CVB Financial Corp. Reports Earnings for the Third Quarter 2026

Quarterly diluted earnings per share increased 15.8% year over year, while nine-month diluted earnings per share were unchanged.

Rhea-AI Summary

CVB Financial (NASDAQ: CVBF) reported third-quarter 2026 net earnings of $78.1 million, exceeding both the prior quarter and year-earlier period. Diluted earnings per share were $0.44, compared with $0.29 in the second quarter and $0.38 a year earlier.

Net interest income reached $179.1 million, while tax-equivalent net interest margin rose to 3.89% from 3.72% sequentially. The company attributed much of the income growth to the full-quarter impact of the Heritage acquisition, completed April 17, 2026. Acquisition expenses fell to $8.1 million from $31.4 million sequentially. Total noninterest expense declined sequentially but remained above the year-earlier level.

A $1.0 million credit-loss recapture supported earnings. Loans increased $105.0 million from the second-quarter end. Nine-month net earnings rose to $177.361 million, but diluted earnings per share remained $1.11.

19 points · 0 major

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Positive

• Moderate pointThird-quarter net earnings reached $78.1 million, versus $48.3 million sequentially and $52.6 million a year earlier.
• Moderate pointThird-quarter diluted earnings per share rose to $0.44, from $0.29 sequentially and $0.38 a year earlier.
• Moderate pointNet interest income increased $16.7 million sequentially and $63.5 million year over year to $179.1 million.
• Moderate pointTax-equivalent net interest margin reached 3.89%, versus 3.72% sequentially and 3.33% a year earlier.
• Moderate pointAcquisition expenses declined to $8.1 million from $31.4 million in the second quarter.
• Moderate pointAverage loans increased $476.7 million, or 4.13%, from the second quarter.
• Moderate pointAverage deposits and customer repurchase agreements increased $577.9 million, or 3.59%, sequentially.
• Moderate pointNon-GAAP adjusted efficiency ratio improved to 42.10%, from 43.88% sequentially and 45.56% a year earlier.

11 minor points

• Minor pointCredit-loss recapture of $1.0 million replaced no provision sequentially and a $1.0 million provision a year earlier.
• Minor pointQuarter-end loans increased $105.0 million, or 0.87%, from the second-quarter end.
• Minor pointAverage noninterest-bearing deposits increased $330.6 million sequentially and $1.33 billion year over year.
• Minor pointDeposit costs fell to 0.79%, from 0.83% sequentially and 0.86% a year earlier.
• Minor pointFunding costs were 0.96%, unchanged sequentially and below 1.05% a year earlier.
• Minor pointAverage loan yield rose to 5.66%, from 5.53% sequentially and 5.25% a year earlier.
• Minor pointTax-equivalent investment securities yield rose to 2.97%, from 2.74% sequentially and 2.66% a year earlier.
• Minor pointQuarterly return on average assets reached 1.48%, versus 0.97% sequentially and 1.35% a year earlier.
• Minor pointQuarterly return on average equity reached 9.70%, versus 6.41% sequentially and 9.19% a year earlier.
• Minor pointNon-GAAP return on average tangible common equity reached 16.22%, versus 10.85% sequentially and 14.11% a year earlier.
• Minor pointNine-month net earnings increased to $177.361 million from $152.254 million; diluted earnings per share stayed $1.11.

Negative

• Moderate pointAverage noninterest-bearing deposit share fell to 52.6% from 59.3% a year earlier, versus 52.3% sequentially.
• Minor pointNoninterest income was $16.494 million, below $17.010 million sequentially but above $13.006 million a year earlier.
• Minor pointExpenses excluding acquisition costs and the second-quarter unfunded-commitment provision increased $3.6 million sequentially.
• Minor pointEfficiency ratio was 46.27%, improved from 63.75% sequentially but worse than 45.56% a year earlier.
• Minor pointAverage FHLB advances and other borrowings rose to $500.440 million from $384.295 million sequentially.

6 minor points

• Minor pointAverage subordinated debentures rose to $39.100 million from $31.993 million sequentially.
• Minor pointInvestment securities fair-value hedges reduced third-quarter interest income by $1.5 million.
• Minor pointNine-month return on average assets declined to 1.26% from 1.35% a year earlier.
• Minor pointNine-month return on average equity declined to 8.31% from 9.18% a year earlier.
• Minor pointNine-month non-GAAP return on average tangible common equity declined to 13.55% from 14.23% a year earlier.
• Minor pointNine-month efficiency ratio worsened to 52.34% from 45.93% a year earlier.

News Explained

CVB Financial reports it repurchased $17.5 million of common stock in Q3, bringing year-to-date repurchases to $22.6 million, or 1.0 million shares; these are purchases already made, not just the 15-million-share authorization announced in June.

Sources and calculations

• CVB Financial third-quarter 2026 earnings release (2026-10-21)
• CVB Financial share repurchase authorization announcement (2026-06-15)

Key Figures

Net earnings: $78.1 million Diluted earnings per share: $0.44 Net interest margin: 3.89% +3 more

Net earnings

$78.1 million

Q3 2026; compared with $48.3 million in Q2 2026 and $52.6 million in Q3 2025

Diluted earnings per share

$0.44

Q3 2026; compared with $0.29 in Q2 2026 and $0.38 in Q3 2025

Net interest margin

3.89%

Q3 2026, tax equivalent; up 17 basis points from Q2 2026

Net interest income

$179.1 million; up 10.25%

Q3 2026 compared with Q2 2026

Acquisition-related expenses

$8.1 million

Q3 2026; compared with $31.4 million in Q2 2026

Common stock repurchases

$17.5 million

During Q3 2026

Historical Context

1 past event · Latest: Jul 22

1 event

1. Jul 22

   earnings report

   24h Move

   +0.5%

   Q2 net earnings were $48.3 million; the quarter included 74 days of Heritage operations.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

roaa, roatce, gaap, fhlb

4 terms

roaa financial

"annualized ROAA was 1.48%"

Return on Average Assets (ROAA) measures how efficiently a company turns its assets into profit by dividing net profit over a period by the average total assets it held during that period. It matters to investors because it shows whether a business is getting a good return from what it owns—like judging a car’s fuel efficiency by miles per gallon—helping compare profitability across companies of different sizes.

roatce financial

"annualized ROATCE1 was 16.22%"

Return on Average Tangible Common Equity (ROATCE) measures how much profit a company generates from the average amount of its core, tangible shareholder capital—excluding items like goodwill and other intangibles—over a period. Investors use it like a fuel-efficiency gauge for a business: it shows how effectively the company's real, hard capital is being turned into earnings, helping compare profitability across firms or track whether returns on investor capital are improving or slipping.

gaap financial

"Non-U.S. generally accepted accounting principles (“GAAP”) financial measures."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

fhlb financial

"Federal Home Loan Bank (“FHLB”) borrowings"

The Federal Home Loan Bank (FHLB) system is a group of regional cooperative banks that lend money to local lenders like banks and credit unions so they can fund mortgages and other loans. Think of it as a central ATM for member lenders: when they need short-term cash or a safe place to park collateral, they borrow from the FHLB, and changes in FHLB lending and collateral rules can signal or affect liquidity, funding costs, and credit availability in the housing and banking markets—information investors use to gauge financial stability and interest-rate sensitivity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Third Quarter 2026

• Net earnings of $78.1 million, or $0.44 per share
• Net interest margin expanded to 3.89%
• Return on average assets (“ROAA”) of 1.48%
• Return on average tangible common equity (“ROATCE”)¹ of 16.22%

Ontario, CA, Oct. 21, 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 September 30, 2026.

CVB Financial Corp. reported net income of $78.1 million for the quarter ended September 30, 2026, compared with $48.3 million for the second quarter of 2026 and $52.6 million for the third quarter of 2025. Diluted earnings per share were $0.44 for the third quarter, compared to $0.29 for the prior quarter and $0.38 for the same period last year.

For the third quarter of 2026, annualized return on average equity (“ROAE”) was 9.70%, annualized ROATCE¹ was 16.22%, and annualized ROAA was 1.48%.

David Brager, Chief Executive Officer of the Company, commented, “Our third-quarter results reflect solid financial performance, increased profitability, net interest margin expansion and disciplined expense management following the Heritage Bank of Commerce acquisition. The third quarter represented our 198th consecutive quarter of profitability. We remain focused on the integration, serving our customers and supporting our communities and associates as we extend our relationship-focused banking model across California’s major economic centers. We are grateful for the continued trust of our customers and the dedication of our associates.” 

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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.

Highlights for the Third Quarter of 2026

• Earnings per share growth of 15.8% from Q3 of 2025
• Net interest income increased $16.7 million, or 10.3% from Q2 of 2026
• Net interest margin increased 17 basis points to 3.89% from Q2 of 2026
• Adjusted ROAA of 1.59%², excluding acquisition expense
• Adjusted ROATCE of 17.38%², excluding acquisition expense
• Adjusted efficiency ratio² of 42.10%, excluding acquisition expense
• Acquisition related expenses declined to $8.1 million, compared with $31.4 million for Q2 of 2026
• Loans increased $105.0 million, or 0.87% from the end of Q2 of 2026
• Average loans increased by $476.7 million, 4.13% from Q2 2026
• Recapture of credit losses of $1.0 million, compared with provision for credit losses of $1 million in Q3 of 2025
• Average total deposit and customer repurchase agreements increased by $577.9 million, or 3.59% from Q2 of 2026
• Noninterest-bearing deposits represented 53.5% of total deposits at quarter end
• Repurchased $17.5 million of common stock during Q3 of 2026, bringing year-to-date repurchases to $22.6 million, or 1.0 million shares

^{_____________________________
2} Non-GAAP financial measures. See GAAP to non–GAAP reconciliations of the measures are set forth at the last section of this press release.

INCOME STATEMENT HIGHLIGHTS

	Three Months Ended												Nine Months Ended
(Dollars in thousands, except per share amounts)	September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net interest income	$	179,066			$	162,415			$	115,577			$	459,321			$	337,629
(Recapture of) provision for credit losses		(1,000	)			—				1,000				2,000				(1,000	)
Noninterest income		16,494				17,010				13,006				47,783				43,978
Noninterest expense		90,480				114,378				58,576				265,426				175,276
Income tax expense		27,982				16,786				16,421				62,317				53,077
Net earnings	$	78,098			$	48,261			$	52,586			$	177,361			$	152,254
Earnings per common share:
Basic	$	0.44			$	0.29			$	0.38			$	1.11			$	1.12
Diluted	$	0.44			$	0.29			$	0.38			$	1.11			$	1.11
NIM - tax equivalent (“TE”) [1]		3.89	%			3.72	%			3.33	%			3.70	%			3.32	%
ROAA		1.48	%			0.97	%			1.35	%			1.26	%			1.35	%
ROAE		9.70	%			6.41	%			9.19	%			8.31	%			9.18	%
ROATCE		16.22	%			10.85	%			14.11	%			13.55	%			14.23	%
Efficiency ratio		46.27	%			63.75	%			45.56	%			52.34	%			45.93	%
[1] Includes tax equivalent (TE) adjustments utilizing a federal statutory rate of 21%.

Net Interest Income
Net interest income was $179.1 million for the third quarter of 2026, an increase of $16.7 million, or 10.25%, from the second quarter of 2026, and an increase of $63.5 million, or 54.93%, from the third quarter of 2025. The increases in net interest income compared to both periods largely reflect the full quarter impact of the Heritage acquisition, which closed on April 17, 2026. Interest income increased by $18.5 million, or 9.16%, from the second quarter of 2026, while interest expense increased by $1.9 million, or 4.71%, to $41.6 million in the third quarter of 2026. The quarter-over-quarter increase in net interest income was primarily due to a 17 basis point increase in tax equivalent net interest margin and a $891.9 million increase in average interest-earning assets.

Compared to the third quarter of 2025, the $63.5 million increase in net interest income was primarily attributable to a $70.5 million increase in interest income driven by a $4.58 billion increase in average interest-earning assets and a 47 basis point increase in the yield on average earning assets. The increase in interest income was offset by a $7.0 million increase in interest expense, primarily attributable to a $2.90 billion increase in average interest-bearing deposits and customer repurchase agreements.

Net Interest Margin
Our tax equivalent net interest margin was 3.89% for the third quarter of 2026, compared to 3.72% for the second quarter of 2026 and 3.33% for the third quarter of 2025. The 17 basis point increase in our net interest margin compared to the second quarter of 2026 was primarily attributable to a 16 basis points increase in our average interest-earning assets yield, driven by a 23 basis points increase in our average investment securities yield and a 13 basis points increase in our average loan yield. Discount accretion for acquired loans was approximately $3.3 million in the third quarter of 2026, compared to $3.0 million in the second quarter of 2026. The increase in investment securities yield reflected the Company’s post merger balance sheet optimization strategy, which included repositioning the investment portfolio acquired from Heritage as well as deploying the proceeds from the sale of Heritage’s mortgage loan pools into higher-yielding securities. The increase in average loan yields was primarily driven by the full quarter impact of the higher-yielding acquired assets, including $103.4 million of average factored receivables, which generated an average yield of 17.21% during the quarter. Cost of funds remained stable at 0.96% for the third quarter of 2026, as a four basis point decrease in our cost of deposits from 0.83% in the second quarter to 0.79% in the third quarter of 2026 was offset by increases in Federal Home Loan Bank (“FHLB”) borrowings and associated costs of cash flow hedges that hedged brokered time deposits in prior quarters. 

Compared to the third quarter of 2025, tax equivalent net interest margin for the third quarter of 2026 increased by 56 basis points, reflecting a 47 basis point increase in the average interest-earning assets yield and a nine basis point decrease in cost of funds. The increase in earning assets yield was primarily due to a 41 basis point increase in average loan yields, due to continuing impact of originating new loans at higher yields compared to the lower yields on principal payments and payoffs of older loans and the impact from the loans acquired from Heritage. The average yield on investment securities increased by 31 basis points from the third quarter of 2025, despite the impact of $1.5 million reduction in interest income from the fair value hedges of our investment securities available-for-sale ("AFS"), which generated a negative carry during the third quarter of 2026 compared to the positive carry recognized in the same quarter last year. Partially offsetting these increases was a 75 basis point lower yield on funds deposited at the Federal Reserve, reflecting the impact of Federal Open Market Committee (“FOMC”) rate cuts during the latter part of 2025. The 25 basis point increase in the federal funds target rate at the end of the third quarter of 2026 had minimal impact on the third quarter’s interest income. Cost of funds decreased to 0.96% in the third quarter of 2026 from 1.05% in the third quarter of 2025. This decrease was driven by a 45 basis point reduction in cost of interest-bearing deposits and a 23 basis point decrease in cost of FHLB advances. Partially offsetting these lower funding costs, was a less favorable deposit mix, as noninterest-bearing deposits declined as a percentage of average total deposits to 52.6% in the third quarter of 2026 from 59.3% in the third quarter of 2025.

Earning Assets and Deposits
The increases in average earning assets and average total deposits were primarily attributable to the full quarter’s impact of the Heritage acquisition. On average, earning assets increased by $891.9 million compared to the second quarter of 2026 and increased $4.58 billion compared to the third quarter of 2025. The quarter-over-quarter increase in interest-earning assets was primarily attributable to a $489.6 million increase in investment securities, a $476.7 million increase in average loans, partially offset with a decrease of $77.9 million in average interest-earning deposits at the Federal Reserve. The increase from the third quarter of 2025 in interest-earning assets was primarily attributable to a $3.65 billion increase in average loans, a $924.6 million increase in average investment securities, partially offset by a $45.1 million decrease in average interest-earning deposits at the Federal Reserve.

The average balance on noninterest-bearing deposits increased by $330.6 million, or 4.07%, from the second quarter of 2026 and by $1.33 billion, or 18.68%, from the third quarter of 2025. The average balance on interest-bearing deposits and customer repurchase agreements increased $247.2 million from the second quarter of 2026 and $2.86 billion from the third quarter of 2025. On average, noninterest-bearing deposits were 52.6% of total deposits for the third quarter of 2026, compared to 52.3% for the second quarter of 2026 and 59.3% for the third quarter of 2025.

SELECTED FINANCIAL HIGHLIGHTS

	Three Months Ended
(Dollars in thousands)	September 30, 2026								June 30, 2026								September 30, 2025
Yield on average investment securities (TE)	2.97%								2.74%								2.66%
Yield on average loans	5.66%								5.53%								5.25%
Yield on average earning assets (TE)	4.78%								4.62%								4.32%
Cost of deposits	0.79%								0.83%								0.86%
Cost of funds	0.96%								0.96%								1.05%
Net interest margin (TE)	3.89%								3.72%								3.33%
Average Earning Assets Mix	Avg				% of Total				Avg				% of Total				Avg				% of Total
Total investment securities	$	5,760,514				31.21	%		$	5,270,895				30.01	%		$	4,835,928				34.86	%
Investment in FHLB, FRB, and other stock		81,753				0.44	%			77,891				0.44	%			18,012				0.13	%
Interest-earning deposits with other institutions		590,860				3.20	%			669,165				3.81	%			646,979				4.66	%
Loans		12,024,828				65.15	%			11,548,138				65.74	%			8,372,383				60.35	%
Total interest-earning assets	$	18,457,955				100.00	%		$	17,566,089				100.00	%		$	13,873,302				100.00	%
Average Deposits & Borrowings	Avg				% of Total				Avg				% of Total				Avg				% of Total
Noninterest bearing deposits	$	8,454,481				49.14	%		$	8,123,844				49.22	%		$	7,123,511				54.91	%
Interest-bearing deposits		7,613,314				44.25	%			7,400,171				44.84	%			4,893,214				37.72	%
Customer repurchase agreements		598,857				3.48	%			564,766				3.42	%			456,230				3.52	%
FHLB advances and other borrowings		500,440				2.91	%			384,295				2.33	%			500,005				3.85	%
Subordinated debentures		39,100				0.22	%			31,993				0.19	%			—				0.00	%
Total deposits and borrowings	$	17,206,192				100.00	%		$	16,505,069				100.00	%		$	12,972,960				100.00	%

Provision for Credit Losses
The Company recorded a $1.0 million recapture of credit losses in the third quarter of 2026, compared to no provision for credit losses in the second quarter of 2026 and $1.0 million provision for credit losses in the third quarter of 2025.

Noninterest Income
Noninterest income totaled $16.5 million for the third quarter of 2026, a decrease of $500,000 from $17.0 million for the second quarter of 2026 and an increase of $3.5 million from $13.0 million for the third quarter of 2025. The quarter-over-quarter decrease was primarily attributable to a $507,000 decrease in value of a CRA investment fund, a $359,000 decrease in trust and investment services income, and a $134,000 loss on the sale of two other real estate owned (“OREO”) properties, partially offset by a $580,000 increase in bank owned life insurance (“BOLI”) income and a $226,000 increase in service charges on deposit accounts. The year-over-year increase primarily reflected higher customer fee income and BOLI income resulting from the Heritage acquisition. Noninterest income in the third quarter of 2025 included $8.1 million in losses on the sale of AFS investments securities, partially offset by a $6.0 million legal settlement recorded in other income.

Noninterest Expense
Noninterest expense totaled $90.5 million for the third quarter of 2026, compared to $114.4 million for the second quarter of 2026 and $58.6 million for the third quarter of 2025. Acquisition related expenses associated with the Heritage merger totaled $8.1 million in the third quarter of 2026, compared to $31.4 million for the second quarter of 2026. Excluding acquisition related expense and the $4.3 million provision for unfunded loan commitments recorded in the second quarter, noninterest expense increased by $3.6 million from the second quarter of 2026. This increase was primarily driven by a full quarter of operating expenses associated with the Heritage acquisition.

As a percentage of average assets, noninterest expense was 1.71% for the third quarter of 2026, compared to 2.31% for the second quarter of 2026 and 1.50% for the third quarter of 2025. The efficiency ratio was 46.27% for the third quarter of 2026, compared to 63.75% for the second quarter of 2026 and 45.56% for the third quarter of 2025. Excluding acquisition related expenses and the provision for unfunded loan commitments, the adjusted efficiency ratio³ was 42.10% for the third quarter of 2026, compared to 43.88% for the second quarter of 2026 and 45.56% for the third quarter of 2025.

Income Taxes
Our effective tax rate for the quarter ended September 30, 2026 was 26.38%, compared with 25.81% for the second quarter of 2026 and 23.80% for the third quarter of 2025. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as tax credit investments.

^{_____________________________
3} Non-GAAP financial measures. See GAAP to non–GAAP reconciliations of the measures are set forth at the last section of this press release.

BALANCE SHEET HIGHLIGHTS

Assets
Total assets were $20.52 billion at September 30, 2026, a decrease of $660.5 million, or 3.12%, from $21.18 billion at June 30, 2026. The decrease was primarily attributable to a $815.8 million decrease in interest-earning balances due from the Federal Reserve, partially offset by a $105.0 million increase in total loans and a $46.8 million increase in investment securities.

Total assets increased by $4.89 billion, or 31.29%, from $15.63 billion at December 31, 2025. The increase in assets was primarily driven by an increase of $3.42 billion in total loans, a $769.7 million increase in investment securities, partially offset by a $174.9 million decrease in interest-earnings balances due from the Federal Reserve.

Compared to September 30, 2025, total assets increased by $4.86 billion, or 31.00%, from $15.67 billion. The increase in assets was primarily driven by an increase of $3.65 billion in total loans, an increase of $845.8 million in investment securities, offset by a decrease of $538.1 million in interest-earning balances due from the Federal Reserve.

The increases in total assets compared to December 31, 2025 and September 30, 2025 primarily reflect the impact of the Heritage acquisition completed on April 17, 2026, partially offset by balance sheet optimization activities during the second quarter of 2026.

Investment Securities
Total investment securities were $5.72 billion at September 30, 2026, an increase of $46.8 million, or 0.83%, from $5.68 billion at June 30, 2026, an increase of $769.7 million, or 15.54%, from December 31, 2025, and an increase of $845.8 million, or 17.34%, from $4.88 billion at September 30, 2025. The quarter-over-quarter increase in investment securities was primarily attributable to purchases of approximately $137.4 million of AFS securities and $6.2 million of held-to-maturity (“HTM”) securities.

The increase compared to December 31, 2025 and September 30, 2025 primarily reflected the result of the Heritage acquisition as well as the Company's post merger balance sheet optimization strategy.

At September 30, 2026, HTM investment securities totaled $2.20 billion, a decrease of $23.2 million, or 1.05%, from June 30, 2026, a decrease of $75.1 million, or 3.31%, from December 31, 2025, and a decrease of $102.6 million, or 4.47%, from September 30, 2025.

At September 30, 2026, AFS investment securities totaled $3.53 billion, inclusive of a pre-tax net unrealized loss of $439.0 million. AFS securities increased $70.1 million, or 2.03%, from June 30, 2026, $844.8 million, or 31.48%, from December 31, 2025, and $948.4 million, or 36.77%, from September 30, 2025. The pre-tax net unrealized loss at September 30, 2026 increased $115.5 million from June 30, 2026, $131.2 million from December 31, 2025 and $105.2 million from September 30, 2025. The increase in net unrealized losses was primarily attributable to changes in market interest rates during the quarter.

Loans
Total loans and leases, at amortized cost, were $12.12 billion at September 30, 2026, an increase of $105.0 million, or 0.87%, from $12.02 billion at June 30, 2026. The quarter-over-quarter increase was primarily due to increases of $60.8 million in dairy & livestock and agribusiness loans, $48.8 million in commercial real estate loans, $28.7 million in Small Business Administration (“SBA”) loans, $19.1 million in construction loans, partially offset by decreases of $39.1 million in commercial and industrial loans, $9.1 million in consumer and other loans, $2.9 million in single-family residential (“SFR”) mortgage loans, and $2.3 million in municipal lease finance receivables.

Total loans and leases, at amortized cost, increased by $3.42 billion, or 39.35%, from December 31, 2025. The increase primarily reflected increases of $2.46 billion in commercial real estate loans, $466.2 million in commercial and industrial loans, $191.2 million in construction loans, $187.9 million in SBA loans, $157.6 million in consumer and other loans, and $56.6 million in SFR mortgage loans. These increases were partially offset by decreases of $89.8 million in dairy & livestock and agribusiness loans, and $5.7 million in municipal lease finance receivables loans.

Total loans and leases, at amortized cost, increased by $3.65 billion, or 43.10%, from September 30, 2025. The $3.65 billion increase included increases of $2.50 billion in commercial real estate loans, $500.7 million in commercial and industrial loans, $204.1 million in SBA loans, $199.1 million in construction loans, $156.3 million in consumer loans, $52.3 million in SFR mortgage loans, $48.8 million in dairy & livestock and agribusiness loans, partially offset by a decrease of $7.6 million in municipal lease finance receivables.

The increase in total loans and leases compared to December 31, 2025 and September 30, 2025 primarily reflected the Heritage acquisition, which added $3.10 billion of loans held for investment recorded at fair value on the acquisition date.

Asset Quality
During the third quarter of 2026, the Company recorded net charge-offs of $20,000, compared to $137,000 in the second quarter of 2026. The allowance for credit losses (“ACL”) totaled $125.6 million at September 30, 2026, compared to $126.7 million at June 30, 2026 and $79.3 million at September 30, 2025. The $46.3 million year-over-year increase primarily reflected the initial ACL of $46.6 million established for the purchased credit deteriorated (“PCD”) loans and purchased seasoned loans (“PSL”) acquired from the Heritage acquisition. At September 30, 2026, the ACL represented 1.04% of total loans and leases, compared to 1.05% at June 30, 2026 and 0.94% at September 30, 2025.

Nonperforming loans are defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days or more past due and still accruing interest. Nonperforming assets are defined as nonperforming loans plus OREO. Asset quality metrics are presented below.

(Dollars in thousands)		September 30, 2026				June 30, 2026				September 30, 2025
Nonperforming loans
Commercial real estate		$	4,299			$	4,905			$	23,707
Construction			685				685				—
SBA			2,652				918				3,952
Commercial and industrial			10,514				9,672				145
Dairy & livestock and agribusiness			—				—				—
Consumer and other loans			575				462				—
Total		$	18,725			$	16,642			$	27,804
% of Total loans			0.15	%			0.14	%			0.33	%
OREO
Commercial real estate		$	—			$	206			$	661
Total		$	—			$	206			$	661
Total nonperforming assets		$	18,725			$	16,848			$	28,465
% of Nonperforming assets to total assets			0.09	%			0.08	%			0.18	%
Past due 30-89 days (accruing)
Commercial real estate		$	4,581			$	2,762			$	43
SBA			11				785				42
Commercial and industrial			500				75				—
SFR mortgage			596				—				—
Consumer and other loans			—				123				—
Total		$	5,688			$	3,745			$	85
% of Total loans			0.05	%			0.03	%			0.00	%
Total nonperforming, OREO, and past due		$	24,413			$	20,593			$	28,550
Classified Loans		$	113,912			$	109,718			$	78,180

The $2.1 million increase in nonperforming loans from June 30, 2026 was primarily due to the addition of two nonperforming SBA loans totaling $1.7 million, and one commercial and industrial loan of $985,000, partially offset by the payoffs and paydowns.

Classified loans are loans that are graded “substandard” or worse. Classified loans increased $4.2 million from June 30, 2026, primarily due to the downgrade of two nonperforming commercial real estate loans totaling $5.1 million and two commercial and industrial loans totaling $2.1 million, partially offset by upgrades, payoffs and paydowns. The year-over-year increase primarily reflected the addition of $30.8 million of classified loans acquired in the Heritage merger.

Deposits & Customer Repurchase Agreements
Deposits of $15.73 billion and customer repurchase agreements of $571.9 million totaled $16.30 billion at September 30, 2026, compared to $16.85 billion at June 30, 2026, $12.56 billion at December 31, 2025, and $12.58 billion at September 30, 2025. Deposits and customer repurchase agreements decreased $550.0 million, or 3.26%, from June 30, 2026, increased $3.74 billion, or 29.77% from December 31, 2025, and $3.73 billion, or 29.63%, from September 30, 2025. The increases from December 31, 2025 and September 30, 2025 primarily reflected $1.2 billion of noninterest-bearing deposits and $3.5 billion of interest-bearing deposits assumed in connection with the Heritage acquisition completed during the second quarter of 2026.

Noninterest-bearing deposits were $8.42 billion at September 30, 2026, a decrease of $190.6 million, or 2.21%, compared to $8.61 billion at June 30, 2026. Noninterest-bearing deposits increased $1.62 billion, or 23.76%, from $6.80 billion at December 31, 2025 and $1.17 billion, or 16.17%, from $7.24 billion at September 30, 2025. At September 30, 2026, noninterest-bearing deposits were 53.50% of total deposits, compared to 52.84% at June 30, 2026, 56.33% at December 31, 2025, and 59.76% at September 30, 2025. The decrease in the percentage of noninterest-bearing deposits from December 31, 2025 and September 30, 2025 primarily reflected the deposit mix acquired in the Heritage acquisition, which included a higher proportion of interest-bearing deposits.

Borrowings
As of September 30, 2026, total borrowings were $579.3 million, consisting of $540.0 million of FHLB advances and $39.3 million of subordinated debt assumed in the Heritage acquisition, compared to $539.0 million at June 30, 2026 and $500.0 million at December 31, 2025. At September 30, 2026, FHLB advances consisted of $300.0 million of 90 day advances hedged with cash flow hedges, under which the Company pays an average fixed rate of 4.22% and receives SOFR, a $200.0 million putable advance at a rate of 4.27% maturing in May 2027, and a $40.0 million overnight advance at a rate of 4.36%, which matured on October 1, 2026.

Capital
The Company’s total equity was $3.13 billion at September 30, 2026, compared to $2.30 billion at December 31, 2025 and $2.28 billion at September 30, 2025. The increase of $835.1 million from December 31, 2025 was primarily due to $840.2 million of common shares issued in connection with the Heritage acquisition in the second quarter of 2026 and $177.4 million in net earnings, partially offset by $97.8 million in cash dividends declared and $22.7 million related to common stock repurchases. During the first nine months of 2026, the Company purchased approximately 1.0 million shares under the 2026 Repurchase Program, at an average price of $22.22 per share for an aggregate purchase price of $22.6 million, including $17.5 million repurchased during the third quarter of 2026.

Our tangible book value per share was $10.92 at September 30, 2026, compared to $11.07 at June 30, 2026, $11.24 at December 31, 2025 and $10.98 at September 30, 2025, respectively.

Our capital ratios remained well above applicable regulatory capital requirements.

				CVB Financial Corp. Consolidated
		Minimum Required Plus Capital Conservation Buffer		September 30, 2026		December 31, 2025		September 30, 2025
Tier 1 leverage capital ratio		4.0%		11.2%		11.6%		11.8%
Common equity Tier 1 capital ratio		7.0%		14.8%		15.9%		16.3%
Tier 1 risk-based capital ratio		8.5%		14.8%		15.9%		16.3%
Total risk-based capital ratio		10.5%		15.7%		16.7%		17.1%
Tangible common equity (“TCE”) ratio				9.9%		10.3%		10.1%

CitizensTrust
As of September 30, 2026, CitizensTrust had approximately $4.94 billion in assets under management and administration, including $3.81 billion in assets under management. Revenues were $3.8 million for the third quarter of 2026, compared to $4.2 million for the second quarter of 2026 and $3.9 million for the third quarter of 2025. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

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 $20 billion in total assets as of the closing of the mergers with Heritage Commerce Corp and its principal banking subsidiary, Heritage Bank of Commerce. Citizens Business Bank, National Association, is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 75 banking centers and three trust office locations serving California.

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, October 22, 2026, to discuss the Company’s third quarter 2026 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI4f86dd7673f14d1694c53fdb20ea376b

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. Participants are encouraged to access the website at least 15 minutes prior to the start of the call to download any necessary audio software. The webcast will be archived and available for replay on the Company's website approximately two hours following the conclusion of the conference call.

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 mlaterially 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, shareholder 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 Federal Deposit Insurance Corporation (“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 risks associated with geographic and industry concentrations within our loan portfolio; 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 in retaining Heritage’s customers, key personnel and business relationships, and achieving anticipated cost savings and revenue synergies; 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 Annual Report on Form 10-K for the year ended December 31, 2025 and in subsequent filings filed with the SCE, including our quarterly reports on Form 10-Q, and in particular the discussion of "Risk Factors" set forth in such files. These filings are 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)		September 30, 2026				December 31, 2025				September 30, 2025
Assets
Cash and due from banks		$	162,082			$	107,511			$	151,848
Interest-earning balances due from Federal Reserve			93,980				268,878				632,072
Total cash and cash equivalents			256,062				376,389				783,920
Interest-earning balances due from depository institutions			490				13,064				13,163
Investment securities available-for-sale			3,527,833				2,683,070				2,579,397
Investment securities held-to-maturity			2,195,292				2,270,391				2,297,909
Total investment securities			5,723,125				4,953,461				4,877,306
Investment in FHLB, FRB, and other stock			81,921				55,948				18,012
Loans and lease finance receivables			12,122,015				8,699,193				8,470,906
Allowance for credit losses			(125,641	)			(77,161	)			(79,336	)
Net loans and lease finance receivables			11,996,374				8,622,032				8,391,570
Premises and equipment, net			32,856				26,505				26,595
Bank owned life insurance (“BOLI”)			418,119				325,299				323,881
Intangibles			113,947				5,774				6,654
Goodwill			1,099,936				765,822				765,822
Other assets			799,363				486,760				459,283
Total assets		$	20,522,193			$	15,631,054			$	15,666,206
Liabilities
Deposits:
Noninterest-bearing		$	8,416,327			$	6,800,691			$	7,244,968
Investment checking			1,023,199				509,272				487,738
Savings and money market			5,710,066				4,185,244				3,809,768
Time deposits			580,587				576,775				581,765
Total deposits			15,730,179				12,071,982				12,124,239
Customer repurchase agreements			571,884				490,601				451,258
Federal Home Loan Bank advances and other borrowings			540,000				500,000				500,000
Subordinated debentures			39,253				—				—
Other liabilities			510,555				273,247				308,642
Total liabilities			17,391,871				13,335,830				13,384,139
Stockholders' Equity
Common Stock			2,045,583				1,222,365				1,257,194
Retained Earnings			1,380,074				1,300,513				1,272,649
Accumulated other comprehensive loss, net			(295,335	)			(227,654	)			(247,776	)
Total stockholders' equity			3,130,322				2,295,224				2,282,067
Total liabilities and stockholders' equity		$	20,522,193			$	15,631,054			$	15,666,206

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS
(Unaudited)
		Three Months Ended												Nine Months Ended
(Dollars in thousands)		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Assets
Cash and due from banks		$	165,602			$	168,621			$	150,152			$	159,817			$	153,073
Interest-earning balances due from Federal Reserve			590,207				668,130				635,331				513,969				377,976
Total cash and cash equivalents			755,809				836,751				785,483				673,786				531,049
Interest-earning balances due from depository institutions			653				1,035				11,648				3,985				6,232
Investment securities available-for-sale			3,555,319				3,034,877				2,522,720				3,086,918				2,522,451
Investment securities held-to-maturity			2,205,195				2,236,018				2,313,208				2,233,698				2,341,303
Total investment securities			5,760,514				5,270,895				4,835,928				5,320,616				4,863,754
Investment in FHLB, FRB, and other stock			81,753				77,891				18,012				71,958				18,012
Loans and lease finance receivables			12,024,828				11,548,138				8,372,383				10,744,979				8,397,900
Allowance for credit losses			(126,638	)			(118,594	)			(78,161	)			(107,665	)			(78,837	)
Net loans and lease finance receivables			11,898,190				11,429,544				8,294,222				10,637,314				8,319,063
Premises and equipment, net			33,126				33,177				26,679				31,089				27,020
BOLI			415,858				398,014				322,591				380,297				319,627
Intangibles			116,459				100,373				7,111				74,465				8,278
Goodwill			1,099,936				1,041,190				765,822				970,207				765,822
Other assets			778,138				692,558				430,894				649,265				425,972
Total assets		$	20,940,436			$	19,881,428			$	15,498,390			$	18,812,982			$	15,284,829
Liabilities
Deposits:
Noninterest-bearing		$	8,454,481			$	8,123,844			$	7,123,511			$	7,829,965			$	7,060,953
Interest-bearing			7,613,314				7,400,171				4,893,214				6,694,547				4,838,551
Total deposits			16,067,795				15,524,015				12,016,725				14,524,512				11,899,504
Customer repurchase agreements			598,857				564,766				456,230				568,710				383,903
Federal Home Loan Bank advances and other borrowings			500,440				384,295				500,005				461,581				507,033
Subordinated debentures			39,100				31,993				—				23,841				—
Other liabilities			538,338				356,655				254,279				380,759				248,878
Total liabilities			17,744,530				16,861,724				13,227,239				15,959,403				13,039,318
Stockholders' Equity
Common Stock			2,052,534				1,887,018				1,260,256				1,723,575				1,271,013
Retained Earnings			1,384,128				1,360,935				1,278,189				1,359,219				1,255,923
Accumulated other comprehensive loss, net			(240,756	)			(228,249	)			(267,294	)			(229,215	)			(281,425	)
Total stockholders' equity			3,195,906				3,019,704				2,271,151				2,853,579				2,245,511
Total liabilities and stockholders' equity		$	20,940,436			$	19,881,428			$	15,498,390			$	18,812,982			$	15,284,829

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
		Three Months Ended												Nine Months Ended
(Dollars in thousands, except per share amounts)		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Interest income
Loans and leases, including fees		$	171,500			$	159,212			$	110,825			$	443,984			$	328,741
Investment securities:
Investment securities available-for-sale			29,384				23,229				18,867				72,013				55,900
Investment securities held-to-maturity			12,180				12,322				12,812				36,968				38,719
Total investment income			41,564				35,551				31,679				108,981				94,619
Dividends from FHLB, FRB, and other stock			2,039				1,227				377				4,577				1,167
Interest-earning deposits with other institutions			5,546				6,138				7,231				14,345				12,796
Total interest income			220,649				202,128				150,112				571,887				437,323
Interest expense
Deposits			31,965				32,119				26,096				87,136				76,247
Borrowings and customer repurchase agreements			8,582				6,707				8,109				23,261				22,310
Subordinated debentures			780				639				—				1,419				—
Other			256				248				330				750				1,137
Total interest expense			41,583				39,713				34,535				112,566				99,694
Net interest income before (recapture of) provision for credit losses			179,066				162,415				115,577				459,321				337,629
(Recapture of) provision for credit losses			(1,000	)			—				1,000				2,000				(1,000	)
Net interest income after (recapture of) provision for credit losses			180,066				162,415				114,577				457,321				338,629
Noninterest income
Service charges on deposit accounts			5,562				5,336				4,859				15,715				14,726
Trust and investment services			3,825				4,184				3,875				11,733				11,002
Loss on sale of AFS Investment Securities			—				—				(8,185	)			—				(8,185	)
(Loss) gain on other real estate owned (“OREO”), net			(134	)			—				—				(134	)			2,183
Other			7,241				7,490				12,457				20,469				24,252
Total noninterest income			16,494				17,010				13,006				47,783				43,978
Noninterest expense
Salaries and employee benefits			47,608				46,568				35,876				131,637				107,352
Occupancy and equipment			8,510				8,293				5,823				22,878				17,927
Professional services			3,708				3,250				2,350				9,476				6,622
Computer software expense			5,744				6,136				4,350				16,183				12,981
Marketing and promotion			2,692				2,098				1,738				6,851				5,543
Amortization of intangible assets			3,980				3,577				1,003				8,407				3,312
Provision for unfunded loan commitments			—				4,250				500				4,750				1,000
Acquisition related expenses			8,140				31,400				—				40,669				—
Other			10,098				8,806				6,936				24,575				20,539
Total noninterest expense			90,480				114,378				58,576				265,426				175,276
Earnings before income taxes			106,080				65,047				69,007				239,678				207,331
Income tax expense			27,982				16,786				16,421				62,317				53,077
Net earnings		$	78,098			$	48,261			$	52,586			$	177,361			$	154,254
Basic earnings per common share		$	0.44			$	0.29			$	0.38			$	1.11			$	1.12
Diluted earnings per common share		$	0.44			$	0.29			$	0.38			$	1.11			$	1.11
Cash dividends declared per common share		$	0.20			$	0.20			$	0.20			$	0.60			$	0.60

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL DATA
(Unaudited)
		Three Months Ended												Nine Months Ended
(Dollars in thousands, except per share amounts)		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Interest income - tax equivalent (TE)		$	221,282			$	202,634			$	150,626			$	573,805			$	438,879
Interest expense			41,583				39,713				34,535				112,566				99,694
Net interest income - (TE)		$	179,699			$	162,921			$	116,091			$	461,239			$	339,185
Return on average assets, annualized			1.48	%			0.97	%			1.35	%			1.26	%			1.35	%
Return on average equity, annualized			9.70	%			6.41	%			9.19	%			8.31	%			9.18	%
Efficiency ratio			46.27	%			63.75	%			45.56	%			52.34	%			45.93	%
Adjusted efficiency ratio [1]			42.10	%			43.88	%			45.17	%			43.38	%			45.67	%
Noninterest expense to average assets, annualized			1.71	%			2.31	%			1.50	%			1.89	%			1.53	%
Yield on average loans			5.66	%			5.53	%			5.25	%			5.52	%			5.23	%
Yield on average earning assets (TE)			4.78	%			4.62	%			4.32	%			4.60	%			4.29	%
Cost of deposits			0.79	%			0.83	%			0.86	%			0.80	%			0.86	%
Cost of deposits and customer repurchase agreements			0.83	%			0.86	%			0.90	%			0.84	%			0.88	%
Cost of funds			0.96	%			0.96	%			1.05	%			0.96	%			1.04	%
Net interest margin (TE)			3.89	%			3.72	%			3.33	%			3.70	%			3.32	%
TCE ratio [1]
CVB Financial Corp. Consolidated			9.93	%			9.78	%			10.14	%
Citizens Business Bank, National Association			9.59	%			9.47	%			10.00	%
Weighted average shares outstanding
Basic			174,986,550				167,038,874				136,830,437				159,076,268				137,265,804
Diluted			175,163,482				167,186,423				137,152,562				159,220,729				137,543,044
Dividends declared		$	35,253			$	35,350			$	27,548			$	97,800			$	83,104
Dividend payout ratio [2]			45.14	%			73.25	%			52.39	%			55.14	%			53.87	%
Number of shares outstanding - (end of period)			175,493,977				176,247,135				137,509,649
Book value per share		$	17.84			$	17.98			$	16.60
Tangible book value per share [1]		$	10.92			$	11.07			$	10.98
[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.
[2] Dividends declared on common stock divided by net earnings.

CVB FINANCIAL CORP. AND SUBSIDIARIES
NONPERFORMING ASSETS AND ALLOWANCE FOR CREDIT LOSSES
(Unaudited)
		Three Months Ended
(Dollars in thousands)		September 30, 2026				December 31, 2025				September 30, 2025
Nonperforming assets
Nonaccrual loans		$	18,725			$	4,685			$	27,804
Other real estate owned (“OREO”), net			—				163				661
Total nonperforming assets		$	18,725			$	4,848			$	28,465
Loan modifications to borrowers experiencing financial difficulty		$	26,835			$	16,902			$	10,756
Percentage of nonperforming assets to total loans outstanding and OREO			0.15	%			0.06	%			0.34	%
Percentage of nonperforming assets to total assets			0.09	%			0.03	%			0.18	%
Allowance for credit losses to nonperforming assets			670.98	%			1591.60	%			278.71	%
		Three Months Ended												Nine Months Ended
		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Allowance for credit losses
Balance at beginning of period		$	126,661			$	80,170			$	78,003			$	77,161			$	80,122
Initial ACL on PCD and PSL loans acquired during the period			—				46,628				—				46,628				—
Charge-offs			(20	)			(141	)			(67	)			(284	)			(536	)
Recoveries			—				4				400				136				750
Net (charge-offs) recoveries			(20	)			(137	)			333				(148	)			214
(Recapture of) provision for credit losses			(1,000	)			—				1,000				2,000				(1,000	)
Balance at end of period		$	125,641			$	126,661			$	79,336			$	125,641			$	79,336
Net charge-offs to average loans			0.000	%			-0.001	%			0.004	%			-0.001	%			0.003	%

CVB FINANCIAL CORP. AND SUBSIDIARIES
ALLOWANCE FOR CREDIT LOSSES BY LOAN TYPE
(Unaudited)
		September 30, 2026						December 31, 2025						September 30, 2025
(Dollars in thousands)		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		$	75,410			0.83%		$	61,661			0.94%		$	65,394			1.00%
Construction			2,537			1.11%			593			1.57%			522			1.74%
SBA			4,555			0.97%			2,720			0.96%			2,580			0.97%
Commercial and industrial			36,169			2.51%			8,438			0.87%			6,656			0.71%
Dairy & livestock and agribusiness			3,638			1.06%			2,486			0.58%			2,791			0.95%
Municipal lease finance receivables			210			0.39%			251			0.42%			224			0.36%
SFR mortgage			526			0.16%			442			0.16%			493			0.17%
Consumer and other loans			2,596			1.20%			570			0.98%			676			1.13%
Total		$	125,641			1.04%		$	77,161			0.89%		$	79,336			0.94%

CVB FINANCIAL CORP. AND SUBSIDIARIES
QUARTERLY COMMON STOCK PRICE AND QUARTERLY CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
		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,		$	23.41			$	21.56			$	21.34			$	18.12			$	20.29			$	16.08
December 31,		$	—			$	—			$	20.70			$	17.95			$	24.58			$	17.20
						Q3				Q2				Q1				Q4				Q3
(Dollars in thousands, except per share amounts)						2026				2026				2026				2025				2025
Interest income
Loans and leases, including fees						$	171,500			$	159,212			$	113,272			$	117,415			$	110,825
Investment securities and other							49,149				42,916				35,838				38,564				39,287
Total interest income							220,649				202,128				149,110				155,979				150,112
Interest expense
Deposits							31,965				32,119				23,052				25,047				26,096
Borrowings and customer repurchase agreements							8,582				6,707				7,972				8,007				8,109
Subordinated debentures							780				639				—				—				—
Other							256				248				246				267				330
Total interest expense							41,583				39,713				31,270				33,321				34,535
Net interest income before (recapture of) provision for credit losses							179,066				162,415				117,840				122,658				115,577
(Recapture of) provision for credit losses							(1,000	)			—				3,000				(2,500	)			1,000
Net interest income after (recapture of) provision for credit losses							180,066				162,415				114,840				125,158				114,577
Noninterest income							16,494				17,010				14,279				11,193				13,006
Noninterest expense							90,480				114,378				60,568				61,988				58,576
Earnings before income taxes							106,080				65,047				68,551				74,363				69,007
Income taxes							27,982				16,786				17,549				19,319				16,421
Net earnings						$	78,098			$	48,261			$	51,002			$	55,044			$	52,586
Effective tax rate							26.38	%			25.81	%			25.60	%			25.98	%			23.80	%
Basic earnings per common share						$	0.44			$	0.29			$	0.38			$	0.40			$	0.38
Diluted earnings per common share						$	0.44			$	0.29			$	0.38			$	0.40			$	0.38
Cash dividends declared per common share						$	0.20			$	0.20			$	0.20			$	0.20			$	0.20
Cash dividends declared						$	35,253			$	35,350			$	27,197			$	27,180			$	27,548

CVB FINANCIAL CORP. AND SUBSIDIARIES
LOAN PORTFOLIO BY TYPE
(Unaudited)
(Dollars in thousands)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Commercial real estate		$	9,032,741			$	8,983,934			$	6,631,238			$	6,574,395			$	6,535,319
Construction			229,046				209,993				59,329				37,812				29,976
SBA			470,293				441,572				291,702				282,401				266,279
Commercial and industrial			1,439,834				1,478,884				952,260				973,631				939,174
Dairy & livestock and agribusiness			341,801				280,994				314,838				431,577				292,963
Municipal lease finance receivables			53,800				56,086				57,453				59,542				61,383
SFR mortgage			338,394				341,340				278,214				281,766				286,111
Consumer and other loans			216,106				224,252				58,282				58,069				59,701
Gross loans, at amortized cost			12,122,015				12,017,055				8,643,316				8,699,193				8,470,906
Allowance for credit losses			(125,641	)			(126,661	)			(80,170	)			(77,161	)			(79,336	)
Net loans		$	11,996,374			$	11,890,394			$	8,563,146			$	8,622,032			$	8,391,570
CVB FINANCIAL CORP. AND SUBSIDIARIES
DEPOSIT COMPOSITION BY TYPE AND CUSTOMER REPURCHASE AGREEMENTS
(Unaudited)
(Dollars in thousands)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Noninterest-bearing		$	8,416,327			$	8,606,924			$	7,100,507			$	6,800,691			$	7,244,968
Investment checking			1,023,199				1,022,887				497,609				509,272				487,738
Savings and money market			5,710,066				5,968,351				3,802,623				4,185,244				3,809,768
Time deposits			580,587				690,539				544,485				576,775				581,765
Total deposits			15,730,179				16,288,701				11,945,224				12,071,982				12,124,239
Customer repurchase agreements			571,884				563,405				494,257				490,601				451,258
Total deposits and customer repurchase agreements		$	16,302,063			$	16,852,106			$	12,439,481			$	12,562,583			$	12,575,497

CVB FINANCIAL CORP. AND SUBSIDIARIES
NONPERFORMING ASSETS AND DELINQUENCY TRENDS
(Unaudited)
(Dollars in thousands)		September 30, 2026				June 30, 2026				March 31, 2026				December 31, 2025				September 30, 2025
Nonperforming loans
Commercial real estate		$	4,299			$	4,905			$	2,094			$	4,186			$	23,707
Construction			685				685				—				—				—
SBA			2,652				918				477				21				3,952
Commercial and industrial			10,514				9,672				3,573				478				145
Dairy & livestock and agribusiness			—				—				—				—				—
Consumer and other loans			575				462				—				—				—
Total		$	18,725			$	16,642			$	6,144			$	4,685			$	27,804
% of Total loans			0.15	%			0.14	%			0.07	%			0.05	%			0.33	%
Past due 30-89 days (accruing)
Commercial real estate		$	4,581			$	2,762			$	4,715			$	2,887			$	43
SBA			11				785				1,553				30				42
Commercial and industrial			500				75				88				261				—
SFR mortgage			596				—				249				—				—
Consumer and other loans			—				123				—				—				—
Total		$	5,688			$	3,745			$	6,605			$	3,178			$	85
% of Total loans			0.05	%			0.03	%			0.08	%			0.04	%			0.00	%
OREO
Commercial real estate		$	—			$	206			$	206			$	163			$	661
Total		$	—			$	206			$	206			$	163			$	661
Total nonperforming, past due, and OREO		$	24,413			$	20,593			$	12,955			$	8,026			$	28,550
% of Total loans			0.20	%			0.17	%			0.15	%			0.09	%			0.34	%

CVB FINANCIAL CORP. AND SUBSIDIARIES
REGULATORY CAPITAL RATIOS
(Unaudited)
		Minimum Required		CVB Financial Corp. Consolidated
		Plus Capital Conservation Buffer		September 30, 2026		December 31, 2025		September 30, 2025
Tier 1 leverage capital ratio		4.0%		11.2%		11.6%		11.8%
Common equity Tier 1 capital ratio		7.0%		14.8%		15.9%		16.3%
Tier 1 risk-based capital ratio		8.5%		14.8%		15.9%		16.3%
Total risk-based capital ratio		10.5%		15.7%		16.7%		17.1%

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												Nine Months Ended
(Dollars in thousands)		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net Income		$	78,098			$	48,261			$	52,586			$	177,361			$	154,254
Add: (Recapture of) provision for credit losses			(1,000	)			—				1,000				2,000				(1,000	)
Add: Income tax expense			27,982				16,786				16,421				62,317				53,077
Pretax pre-provision income		$	105,080			$	65,047			$	70,007			$	241,678			$	206,331

Adjusted Return on Average Assets Ratio (Non-GAAP)
Adjusted return on average assets ratio is a non-GAAP financial measure derived from GAAP-based amounts. This figure represents the ratio of net income, excluding acquisition related expense, adjusted for tax effect where applicable, to average assets. 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												Nine Months Ended
(Dollars in thousands)		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net Income		$	78,098			$	48,261			$	52,586			$	177,361			$	154,254
Add: Acquisition related expenses			8,140				31,400				—				40,669				—
Less: Tax effect (1)			(2,366	)			(9,127	)			—				(11,821	)			—
Adjusted net income for average assets		$	83,872			$	70,534			$	52,586			$	206,209			$	154,254
Average Assets		$	20,940,436			$	19,881,428			$	15,498,390			$	18,812,982			$	15,284,829
Return on average assets, annualized			1.48	%			0.97	%			1.35	%			1.26	%			1.35	%
Adjusted return on average assets, excluding acquisition related expenses, annualized			1.59	%			1.42	%			1.35	%			1.47	%			1.35	%
(1) Tax effected at respective statutory rates.

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.

(Dollars in thousands, except per share amounts)		September 30, 2026				December 31, 2025				September 30, 2025
CVB Financial Corp. and Subsidiaries
Stockholders' equity		$	3,130,322			$	2,295,224			$	2,282,067
Less: Goodwill			(1,099,936	)			(765,822	)			(765,822	)
Less: Intangible assets			(113,947	)			(5,774	)			(6,654	)
Tangible book value		$	1,916,439			$	1,523,628			$	1,509,591
Total assets			20,522,193				15,631,054				15,666,206
Less: Goodwill			(1,099,936	)			(765,822	)			(765,822	)
Less: Intangible assets			(113,947	)			(5,774	)			(6,654	)
Tangible assets		$	19,308,310			$	14,859,458			$	14,893,730
Common shares issued and outstanding			175,493,977				135,551,799				137,509,649
Book value per share		$	17.84			$	16.93			$	16.60
Tangible book value per share		$	10.92			$	11.24			$	10.98
Tangible common equity ratio			9.93	%			10.25	%			10.14	%
Citizens Business Bank, National Association
Stockholders' equity		$	3,065,282			$	2,270,968			$	2,262,447
Less: Goodwill			(1,099,936	)			(765,822	)			(765,822	)
Less: Intangible assets			(113,947	)			(5,774	)			(6,654	)
Tangible book value		$	1,851,399			$	1,499,372			$	1,489,971
Total assets			20,522,160				15,634,835				15,669,875
Less: Goodwill			(1,099,936	)			(765,822	)			(765,822	)
Less: Intangible assets			(113,947	)			(5,774	)			(6,654	)
Tangible assets		$	19,308,277			$	14,863,239			$	14,897,399
Common shares issued and outstanding			175,493,977				135,551,799				137,509,649
Book value per share		$	17.47			$	16.75			$	16.45
Tangible book value per share		$	10.55			$	11.06			$	10.84
Tangible common equity ratio			9.59	%			10.09	%			10.00	%

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												Nine Months Ended
(Dollars in thousands)		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Net Income		$	78,098			$	48,261			$	52,586			$	177,361			$	154,254
Add: Amortization of intangible assets			3,980				3,577				1,003				8,407				3,312
Less: Tax effect (1)			(1,157	)			(1,040	)			(297	)			(2,444	)			(979	)
Tangible net income		$	80,921			$	50,798			$	53,292			$	183,324			$	156,587
Add: Acquisition related expenses			8,140				31,400				—				40,669				—
Less: Tax effect (1)			(2,366	)			(9,127	)			—				(11,821	)			—
Adjusted tangible net income		$	86,695			$	73,071			$	53,292			$	212,172			$	156,587
Average stockholders' equity		$	3,195,906			$	3,019,704			$	2,271,151			$	2,853,579			$	2,245,511
Less: Average goodwill			(1,099,936	)			(1,041,190	)			(765,822	)			(970,207	)			(765,822	)
Less: Average intangible assets			(116,459	)			(100,373	)			(7,111	)			(74,465	)			(8,278	)
Average tangible common equity		$	1,979,511			$	1,878,141			$	1,498,218			$	1,808,907			$	1,471,411
Return on average equity, annualized			9.70	%			6.41	%			9.19	%			8.31	%			9.18	%
Return on average tangible common equity, annualized			16.22	%			10.85	%			14.11	%			13.55	%			14.23	%
Adjusted return on average tangible common equity, annualized			17.38	%			15.61	%			14.11	%			15.68	%			14.23	%
(1) Tax effected at respective statutory rates.

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												Nine Months Ended
(Dollars in thousands)		September 30, 2026				June 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
Total noninterest expense		$	90,480			$	114,378			$	58,576			$	265,426			$	175,276
Less: Provision for unfunded loan commitments			—				4,250				500				4,750				1,000
Less: Acquisition related expenses			8,140				31,400				—				40,669				—
Adjusted noninterest expense		$	82,340			$	78,728			$	58,076			$	220,007			$	174,276
Net interest income before provision for credit losses		$	179,066			$	162,415			$	115,577			$	459,321			$	337,629
Add: total noninterest income			16,494				17,010				13,006				47,783				43,978
Total revenue		$	195,560			$	179,425			$	128,583			$	507,104			$	381,607
Efficiency ratio			46.27	%			63.75	%			45.56	%			52.34	%			45.93	%
Adjusted efficiency ratio, excluding provision for unfunded loan commitments and acquisition related expenses			42.10	%			43.88	%			45.17	%			43.38	%			45.67	%

Contact:
David A. Brager
Chief Executive Officer
(909) 980-4030

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CVB Financial's third-quarter 2026 earnings and diluted earnings per share?

CVB Financial earned $78.1 million, or $0.44 per diluted share, in the quarter ended September 30, 2026. That compares with $48.3 million, or $0.29 per diluted share, in the second quarter and $52.6 million, or $0.38 per diluted share, a year earlier.

Why did CVB Financial's investment securities yield increase in the third quarter of 2026?

CVB Financial attributed the higher investment securities yield to repositioning the portfolio acquired from Heritage and investing proceeds from Heritage mortgage loan pool sales in higher-yielding securities. The tax-equivalent yield reached 2.97%, compared with 2.74% in the second quarter and 2.66% a year earlier.

What were CVB Financial's adjusted profitability measures for the third quarter of 2026?

Excluding acquisition expense, CVB Financial reported non-GAAP adjusted return on average assets of 1.59% and adjusted return on average tangible common equity of 17.38%. These measures exclude acquisition costs rather than reflecting the full reported expense burden.