8-K/A
CVB FINANCIAL CORP (CVBF)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
(Amendment No. 1)
Current Report
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 23, 2025
CVB FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
| California | 000-10140 | 95-3629339 |
|---|---|---|
| (State or other jurisdiction of<br> <br>incorporation or organization) | (Commission<br> <br>file number) | (I.R.S. employer<br> <br>identification number) |
| 701 North Haven Avenue, Ontario, California | 91764 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (909) 980-4030
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange<br>on which registered |
|---|---|---|
| Common Stock, No Par Value | CVBF | The Nasdaq Stock Market, LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition.* |
|---|
On July 23, 2025, CVB Financial Corp. issued a press release setting forth the financial results for the quarter ended June 30, 2025 and filed a corresponding Form 8-K to furnish such press release on July 24, 2025 (“Original Filing”). This Amendment No. 1 on Form 8-K/A is being filed to correct certain information set forth in the press release attached as Exhibit 99.1 to the Original Filing. Subsequent to the filing, the Company identified an error in the calculation of the weighted average shares outstanding, reflected in the table on page 12. The correction of the error in weighted average shares resulted in basic and diluted earnings per share (EPS) for the second quarter of 2025 increasing by $0.01 to $0.37, from the originally disclosed basic and diluted EPS of $0.36. Basic and diluted EPS for the six months ended June 30, 2025 has also been corrected from $0.72 to $0.73. The correction of EPS for the three months and the six months ended June 30, 2025 are reflected on pages 11 and 15 of the corrected press release. The correct EPS will be reflected in the Form 10-Q for the six months and quarter ended June 30, 2025 and there are no other changes in the Company’s reported financial results.
A copy of the updated press release is attached hereto as Exhibit 99.1 and is being furnished pursuant to this Item 2.02.
| Item 7.01 | Regulation FD Disclosure. |
|---|
The President and Chief Executive Officer and Chief Financial Officer of CVB Financial Corp. (the “Company”) will make presentations to institutional investors at various meetings throughout the third quarter of 2025. The July 2025 slide presentation reflecting second quarter 2025 financial information is updated to reflect the correction to the earnings per share (EPS) previously disclosed in the original version and earnings release. Both basic and diluted earnings per share were corrected from $0.36 to $0.37. This adjustment is reflected on slides 12, 14, and 16 and no other changes were made. A copy of the updated slide presentation is furnished as Exhibit 99.2 of this report to the original slide presentation furnished on Form 8-K on July 24, 2025 and supersedes the original in its entirety.
| Item 9.01 | Financial Statements and Exhibits.* |
|---|---|
| (d) | Exhibits. |
| --- | --- |
| Exhibit No. | Description |
| --- | --- |
| 99.1 | Press Release, dated July 23, 2025 (as corrected) |
| 99.2 | Copy of the Updated CVB Financial Corp. July 2025 slide presentation. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| * | The information in this report (including Exhibit 99.1 and Exhibit 99.2) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as set forth by specific reference in such filing. A copy of the updated slide presentation furnished as Exhibit 99.2 will be also available on the Company’s website at www.cbbank.com under the “Investors” tab. |
| --- | --- |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CVB FINANCIAL CORP. | ||
|---|---|---|
| (Registrant) | ||
| Date: August 4, 2025 | By: | /s/ E. Allen Nicholson |
| E. Allen Nicholson | ||
| Executive Vice President and Chief Financial Officer |
3
EX-99.1
Exhibit 99.1
| Press Release |
|---|
For Immediate Release
| Contact: David A. Brager |
|---|
| President and Chief |
| Executive Officer |
| (909) 980-4030 |
Correcting and Replacing CVB Financial Corp. Reports Earnings for the Second Quarter 2025
Ontario, CA, August 4, 2025 CVB Financial Corp. (NASDAQ:CVBF) On July 23, 2025, CVB Financial Corp. issued a press release setting forth the financial results for the quarter ended June 30, 2025. The purpose of this press release is to correct certain information set forth in the press release. Subsequent to the press release, the Company identified an error in the calculation of the weighted average shares outstanding, reflected in the table on page 12. The correction of the error in weighted average shares resulted in basic and diluted earnings per share (EPS) for the second quarter of 2025 increasing by $0.01 to $0.37, from the originally disclosed basic and diluted EPS of $0.36. Basic and diluted EPS for the six months ended June 30, 2025 has also been corrected from $0.72 to $0.73. The correction of EPS for the three months and the six months ended June 30, 2025 are reflected on pages 11 and 15 of the corrected press release. The correct EPS will be reflected in the Form 10-Q for the six months and quarter ended June 30, 2025 and there are no other changes in the Company’s reported financial results.
The updated release reads:
CVB Financial Corp. Reports Earnings for the Second Quarter 2025
Second Quarter 2025
| • | Net Earnings of $50.6 million, or $0.37 per share |
|---|---|
| • | Return on Average Assets of 1.34% |
| --- | --- |
| • | Efficiency Ratio of 45.6% |
| --- | --- |
| • | Net Interest Margin of 3.31% |
| --- | --- |
Ontario, CA, July 23, 2025-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended June 30, 2025.
CVB Financial Corp. reported net income of $50.6 million for the quarter ended June 30, 2025, compared with $51.1 million for the first quarter of 2025 and $50.0 million for the second quarter of 2024. Diluted earnings per share were $0.37 for the second quarter, compared to $0.36 for the prior quarter and $0.36 for the same period last year.
For the second quarter of 2025, annualized return on average equity (“ROAE”) was 9.06%, annualized return on average tangible common equity (“ROATCE”) was 14.08%, and annualized return on average assets (“ROAA”) was 1.34%.
David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the second quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 193 consecutive quarters, or more than 48 years, of profitability, and our 143 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.”
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Additional Highlights for the Second Quarter of 2025
| • | Pre-provision / pretax income increased from $67.5 million in the first<br>quarter of 2025 to $68.8 million |
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| • | Cost of funds decreased to 1.03% from 1.04% in the first quarter of 2025 |
| --- | --- |
| • | Deposits and customer repos grew by $123 million from the end of the first quarter of 2025 |
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| • | Loans decreased by $5 million from the end of the first quarter 2025 |
| --- | --- |
| • | TCE Ratio of 10.0% & CET1 Ratio of 16.5% |
| --- | --- |
INCOME STATEMENT HIGHLIGHTS
| Three Months Ended | Six Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| June 30,<br>2025 | March 31,<br>2025 | June 30,<br>2024 | June 30,<br>2025 | June 30,<br>2024 | ||||||
| (Dollars in thousands, except per share amounts) | ||||||||||
| Net interest income | $ | 111,608 | $ | 110,444 | $ | 110,849 | $ | 222,052 | $ | 223,310 |
| Recapture of (provision for) credit losses | - | 2,000 | - | 2,000 | - | |||||
| Noninterest income | 14,744 | 16,229 | 14,424 | 30,973 | 28,537 | |||||
| Noninterest expense | (57,557) | (59,144) | (56,497) | (116,701) | (116,268) | |||||
| Income taxes | (18,231) | (18,425) | (18,741) | (36,656) | (36,945) | |||||
| Net earnings | $ | 50,564 | $ | 51,104 | $ | 50,035 | $ | 101,668 | $ | 98,634 |
| Earnings per common share: | ||||||||||
| Basic | $ | 0.37 | $ | 0.37 | $ | 0.36 | $ | 0.73 | $ | 0.71 |
| Diluted | $ | 0.37 | $ | 0.36 | $ | 0.36 | $ | 0.73 | $ | 0.71 |
| NIM | 3.31% | 3.31% | 3.05% | 3.31% | 3.07% | |||||
| ROAA | 1.34% | 1.37% | 1.24% | 1.35% | 1.22% | |||||
| ROAE | 9.06% | 9.31% | 9.57% | 9.18% | 9.44% | |||||
| ROATCE | 14.08% | 14.51% | 15.51% | 14.29% | 15.32% | |||||
| Efficiency ratio | 45.55% | 46.69% | 45.10% | 46.12% | 46.17% |
Net Interest Income
Net interest income was $111.6 million for the second quarter of 2025, representing a $1.2 million, or 1.1%, increase from the first quarter of 2025, and a $0.8 million, or 0.7%, increase from the second quarter of 2024. Interest income increased by $1.2 million, or 0.84%, from the first quarter, while interest expense remained the same at $32.6 million in the second quarter of 2025.
The increase in net interest income of $0.8 million, or 0.7%, compared to the second quarter of 2024 was the net result of a $15.6 million decline in interest expense, that exceeded the $14.9 million decline in interest income. The decrease in interest expense was the result of a $1.19 billion decrease in average interest-bearing liabilities compared to the second quarter of 2024. The decline in interest-bearing liabilities was driven by a decrease in borrowings that resulted from the early redemptions of Bank Term Funding Program (“BTFP”) advances in the third quarter of 2024. The decrease in interest income was the result of a $1.11 billion decrease in average interest-earning assets, that coincided with the Company’s deleveraging strategy in the second half of 2024 resulting in the Company’s borrowings declining by $1.34 billion.
Net InterestMargin
Our tax equivalent net interest margin was 3.31% for the second quarter of 2025, compared to 3.31% for the first quarter of 2025 and 3.05% for the second quarter of 2024. The yield on our interest-earning assets for the second quarter of 2025 remained unchanged, at 4.28%, compared to the prior quarter, while our cost of funds decreased slightly to 1.03% for the second quarter of 2025, from 1.04% in the prior quarter. Loan yields remained unchanged for the second quarter of 2025 at 5.22%. The slight decrease in our cost of funds was primarily due to a two-basis point decrease in our cost of deposits, from .86% to .84%. The decrease in cost of deposits was partially offset by an increase in the average balance and cost of customer repurchase agreements. For the second quarter of 2025 average customer repurchase agreements were $376.6 million at a cost of 1.66%, compared to $317.3 million and 1.24% for the prior quarter.
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Net interest margin for the second quarter of 2025 increased by 26-basis points compared to the second quarter of 2024, primarily as a result of 35-basis point decrease in cost of funds, to 1.03% for the second quarter of 2025, from 1.38% in the same quarter of last year. The decrease in cost of funds was primarily due to a $1.34 billion decline in average borrowings, which had an average cost of 4.79% in the second quarter of 2024. For the second quarter of 2025, the Company had average deposits and customer repurchase agreements of $12.18 billion, at an average cost of 0.87%, and average borrowings of $508.2 million, at an average cost of 4.61%, compared to the second quarter of 2024 in which borrowings averaged $1.85 billion, at an average cost of 4.79%, and average deposits and customer repurchase agreements of $12.17 billion had an average cost of 0.87%. The decrease in cost of funds, exceeded the modest decrease in interest earning asset yields from 4.37% for the second quarter of 2024 to 4.28% in the second quarter of 2025. The decrease in earning asset yields was impacted by a decrease in loan yields from 5.26% for the second quarter of 2024 to 5.22% for the second quarter of 2025, and a decrease in investment securities yields to 2.62% in the second quarter of 2025, from 2.71% for the second quarter of 2024. The decrease in investment yields was primarily the result of a $2.8 million decrease in the positive interest spread on pay-fixed swaps.
Earning Assets and Deposits
Average earning assets increased by $1.7 million compared to the first quarter of 2025 and declined by $1.12 billion when compared to the second quarter of 2024. The average balance in funds held at the Federal Reserve increased by $170.5 million in the second quarter of 2025 compared to the first quarter of 2025, while average loans decreased by $112.6 million and average investment securities decreased by $61.3 for the same period. Compared to the second quarter of 2024, the decrease in average earning assets was due to decreases of $376.7 million in average loans, $359.5 million in average investment securities, and $372.1 million in funds held at the Federal Reserve. The average balance on noninterest-bearing deposits increased by $45.3 million, or 0.65%, from the first quarter of 2025 and the average balance on interest-bearing deposits and customer repurchase agreements decreased by $51.2 million from the same period. Compared to the second quarter of 2024, the average balance on total deposits and customer repurchase agreements increased by $14.9 million, or 0.12%. On average, noninterest-bearing deposits were 60.47% of total deposits during the most recent quarter, compared to 59.92% for the first quarter of 2025 and 60.13% for the second quarter of 2024.
SELECTED FINANCIAL HIGHLIGHTS
| Three Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||||
| (Dollars in thousands) | ||||||||||||
| Yield on average investment securities (TE) | 2.62% | 2.63% | 2.71% | |||||||||
| Yield on average loans | 5.22% | 5.22% | 5.26% | |||||||||
| Yield on average earning assets (TE) | 4.28% | 4.28% | 4.37% | |||||||||
| Cost of deposits | 0.84% | 0.86% | 0.88% | |||||||||
| Cost of funds | 1.03% | 1.04% | 1.38% | |||||||||
| Net interest margin (TE) | 3.31% | 3.31% | 3.05% | |||||||||
| Average Earning Asset Mix | Avg | % of Total | Avg | % of Total | Avg | % of Total | ||||||
| Total investment securities | $ | 4,847,415 | 35.75% | $ | 4,908,718 | 36.21% | $ | 5,206,959 | 35.49% | |||
| Interest-earning deposits with other institutions | 337,929 | 2.49% | 162,389 | 1.20% | 716,916 | 4.89% | ||||||
| Loans | 8,354,898 | 61.63% | 8,467,465 | 62.46% | 8,731,587 | 59.51% | ||||||
| Total interest-earning assets | 13,558,254 | 13,556,584 | 14,673,474 |
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Provision for Credit Losses
There was no provision for credit losses in the second quarter of 2025, compared to a $2.0 million recapture of provision for credit losses in the first quarter of 2025 and no provision in the second quarter of 2024. Net charge-offs for the second quarter of 2025 were $249,000 compared to net recoveries of $130,000 in the prior quarter. Allowance for credit losses represented 0.93% of gross loans at June 30, 2025 compared to 0.94% at March 31, 2025.
Noninterest Income
Noninterest income was $14.7 million for the second quarter of 2025, compared with $16.2 million for the first quarter of 2025 and $14.4 million for the second quarter of 2024. Noninterest income decreased in the second quarter of 2025 compared to the first quarter primarily due to a $2.2 million gain recognized during the first quarter of 2025 on the sale of four OREO properties. Excluding gains, noninterest income grew by approximately $700,000, including a $397,000 increase of income from Bank Owned Life Insurance (“BOLI”). BOLI income also increased in the second quarter of 2025 compared to the second quarter of 2024 by $285,000. Compared to the first quarter of 2025, Trust and investment services income grew by $304,000, or 8.9%, while growing by $287,000, or 8.4% over the second quarter of 2024.
Noninterest Expense
Noninterest expense for the second quarter of 2025 was $57.6 million, compared to $59.1 million for the first quarter of 2025 and $56.5 million for the second quarter of 2024. Noninterest expense decreased in the second quarter of 2025 compared to the first quarter of 2025 primarily due to a $500,000 provision for unfunded loan commitments in the first quarter of 2025 and a $1.5 million decrease in salaries and benefits. The decrease in staff expense was primarily due to higher payroll taxes in the first quarter, resulting in a $1.2 million decrease in the second quarter of 2025.
The year-over-year increase in noninterest expense of $1.1 million, includes the impact of a $500,000 expense reduction in the second quarter of 2024 related to a decrease in reserves for unfunded loan commitments and a $603,000 increase in regulatory assessment expenses. The increase in regulatory assessment expenses in the second quarter of 2025 was due to a $700,000 reduction of an FDIC special assessment accrual in the second quarter of 2024. As a percentage of average assets, noninterest expense was 1.52% for the second quarter of 2025, compared to 1.58% for the first quarter of 2025 and 1.40% for the second quarter of 2024. The efficiency ratio for the second quarter of 2025 was 45.6%, compared to 46.7% for the first quarter of 2025 and 45.1% for the second quarter of 2024.
Income Taxes
Our effective tax rate for the quarter ended June 30, 2025 was 26.50%, compared with 26.50% for the first quarter of 2025, and 27.25% for the same period of 2024. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as available tax credits.
BALANCE SHEET HIGHLIGHTS
Assets
The Company reported total assets of $15.41 billion at June 30, 2025. This represented an increase of $157.5 million, or 1.03%, from total assets of $15.26 billion at March 31, 2025. The increase in assets included a $202.5 million increase in interest-earning balances due from the Federal Reserve, offset by a $80.7 million decrease in investment securities, and a $5.1 million decrease in total loans.
Total assets increased by $260.5 million, or 1.72%, from total assets of $15.15 billion at December 31, 2024. The increase in assets included a $492.8 million increase in interest-earning balances due from the Federal Reserve, offset by a $108.2 million decrease in investment securities, and a $175.8 million decrease in net loans.
Total assets at June 30, 2025 decreased by $737.4 million, or 4.57%, from total assets of $16.15 billion at June 30, 2024. The decrease in assets was primarily due to a decrease of $362.1 million in investment securities, a decrease of $318.6 million in net loans and a $126.2 million decrease in interest-earning balances due from the Federal Reserve.
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Investment Securities
Total investment securities were $4.81 billion at June 30, 2025, a decrease of $80.7 million, or 1.65% from the prior quarter end, a decrease of $108.2 million, or 2.20% from $4.92 billion at December 31, 2024, and a decrease of $362.1 million, or 7.00%, from $5.18 billion at June 30, 2024.
At June 30, 2025, investment securities held-to-maturity (“HTM”) totaled $2.33 billion, a decrease of $31.9 million, or 1.35% from prior quarter end, a decrease of $52.4 million, or 2.20% from December 31, 2024, and a decrease of $102.7 million, or 4.22%, from June 30, 2024.
At June 30, 2025, investment securities available-for-sale (“AFS”) totaled $2.49 billion, inclusive of a pre-tax net unrealized loss of $363.7 million. AFS securities decreased by $48.8 million, or 1.92% from the prior quarter end, decreased by $55.8 million, or 2.20% from December 31, 2024, and decreased by $259.5 million, or 9.45%, from $2.75 billion at June 30, 2024. The pre-tax unrealized loss decreased by $24.7 million from the end of the prior quarter, while decreasing $84 million from December 31, 2024 and decreasing by $124.2 million from June 30, 2024.
Loans
Total loans and leases, at amortized cost, of $8.36 billion at June 30, 2025 decreased by $5.1 million, or 0.06%, from March 31, 2025. The quarter-over quarter decrease in loans included decreases of $29.9 million in commercial and industrial loans, and $18.1 million in dairy and livestock loans, partially offset by increases of $26.8 million in commercial real estate loans and $18.9 million in single-family residential (“SFR”) mortgage loans.
Total loans and leases, at amortized cost, decreased by $177.9 million, or 2.08%, from December 31, 2024. The decrease includes decreases of $186.0 million in dairy and livestock loans and $12.8 million in commercial and industrial loans, offset by increases of $19.3 million in SFR mortgage loans and $10.0 million in commercial real estate loans.
Total loans and leases, at amortized cost, decreased by $323.3 million, or 3.72%, from June 30, 2024. The decrease included decreases of $147.5 million in commercial real estate loans, $116.8 million in dairy & livestock loans and agribusiness loans, $43.8 million in commercial and industrial loans, and $34.6 million in construction loans, offset by an increase of $20.8 million in SFR mortgage loans.
Asset Quality
During the second quarter of 2025, we experienced credit charge-offs of $429,000 and total recoveries of $180,000, resulting in net charge-offs of $249,000. The allowance for credit losses (“ACL”) totaled $78.0 million at June 30, 2025, compared to $78.3 million at March 31, 2025 and $82.8 million at June 30, 2024. At June 30, 2025, ACL as a percentage of total loans and leases outstanding was 0.93%. This compares to 0.94% at March 31, 2025 and December 31, 2024 and 0.95% at June 30, 2024.
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.
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| Nonperforming Assets and Delinquency Trends | June 30,<br>2025 | March 31,<br>2025 | June 30,<br>2024 | |||
|---|---|---|---|---|---|---|
| Nonperforming loans | (Dollars in thousands) | |||||
| Commercial real estate | $ | 24,379 | $ | 24,379 | $ | 21,908 |
| SBA | 1,265 | 1,024 | 337 | |||
| Commercial and industrial | 265 | 173 | 2,712 | |||
| Dairy & livestock and agribusiness | 60 | 60 | - | |||
| Total | $ | 25,969 | $ | 25,636 | $ | 24,957 |
| % of Total loans | **** | 0.31% | **** | 0.31% | **** | 0.29% |
| OREO | ||||||
| Commercial real estate | $ | 661 | $ | 495 | $ | - |
| SFR mortgage | - | - | 647 | |||
| Total | $ | 661 | $ | 495 | $ | 647 |
| Total nonperforming assets | $ | 26,630 | $ | 26,131 | $ | 25,604 |
| % of Nonperforming assets to total assets | **** | 0.17% | **** | 0.17% | **** | 0.16% |
| Past due 30-89 days (accruing) | ||||||
| Commercial real estate | $ | - | $ | - | $ | 43 |
| SBA | 3,419 | 718 | - | |||
| Commercial and industrial | - | - | 103 | |||
| Total | $ | 3,419 | $ | 718 | $ | 146 |
| % of Total loans | **** | 0.04% | **** | 0.01% | **** | 0.00% |
| Total nonperforming, OREO, and past due | $ | 30,049 | $ | 26,849 | $ | 25,750 |
| Classified Loans | $ | 73,422 | $ | 94,169 | $ | 124,728 |
The $499,000 increase in nonperforming assets from March 31, 2025 was primarily due to the addition of one nonperforming SBA loan in the amount of $620,000. Classified loans are loans that are graded “substandard” or worse. Classified loans decreased $20.7 million quarter-over-quarter, primarily due to a decrease of $19.9 million in classified commercial real estate loans.
Deposits & Customer Repurchase Agreements
Deposits of $11.98 billion and customer repurchase agreements of $404.2 million totaled $12.39 billion at June 30, 2025. This represented a net increase of $122.9 million compared to $12.27 billion at March 31, 2025. Total deposits and customer repurchase agreements increased by $179 million compared to December 31, 2024 and increased $329.8 million, or 2.74% when compared to $12.06 billion at June 30, 2024.
Noninterest-bearing deposits were $7.25 billion at June 30, 2025, an increase of $62.9 million, or 0.87%, when compared to $7.18 billion at March 31, 2025. Noninterest-bearing deposits increased by $210.0 million, or 2.98%, when compared to $7.04 billion at December 31, 2024, and increased by $157.0 million, or 2.21% when compared to $7.09 billion at June 30, 2024. At June 30, 2025, noninterest-bearing deposits were 60.47% of total deposits, compared to 59.92% at March 31, 2025, 58.90% at December 31, 2024 and 60.13% at June 30, 2024.
Borrowings
As of June 30, 2025, total borrowings consisted of $500 million of FHLB advances. The FHLB advances include $300 million, at an average cost of approximately 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027. Total borrowings decreased by $1.3 billion from June 30, 2024. The $1.8 billion of borrowings at June 30, 2024 consisted of $500 million of FHLB advances and $1.3 billion from the Federal Reserve’s Bank Term Funding Program, at a cost of 4.76%, all of which were redeemed before the end of 2024.
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Capital
The Company’s total equity was $2.24 billion at June 30, 2025. This represented an overall increase of $54.0 million from total equity of $2.19 billion at December 31, 2024. Increases to equity included $101.7 million in net earnings and a $43.9 million increase in other comprehensive income that were partially offset by $55.6 million in cash dividends. During the first half of 2025, we repurchased, under our stock repurchase plan, 2,063,564 shares of common stock, at an average repurchase price of $18.15, totaling $37.5 million. Our tangible book value per share at June 30, 2025 was $10.64.
Our capital ratios under the revised capital framework referred to as Basel III remain well-above regulatory standards.
| CVB Financial Corp. Consolidated | ||||
|---|---|---|---|---|
| Capital Ratios | Minimum Required PlusCapital Conservation Buffer | June 30, 2025 | December 31, 2024 | June 30, 2024 |
| Tier 1 leverage capital ratio | 4.0% | 11.8% | 11.5% | 10.5% |
| Common equity Tier 1 capital ratio | 7.0% | 16.5% | 16.2% | 15.3% |
| Tier 1 risk-based capital ratio | 8.5% | 16.5% | 16.2% | 15.3% |
| Total risk-based capital ratio | 10.5% | 17.3% | 17.1% | 16.1% |
| Tangible common equity ratio | 10.0% | 9.8% | 8.7% |
CitizensTrust
As of June 30, 2025 CitizensTrust had approximately $5.0 billion in assets under management and administration, including $3.54 billion in assets under management. Revenues were $3.7 million for the second quarter of 2025, compared to $3.4 million in the first quarter of 2025 and $3.4 million for the second quarter of 2024. 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. CVBF is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in total assets. Citizens Business Bank 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 60 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, July 24, 2025, to discuss the Company’s second quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BIe2ad85fddf3443dbacab8109594ab423
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.
- 7 -
Safe Harbor
Certainstatements set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will likely result”, “aims”, “anticipates”,“believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will,”“strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results or performance to differmaterially 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, loandiversification 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.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 asthose 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, suchforward-looking statements.
General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy ingeneral 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 theFederal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we have made or may make, including, without limitation, the failure to obtain the necessary regulatory approvals, the failureto achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target and key personnel into our operations; the timely development of competitive products andservices and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities, and insurance, and theapplication thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the transition away from USD LIBOR and uncertainties regardingpotential alternative reference rates, including SOFR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted fromtime-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the FinancialAccounting 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 on our balance sheet; changes in customerspending, 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; ourability to attract or retain 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 financialperformance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; 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 andabroad; 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 healthcrises 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 marketconditions; 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, boardmembers and other employees, and our ability to comply with federal and state in employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; 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 theCompany’s 2024 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).
The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated eventsor 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 or shareholders, are for illustrativepurposes only, are not forecasts, and actual results may differ.
Non-GAAP Financial Measures — Certain financial informationprovided in this earnings release has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts shouldrefer 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 inaccordance with GAAP. These measures may or may not be comparable to similarly titled measures used by other companies.
- 8 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
| June 30,2025 | December 31,2024 | June 30,2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash and due from banks | $ | 195,063 | $ | 153,875 | $ | 174,454 | |||
| Interest-earning balances due from Federal Reserve | 543,573 | 50,823 | 669,740 | ||||||
| Total cash and cash equivalents | 738,636 | 204,698 | 844,194 | ||||||
| Interest-earning balances due from depository institutions | 11,004 | 480 | 7,345 | ||||||
| Investment securities<br>available-for-sale | 2,486,306 | 2,542,115 | 2,745,796 | ||||||
| Investment securities<br>held-to-maturity | 2,327,230 | 2,379,668 | 2,429,886 | ||||||
| Total investment securities | 4,813,536 | 4,921,783 | 5,175,682 | ||||||
| Investment in stock of Federal Home Loan Bank (FHLB) | 18,012 | 18,012 | 18,012 | ||||||
| Loans and lease finance receivables | 8,358,501 | 8,536,432 | 8,681,846 | ||||||
| Allowance for credit losses | (78,003 | ) | (80,122 | ) | (82,786 | ) | |||
| Net loans and lease finance receivables | 8,280,498 | 8,456,310 | 8,599,060 | ||||||
| Premises and equipment, net | 26,606 | 27,543 | 43,232 | ||||||
| Bank owned life insurance (BOLI) | 320,596 | 316,248 | 314,329 | ||||||
| Intangibles | 7,657 | 9,967 | 12,416 | ||||||
| Goodwill | 765,822 | 765,822 | 765,822 | ||||||
| Other assets | 431,763 | 432,792 | 371,403 | ||||||
| Total assets | $ | 15,414,130 | $ | 15,153,655 | $ | 16,151,495 | |||
| Liabilities and Stockholders’ Equity | |||||||||
| Liabilities: | |||||||||
| Deposits: | |||||||||
| Noninterest-bearing | $ | 7,247,128 | $ | 7,037,096 | $ | 7,090,095 | |||
| Investment checking | 483,793 | 551,305 | 515,930 | ||||||
| Savings and money market | 3,669,912 | 3,786,387 | 3,409,320 | ||||||
| Time deposits | 583,990 | 573,593 | 774,980 | ||||||
| Total deposits | 11,984,823 | 11,948,381 | 11,790,325 | ||||||
| Customer repurchase agreements | 404,154 | 261,887 | 268,826 | ||||||
| Other borrowings | 500,000 | 500,000 | 1,800,000 | ||||||
| Other liabilities | 284,831 | 257,071 | 179,917 | ||||||
| Total liabilities | 13,173,808 | 12,967,339 | 14,039,068 | ||||||
| Stockholders’ Equity | |||||||||
| Stockholders’ equity | 2,508,454 | 2,498,380 | 2,446,755 | ||||||
| Accumulated other comprehensive loss, net of tax | (268,132 | ) | (312,064 | ) | (334,328 | ) | |||
| Total stockholders’ equity | 2,240,322 | 2,186,316 | 2,112,427 | ||||||
| Total liabilities and stockholders’ equity | $ | 15,414,130 | $ | 15,153,655 | $ | 16,151,495 |
- 9 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
| Three Months Ended | Six Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30,2025 | March 31,2025 | June 30,2024 | June 30,2025 | June 30,2024 | |||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 154,785 | $ | 154,328 | $ | 162,724 | $ | 154,557 | $ | 162,387 | |||||
| Interest-earning balances due from Federal Reserve | 331,956 | 161,432 | 704,023 | 247,165 | 568,722 | ||||||||||
| Total cash and cash equivalents | 486,741 | 315,760 | 866,747 | 401,722 | 731,109 | ||||||||||
| Interest-earning balances due from depository institutions | 5,973 | 957 | 12,893 | 3,479 | 11,786 | ||||||||||
| Investment securities<br>available-for-sale | 2,505,601 | 2,539,211 | 2,764,096 | 2,522,313 | 2,832,097 | ||||||||||
| Investment securities<br>held-to-maturity | 2,341,814 | 2,369,507 | 2,442,863 | 2,355,584 | 2,450,237 | ||||||||||
| Total investment securities | 4,847,415 | 4,908,718 | 5,206,959 | 4,877,897 | 5,282,334 | ||||||||||
| Investment in stock of FHLB | 18,012 | 18,012 | 18,012 | 18,012 | 18,012 | ||||||||||
| Loans and lease finance receivables | 8,354,898 | 8,467,465 | 8,731,587 | 8,410,871 | 8,778,083 | ||||||||||
| Allowance for credit losses | (78,259 | ) | (80,113 | ) | (82,815 | ) | (79,181 | ) | (84,283 | ) | |||||
| Net loans and lease finance receivables | 8,276,639 | 8,387,352 | 8,648,772 | 8,331,690 | 8,693,800 | ||||||||||
| Premises and equipment, net | 26,982 | 27,408 | 43,624 | 27,194 | 44,002 | ||||||||||
| Bank owned life insurance (BOLI) | 319,582 | 316,643 | 312,645 | 318,121 | 311,127 | ||||||||||
| Intangibles | 8,232 | 9,518 | 13,258 | 8,872 | 13,922 | ||||||||||
| Goodwill | 765,822 | 765,822 | 765,822 | 765,822 | 765,822 | ||||||||||
| Other assets | 427,776 | 419,116 | 390,834 | 423,469 | 370,575 | ||||||||||
| Total assets | $ | 15,183,174 | $ | 15,169,306 | $ | 16,279,566 | $ | 15,176,278 | $ | 16,242,489 | |||||
| Liabilities and Stockholders’ Equity | |||||||||||||||
| Liabilities: | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing | $ | 7,051,702 | $ | 7,006,357 | $ | 7,153,315 | $ | 7,029,156 | $ | 7,168,016 | |||||
| Interest-bearing | 4,755,828 | 4,866,318 | 4,728,864 | 4,810,767 | 4,591,500 | ||||||||||
| Total deposits | 11,807,530 | 11,872,675 | 11,882,179 | 11,839,923 | 11,759,516 | ||||||||||
| Customer repurchase agreements | 376,629 | 317,322 | 287,128 | 347,140 | 298,200 | ||||||||||
| Other borrowings | 508,159 | 513,078 | 1,850,330 | 510,605 | 1,921,154 | ||||||||||
| Other liabilities | 252,908 | 239,283 | 157,463 | 246,132 | 162,953 | ||||||||||
| Total liabilities | 12,945,226 | 12,942,358 | 14,177,100 | 12,943,800 | 14,141,823 | ||||||||||
| Stockholders’ Equity | |||||||||||||||
| Stockholders’ equity | 2,518,282 | 2,523,923 | 2,456,945 | 2,521,086 | 2,444,510 | ||||||||||
| Accumulated other comprehensive loss, net of tax | (280,334 | ) | (296,975 | ) | (354,479 | ) | (288,608 | ) | (343,844 | ) | |||||
| Total stockholders’ equity | 2,237,948 | 2,226,948 | 2,102,466 | 2,232,478 | 2,100,666 | ||||||||||
| Total liabilities and stockholders’ equity | $ | 15,183,174 | $ | 15,169,306 | $ | 16,279,566 | $ | 15,176,278 | $ | 16,242,489 |
- 10 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Dollars in thousands, exceptper share amounts)
| Three Months Ended | Six Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| June 30,2025 | March 31,2025 | June 30,2024 | June 30,2025 | June 30,2024 | ||||||||||
| Interest income: | ||||||||||||||
| Loans and leases, including fees | $ | 108,845 | $ | 109,071 | $ | 114,200 | $ | 217,916 | $ | 230,549 | ||||
| Investment securities: | ||||||||||||||
| Investment securities<br>available-for-sale | 18,299 | 18,734 | 21,225 | 37,033 | 42,671 | |||||||||
| Investment securities held-to-maturity | 12,886 | 13,021 | 13,445 | 25,907 | 26,847 | |||||||||
| Total investment income | 31,185 | 31,755 | 34,670 | 62,940 | 69,518 | |||||||||
| Dividends from FHLB stock | 411 | 379 | 377 | 790 | 796 | |||||||||
| Interest-earning deposits with other institutions | 3,768 | 1,797 | 9,825 | 5,565 | 15,898 | |||||||||
| Total interest income | 144,209 | 143,002 | 159,072 | 287,211 | 316,761 | |||||||||
| Interest expense: | ||||||||||||||
| Deposits | 24,829 | 25,322 | 25,979 | 50,151 | 47,345 | |||||||||
| Borrowings and customer repurchase agreements | 7,401 | 6,800 | 22,244 | 14,201 | 46,106 | |||||||||
| Other | 371 | 436 | - | 807 | - | |||||||||
| Total interest expense | 32,601 | 32,558 | 48,223 | 65,159 | 93,451 | |||||||||
| Net interest income before (recapture of) provision for credit losses | 111,608 | 110,444 | 110,849 | 222,052 | 223,310 | |||||||||
| (Recapture of) provision for credit losses | - | (2,000 | ) | - | (2,000 | ) | - | |||||||
| Net interest income after (recapture of) provision for credit losses | 111,608 | 112,444 | 110,849 | 224,052 | 223,310 | |||||||||
| Noninterest income: | ||||||||||||||
| Service charges on deposit accounts | 4,959 | 4,908 | 5,117 | 9,867 | 10,153 | |||||||||
| Trust and investment services | 3,716 | 3,411 | 3,428 | 7,127 | 6,652 | |||||||||
| Gain on OREO, net | 6 | 2,183 | - | 2,189 | - | |||||||||
| Other | 6,063 | 5,727 | 5,879 | 11,790 | 11,732 | |||||||||
| Total noninterest income | 14,744 | 16,229 | 14,424 | 30,973 | 28,537 | |||||||||
| Noninterest expense: | ||||||||||||||
| Salaries and employee benefits | 34,999 | 36,477 | 35,426 | 71,476 | 71,827 | |||||||||
| Occupancy and equipment | 6,106 | 5,998 | 5,772 | 12,104 | 11,337 | |||||||||
| Professional services | 2,191 | 2,081 | 2,726 | 4,272 | 4,981 | |||||||||
| Computer software expense | 4,410 | 4,221 | 3,949 | 8,631 | 7,474 | |||||||||
| Marketing and promotion | 1,817 | 1,988 | 1,956 | 3,805 | 3,586 | |||||||||
| Amortization of intangible assets | 1,155 | 1,155 | 1,437 | 2,310 | 2,875 | |||||||||
| Provision for (recapture of) unfunded loan commitments | - | 500 | (500 | ) | 500 | (500 | ) | |||||||
| Other | 6,879 | 6,724 | 5,731 | 13,603 | 14,688 | |||||||||
| Total noninterest expense | 57,557 | 59,144 | 56,497 | 116,701 | 116,268 | |||||||||
| Earnings before income taxes | 68,795 | 69,529 | 68,776 | 138,324 | 135,579 | |||||||||
| Income taxes | 18,231 | 18,425 | 18,741 | 36,656 | 36,945 | |||||||||
| Net earnings | $ | 50,564 | $ | 51,104 | $ | 50,035 | $ | 101,668 | $ | 98,634 | ||||
| Basic earnings per common share | $ | 0.37 | $ | 0.37 | $ | 0.36 | $ | 0.73 | $ | 0.71 | ||||
| Diluted earnings per common share | $ | 0.37 | $ | 0.36 | $ | 0.36 | $ | 0.73 | $ | 0.71 | ||||
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.40 |
- 11 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, exceptper share amounts)
| Three Months Ended | Six Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| June 30,2025 | March 31,2025 | June 30,2024 | June 30,2025 | June 30,2024 | ||||||
| Interest income - tax equivalent (TE) | $ | 144,729 | $ | 143,525 | $ | 159,607 | $ | 288,253 | $ | 317,835 |
| Interest expense | 32,601 | 32,558 | 48,223 | 65,159 | 93,451 | |||||
| Net interest income - (TE) | $ | 112,128 | $ | 110,967 | $ | 111,384 | $ | 223,094 | $ | 224,384 |
| Return on average assets, annualized | 1.34% | 1.37% | 1.24% | 1.35% | 1.22% | |||||
| Return on average equity, annualized | 9.06% | 9.31% | 9.57% | 9.18% | 9.44% | |||||
| Efficiency ratio [1] | 45.55% | 46.69% | 45.10% | 46.12% | 46.17% | |||||
| Noninterest expense to average assets, annualized | 1.52% | 1.58% | 1.40% | 1.55% | 1.44% | |||||
| Yield on average loans | 5.22% | 5.22% | 5.26% | 5.22% | 5.28% | |||||
| Yield on average earning assets (TE) | 4.28% | 4.28% | 4.37% | 4.28% | 4.36% | |||||
| Cost of deposits | 0.84% | 0.86% | 0.88% | 0.85% | 0.81% | |||||
| Cost of deposits and customer repurchase agreements | 0.87% | 0.87% | 0.87% | 0.87% | 0.80% | |||||
| Cost of funds | 1.03% | 1.04% | 1.38% | 1.03% | 1.34% | |||||
| Net interest margin (TE) | 3.31% | 3.31% | 3.05% | 3.31% | 3.07% | |||||
| [1] Noninterest expense divided by net interest income before provision for<br>credit losses plus noninterest income. | ||||||||||
| Tangible Common Equity Ratio (TCE) [2] | ||||||||||
| CVB Financial Corp. Consolidated | 10.02% | 10.04% | 8.68% | |||||||
| Citizens Business Bank | 9.86% | 9.92% | 8.57% | |||||||
| [2] (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles]) | ||||||||||
| Weighted average shares outstanding | ||||||||||
| Basic | 136,999,451 | 138,973,996 | 138,583,510 | 137,614,679 | 138,419,379 | |||||
| Diluted | 137,172,994 | 139,294,401 | 138,669,058 | 137,888,778 | 138,561,481 | |||||
| Dividends declared | $ | 27,703 | $ | 27,853 | $ | 28,018 | $ | 55,556 | $ | 55,904 |
| Dividend payout ratio [3] | 54.79% | 54.50% | 56.00% | 54.64% | 56.68% | |||||
| [3] Dividends declared on common stock divided by net earnings. | ||||||||||
| Number of shares outstanding - (end of period) | 137,825,465 | 139,089,612 | 139,677,162 | |||||||
| Book value per share | $ | 16.25 | $ | 16.02 | $ | 15.12 | ||||
| Tangible book value per share | $ | 10.64 | $ | 10.45 | $ | 9.55 |
- 12 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands,except per share amounts)
| Three Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| June 30,2025 | December 31,2024 | June 30,2024 | ||||||||
| Nonperforming assets: | ||||||||||
| Nonaccrual loans | $ | 25,969 | $ | 27,795 | $ | 24,957 | ||||
| Other real estate owned (OREO), net | 661 | 19,303 | 647 | |||||||
| Total nonperforming assets | $ | 26,630 | $ | 47,098 | $ | 25,604 | ||||
| Loan modifications to borrowers experiencing financial difficulty | $ | 9,529 | $ | 6,467 | $ | 26,363 | ||||
| Percentage of nonperforming assets to total loans outstanding and OREO | 0.32% | 0.55% | 0.29% | |||||||
| Percentage of nonperforming assets to total assets | 0.17% | 0.31% | 0.16% | |||||||
| Allowance for credit losses to nonperforming assets | 292.91% | 170.12% | 323.33% | |||||||
| Three Months Ended | Six Months Ended | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 30,2025 | March 31,2025 | June 30,2024 | June 30,2025 | June 30,2024 | ||||||
| Allowance for credit losses: | ||||||||||
| Beginning balance | $ | 78,252 | $ | 80,122 | $ | 82,817 | $ | 80,122 | $ | 86,842 |
| Total charge-offs | (429) | (40) | (51) | (469) | (4,318) | |||||
| Total recoveries on loans previously charged-off | 180 | 170 | 20 | 350 | 262 | |||||
| Net recoveries (charge-offs) | (249) | 130 | (31) | (119) | (4,056) | |||||
| (Recapture of) provision for credit losses | - | (2,000) | - | (2,000) | - | |||||
| Allowance for credit losses at end of period | $ | 78,003 | $ | 78,252 | $ | 82,786 | $ | 78,003 | $ | 82,786 |
| Net recoveries (charge-offs) to average loans | -0.003% | 0.002% | -0.000% | -0.001% | -0.046% |
- 13 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in millions)
Allowance for Credit Losses by Loan Type
| June 30, 2025 | December 31, 2024 | June 30, 2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| AllowanceFor CreditLosses | Allowanceas a % ofTotal Loansby RespectiveLoan Type | AllowanceFor CreditLosses | Allowanceas a % ofTotal Loansby RespectiveLoan Type | AllowanceFor CreditLosses | Allowanceas a % ofTotal Loansby RespectiveLoan Type | ||||
| Commercial real estate | $ | 64.5 | 0.99% | $ | 66.2 | 1.02% | $ | 69.4 | 1.04% |
| Construction | 0.2 | 1.36% | 0.3 | 1.94% | 0.8 | 1.51% | |||
| SBA | 3.1 | 1.13% | 2.6 | 0.96% | 2.5 | 0.93% | |||
| Commercial and industrial | 6.4 | 0.70% | 6.1 | 0.66% | 5.1 | 0.53% | |||
| Dairy & livestock and agribusiness | 2.6 | 1.09% | 3.6 | 0.86% | 3.8 | 1.08% | |||
| Municipal lease finance receivables | 0.2 | 0.35% | 0.2 | 0.31% | 0.2 | 0.26% | |||
| SFR mortgage | 0.5 | 0.17% | 0.5 | 0.16% | 0.5 | 0.19% | |||
| Consumer and other loans | 0.5 | 1.03% | 0.6 | 1.04% | 0.5 | 1.07% | |||
| Total | $ | 78.0 | 0.93% | $ | 80.1 | 0.94% | $ | 82.8 | 0.95% |
- 14 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, exceptper share amounts)
Quarterly Common Stock Price
| 2025 | 2024 | 2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter End | High | Low | High | Low | High | Low | ||||||
| March 31, | $ | 21.71 | $ | 18.22 | $ | 20.45 | $ | 15.95 | $ | 25.98 | $ | 16.34 |
| June 30, | $ | 20.15 | $ | 16.01 | $ | 17.91 | $ | 15.71 | $ | 16.89 | $ | 10.66 |
| September 30, | $ | - | $ | - | $ | 20.29 | $ | 16.08 | $ | 19.66 | $ | 12.89 |
| December 31, | $ | - | $ | - | $ | 24.58 | $ | 17.20 | $ | 21.77 | $ | 14.62 |
Quarterly ConsolidatedStatements of Earnings
| Q2<br>2025 | Q1<br>2025 | Q4<br>2024 | Q3<br>2024 | Q2<br>2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Interest income | ||||||||||
| Loans and leases, including fees | $ | 108,845 | $ | 109,071 | $ | 110,277 | $ | 114,929 | $ | 114,200 |
| Investment securities and other | 35,364 | 33,931 | 37,322 | 50,823 | 44,872 | |||||
| Total interest income | 144,209 | 143,002 | 147,599 | 165,752 | 159,072 | |||||
| Interest expense | ||||||||||
| Deposits | 24,829 | 25,322 | 28,317 | 29,821 | 25,979 | |||||
| Borrowings and customer repurchase agreements | 7,401 | 6,800 | 8,291 | 22,312 | 22,244 | |||||
| Other | 371 | 436 | 573 | - | - | |||||
| Total interest expense | 32,601 | 32,558 | 37,181 | 52,133 | 48,223 | |||||
| Net interest income before (recapture of) provision for credit losses | 111,608 | 110,444 | 110,418 | 113,619 | 110,849 | |||||
| (Recapture of) provision for credit losses | - | (2,000) | (3,000) | - | - | |||||
| Net interest income after (recapture of) provision for credit losses | 111,608 | 112,444 | 113,418 | 113,619 | 110,849 | |||||
| Noninterest income | 14,744 | 16,229 | 13,103 | 12,834 | 14,424 | |||||
| Noninterest expense | 57,557 | 59,144 | 58,480 | 58,835 | 56,497 | |||||
| Earnings before income taxes | 68,795 | 69,529 | 68,041 | 67,618 | 68,776 | |||||
| Income taxes | 18,231 | 18,425 | 17,183 | 16,394 | 18,741 | |||||
| Net earnings | $ | 50,564 | $ | 51,104 | $ | 50,858 | $ | 51,224 | $ | 50,035 |
| Effective tax rate | 26.50% | 26.50% | 25.25% | 24.25% | 27.25% | |||||
| Basic earnings per common share | $ | 0.37 | $ | 0.37 | $ | 0.36 | $ | 0.37 | $ | 0.36 |
| Diluted earnings per common share | $ | 0.37 | $ | 0.36 | $ | 0.36 | $ | 0.37 | $ | 0.36 |
| Cash dividends declared per common share | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 |
| Cash dividends declared | $ | 27,703 | $ | 27,853 | $ | 27,978 | $ | 27,977 | $ | 28,018 |
- 15 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands)
Loan Portfolio by Type
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
| Commercial real estate | $ | 6,517,415 | $ | 6,490,604 | $ | 6,507,452 | $ | 6,618,637 | $ | 6,664,925 | |||||
| Construction | 17,658 | 15,706 | 16,082 | 14,755 | 52,227 | ||||||||||
| SBA | 271,735 | 271,844 | 273,013 | 272,001 | 267,938 | ||||||||||
| SBA - PPP | 85 | 179 | 774 | 1,255 | 1,757 | ||||||||||
| Commercial and industrial | 912,427 | 942,301 | 925,178 | 936,489 | 956,184 | ||||||||||
| Dairy & livestock and agribusiness | 233,772 | 252,532 | 419,904 | 342,445 | 350,562 | ||||||||||
| Municipal lease finance receivables | 63,652 | 65,203 | 66,114 | 67,585 | 70,889 | ||||||||||
| SFR mortgage | 288,435 | 269,493 | 269,172 | 267,181 | 267,593 | ||||||||||
| Consumer and other loans | 53,322 | 55,770 | 58,743 | 52,217 | 49,771 | ||||||||||
| Gross loans, at amortized cost | 8,358,501 | 8,363,632 | 8,536,432 | 8,572,565 | 8,681,846 | ||||||||||
| Allowance for credit losses | (78,003 | ) | (78,252 | ) | (80,122 | ) | (82,942 | ) | (82,786 | ) | |||||
| Net loans | $ | 8,280,498 | $ | 8,285,380 | $ | 8,456,310 | $ | 8,489,623 | $ | 8,599,060 | |||||
| Deposit Composition by Type and Customer Repurchase Agreements | **** | ||||||||||||||
| June 30, | March 31, | December 31, | September 30, | June 30, | |||||||||||
| 2025 | 2025 | 2024 | 2024 | 2024 | |||||||||||
| Noninterest-bearing | $ | 7,247,128 | $ | 7,184,267 | $ | 7,037,096 | $ | 7,136,824 | $ | 7,090,095 | |||||
| Investment checking | 483,793 | 533,220 | 551,305 | 504,028 | 515,930 | ||||||||||
| Savings and money market | 3,669,912 | 3,710,612 | 3,786,387 | 3,745,707 | 3,409,320 | ||||||||||
| Time deposits | 583,990 | 561,822 | 573,593 | 685,930 | 774,980 | ||||||||||
| Total deposits | 11,984,823 | 11,989,921 | 11,948,381 | 12,072,489 | 11,790,325 | ||||||||||
| Customer repurchase agreements | 404,154 | 276,163 | 261,887 | 394,515 | 268,826 | ||||||||||
| Total deposits and customer <br>repurchase agreements | $ | 12,388,977 | $ | 12,266,084 | $ | 12,210,268 | $ | 12,467,004 | $ | 12,059,151 |
- 16 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands)
Nonperforming Assets and Delinquency Trends
| June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | September 30,<br>2024 | June 30,<br>2024 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Nonperforming loans | ||||||||||
| Commercial real estate | $ | 24,379 | $ | 24,379 | $ | 25,866 | $ | 18,794 | $ | 21,908 |
| SBA | 1,265 | 1,024 | 1,529 | 151 | 337 | |||||
| Commercial and industrial | 265 | 173 | 340 | 2,825 | 2,712 | |||||
| Dairy & livestock and agribusiness | 60 | 60 | 60 | 143 | - | |||||
| Total | $ | 25,969 | $ | 25,636 | $ | 27,795 | $ | 21,913 | $ | 24,957 |
| % of Total loans | **** | 0.31% | **** | 0.31% | **** | 0.33% | **** | 0.26% | **** | 0.29% |
| Past due 30-89 days (accruing) | ||||||||||
| Commercial real estate | $ | - | $ | - | $ | - | $ | 30,701 | $ | 43 |
| SBA | 3,419 | 718 | 88 | - | - | |||||
| Commercial and industrial | - | - | 399 | 64 | 103 | |||||
| Total | $ | 3,419 | $ | 718 | $ | 487 | $ | 30,765 | $ | 146 |
| % of Total loans | **** | 0.04% | **** | 0.01% | **** | 0.01% | **** | 0.36% | **** | 0.00% |
| OREO | ||||||||||
| Commercial real estate | $ | 661 | $ | 495 | $ | 18,656 | $ | - | $ | - |
| SFR mortgage | - | - | 647 | 647 | 647 | |||||
| Total | $ | 661 | $ | 495 | $ | 19,303 | $ | 647 | $ | 647 |
| Total nonperforming, past due, and OREO | $ | 30,049 | $ | 26,849 | $ | 47,585 | $ | 53,325 | $ | 25,750 |
| % of Total loans | **** | 0.36% | **** | 0.32% | **** | 0.56% | **** | 0.62% | **** | 0.30% |
- 17 -
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
Regulatory Capital Ratios
| CVB Financial Corp. Consolidated | ||||
|---|---|---|---|---|
| Capital Ratios | Minimum Required Plus<br><br><br>Capital Conservation Buffer | June 30,2025 | December 31,2024 | June 30,2024 |
| Tier 1 leverage capital ratio | 4.0% | 11.8% | 11.5% | 10.5% |
| Common equity Tier 1 capital ratio | 7.0% | 16.5% | 16.2% | 15.3% |
| Tier 1 risk-based capital ratio | 8.5% | 16.5% | 16.2% | 15.3% |
| Total risk-based capital ratio | 10.5% | 17.3% | 17.1% | 16.1% |
| Tangible common equity ratio | 10.0% | 9.8% | 8.7% |
- 18 -
Tangible Book Value Reconciliations (Non-GAAP)
The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. The following is a reconciliation of tangible book value to the Company stockholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share.
| June 30,2025 | December 31,2024 | June 30,2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (Dollars in thousands, except per share amounts) | |||||||||
| Stockholders’ equity | $ | 2,240,322 | $ | 2,186,316 | $ | 2,112,427 | |||
| Less: Goodwill | (765,822 | ) | (765,822 | ) | (765,822 | ) | |||
| Less: Intangible assets | (7,657 | ) | (9,967 | ) | (12,416 | ) | |||
| Tangible book value | $ | 1,466,843 | $ | 1,410,527 | $ | 1,334,189 | |||
| Common shares issued and outstanding | 137,825,465 | 139,689,686 | 139,677,162 | ||||||
| Tangible book value per share | $ | 10.64 | $ | 10.10 | $ | 9.55 |
- 19 -
Return on Average Tangible Common Equity Reconciliation (Non-GAAP)
The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company’s performance. 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,<br>2025 | March 31,<br>2025 | June 30,<br>2024 | June 30,<br>2025 | June 30,<br>2024 | ||||||
| (Dollars in thousands) | ||||||||||
| Net Income | $ | 50,564 | $ | 51,104 | $ | 50,035 | $ | 101,668 | $ | 98,634 |
| Add: Amortization of intangible assets | 1,155 | 1,155 | 1,437 | 2,310 | 2,875 | |||||
| Less: Tax effect of amortization of intangible assets (1) | (341) | (341) | (425) | (683) | (850) | |||||
| Tangible net income | $ | 51,378 | $ | 51,918 | $ | 51,047 | $ | 103,295 | $ | 100,659 |
| Average stockholders’ equity | $ | 2,237,948 | $ | 2,226,948 | $ | 2,102,466 | $ | 2,232,478 | $ | 2,100,666 |
| Less: Average goodwill | (765,822) | (765,822) | (765,822) | (765,822) | (765,822) | |||||
| Less: Average intangible assets | (8,232) | (9,518) | (13,258) | (8,872) | (13,922) | |||||
| Average tangible common equity | $ | 1,463,894 | $ | 1,451,608 | $ | 1,323,386 | $ | 1,457,784 | $ | 1,320,922 |
| Return on average equity, annualized (2) | 9.06% | 9.31% | 9.57% | 9.18% | 9.44% | |||||
| Return on average tangible common equity, annualized (2) | 14.08% | 14.51% | 15.51% | 14.29% | 15.32% |
(1) Tax effected at respective statutory rates.
(2) Annualized where applicable.
- 20 -
EX-99.2
July 2025 Exhibit 99.2
Forward Looking Statements This presentation contains forward-looking statements that are intended to be covered by the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of the management of CVB Financial Corp. and Citizens Business Bank (collectively, the “Company”) and are subject to significant risks and uncertainties that could cause actual results or performance to differ materially from those projected. You should not place undue reliance on these statements. Factors that could cause the Company’s actual results to differ materially from those described in the forward-looking statements include, among others, changes in the U.S. economy or local, regional and global business, economic or political conditions; changes in laws or the regulatory environment, including banking, immigration, trade, tariff, monetary and fiscal policies and laws; inflation or deflation, interest rate, market and monetary fluctuations; possible changes in our levels of capital or liquidity or our access to government or private lending facilities; possible credit related impairments, goodwill impairments or declines in the fair value of our loans and securities; our ability to retain and grow deposits, including low cost deposits; the effect of acquisitions we have made or may make; changes in the competitive environment, including technological changes; changes in the commercial and residential real estate markets; changes in customer preferences, borrowing and savings habits; systemic or non-systemic bank failures or crises; geopolitical conditions, threats or events involving terrorism or military action or conflict, catastrophic events or natural disasters such as earthquakes, droughts, pandemics, climate change and extreme weather; fraud and cybersecurity threats; and ongoing or unanticipated legal or regulatory proceedings or outcomes. These factors also include those contained in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements that the Company or its management may make from time to time. These forward-looking statements speak solely as of the date they are made and are based only on information then actually known to the Company’s executives who are making the associated statements. The Company does not undertake to update any forward-looking statements except as required by law. Non-GAAP Financial Measures—Certain financial information provided in this presentation has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this presentation 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 measures may or may not be comparable to similarly titled measures used by other companies.
Total Assets: $15.4 Billion Gross Loans: $ 8.4 Billion Total Deposits (Including Repos):$12.4 Billion Total Equity: $ 2.2 Billion CVB Financial Corp. (CVBF) Largest financial institution headquartered in the Inland Empire region of Southern California. Founded in 1974.
As of 01/22/2025 CVB Financial Corp. is the holding company for Citizens Business Bank SNL Financial ranking of largest bank holding companies in CA, as of 12/31/2023 Bank Accomplishments & Ratings 193 Consecutive Quarters or over 48 Years of Profitability 143 Consecutive Quarters of Cash Dividends Forbes, Best Banks in America (2016 – 2025)* Ranked #1 Forbes, Best Banks in America (2016, 2020, 2021, 2023) Ranked in S&P Global Market Intelligence’s Top 50 2024 Public Banks Bauer Financial Report Five Star Superior Rating 65 Consecutive Quarters Fitch Rating BBB+ (March 2025) One of the 10 largest bank holding companies in CA * Not eligible for rankings in 2018
62 Business Financial Centers 3 CitizensTrust Locations Corporate Office Business Financial Centers CitizensTrust
Our Vision Citizens Business Bank will strive to become the premier financial services company operating throughout the state of California, servicing the comprehensive financial needs of successful small to medium sized businesses and their owners.
Target Customer The best privately-held and/or family-owned businesses throughout California Annual revenues of $1-300 million Top 25% in their respective industry Full relationship banking Build long-term relationships
Three Areas of Growth DeNovo San Diego (2014) Oxnard (2015) Santa Barbara (2015) San Diego (2017) Stockton (2018) Modesto (2020) Acquisitions American Security Bank (2014) County Commerce Bank (2016) Valley Business Bank (2017) Community Bank (2018) Suncrest Bank (2022)
Property Management Real Estate Banking International Treasury Management Specialty Banking Construction Lending CitizensTrust Merchant Bankcard SBA Citizens Home Lending Loan Brokerage Title Escrow Marketing Citizens Equipment Financing Deposit Services Wealth Management Trust Investment Services Law Firms Customer Credit Management Division Dairy & Livestock Agribusiness Government Services Asset Based Lending Receivers & Fiduciaries Relationship Manager (Bank) C-PACE Lending Relationship Banking Strategy
Acquisition Strategy Target size: $1 billion to $10 billion in assets Financial & Strategic In-market and new geographic markets Banks: Banking Teams: In-market New markets
CVBF Balance Sheet Profile TCE Tier 1 Leverage CET1 Tier 1 RBC Total RBC 10.0% 11.8% 16.5% 16.5% 17.3% Assets $15.4B Securities $4.8B Loans $8.4B Deposits & Repos $12.4B $12.9B June 30, 2025 Capital Ratios as of June 30, 2025 Funding
Q2 2025 Financial Highlights Profitability ROATCE = 14.08% ROAA = 1.34% NIM = 3.31% Efficiency Ratio = 45.6% Income Statement Q2’25 Net Income = $51 million / EPS = $0.37 PPNR = $68.8 million / $1.3 million higher than Q1’25 Balance Sheet Deposits & Customer Repos increased $123 million from 3/31/25 Noninterest deposits > 60% of Total Deposits Cost of deposits and customer repos = .87% Loans decreased $5 million from 3/31/25 Asset Quality Q2 Net charge-offs = $249K NPA/TA = 0.17% (NPA = $26.6 million) Classified loans = $73.4 million or 0.88% of total loans ACL = $78 million or 0.93% of gross loans Capital CET1 Ratio = 16.5% Total Risk-Based Ratio = 17.3% Tangible Common Equity Ratio = 10.0%
Selected Ratios 2022 2023 2024 Q2’24 Q1’25 Q2’25 ROATCE* 18.85% 18.48% 14.95% 15.51% 14.51% 14.08% NIM 3.30% 3.31% 3.09% 3.05% 3.31% 3.31% Cost of Deposits 0.05% 0.41% 0.88% 0.88% 0.86% 0.84% Cost of Funds 0.06% 0.83% 1.32% 1.38% 1.04% 1.03% Efficiency Ratio 38.98% 42.00% 46.55% 45.10% 46.69% 45.55% NIE % Avg. Assets 1.28% 1.41% 1.45% 1.40% 1.58% 1.52% NPA % Total Assets 0.03% 0.13% 0.31% 0.16% 0.17% 0.17% Net Charge-Offs (Recoveries) to Avg. Loans (0.01%) 0.00% 0.04% 0.00% 0.00% 0.00% CET1 Ratio 13.5% 14.6% 16.2% 15.3% 16.5% 16.5% Total Risk-Based Capital Ratio 14.4% 15.5% 17.1% 16.1% 17.3% 17.3% Performance Credit Quality Capital * See Non-GAAP Reconciliation
Selected Highlights ($ in Thousands) Q2’24 Q1’25 Q2’25 Net Interest Income $ 110,849 $110,444 $111,608 Noninterest Income 14,424 16,229 14,744 Noninterest Expense, excluding Regulatory Assessments 55,083 57,127 55,539 Regulatory Assessments 1,414 2,017 2,018 Total Noninterest Expense 56,497 59,144 57,557 Pretax-Pre Provision Income 68,776 67,529 68,795 (Recapture of) Provision for Credit Losses - (2,000) - Earnings before Income Taxes 68,776 69,529 68,795 Net Income $ 50,035 $51,104 $50,564 Basic earnings per common share $0.36 $0.37 $0.37 Diluted earnings per common share $0.36 $0.36 $0.37 Income Statement
Selected Highlights ($ in Thousands) Q2’24 Q1’25 Q2’25 Average Cash & Cash Equivalents $ 866,747 $ 315,760 $ 486,741 Average Loans 8,731,587 8,467,465 8,354,898 Average Total Securities 5,206,959 4,908,718 4,847,415 Average Noninterest-bearing Deposits 7,153,315 7,006,357 7,051,702 Average Total Deposits & Customer Repurchase Agreements 12,169,307 12,189,997 12,184,159 Average Borrowings 1,850,330 513,078 508,159 Loan-to-deposit 73.48% 71.32% 70.76% Noninterest-bearing deposits/Total Deposits 60.20% 59.01% 59.72% Average Balance Sheet
Earnings Per Share 193 Consecutive Quarters More than 48 Years of Profitability since 1977
Dividends – 143 Consecutive Quarters 143 Consecutive Quarters More than 35 years of cash dividends since 1989 Dividend payout ratio calculated on per share basis.
Net Interest Income and NIM ($ in Millions)
Net Interest Margin Trend * Source: As calculated by S&P Capital IQ. Unweighted Average NASDAQ Regional Banking Index KRX
Return on Average Assets * Source: As calculated by S&P Capital IQ. Unweighted Average NASDAQ Regional Banking Index KRX
Return on Average Tangible Common Equity * Source: As calculated by S&P Capital IQ. Unweighted Average NASDAQ Regional Banking Index KRX
CET1 Ratio Trend (%) * Source: S&P Capital IQ. Unweighted Average NASDAQ Regional Banking Index KRX
TCE Ratio Trend (%) * Source: S&P Capital IQ. Unweighted Average NASDAQ Regional Banking Index KRX
Total Deposits & Customer Repos Cost of Interest-Bearing Deposits and Repos June 2025 2.06% December 2024 2.15%
Deposit & Repo Quarterly Avg. Trends
Cost of Deposits For the Last 5 Years CVBF Ranked Among the 5 Lowest Cost of Deposits of the 50 Banks in the KRX Index Source: As calculated by S&P Capital IQ. Unweighted Average NASDAQ Regional Banking Index KRX (50 Banks)
Cost of Deposits: Monthly Trends CVBF Cost of Deposit Detail
Loans by Type CRE $6.52B C&I $0.91B Other $0.93B
Loan Trends – Quarterly Averages ($ in Millions) 2.8% decline 2.1% decline 4.2% decline 32.0% decline
Line Utilization Trends Total D&L C&I
ACL Nine Quarter Trend ($ in Millions) * Total Balance
Classified Loan Trend ($ in Millions)
Classified Loans / Total Loans (%) * Source: S&P Capital IQ. Unweighted Average NASDAQ Regional Banking Index KRX
Net Charge-Offs / Average Loans (%) * Source: S&P Capital IQ. Unweighted Average NASDAQ Regional Banking Index KRX
Appendix Non-GAAP Reconciliation
Owner/Non-Owner Occupied Commercial Real Estate Loans Collateral Type
CRE by Collateral Collateral Type Balance % of Owner Occupied LTV at Origination Avg. Size Classified Classified (Non- Owner) Classified (Owner) Industrial $ 2,227 46% 49% $ 1.65 $ 17.42 $ 7.70 $ 9.72 Office 1,036 28% 55% 1.69 0.00 0.00 0.00 Retail 894 11% 47% 1.72 24.83 24.83 0.00 Multi-Family 816 0% 48% 1.55 1.35 1.35 0.00 Other 553 57% 47% 1.56 0.72 0.72 0.00 Farmland 417 99% 45% 1.40 6.81 0.00 6.81 Medical 314 34% 56% 1.48 0.04 0.00 0.04 Other RE Rental & Leasing 260 14% 49% 2.63 0.00 0.00 0.00 Total $ 6,517 35% 49% $ 1.64 $ 51.17 $ 34.60 $ 16.57 ($ in Millions)
CRE by Collateral and Origination Balance Distribution by Origination Year Average OLTV By Origination Year Collateral Type Balance 2025 2024 2023 2022 2021 2020 or earlier 2025 2024 2023 2022 2021 2020 or earlier Industrial $ 2,227 5% 6% 8% 19% 18% 44% 46% 42% 43% 44% 50% 52% Office 1,036 5% 3% 3% 24% 14% 51% 50% 50% 48% 54% 55% 56% Retail 894 4% 2% 5% 23% 17% 49% 41% 35% 39% 43% 46% 51% Multi-Family 816 3% 4% 9% 20% 18% 46% 37% 36% 45% 44% 51% 51% Other 553 5% 5% 7% 13% 20% 50% 39% 46% 44% 45% 49% 47% Farmland 417 1% 6% 6% 15% 15% 57% 36% 32% 42% 42% 37% 49% Medical 314 11% 7% 3% 9% 15% 55% 46% 47% 45% 52% 53% 62% Other RE Rental & Leasing 260 5% 23% 10% 17% 11% 34% 43% 46% 48% 51% 48% 49% Total $ 6,517 5% 5% 7% 19% 17% 47% 44% 41% 43% 46% 49% 52% ($ in Millions)
CRE by Collateral and Reset/Maturity Collateral Type Balance ($ in Millions) Balance Maturing Next 24 months ($ in Millions) Rate Resets Next 24 Months ($ in Millions) Maturity & Rate Reset % of Loans Industrial $ 2,227 $ 281 $ 137 19% Office 1,036 130 125 25% Retail 894 131 99 26% Multi-Family 816 44 151 24% Other 553 69 68 25% Farmland 417 43 101 35% Medical 314 25 54 25% Other RE Rental & Leasing 260 76 12 34% Total $ 6,517 $ 799 $ 747 24% ($ in Millions)
CRE by Collateral and Loan Size ($ in Millions) Loan Amount Industrial Office Retail Multi-Family Other Farmland Medical Other RE Rental and Leasing Total Greater than $20M $ 24 $ 23 $ 0 $ 0 $ 0 $ 0 $ 0 $ 52 $ 99 $10M to $20M 105 111 85 86 11 54 11 14 477 $5M to $10M 464 249 152 119 140 83 62 60 1,329 $1M to $5M 1,338 514 529 465 322 209 192 114 3,683 Less than $1M 296 139 128 146 80 71 49 20 929 Total $ 2,227 $ 1,036 $ 894 $ 816 $ 553 $ 417 $ 314 $ 260 $ 6,517
CRE Office Loans by Major MSA Los Angeles County Total Balance of $354mm (183 loans) San Francisco County Total Balance of $54,736 (1 loan) San Diego County Total Balance of $69mm (21 loans) Note: Only shows the office loans that are in the major MSA.
Greater LA Business Density Distribution Note: Darker Shaded areas represent higher density of businesses within each submarket (HBD) West LA includes Santa Monica and Century City Central LA includes Downtown LA North LA includes Pasadena and Burbank Other LA (includes remaining areas of LA) Market Description ($ in Thousands) $ Loan Balance % of Owner Occupied LTV at Origination Avg. Loan Size Classified West LA (HBD) $ 82,834 18% 51% $ 4,360 $ 0 Other West LA 56,811 22% 52% 1,959 0 North LA (HBD) 44,308 5% 49% 1,582 0 Other North LA 35,598 18% 47% 1,369 0 Downtown LA (HBD) 503 100% 6% 503 0 Other Central LA 40,297 21% 48% 2,370 0 Other LA 93,180 41% 46% 1,479 0 Total $ 353,530 24% 48% $ 1,932 $ 0
Greater SD Business Density Distribution Area ($ in thousands) $ Loan Balance % of Owner Occupied LTV at Origination Avg. Size Classified Downtown SD (HBD) $ 3,651 42% 54% $ 1,217 $ 0 Other SD 65,520 2% 51% 3,640 0 Total $ 69,171 4% 51% $ 3,294 $ 0 Darker shaded areas represent Higher Business Density (HBD)
Greater SF Business Density Distribution Area ($ in thousands) $ Loan Balance % of Owner Occupied LTV at Origination Avg. Size Classified Downtown SF (HBD) $ 55 0% 3% $ 55 $ 0 Other SF 0 0% 0% 0 0 Total $ 55 0% 3% $ 55 $ 0 Darker shaded areas represent Higher Business Density (HBD)
C&I by Industry Industry Balance ($ in Millions) % of C&I Total Classified ($ in Millions) Real Estate Rental and Leasing $ 204 22% $ 0.21 Manufacturing 114 12% 2.82 Wholesale Trade 79 9% 3.63 Construction 73 8% 0.00 Arts, Entertainment, and Recreation 63 7% 0.00 Transportation and Warehousing 60 7% 0.33 Professional, Scientific, and Technical Services 60 7% 0.00 Finance and Insurance 40 4% 0.00 Administrative and Support and Waste Management and Remediation Services 36 4% 0.00 Other 183 20% 0.29 Total $ 912 100% $ 7.28
Historical Deposit Growth Suncrest +$1.2B Q1’22 Brokered $300mm Suncrest $1.2B
Diverse Deposit Base
Business vs Consumer Deposits Q2 2025
Deposit Relationship Tenure Q2 2025 ~75% of our customer deposit relationships have banked with CBB for 3 years or more
Economic Forecast – GDP
Economic Forecast – Unemployment
Economic Forecast – CRE Price
Reconciliation of Return on Average Tangible Common Equity (Non-GAAP) The return on average tangible common equity is a non-GAAP disclosure. We use certain non-GAAP financial measures to provide supplemental information regarding our performance. We believe that presenting the return on average tangible common equity provides additional clarity to the users of our financial statements.
Copy of presentation at www.cbbank.com