,927 | 5,774 | 7,657 | |||||||||
| Goodwill | 1,099,936 | 765,822 | 765,822 | |||||||||
| Other assets | 763,616 | 486,760 | 431,763 | |||||||||
| Total assets | $ | 21,182,781 | $ | 15,631,054 | $ | 15,414,130 | ||||||
| Liabilities | ||||||||||||
| Deposits: | ||||||||||||
| Noninterest-bearing | $ | 8,606,924 | $ | 6,800,691 | $ | 7,247,128 | ||||||
| Investment checking | 1,022,887 | 509,272 | 483,793 | |||||||||
| Savings and money market | 5,968,351 | 4,185,244 | 3,669,912 | |||||||||
| Time deposits | 690,539 | 576,775 | 583,990 | |||||||||
| Total deposits | 16,288,701 | 12,071,982 | 11,984,823 | |||||||||
| Customer repurchase agreements | 563,405 | 490,601 | 404,154 | |||||||||
| Federal Home Loan Bank advances and other borrowings | 500,000 | 500,000 | 500,000 | |||||||||
| Subordinated debentures | 38,973 | — | — | |||||||||
| Other liabilities | 622,013 | 273,247 | 284,831 | |||||||||
| Total liabilities | 18,013,092 | 13,335,830 | 13,173,808 | |||||||||
| Stockholders' Equity | ||||||||||||
| Common Stock | 2,060,555 | 1,222,365 | 1,260,843 | |||||||||
| Retained Earnings | 1,337,229 | 1,300,513 | 1,247,611 | |||||||||
| Accumulated other comprehensive loss, net | (228,095 | ) | (227,654 | ) | (268,132 | ) | ||||||
| Total stockholders' equity | 3,169,689 | 2,295,224 | 2,240,322 | |||||||||
| Total liabilities and stockholders' equity | $ | 21,182,781 | $ | 15,631,054 | $ | 15,414,130 | ||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||
| Assets | ||||||||||||||||||||
| Cash and due from banks | $ | 168,621 | $ | 145,001 | $ | 154,785 | $ | 156,876 | $ | 154,557 | ||||||||||
| Interest-earning balances due from Federal Reserve | 668,130 | 280,163 | 331,956 | 475,218 | 247,165 | |||||||||||||||
| Total cash and cash equivalents | 836,751 | 425,164 | 486,741 | 632,094 | 401,722 | |||||||||||||||
| Interest-earning balances due from depository institutions | 1,035 | 10,373 | 5,973 | 5,678 | 3,479 | |||||||||||||||
| Investment securities available-for-sale | 3,034,877 | 2,660,813 | 2,505,601 | 2,848,963 | 2,522,313 | |||||||||||||||
| Investment securities held-to-maturity | 2,236,018 | 2,260,402 | 2,341,814 | 2,248,058 | 2,355,584 | |||||||||||||||
| Total investment securities | 5,270,895 | 4,921,215 | 4,847,415 | 5,097,021 | 4,877,897 | |||||||||||||||
| Investment in FHLB, FRB, and other stock | 77,891 | 55,948 | 18,012 | 66,980 | 18,012 | |||||||||||||||
| Loans and lease finance receivables | 11,548,138 | 8,624,604 | 8,354,898 | 10,094,447 | 8,410,871 | |||||||||||||||
| Allowance for credit losses | (118,594 | ) | (77,219 | ) | (78,259 | ) | (98,021 | ) | (79,181 | ) | ||||||||||
| Net loans and lease finance receivables | 11,429,544 | 8,547,385 | 8,276,639 | 9,996,426 | 8,331,690 | |||||||||||||||
| Premises and equipment, net | 33,177 | 26,897 | 26,982 | 30,054 | 27,194 | |||||||||||||||
| BOLI | 398,014 | 326,031 | 319,582 | 362,221 | 318,121 | |||||||||||||||
| Intangibles | 100,373 | 5,341 | 8,232 | 53,119 | 8,872 | |||||||||||||||
| Goodwill | 1,041,190 | 765,822 | 765,822 | 904,267 | 765,822 | |||||||||||||||
| Other assets | 692,558 | 480,068 | 427,776 | 583,764 | 423,469 | |||||||||||||||
| Total assets | $ | 19,881,428 | $ | 15,564,244 | $ | 15,183,174 | $ | 17,731,624 | $ | 15,176,278 | ||||||||||
| Liabilities | ||||||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing | $ | 8,123,844 | $ | 6,894,427 | $ | 7,051,702 | $ | 7,512,532 | $ | 7,029,156 | ||||||||||
| Interest-bearing | 7,400,171 | 5,041,899 | 4,755,828 | 6,227,549 | 4,810,767 | |||||||||||||||
| Total deposits | 15,524,015 | 11,936,326 | 11,807,530 | 13,740,081 | 11,839,923 | |||||||||||||||
| Customer repurchase agreements | 564,766 | 541,881 | 376,629 | 553,387 | 347,140 | |||||||||||||||
| Federal Home Loan Bank advances and other borrowings | 384,295 | 500,000 | 508,159 | 441,828 | 510,605 | |||||||||||||||
| Subordinated debentures | 31,993 | — | — | 16,085 | — | |||||||||||||||
| Other liabilities | 356,655 | 250,364 | 252,908 | 300,665 | 246,132 | |||||||||||||||
| Total liabilities | 16,861,724 | 13,228,571 | 12,945,226 | 15,052,046 | 12,943,800 | |||||||||||||||
| Stockholders' Equity | ||||||||||||||||||||
| Common Stock | 1,887,018 | 1,222,046 | 1,261,700 | 1,556,368 | 1,276,480 | |||||||||||||||
| Retained Earnings | 1,360,935 | 1,332,021 | 1,256,582 | 1,346,558 | 1,244,606 | |||||||||||||||
| Accumulated other comprehensive loss, net | (228,249 | ) | (218,394 | ) | (280,334 | ) | (223,348 | ) | (288,608 | ) | ||||||||||
| Total stockholders' equity | 3,019,704 | 2,335,673 | 2,237,948 | 2,679,578 | 2,232,478 | |||||||||||||||
| Total liabilities and stockholders' equity | $ | 19,881,428 | $ | 15,564,244 | $ | 15,183,174 | $ | 17,731,624 | $ | 15,176,278 | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||
| Interest income | ||||||||||||||||||||
| Loans and leases, including fees | $ | 159,212 | $ | 113,272 | $ | 108,845 | $ | 272,484 | $ | 217,916 | ||||||||||
| Investment securities: | ||||||||||||||||||||
| Investment securities available-for-sale | 23,229 | 19,400 | 18,299 | 42,629 | 37,033 | |||||||||||||||
| Investment securities held-to-maturity | 12,322 | 12,466 | 12,886 | 24,788 | 25,907 | |||||||||||||||
| Total investment income | 35,551 | 31,866 | 31,185 | 67,417 | 62,940 | |||||||||||||||
| Dividends from FHLB, FRB, and other stock | 1,227 | 1,311 | 411 | 2,538 | 790 | |||||||||||||||
| Interest-earning deposits with other institutions | 6,138 | 2,661 | 3,768 | 8,799 | 5,565 | |||||||||||||||
| Total interest income | 202,128 | 149,110 | 144,209 | 351,238 | 287,211 | |||||||||||||||
| Interest expense | ||||||||||||||||||||
| Deposits | 32,119 | 23,052 | 24,829 | 55,171 | 50,151 | |||||||||||||||
| Borrowings and customer repurchase agreements | 6,707 | 7,972 | 7,401 | 14,679 | 14,201 | |||||||||||||||
| Subordinated debentures | 639 | — | — | 639 | — | |||||||||||||||
| Other | 248 | 246 | 371 | 494 | 807 | |||||||||||||||
| Total interest expense | 39,713 | 31,270 | 32,601 | 70,983 | 65,159 | |||||||||||||||
| Net interest income before provision for (recapture of) credit losses | 162,415 | 117,840 | 111,608 | 280,255 | 222,052 | |||||||||||||||
| Provision for (recapture of) credit losses | — | 3,000 | — | 3,000 | (2,000 | ) | ||||||||||||||
| Net interest income after provision for (recapture of) credit losses | 162,415 | 114,840 | 111,608 | 277,255 | 224,052 | |||||||||||||||
| Noninterest income | ||||||||||||||||||||
| Service charges on deposit accounts | 5,336 | 4,817 | 4,959 | 10,153 | 9,867 | |||||||||||||||
| Trust and investment services | 4,184 | 3,724 | 3,716 | 7,908 | 7,127 | |||||||||||||||
| Gain on other real estate owned (“OREO”), net | — | — | 6 | — | 2,183 | |||||||||||||||
| Other | 7,490 | 5,738 | 6,063 | 13,228 | 11,796 | |||||||||||||||
| Total noninterest income | 17,010 | 14,279 | 14,744 | 31,289 | 30,973 | |||||||||||||||
| Noninterest expense | ||||||||||||||||||||
| Salaries and employee benefits | 46,568 | 37,461 | 34,999 | 84,029 | 71,476 | |||||||||||||||
| Occupancy and equipment | 8,293 | 6,075 | 6,106 | 14,368 | 12,104 | |||||||||||||||
| Professional services | 3,250 | 2,518 | 2,191 | 5,768 | 4,272 | |||||||||||||||
| Computer software expense | 6,136 | 4,303 | 4,410 | 10,439 | 8,631 | |||||||||||||||
| Marketing and promotion | 2,098 | 2,061 | 1,817 | 4,159 | 3,805 | |||||||||||||||
| Amortization of intangible assets | 3,577 | 850 | 1,155 | 4,427 | 2,310 | |||||||||||||||
| Provision for unfunded loan commitments | 4,250 | 500 | — | 4,750 | 500 | |||||||||||||||
| Acquisition related expenses | 31,400 | 1,129 | — | 32,529 | — | |||||||||||||||
| Other | 8,806 | 5,671 | 6,879 | 14,477 | 13,603 | |||||||||||||||
| Total noninterest expense | 114,378 | 60,568 | 57,557 | 174,946 | 116,701 | |||||||||||||||
| Earnings before income taxes | 65,047 | 68,551 | 68,795 | 133,598 | 138,324 | |||||||||||||||
| Income tax expense | 16,786 | 17,549 | 18,231 | 34,335 | 36,656 | |||||||||||||||
| Net earnings | $ | 48,261 | $ | 51,002 | $ | 50,564 | $ | 99,263 | $ | 101,668 | ||||||||||
| Basic earnings per common share | $ | 0.29 | $ | 0.38 | $ | 0.37 | $ | 0.65 | $ | 0.73 | ||||||||||
| Diluted earnings per common share | $ | 0.29 | $ | 0.38 | $ | 0.37 | $ | 0.65 | $ | 0.73 | ||||||||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 0.20 | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | |||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (Dollars in thousands, except per share amounts) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||||||||||||||
| Interest income - tax equivalent (TE) | $ | 202,634 | $ | 149,138 | $ | 144,729 | $ | 352,253 | $ | 288,253 | |||||||||
| Interest expense | 39,713 | 31,270 | 32,601 | 70,983 | 65,159 | ||||||||||||||
| Net interest income - (TE) | $ | 162,921 | $ | 117,868 | $ | 112,128 | $ | 281,270 | $ | 223,094 | |||||||||
| Return on average assets, annualized | 0.97 | % | 1.33 | % | 1.34 | % | 1.13 | % | 1.35 | % | |||||||||
| Return on average equity, annualized | 6.41 | % | 8.86 | % | 9.06 | % | 7.47 | % | 9.18 | % | |||||||||
| Efficiency ratio | 63.75 | % | 45.84 | % | 45.55 | % | 56.15 | % | 46.12 | % | |||||||||
| Adjusted efficiency ratio [1] | 43.88 | % | 44.61 | % | 45.55 | % | 44.19 | % | 45.92 | % | |||||||||
| Noninterest expense to average assets, annualized | 2.31 | % | 1.58 | % | 1.52 | % | 1.99 | % | 1.55 | % | |||||||||
| Yield on average loans | 5.53 | % | 5.32 | % | 5.22 | % | 5.44 | % | 5.22 | % | |||||||||
| Yield on average earning assets (TE) | 4.62 | % | 4.35 | % | 4.28 | % | 4.50 | % | 4.28 | % | |||||||||
| Cost of deposits | 0.83 | % | 0.78 | % | 0.84 | % | 0.81 | % | 0.85 | % | |||||||||
| Cost of deposits and customer repurchase agreements | 0.86 | % | 0.82 | % | 0.87 | % | 0.85 | % | 0.87 | % | |||||||||
| Cost of funds | 0.96 | % | 0.97 | % | 1.03 | % | 0.97 | % | 1.03 | % | |||||||||
| Net interest margin (TE) | 3.72 | % | 3.44 | % | 3.31 | % | 3.60 | % | 3.31 | % | |||||||||
| TCE ratio [1] | |||||||||||||||||||
| CVB Financial Corp. Consolidated | 9.78 | % | 10.52 | % | 10.02 | % | |||||||||||||
| Citizens Business Bank, National Association | 9.47 | % | 10.35 | % | 9.86 | % | |||||||||||||
| Weighted average shares outstanding | |||||||||||||||||||
| Basic | 167,038,874 | 134,760,313 | 136,999,451 | 150,985,738 | 137,614,679 | ||||||||||||||
| Diluted | 167,186,423 | 134,916,024 | 137,172,994 | 151,127,393 | 137,888,778 | ||||||||||||||
| Dividends declared | $ | 35,350 | $ | 27,197 | $ | 27,703 | $ | 62,547 | $ | 55,556 | |||||||||
| Dividend payout ratio [2] | 73.25 | % | 53.32 | % | 54.79 | % | 63.01 | % | 54.64 | % | |||||||||
| Number of shares outstanding - (end of period) | 176,247,135 | 135,791,180 | 137,825,465 | ||||||||||||||||
| Book value per share | $ | 17.98 | $ | 17.09 | $ | 16.25 | |||||||||||||
| Tangible book value per share [1] | $ | 11.07 | $ | 11.42 | $ | 10.64 | |||||||||||||
| [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 | ||||||||||||||||||||
| June 30, 2026 | December 31, 2025 | June 30, 2025 | ||||||||||||||||||
| Nonperforming assets: | ||||||||||||||||||||
| Nonaccrual loans | $ | 16,642 | $ | 4,685 | $ | 25,969 | ||||||||||||||
| Other real estate owned (“OREO”), net | 206 | 163 | 661 | |||||||||||||||||
| Total nonperforming assets | $ | 16,848 | $ | 4,848 | $ | 26,630 | ||||||||||||||
| Loan modifications to borrowers experiencing financial difficulty | $ | 24,461 | $ | 16,902 | $ | 9,529 | ||||||||||||||
| Percentage of nonperforming assets to total loans outstanding and OREO | 0.14 | % | 0.06 | % | 0.32 | % | ||||||||||||||
| Percentage of nonperforming assets to total assets | 0.08 | % | 0.03 | % | 0.17 | % | ||||||||||||||
| Allowance for credit losses to nonperforming assets | 751.77 | % | 1591.60 | % | 292.91 | % | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||
| Allowance for credit losses: | ||||||||||||||||||||
| Balance at beginning of period | $ | 80,170 | $ | 77,161 | $ | 78,252 | $ | 77,161 | $ | 80,122 | ||||||||||
| Initial ACL on PCD and PSL loans acquired during the period | 46,628 | — | — | 46,628 | — | |||||||||||||||
| Charge-offs | (141 | ) | (123 | ) | (429 | ) | (264 | ) | (469 | ) | ||||||||||
| Recoveries | 4 | 132 | 180 | 136 | 350 | |||||||||||||||
| Net (charge-offs) recoveries | (137 | ) | 9 | (249 | ) | (128 | ) | (119 | ) | |||||||||||
| Provision for (recapture of) credit losses | — | 3,000 | — | 3,000 | (2,000 | ) | ||||||||||||||
| Balance at end of period | $ | 126,661 | $ | 80,170 | $ | 78,003 | $ | 126,661 | $ | 78,003 | ||||||||||
| Net charge-offs to average loans | -0.001 | % | 0.000 | % | -0.003 | % | -0.001 | % | -0.001 | % | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| Allowance for Credit Losses by Loan Type | ||||||||||||||||||
| June 30, 2026 | December 31, 2025 | June 30, 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 | $ | 76,065 | 0.85 | % | $ | 61,661 | 0.94 | % | $ | 64,542 | 0.99 | % | ||||||
| Construction | 3,056 | 1.46 | % | 593 | 1.57 | % | 240 | 1.36 | % | |||||||||
| SBA | 4,568 | 1.03 | % | 2,720 | 0.96 | % | 3,066 | 1.13 | % | |||||||||
| Commercial and industrial | 36,588 | 2.47 | % | 8,438 | 0.87 | % | 6,357 | 0.70 | % | |||||||||
| Dairy & livestock and agribusiness | 3,082 | 1.10 | % | 2,486 | 0.58 | % | 2,554 | 1.09 | % | |||||||||
| Municipal lease finance receivables | 222 | 0.40 | % | 251 | 0.42 | % | 220 | 0.35 | % | |||||||||
| SFR mortgage | 515 | 0.15 | % | 442 | 0.16 | % | 477 | 0.17 | % | |||||||||
| Consumer and other loans | 2,565 | 1.14 | % | 570 | 0.98 | % | 547 | 1.03 | % | |||||||||
| Total | $ | 126,661 | 1.05 | % | $ | 77,161 | 0.89 | % | $ | 78,003 | 0.93 | % | ||||||
| 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, | $ | 22.57 | $ | 19.17 | $ | 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 | |||||||||||||||||||||||
| Q2 | Q1 | Q4 | Q3 | Q2 | |||||||||||||||||||
| 2026 | 2026 | 2025 | 2025 | 2025 | |||||||||||||||||||
| Interest income | |||||||||||||||||||||||
| Loans and leases, including fees | $ | 159,212 | $ | 113,272 | $ | 117,415 | $ | 110,825 | $ | 108,845 | |||||||||||||
| Investment securities and other | 42,916 | 35,838 | 38,564 | 39,287 | 35,364 | ||||||||||||||||||
| Total interest income | 202,128 | 149,110 | 155,979 | 150,112 | 144,209 | ||||||||||||||||||
| Interest expense | |||||||||||||||||||||||
| Deposits | 32,119 | 23,052 | 25,047 | 26,096 | 24,829 | ||||||||||||||||||
| Borrowings and customer repurchase agreements | 6,707 | 7,972 | 8,007 | 8,109 | 7,401 | ||||||||||||||||||
| Other | 248 | 246 | 267 | 330 | 371 | ||||||||||||||||||
| Total interest expense | 39,074 | 31,270 | 33,321 | 34,535 | 32,601 | ||||||||||||||||||
| Net interest income before provision for (recapture of) credit losses | 162,415 | 117,840 | 122,658 | 115,577 | 111,608 | ||||||||||||||||||
| Provision for (recapture of) credit losses | — | 3,000 | (2,500 | ) | 1,000 | — | |||||||||||||||||
| Net interest income after provision for (recapture of) credit losses | 162,415 | 114,840 | 125,158 | 114,577 | 111,608 | ||||||||||||||||||
| Noninterest income | 17,010 | 14,279 | 11,193 | 13,006 | 14,744 | ||||||||||||||||||
| Noninterest expense | 114,378 | 60,568 | 61,988 | 58,576 | 57,557 | ||||||||||||||||||
| Earnings before income taxes | 65,047 | 68,551 | 74,363 | 69,007 | 68,795 | ||||||||||||||||||
| Income taxes | 16,786 | 17,549 | 19,319 | 16,421 | 18,231 | ||||||||||||||||||
| Net earnings | $ | 48,261 | $ | 51,002 | $ | 55,044 | $ | 52,586 | $ | 50,564 | |||||||||||||
| Effective tax rate | 25.81 | % | 25.60 | % | 25.98 | % | 23.80 | % | 26.50 | % | |||||||||||||
| Basic earnings per common share | $ | 0.29 | $ | 0.38 | $ | 0.40 | $ | 0.38 | $ | 0.37 | |||||||||||||
| Diluted earnings per common share | $ | 0.29 | $ | 0.38 | $ | 0.40 | $ | 0.38 | $ | 0.37 | |||||||||||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | |||||||||||||
| Cash dividends declared | $ | 35,350 | $ | 27,197 | $ | 27,180 | $ | 27,548 | $ | 27,703 | |||||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Loan Portfolio by Type | ||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | ||||||||||||||||
| Commercial real estate | $ | 8,983,934 | $ | 6,631,238 | $ | 6,574,395 | $ | 6,535,319 | $ | 6,517,415 | ||||||||||
| Construction | 209,993 | 59,329 | 37,812 | 29,976 | 17,658 | |||||||||||||||
| SBA | 441,572 | 291,702 | 282,401 | 266,279 | 271,820 | |||||||||||||||
| Commercial and industrial | 1,478,884 | 952,260 | 973,631 | 939,174 | 912,427 | |||||||||||||||
| Dairy & livestock and agribusiness | 280,994 | 314,838 | 431,577 | 292,963 | 233,772 | |||||||||||||||
| Municipal lease finance receivables | 56,086 | 57,453 | 59,542 | 61,383 | 63,652 | |||||||||||||||
| SFR mortgage | 341,340 | 278,214 | 281,766 | 286,111 | 288,435 | |||||||||||||||
| Consumer and other loans | 224,252 | 58,282 | 58,069 | 59,701 | 53,322 | |||||||||||||||
| Gross loans, at amortized cost | 12,017,055 | 8,643,316 | 8,699,193 | 8,470,906 | 8,358,501 | |||||||||||||||
| Allowance for credit losses | (126,661 | ) | (80,170 | ) | (77,161 | ) | (79,336 | ) | (78,003 | ) | ||||||||||
| Net loans | $ | 11,890,394 | $ | 8,563,146 | $ | 8,622,032 | $ | 8,391,570 | $ | 8,280,498 | ||||||||||
| Deposit Composition by Type and Customer Repurchase Agreements | ||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | ||||||||||||||||
| Noninterest-bearing | $ | 8,606,924 | $ | 7,100,507 | $ | 6,800,691 | $ | 7,244,968 | $ | 7,247,128 | ||||||||||
| Investment checking | 1,022,887 | 497,609 | 509,272 | 487,738 | 483,793 | |||||||||||||||
| Savings and money market | 5,968,351 | 3,802,623 | 4,185,244 | 3,809,768 | 3,669,912 | |||||||||||||||
| Time deposits | 690,539 | 544,485 | 576,775 | 581,765 | 583,990 | |||||||||||||||
| Total deposits | 16,288,701 | 11,945,224 | 12,071,982 | 12,124,239 | 11,984,823 | |||||||||||||||
| Customer repurchase agreements | 563,405 | 494,257 | 490,601 | 451,258 | 404,154 | |||||||||||||||
| Total deposits and customer repurchase agreements | $ | 16,852,106 | $ | 12,439,481 | $ | 12,562,583 | $ | 12,575,497 | $ | 12,388,977 | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||||||||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Nonperforming Assets and Delinquency Trends | ||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | ||||||||||||||||
| Nonperforming loans | ||||||||||||||||||||
| Commercial real estate | $ | 4,905 | $ | 2,094 | $ | 4,186 | $ | 23,707 | $ | 24,379 | ||||||||||
| Construction | 685 | — | — | — | — | |||||||||||||||
| SBA | 918 | 477 | 21 | 3,952 | 1,265 | |||||||||||||||
| Commercial and industrial | 9,672 | 3,573 | 478 | 145 | 265 | |||||||||||||||
| Dairy & livestock and agribusiness | — | — | — | — | 60 | |||||||||||||||
| Consumer and other loans | 462 | — | — | — | — | |||||||||||||||
| Total | $ | 16,642 | $ | 6,144 | $ | 4,685 | $ | 27,804 | $ | 25,969 | ||||||||||
| % of Total loans | 0.14 | % | 0.07 | % | 0.05 | % | 0.33 | % | 0.31 | % | ||||||||||
| Past due 30-89 days (accruing) | ||||||||||||||||||||
| Commercial real estate | $ | 2,762 | $ | 4,715 | $ | 2,887 | $ | 43 | $ | — | ||||||||||
| SBA | 785 | 1,553 | 30 | 42 | 3,419 | |||||||||||||||
| Commercial and industrial | 75 | 88 | 261 | — | — | |||||||||||||||
| SFR mortgage | — | 249 | — | — | — | |||||||||||||||
| Consumer and other loans | 123 | — | — | — | — | |||||||||||||||
| Total | $ | 3,745 | $ | 6,605 | $ | 3,178 | $ | 85 | $ | 3,419 | ||||||||||
| % of Total loans | 0.03 | % | 0.08 | % | 0.04 | % | 0.00 | % | 0.04 | % | ||||||||||
| OREO | ||||||||||||||||||||
| Commercial real estate | $ | 206 | $ | 206 | $ | 163 | $ | 661 | $ | 661 | ||||||||||
| Total | $ | 206 | $ | 206 | $ | 163 | $ | 661 | $ | 661 | ||||||||||
| Total nonperforming, past due, and OREO | $ | 20,593 | $ | 12,955 | $ | 8,026 | $ | 28,550 | $ | 30,049 | ||||||||||
| % of Total loans | 0.17 | % | 0.15 | % | 0.09 | % | 0.34 | % | 0.36 | % | ||||||||||
| CVB FINANCIAL CORP. AND SUBSIDIARIES | ||||||||
| SELECTED FINANCIAL HIGHLIGHTS | ||||||||
| (Unaudited) | ||||||||
| Regulatory Capital Ratios | ||||||||
| Minimum Required | CVB Financial Corp. Consolidated | |||||||
| Capital Ratios | Plus Capital Conservation Buffer | June 30, 2026 | December 31, 2025 | June 30, 2025 | ||||
| Tier 1 leverage capital ratio | ||||||||
| Common equity Tier 1 capital ratio | ||||||||
| Tier 1 risk-based capital ratio | ||||||||
| Total risk-based capital ratio | ||||||||
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 | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Net Income | $ | 48,261 | $ | 51,002 | $ | 50,564 | $ | 99,263 | $ | 101,668 | ||||||||||
| Add: Provision for (recapture of) credit losses | — | 3,000 | — | 3,000 | (2,000 | ) | ||||||||||||||
| Add: Income tax expense | 16,786 | 17,549 | 18,231 | 34,335 | 36,656 | |||||||||||||||
| Pretax pre-provision income | $ | 65,047 | $ | 71,551 | $ | 68,795 | $ | 136,598 | $ | 136,324 | ||||||||||
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.
| June 30, 2026 | December 31, 2025 | June 30, 2025 | ||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||
| CVB Financial Corp. and Subsidiaries | ||||||||||||
| Stockholders' equity | $ | 3,169,689 | $ | 2,295,224 | $ | 2,240,322 | ||||||
| Less: Goodwill | (1,099,936 | ) | (765,822 | ) | (765,822 | ) | ||||||
| Less: Intangible assets | (117,927 | ) | (5,774 | ) | (7,657 | ) | ||||||
| Tangible book value | $ | 1,951,826 | $ | 1,523,628 | $ | 1,466,843 | ||||||
| Total assets | 21,182,781 | 15,631,054 | 15,414,130 | |||||||||
| Less: Goodwill | (1,099,936 | ) | (765,822 | ) | (765,822 | ) | ||||||
| Less: Intangible assets | (117,927 | ) | (5,774 | ) | (7,657 | ) | ||||||
| Tangible assets | $ | 19,964,918 | $ | 14,859,458 | $ | 14,640,651 | ||||||
| Common shares issued and outstanding | 176,247,135 | 135,551,799 | 137,825,465 | |||||||||
| Book value per share | $ | 17.98 | $ | 16.93 | $ | 16.25 | ||||||
| Tangible book value per share | $ | 11.07 | $ | 11.24 | $ | 10.64 | ||||||
| Tangible common equity ratio | 9.78 | % | 10.25 | % | 10.02 | % | ||||||
| Citizens Business Bank, National Association | ||||||||||||
| Stockholders' equity | $ | 3,108,717 | $ | 2,270,968 | $ | 2,218,177 | ||||||
| Less: Goodwill | (1,099,936 | ) | (765,822 | ) | (765,822 | ) | ||||||
| Less: Intangible assets | (117,927 | ) | (5,774 | ) | (7,657 | ) | ||||||
| Tangible book value | $ | 1,890,854 | $ | 1,499,372 | $ | 1,444,698 | ||||||
| Total assets | 21,182,524 | 15,634,835 | 15,418,191 | |||||||||
| Less: Goodwill | (1,099,936 | ) | (765,822 | ) | (765,822 | ) | ||||||
| Less: Intangible assets | (117,927 | ) | (5,774 | ) | (7,657 | ) | ||||||
| Tangible assets | $ | 19,964,661 | $ | 14,863,239 | $ | 14,644,712 | ||||||
| Common shares issued and outstanding | 176,247,135 | 135,551,799 | 137,825,465 | |||||||||
| Book value per share | $ | 17.64 | $ | 16.75 | $ | 16.09 | ||||||
| Tangible book value per share | $ | 10.73 | $ | 11.06 | $ | 10.48 | ||||||
| Tangible common equity ratio | 9.47 | % | 10.09 | % | 9.86 | % | ||||||
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 | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Net Income | $ | 48,261 | $ | 51,002 | $ | 50,564 | $ | 99,263 | $ | 101,668 | ||||||||||
| Add: Amortization of intangible assets | 3,577 | 850 | 1,155 | 4,427 | 2,310 | |||||||||||||||
| Less: Tax effect of amortization of intangible assets (1) | (1,040 | ) | (247 | ) | (341 | ) | (1,287 | ) | (683 | ) | ||||||||||
| Tangible net income | $ | 50,798 | $ | 51,605 | $ | 51,378 | $ | 102,403 | $ | 103,295 | ||||||||||
| Average stockholders' equity | $ | 3,019,704 | $ | 2,335,673 | $ | 2,237,948 | $ | 2,679,578 | $ | 2,232,478 | ||||||||||
| Less: Average goodwill | (1,041,190 | ) | (765,822 | ) | (765,822 | ) | (904,267 | ) | (765,822 | ) | ||||||||||
| Less: Average intangible assets | (100,373 | ) | (5,341 | ) | (8,232 | ) | (53,119 | ) | (8,872 | ) | ||||||||||
| Average tangible common equity | $ | 1,878,141 | $ | 1,564,510 | $ | 1,463,894 | $ | 1,722,192 | $ | 1,457,784 | ||||||||||
| Return on average equity, annualized (2) | 6.41 | % | 8.86 | % | 9.06 | % | 7.47 | % | 9.18 | % | ||||||||||
| Return on average tangible common equity, annualized (2) | 10.85 | % | 13.38 | % | 14.08 | % | 11.99 | % | 14.29 | % | ||||||||||
| (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 | Six Months Ended | |||||||||||||||||||
| June 30, 2026 | March 31, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Total noninterest expense | $ | 114,378 | $ | 60,568 | $ | 57,557 | $ | 174,946 | $ | 116,701 | ||||||||||
| Less: Provision for unfunded loan commitments | 4,250 | 500 | — | 4,750 | 500 | |||||||||||||||
| Less: Acquisition related expenses | 31,400 | 1,129 | — | 32,529 | — | |||||||||||||||
| Adjusted noninterest expense | $ | 78,728 | $ | 58,939 | $ | 57,557 | $ | 137,667 | $ | 116,201 | ||||||||||
| Net interest income before provision for credit losses | $ | 162,415 | $ | 117,840 | $ | 111,608 | $ | 280,255 | $ | 222,052 | ||||||||||
| Add: total noninterest income | 17,010 | 14,279 | 14,744 | 31,289 | 30,973 | |||||||||||||||
| Total revenue | $ | 179,425 | $ | 132,119 | $ | 126,352 | $ | 311,544 | $ | 253,025 | ||||||||||
| Efficiency ratio | 63.75 | % | 45.84 | % | 45.55 | % | 56.15 | % | 46.12 | % | ||||||||||
| Adjusted efficiency ratio, excluding provision for unfunded loan commitments and acquisition related expenses | 43.88 | % | 44.61 | % | 45.55 | % | 44.19 | % | 45.92 | % | ||||||||||
Contact: David A. Brager
Chief Executive Officer
(909) 980-4030
