{"success":true,"data":{"pressRelease":{"id":"5576","rtpr_id":"nGNX5H9K6S","ticker":"CVBF","exchange":"NASDAQ","all_tickers":["CVBF"],"title":"CVB Financial Corp. Reports Earnings for the First Quarter 2026","author":"Globe Newswire","published_at":"2026-04-22T20:45:24.946Z","article_body":"First Quarter 2026\n* Net Earnings of $51.0 million, or $0.38 per share \n* Return on Average Assets of 1.33%\n* Net Interest Margin of 3.44%\nOntario, CA, April 22, 2026 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:\nCVBF) (“CVBF” or the “Company”) and its subsidiary, Citizens Business\nBank, National Association (“Citizens” or the “Bank”), announced\nearnings for the quarter ended March 31, 2026.\n\nCVB Financial Corp. reported net income of $51.0 million for the quarter ended\nMarch 31, 2026, compared with $55.0 million for the fourth quarter of 2025 and\n$51.1 million for the first quarter of 2025. Diluted earnings per share were\n$0.38 for the first quarter, compared to $0.40 for the prior quarter and $0.36\nfor the same period last year.\n\nFor the first quarter of 2026, annualized return on average equity\n(“ROAE”) was 8.86%, annualized return on average tangible common equity\n(“ROATCE”) was 13.38%, and annualized return on average assets\n(“ROAA”) was 1.33%.\n\nOn April 17, 2026, the Company completed its acquisition of Heritage Commerce\nCorp (“Heritage”), including its banking subsidiary, Heritage Bank of\nCommerce. Effective the closing date of April 17, 2026, Heritage’s financial\nresults are included in CVBF’s consolidated operations and will be reported\nin the Company’s second quarter 2026 results.\n\nDavid Brager, Chief Executive Officer of the Company, commented, “Citizens\nBusiness Bank's performance in the first quarter demonstrates our continued\nfinancial strength and focus on our vision of serving the comprehensive\nfinancial needs of small to medium sized businesses and their owners. Our\nconsistent financial performance is highlighted by our 196 consecutive\nquarters, or 49 years, of profitability, and our 146 consecutive quarters of\npaying cash dividends. I would like to thank our customers and associates for\ntheir continued commitment and loyalty, as well as welcoming Heritage’s\ncustomers, associates and shareholders to Citizens Business Bank.\" Brager\ncontinued, \"the merger with Heritage Bank of Commerce marks the most strategic\nand largest acquisition by asset size in our history, bringing together two\npremier, relationship focused business banks and advancing our longstanding\nobjective of expanding Citizens throughout California by entering the Bay\nArea. Our team is eager to build on the strong customer and community\nrelationships that Heritage has established. ”\n\nHighlights for the First Quarter of 2026\n* Pretax pre-provision income([1]) grew by $4.0 million or 6% from Q1 of 2025\n* Net interest income grew by $7.4 million, or 6.7% from Q1 of 2025\n* Net interest margin of 3.44% increased by 13 basis points from Q1 of 2025\n* Cost of funds decreased to 0.97% from 1.04 % in Q1 of 2025\n* Provision for credit losses of $3.0 million vs. $2 million recapture of\ncredit losses in Q1 of 2025\n* Loan growth of $280 million, or 3.3% from the end of Q1 of 2025\n* Avg. total deposit and customer repurchase agreements grew by $288 million,\nor 2.4% from Q1 of 2025\n* Adjusted efficiency ratio of 44.6%, excluding acquisition expense and\nprovision for unfunded loan commitments([1])\nINCOME STATEMENT HIGHLIGHTS\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands, except per share amounts) \n Net interest income $ 117,840 $ 122,658 $ 110,444 \n Provision for (recapture of) credit losses 3,000 (2,500 ) (2,000 ) \n Noninterest income 14,279 11,193 16,229 \n Noninterest expense 60,568 61,988 59,144 \n Income tax expense 17,549 19,319 18,425 \n Net earnings $ 51,002 $ 55,044 $ 51,104 \n Earnings per common share: \n Basic $ 0.38 $ 0.40 $ 0.37 \n Diluted $ 0.38 $ 0.40 $ 0.36 \n \n NIM - tax equivalent (“TE”) ([1]) 3.44 % 3.49 % 3.31 % \n ROAA 1.33 % 1.40 % 1.37 % \n ROAE 8.86 % 9.48 % 9.31 % \n ROATCE 13.38 % 14.41 % 14.51 % \n Efficiency ratio 45.84 % 46.31 % 46.69 % \n ([1])Includes tax equivalent (TE) adjustments utilizing a federal statutory rate of 21%. \n \n\nNet Interest Income\nNet interest income was $117.8 million for the first quarter of 2026,\nrepresenting a decrease of $4.8 million, or 3.93%, from the fourth quarter of\n2025, and an increase of $7.4 million, or 6.70%, from the first quarter of\n2025. Interest income decreased by $6.9 million, or 4.40%, from the fourth\nquarter of 2025, while interest expense decreased by $2.1 million, or 6.16%,\nto $31.3 million in the first quarter of 2026. The quarter-over-quarter\ndecrease in net interest income resulted from two fewer days within the\nquarter, as well as a five basis point decrease in net interest margin and a\n$133.5 million decrease in average interest-earning assets.\n\nThe $7.4 million increase in net interest income compared to the first quarter\nof 2025 was primarily driven by a $6.1 million increase in interest income\nthat resulted from $336 million in higher average interest-earning assets and\na seven basis point increase in the yield on earning assets. In addition to\nthe increase in interest income, interest expense declined from the first\nquarter of 2025 by $1.3 million, as a five basis point decrease in the cost of\ndeposits and customer repurchase agreements offset the $288 million increase\nin average total deposits and customer repurchase agreements.\n\n__________________________________________________________________________________________________\n([1]) Non-U.S. generally accepted accounting principles (“GAAP”) financial\nmeasures. Reconciliations of the GAAP to non–GAAP measures are set forth at\nthe end of this press release.\n\nNet Interest Margin\nOur tax equivalent net interest margin was 3.44% for the first quarter of\n2026, compared to 3.49% for the fourth quarter of 2025 and 3.31% for the first\nquarter of 2025. The five basis points decrease in our net interest margin\ncompared to the fourth quarter of 2025 was primarily attributable to an eight\nbasis points decrease in our average interest-earning assets yield, offset by\na four basis point decrease in cost of funds. The decrease in our average\ninterest-earning assets yield was primarily driven by a 15 basis points\ndecrease in our average loan yield, as the loan yield in the fourth quarter of\n2025 was impacted by the collection of $3.2 million of interest on a\nnonperforming loan that was paid off in full during the prior quarter. Our\ncost of funds decreased to 0.97% for the first quarter of 2026 from 1.01% in\nthe fourth quarter of 2025, primarily due to a four basis point decrease in\nour cost of deposits to 0.78%, from 0.82%.\n\nOur tax equivalent net interest margin for the first quarter of 2026 increased\nby 13 basis points compared to the first quarter of 2025, due to a seven basis\npoint increase in the average interest-earning assets yield and a seven basis\npoint decrease in cost of funds. The increase in earning assets yield was\nprimarily due to a 10 basis point increase in average loan yields. Partially\noffsetting the increased loan yield was a 75 basis points decrease in the\nyield on funds deposited at the Federal Reserve, resulting from the FOMC\nlowering the target rate for the federal funds rate by 75 basis points during\nthe last four months of 2025. Although the average yield on investment\nsecurities increased by 10 basis points from the first quarter of 2025, the\nfair-value hedges of our investment securities available for sale incurred a\nnegative carry during the first quarter of 2026, resulting in a $1.2 million\ndecrease in interest income when compared to the positive carry experienced in\nthe year ago quarter. The expansion of the net interest margin was also\nimpacted by a decrease in cost of funds to 0.97% in the first quarter of 2026\nfrom 1.04% in the first quarter of 2025, which was primarily driven by an\neight basis point decrease in cost of deposits.\n\nEarning Assets and Deposits\nOn average, earning assets decreased by $133.5 million compared to the fourth\nquarter of 2025 and increased $335.7 million compared to the first quarter of\n2025. The $133.5 million quarter-over-quarter decrease in interest-earning\nassets was primarily attributable to a $233.6 million decrease in average\ninterest-earning deposits at the Federal Reserve, partially offset by a $107.4\nmillion increase in average loans. The year-over-year increase in\ninterest-earning assets was primarily attributable to a $157.1 million\nincrease in average loans and a $118.7 million increase in average\ninterest-earning deposits at the Federal Reserve.\n\nThe average balance on noninterest-bearing deposits decreased by $107.0\nmillion, or 1.53%, from the fourth quarter of 2025 and by $111.9 million, or\n1.60%, from the first quarter of 2025. The average balance on interest-bearing\ndeposits and customer repurchase agreements increased by $2.2 million from the\nfourth quarter of 2025 and increased by $400.1 million from the first quarter\nof 2025. On average, noninterest-bearing deposits were 57.76% of total\ndeposits for the first quarter of 2026, compared to 57.92% for the fourth\nquarter of 2025 and 59.01% for the first quarter of 2025.\n\nSELECTED FINANCIAL HIGHLIGHTS\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Yield on average investment securities (TE) 2.63% 2.69% 2.63% \n Yield on average loans 5.32% 5.47% 5.22% \n Yield on average earning assets (TE) 4.35% 4.43% 4.28% \n Cost of deposits 0.78% 0.82% 0.86% \n Cost of funds 0.97% 1.01% 1.04% \n Net interest margin (TE) 3.44% 3.49% 3.31% \n \n Average Earning Assets Mix Avg % of Total Avg % of Total Avg % of Total \n Total investment securities $ 4,921,215 35.43 % $ 4,946,732 35.27 % $ 4,908,718 36.21 % \n Investment in FHLB, FRB, and other stock 55,948 0.40 % 33,681 0.24 % 18,012 0.13 % \n Interest-earning deposits with other institutions 290,536 2.09 % 528,211 3.77 % 162,389 1.20 % \n Loans 8,624,604 62.08 % 8,517,188 60.72 % 8,467,465 62.46 % \n Total interest-earning assets $ 13,892,303 100.00 % $ 14,025,812 100.00 % $ 13,556,584 100.00 % \n \n Average Deposits & Borrowings Avg % of Total Avg % of Total Avg % of Total \n Noninterest bearing deposits $ 6,894,427 53.12 % $ 7,001,471 53.52 % $ 7,006,357 55.15 % \n Interest-bearing deposits 5,041,899 38.85 % 5,087,709 38.89 % 4,866,318 38.31 % \n Customer repurchase agreements 541,881 4.18 % 493,886 3.77 % 317,322 2.50 % \n FHLB advances and other borrowings 500,000 3.85 % 500,000 3.82 % 513,078 4.04 % \n Total deposits and borrowings $ 12,978,207 100.00 % $ 13,083,066 100.00 % $ 12,703,075 100.00 % \n \n\nProvision for Credit Losses\nThere was a $3.0 million provision for credit losses in the first quarter of\n2026, compared to a $2.5 million recapture of credit losses in the fourth\nquarter of 2025 and a $2.0 million recapture of credit losses in the first\nquarter of 2025. The provision for credit losses for the first quarter of 2026\nwas largely attributable to $3.2 million increase in specific reserves,\nprimarily related to one commercial and industrial credit relationship.\n\nNoninterest Income\nNoninterest income totaled $14.3 million for the first quarter of 2026, an\nincrease of $3.1 million compared with $11.2 million for the fourth quarter of\n2025 and a decrease of $2.0 million from $16.2 million for the first quarter\nof 2025. The quarter-over-quarter increase was primarily attributable to a\n$2.8 million loss on sale of available-for-sale (“AFS”) investments\nrecorded in the fourth quarter of 2025. The year-over-year decrease was\nprimarily due to a $2.2 million gain on sale of other real estate owned\n(“OREO”) during the first quarter of 2025. Bank-owned life insurance\n(“BOLI”) income for the first quarter of 2026 increased by $1.0 million\ncompared to the fourth quarter of 2025 and by $308,000 compared to the first\nquarter of 2025. Trust and investment services income decreased by $300,000,\nor 7.6%, from the fourth quarter of 2025 and increased by $300,000, or 9.2% ,\nfrom the first quarter of 2025.\n\nNoninterest Expense\nNoninterest expense totaled $60.6 million for the first quarter of 2026,\ncompared to $62.0 million for the fourth quarter of 2025 and $59.1 million for\nthe first quarter of 2025. Acquisition related expenses for the Heritage\nmerger, announced at the end of the fourth quarter of 2025, totaled $1.1\nmillion in the first quarter of 2026, compared to $1.6 million for the fourth\nquarter of 2025. Excluding acquisition expense, noninterest expense decreased\n$1.0 million compared to the fourth quarter of 2025. This decrease was\nprimarily driven by a $1.6 million reduction of the FDIC special assessment\naccrual and a $500,000 decrease in provision for unfunded loan commitments,\npartially offset by a $700,000 increase in marketing and promotion expense.\nExcluding acquisition expense, the increase in noninterest expense compared to\nthe first quarter of 2025 was $295,000.\n\nAs a percentage of average assets, noninterest expense was 1.58% for the first\nquarter of 2026, 1.57% for the fourth quarter of 2025, and 1.58% for the first\nquarter of 2025. The efficiency ratio was 45.84% for the first quarter of\n2026, compared to 46.31% for the fourth quarter of 2025 and 46.69% for the\nfirst quarter of 2025. Excluding acquisition related expenses and decrease in\nprovision for unfunded loan commitment, the adjusted efficiency ratio([1]) was\n44.61% for the first quarter of 2026, compared to 44.40% for the fourth\nquarter of 2025 and 46.30% for the first quarter of 2025.\n\nIncome Taxes\nOur effective tax rate for the quarter ended March 31, 2026 was 25.60%,\ncompared with 25.98% for the fourth quarter of 2025, and 26.50% for the first\nquarter of 2025. Our estimated annual effective tax rate can vary depending\nupon the level of tax-advantaged income from municipal securities and BOLI, as\nwell as tax credit investments.\n\nBALANCE SHEET HIGHLIGHTS\n\nAssets\nTotal assets were $15.51 billion at March 31, 2026, a decrease of $123.5\nmillion, or 0.79%, compared to total assets of $15.63 billion at December 31,\n2025. The decrease in assets was primarily attributable to an $116.3 million\ndecrease in investment securities and a $55.9 million decrease in total loans,\noffset by a $44.9 million increase in interest-earning balances due from the\nFederal Reserve.\n\nTotal assets at March 31, 2026 increased by $251.0 million, or 1.65%, compared\nto total assets of $15.26 billion at March 31, 2025. The increase in assets\nwas primarily driven by an increase of $279.7 million in total loans.\n\nInvestment Securities\nTotal investment securities were $4.84 billion at March 31, 2026, a decrease\nof $116.3 million, or 2.35%, from $4.95 billion at December 31, 2025, and a\ndecrease of $57.1 million, or 1.17%, from $4.89 billion at March 31, 2025.\n\nAt March 31, 2026, investment securities held-to-maturity (“HTM”) totaled\n$2.25 billion, a decrease of $22.4 million, or 0.98%, from December 31, 2025,\nand a decrease of $111.1 million, or 4.71%, from March 31, 2025.\n\nAt March 31, 2026, investment securities available-for-sale totaled $2.59\nbillion, inclusive of a pre-tax net unrealized loss of $310.4 million. AFS\nsecurities decreased by $94.0 million, or 3.50% from December 31, 2025, and\nincreased by $54.1 million, or 2.13%, from $2.54 billion at March 31, 2025.\nThe pre-tax net unrealized loss at March 31, 2026 increased by $2.6 million\nfrom December 31, 2025 and decreased by $78.1 million from March 31, 2025,\nprimarily due to the sale of AFS securities in the second half of 2025.\n\nLoans\nTotal loans and leases, at amortized cost, of $8.64 billion at March 31, 2026\ndecreased by $55.9 million, or 0.64%, from $8.70 billion at December 31, 2025\nand increased by $279.7 million, or 3.34%, from $8.36 billion at March 31,\n2025. The decrease from December 31, 2025 was primarily due to a decrease of\n$114 million in dairy & livestock loans associated with the seasonal increase\nthat occurs every calendar year end. Excluding the seasonal decline in dairy &\nlivestock loans, loans grew by $58 million from the end of 2025. This increase\nwas driven by increases of $56.8 million in commercial real estate loans,\n$21.5 million in construction loans, and $9.3 million in Small Business\nAdministration (“SBA”) loans, which were partially offset by decreases of\n$21.4 million in commercial and industrial loans and $3.6 million in\nsingle-family residential (“SFR”) mortgage loans.\n\n__________________________________________________________________________________________________\n([1]) Non-GAAP financial measures. Reconciliations of the GAAP to non–GAAP\nmeasures are set forth at the end of this press release.\n\nThe increase from March 31, 2025 was primarily due to increases of $140.6\nmillion in commercial real estate loans, $62.3 million in dairy & livestock\nand agribusiness loans, $43.6 million in construction loans, $19.7 million in\nSBA loans, $10.0 million in commercial and industrial loans, and $8.7 million\nin SFR mortgage loans, partially offset by a decrease of $7.8 million in\nmunicipal lease finance receivables.\n\nAsset Quality\nDuring the first quarter of 2026, we experienced credit charge-offs of\n$123,000 and total recoveries of $132,000, resulting in net recoveries of\n$9,000, which compares to net recoveries of $325,000 in the prior quarter. The\nallowance for credit losses (“ACL”) totaled $80.2 million at March 31,\n2026, compared to $77.2 million at December 31, 2025 and $78.3 million at\nMarch 31, 2025. At March 31, 2026, the ACL as a percentage of total loans and\nleases outstanding was 0.93%. This compares to 0.89% at December 31, 2025 and\n0.94% at March 31, 2025.\n\nNonperforming loans, defined as nonaccrual loans, including modified loans on\nnonaccrual, plus loans 90 days past due and accruing interest, and\nnonperforming assets, defined as nonperforming plus OREO, are highlighted\nbelow.\n\n Nonperforming Assets and Delinquency Trends March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Nonperforming loans \n Commercial real estate $ 2,094 $ 4,186 $ 24,379 \n SBA 477 21 1,024 \n Commercial and industrial 3,573 478 173 \n Dairy & livestock and agribusiness - - 60 \n Total $ 6,144 $ 4,685 $ 25,636 \n % of Total loans 0.07 % 0.05 % 0.31 % \n \n OREO \n Commercial real estate $ 206 $ 163 $ 495 \n Total $ 206 $ 163 $ 495 \n \n Total nonperforming assets $ 6,350 $ 4,848 $ 26,131 \n % of Nonperforming assets to total assets 0.04 % 0.03 % 0.17 % \n \n Past due 30-89 days (accruing) \n Commercial real estate $ 4,715 $ 2,887 $ - \n SBA 1,553 30 718 \n Commercial and industrial 88 261 - \n SFR mortgage 249 - - \n Total $ 6,605 $ 3,178 $ 718 \n % of Total loans 0.08 % 0.04 % 0.01 % \n Total nonperforming, OREO, and past due $ 12,955 $ 8,026 $ 26,849 \n \n Classified Loans $ 83,058 $ 52,701 $ 94,169 \n \n\nThe $1.5 million increase in nonperforming loans from December 31, 2025 was\nprimarily due to the addition of one nonperforming commercial and industrial\nloan of $2.9 million, four nonperforming commercial real estate loans totaling\n$1.3 million, offset by a $4.1 million commercial real estate nonaccrual loan\npayoff.\n\nClassified loans are loans that are graded “substandard” or worse.\nClassified loans increased $30.4 million quarter-over-quarter, primarily\ndriven by the downgrade of four commercial and industrial loans totaling $18.1\nmillion, three commercial real estate loans totaling $12.9 million, and two\ndairy & livestock loans totaling $4.4 million. These increases are partially\noffset by loan paydowns and payoffs during the quarter.\n\nDeposits & Customer Repurchase Agreements\nDeposits of $11.95 billion and customer repurchase agreements of $494.3\nmillion totaled $12.44 billion at March 31, 2026, compared to $12.56 billion\nat December 31, 2025 and $12.27 billion at March 31, 2025. Deposits and\ncustomer repurchase agreements decreased $123.1 million, or 0.98%, from\nDecember 31, 2025 and increased $173.4 million, or 1.41%, from March 31, 2025.\n\nNoninterest-bearing deposits were $7.10 billion at March 31, 2026, an increase\nof $299.8 million, or 4.41%, compared to $6.80 billion at December 31, 2025,\nand a decrease of $83.8 million, or 1.17%, compared to $7.18 billion at March\n31, 2025. At March 31, 2026, noninterest-bearing deposits were 59.44% of total\ndeposits, compared to 56.33% at December 31, 2025, and 59.92% at March 31,\n2025.\n\nBorrowings\nAs of March 31, 2026, December 31, 2025, and March 31, 2025, total borrowings\nconsisted of $500 million of Federal Home Loan Bank (“FHLB”) advances. The\nFHLB advances include $300 million, at an average cost of 4.73%, maturing in\nMay of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027.\n\nCapital\nThe Company’s total equity was $2.32 billion at March 31, 2026, compared to\n$2.30 billion at December 31, 2025 and $2.23 billion at March 31, 2025. The\nincrease of $26.1 million from prior year end was primarily attributable to\n$51.0 million in net earnings and a $2.7 million increase in other\ncomprehensive income, partially offset by $27.2 million in cash dividends\ndeclared. We engaged in no stock repurchases during the first quarter of 2026.\nOur tangible book value per share was $11.42 at March 31, 2026, compared to\n$11.24 at December 31, 2025 and $10.45 at March 31, 2025, respectively.\n\nOur capital ratios under the revised capital framework referred to as Basel\nIII remain well above regulatory standards.\n\n CVB Financial Corp. Consolidated \n Minimum Required Plus Capital Conservation Buffer March 31, 2026 December 31, 2025 March 31, 2025 \n \n Tier 1 leverage capital ratio 4.0 % 11.9 % 11.6 % 11.8 % \n Common equity Tier 1 capital ratio 7.0 % 16.3 % 15.9 % 16.5 % \n Tier 1 risk-based capital ratio 8.5 % 16.3 % 15.9 % 16.5 % \n Total risk-based capital ratio 10.5 % 17.1 % 16.7 % 17.3 % \n \n Tangible common equity (“TCE”) ratio 10.5 % 10.3 % 10.0 % \n \n\nCitizensTrust\nAs of March 31, 2026, CitizensTrust had approximately $5.06 billion in assets\nunder management and administration, including $3.70 billion in assets under\nmanagement. Revenues were $3.7 million for the first quarter of 2026, compared\nto $4.0 million in the fourth quarter and $3.4 million for the first quarter\nof 2025. CitizensTrust provides trust, investment and brokerage related\nservices, as well as financial, estate and business succession planning.\n\nCorporate Overview\nCVB Financial Corp. (“CVBF”) is the holding company for Citizens Business\nBank, National Association. CVBF is one of the ten largest bank holding\ncompanies headquartered in California with more than $20 billion in total\nassets as of the closing of the mergers with Heritage Commerce Corp and its\nprincipal banking subsidiary, Heritage Bank of Commerce. Citizens Business\nBank, National Association, is consistently recognized as one of the top\nperforming banks in the nation and offers a wide array of banking, lending and\ninvesting services with more than 75 banking centers and three trust office\nlocations serving California.\n\nShares of CVB Financial Corp. common stock are listed on the NASDAQ under the\nticker symbol “CVBF”. For investor information on CVB Financial Corp.,\nvisit our Citizens Business Bank website at www.cbbank.com and click on the\n“Investors\n(https://www.globenewswire.com/Tracker?data=F9yIwQReOPVwpfZXwJqSxfTrkBkeMbxcY-naoLjBsqinl6XOgXDvTfRILV5ELU1QIP1d786hH4-b-OH0sVyG0DopNadcHGc-yLFRLMIwACY=)”\ntab.\n\nConference Call\nManagement will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on\nThursday, April 23, 2026, to discuss the Company’s first quarter 2026\nfinancial results. The conference call can be accessed live by registering\nat: https://register-conf.media-server.com/register/BI42ee6e6012794b7dbf964ef79723487c\n\nThe conference call will also be simultaneously webcast over the Internet;\nplease visit our Citizens Business Bank website at www.cbbank.com and click on\nthe “Investors\n(https://www.globenewswire.com/Tracker?data=F9yIwQReOPVwpfZXwJqSxQpDSnAWbkWJwjXTKzYuYzKS1FSBpVs9aKApWqRxw75z3A8hyh9T4uft6NOXhGA6heQjTfNRx6VPcuWQqB2Tsr4=)”\ntab to access the call from the site. Please access the website 15 minutes\nprior to the call to download any necessary audio software. This webcast will\nbe recorded and available for replay on the Company’s website approximately\ntwo hours after the conclusion of the conference call and will be available on\nthe website for approximately 12 months.\n\nForward-Looking Statements\n\nCertain statements set forth herein constitute forward-looking statements\nwithin the meaning of the Private Securities Litigation Reform Act of 1995.\nWords such as “will likely result”, “aims”, “anticipates”,\n“believes”, “could”, “estimates”, “expects”, “hopes”,\n“intends”, “may”, “plans”, “projects”, “seeks”,\n“should”, “will,” “strategy”, “possibility”, and variations of\nthese words and similar expressions help to identify these forward-looking\nstatements, which involve risks and uncertainties that could cause actual\nresults or performance to differ materially from those projected. These\nforward-looking statements are based on management’s current expectations\nand beliefs concerning future developments and their potential effects on the\nCompany including, without limitation, plans, strategies, goals and statements\nabout the Company’s outlook regarding revenue and asset growth, financial\nperformance and profitability, capital and liquidity levels, loan and deposit\nlevels, growth and retention, yields and returns, loan diversification and\ncredit management, stockholder value creation, tax rates, the impact of\nbusiness, economic, or political developments, the impact of monetary, fiscal\nand trade policies, and the impact of acquisitions we have made or may make,\nincluding our recent acquisition of Heritage Commerce Corp (“Heritage”)\nand its principal banking subsidiary, Heritage Bank of Commerce. Such\nstatements involve inherent risks and uncertainties, many of which are\ndifficult to predict and are generally beyond the control of the Company, and\nthere can be no assurance that future developments affecting the Company will\nbe the same as those anticipated by management. The Company cautions readers\nthat a number of important factors, in addition to those set forth below,\ncould cause actual results to differ materially from those expressed in, or\nimplied or projected by, such forward-looking statements.\n\nGeneral risks and uncertainties include, but are not limited to, the\nfollowing: the strength of the United States economy and the strength of the\nlocal economies in which we conduct business; the effects of, and changes in,\nimmigration, trade, tariff, monetary, and fiscal policies and laws, including\ninterest rate policies of the Board of Governors of the Federal Reserve\nSystem; inflation/deflation, interest rate, market and monetary fluctuations;\nthe effect of acquisitions we have made or may make, including, without\nlimitation, the failure to achieve the expected revenue growth and/or expense\nsavings from such acquisitions, and/or the failure to effectively integrate an\nacquisition target, key personnel and customers into our operations; the\ntimely development of competitive new products and services, and the\nacceptance of these products and services by potential and existing customers;\nthe impact of changes in financial services policies, laws, and regulations,\nincluding those concerning banking, taxes, securities, and insurance, and the\napplication thereof by regulatory agencies; the effectiveness of our risk\nmanagement framework and quantitative models; changes in the level of our\nnonperforming assets and charge-offs; the effect of changes in accounting\npolicies and practices or accounting standards, as may be adopted from\ntime-to-time by bank regulatory agencies, the U.S. Securities and Exchange\nCommission (“SEC”), the Public Company Accounting Oversight Board, the\nFinancial Accounting Standards Board or other accounting standards setters;\npossible credit related impairments or declines in the fair value of loans and\nsecurities held by us; possible impairment charges to goodwill, including any\nimpairment that may result from increased volatility in our stock price;\nchanges in consumer or business spending, borrowing, and savings habits; the\neffects of our lack of a diversified loan portfolio, including the risks of\ngeographic and industry concentrations; periodic fluctuations in commercial or\nresidential real estate prices or values; our ability to attract or retain\ndeposits (including low cost deposits) or to access government or private\nlending facilities and other sources of liquidity; the possibility that we may\nreduce or discontinue the payment of dividends on our common stock; changes in\nthe financial performance and/or condition of our borrowers or depositors;\nchanges in the competitive environment among financial and bank holding\ncompanies and other financial service providers; technological changes in\nbanking and financial services; systemic or non-systemic bank failures or\ncrises; geopolitical conditions, including acts or threats of terrorism,\nactions taken by the United States or other governments in response to acts or\nthreats of terrorism, and/or military conflicts, which could impact business\nand economic conditions in the United States and abroad; catastrophic events\nor natural disasters, including earthquakes, drought, climate change or\nextreme weather events that may affect our assets, communications or computer\nservices, customers, employees or third party vendors; public health crises\nand pandemics, and their effects on the economic and business environments in\nwhich we operate, including on our asset credit quality, business operations,\nand employees, as well as the impact on general economic and financial market\nconditions; cybersecurity threats and fraud and the costs of defending against\nthem, including the costs of compliance with legislation or regulations to\ncombat fraud and cybersecurity threats; our ability to recruit and retain key\nexecutives, board members and other employees, and our ability to comply with\nfederal and state employment laws and regulations; ongoing or unanticipated\nregulatory or legal proceedings or outcomes; risks associated with our\nrecently completed merger with Heritage, including difficulties and delays in\nintegrating or retaining Heritage’s business, key personnel and customers,\nand achieving anticipated synergies, cost savings enhanced geographic coverage\nand other benefits from the transaction; and our ability to manage the risks\ninvolved in the foregoing. \n\nAdditional factors that could cause actual results to differ materially from\nthose expressed in the forward-looking statements are discussed in the\nCompany's 2025 Annual Report on Form 10-K filed with the SEC and available at\nthe SEC’s Internet site (http://www.sec.gov).\n\nThe Company does not undertake, and specifically disclaims any obligation, to\nupdate any forward-looking statements to reflect occurrences or unanticipated\nevents or circumstances after the date of such statements, except as required\nby law. Any statements about future operating results, such as those\nconcerning accretion and dilution to the Company’s earnings, equity, or\nshareholder returns, are for illustrative purposes only, are not forecasts,\nand actual results may differ.\n\nNon-GAAP Financial Measures — Certain financial information provided in this\nearnings release has not been prepared in accordance with GAAP and is\npresented on a non-GAAP basis. Investors and analysts should refer to the\nreconciliations included in this earnings release and should consider the\nCompany’s non-GAAP measures in addition to, not as a substitute for or as\nsuperior to, measures prepared in accordance with GAAP. These non-GAAP\nmeasures may or may not be comparable to similarly titled measures used by\nother companies.\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED BALANCE SHEETS \n (Unaudited) \n (Dollars in thousands) \n \n \n March 31, 2026 December 31, 2025 March 31, 2025 \n Assets \n Cash and due from banks $ 138,613 $ 107,511 $ 187,981 \n Interest-earning balances due from Federal Reserve 313,773 268,878 341,108 \n Total cash and cash equivalents 452,386 376,389 529,089 \n Interest-earning balances due from depository institutions 4,937 13,064 3,451 \n Investment securities available-for-sale 2,589,119 2,683,070 2,535,066 \n Investment securities held-to-maturity 2,248,038 2,270,391 2,359,141 \n Total investment securities 4,837,157 4,953,461 4,894,207 \n Investment in FHLB, FRB, and other stock 55,948 55,948 18,012 \n Loans and lease finance receivables 8,643,316 8,699,193 8,363,632 \n Allowance for credit losses (80,170 ) (77,161 ) (78,252 ) \n Net loans and lease finance receivables 8,563,146 8,622,032 8,285,380 \n Premises and equipment, net 26,858 26,505 26,772 \n Bank owned life insurance (“BOLI”) 328,457 325,299 318,301 \n Intangibles 4,924 5,774 8,812 \n Goodwill 765,822 765,822 765,822 \n Other assets 467,945 486,760 406,745 \n Total assets $ 15,507,580 $ 15,631,054 $ 15,256,591 \n Liabilities \n Deposits: \n Noninterest-bearing $ 7,100,507 $ 6,800,691 $ 7,184,267 \n Investment checking 497,609 509,272 533,220 \n Savings and money market 3,802,623 4,185,244 3,710,612 \n Time deposits 544,485 576,775 561,822 \n Total deposits 11,945,224 12,071,982 11,989,921 \n Customer repurchase agreements 494,257 490,601 276,163 \n Federal Home Loan Bank advances and other borrowings 500,000 500,000 500,000 \n Other liabilities 246,818 273,247 262,088 \n Total liabilities 13,186,299 13,335,830 13,028,172 \n Stockholders' Equity \n Common Stock 1,221,938 1,222,365 1,280,969 \n Retained Earnings 1,324,318 1,300,513 1,224,750 \n Accumulated other comprehensive loss, net (224,975 ) (227,654 ) (277,300 ) \n Total stockholders' equity 2,321,281 2,295,224 2,228,419 \n Total liabilities and stockholders' equity $ 15,507,580 $ 15,631,054 $ 15,256,591 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS \n (Unaudited) \n (Dollars in thousands) \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Assets \n Cash and due from banks $ 145,001 $ 144,568 $ 154,328 \n Interest-earning balances due from Federal Reserve 280,163 513,797 161,432 \n Total cash and cash equivalents 425,164 658,365 315,760 \n Interest-earning balances due from depository institutions 10,373 14,414 957 \n Investment securities available-for-sale 2,660,813 2,661,115 2,539,211 \n Investment securities held-to-maturity 2,260,402 2,285,617 2,369,507 \n Total investment securities 4,921,215 4,946,732 4,908,718 \n Investment in FHLB, FRB, and other stock 55,948 33,681 18,012 \n Loans and lease finance receivables 8,624,604 8,517,188 8,467,465 \n Allowance for credit losses (77,219 ) (79,341 ) (80,113 ) \n Net loans and lease finance receivables 8,547,385 8,437,847 8,387,352 \n Premises and equipment, net 26,897 26,775 27,408 \n BOLI 326,031 325,389 316,643 \n Intangibles 5,341 6,176 9,518 \n Goodwill 765,822 765,822 765,822 \n Other assets 480,068 433,774 419,116 \n Total assets $ 15,564,244 $ 15,648,975 $ 15,169,306 \n Liabilities \n Deposits: \n Noninterest-bearing $ 6,894,427 $ 7,001,471 $ 7,006,357 \n Interest-bearing 5,041,899 5,087,709 4,866,318 \n Total deposits 11,936,326 12,089,180 11,872,675 \n Customer repurchase agreements 541,881 493,886 317,322 \n Federal Home Loan Bank advances and other borrowings 500,000 500,000 513,078 \n Other liabilities 250,364 261,824 239,283 \n Total liabilities 13,228,571 13,344,890 12,942,358 \n Stockholders' Equity \n Common Stock 1,222,046 1,237,231 1,291,426 \n Retained Earnings 1,332,021 1,304,100 1,232,497 \n Accumulated other comprehensive loss, net (218,394 ) (237,246 ) (296,975 ) \n Total stockholders' equity 2,335,673 2,304,085 2,226,948 \n Total liabilities and stockholders' equity $ 15,564,244 $ 15,648,975 $ 15,169,306 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS \n (Unaudited) \n (Dollars in thousands, except per share amounts) \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Interest income \n Loans and leases, including fees $ 113,272 $ 117,415 $ 109,071 \n Investment securities: \n Investment securities available-for-sale 19,400 20,062 18,734 \n Investment securities held-to-maturity 12,466 12,649 13,021 \n Total investment income 31,866 32,711 31,755 \n Dividends from FHLB, FRB, and other stock 1,311 539 379 \n Interest-earning deposits with other institutions 2,661 5,314 1,797 \n Total interest income 149,110 155,979 143,002 \n Interest expense \n Deposits 23,052 25,047 25,322 \n Borrowings and customer repurchase agreements 7,972 8,007 6,800 \n Other 246 267 436 \n Total interest expense 31,270 33,321 32,558 \n Net interest income before provision for (recapture of) credit losses 117,840 122,658 110,444 \n Provision for (recapture of) credit losses 3,000 (2,500 ) (2,000 ) \n Net interest income after provision for (recapture of) credit losses 114,840 125,158 112,444 \n Noninterest income \n Service charges on deposit accounts 4,817 4,734 4,908 \n Trust and investment services 3,724 4,031 3,411 \n Loss on sale of AFS Investment Securities - (2,785 ) - \n Gain on other real estate owned (“OREO”), net - 113 2,183 \n Other 5,738 5,100 5,727 \n Total noninterest income 14,279 11,193 16,229 \n Noninterest expense \n Salaries and employee benefits 37,461 37,105 36,477 \n Occupancy and equipment 6,075 5,892 5,998 \n Professional services 2,518 2,626 2,081 \n Computer software expense 4,303 4,167 4,221 \n Marketing and promotion 2,061 1,339 1,988 \n Amortization of intangible assets 850 881 1,155 \n Provision for unfunded loan commitments 500 1,000 500 \n Acquisition related expenses 1,129 1,556 - \n Other 5,671 7,422 6,724 \n Total noninterest expense 60,568 61,988 59,144 \n Earnings before income taxes 68,551 74,363 69,529 \n Income tax expense 17,549 19,319 18,425 \n Net earnings $ 51,002 $ 55,044 $ 51,104 \n \n Basic earnings per common share $ 0.38 $ 0.40 $ 0.37 \n Diluted earnings per common share $ 0.38 $ 0.40 $ 0.36 \n Cash dividends declared per common share $ 0.20 $ 0.20 $ 0.20 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands, except per share amounts) \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Interest income - tax equivalent (TE) $ 149,138 $ 156,007 $ 143,525 \n Interest expense 31,270 33,321 32,558 \n Net interest income - (TE) $ 117,868 $ 122,686 $ 110,967 \n \n Return on average assets, annualized 1.33 % 1.40 % 1.37 % \n Return on average equity, annualized 8.86 % 9.48 % 9.31 % \n Efficiency ratio 45.84 % 46.31 % 46.69 % \n Adjusted efficiency ratio ([1]) 44.61 % 44.40 % 46.30 % \n Noninterest expense to average assets, annualized 1.58 % 1.57 % 1.58 % \n Yield on average loans 5.32 % 5.47 % 5.22 % \n Yield on average earning assets (TE) 4.35 % 4.43 % 4.28 % \n Cost of deposits 0.78 % 0.82 % 0.86 % \n Cost of deposits and customer repurchase agreements 0.82 % 0.86 % 0.87 % \n Cost of funds 0.97 % 1.01 % 1.04 % \n Net interest margin (TE) 3.44 % 3.49 % 3.31 % \n \n TCE ratio ([1]) \n CVB Financial Corp. Consolidated 10.52 % 10.25 % 10.04 % \n Citizens Business Bank, National Association 10.35 % 10.09 % 9.92 % \n \n Weighted average shares outstanding \n Basic 134,760,313 135,525,188 138,973,996 \n Diluted 134,916,024 135,920,667 139,294,401 \n Dividends declared $ 27,197 $ 27,180 $ 27,853 \n Dividend payout ratio ([2]) 53.32 % 49.38 % 54.50 % \n \n Number of shares outstanding - (end of period) 135,791,180 135,551,799 139,089,612 \n Book value per share $ 17.09 $ 16.93 $ 16.02 \n Tangible book value per share ([1]) $ 11.42 $ 11.24 $ 10.45 \n \n ([1])Non-GAAP financial measures. Reconciliations of the GAAP to non-GAAP measures are set forth at the end of this press release. \n ([2] )Dividends declared on common stock divided by net earnings. \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands) \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Nonperforming assets: \n Nonaccrual loans $ 6,144 $ 4,685 $ 25,636 \n Other real estate owned (“OREO”), net 206 163 495 \n Total nonperforming assets $ 6,350 $ 4,848 $ 26,131 \n Loan modifications to borrowers experiencing financial difficulty $ 22,255 $ 16,902 $ 11,949 \n \n Percentage of nonperforming assets to total loans outstanding and OREO 0.07 % 0.06 % 0.31 % \n Percentage of nonperforming assets to total assets 0.04 % 0.03 % 0.17 % \n Allowance for credit losses to nonperforming assets 1262.52 % 1591.60 % 299.46 % \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Allowance for credit losses: \n Balance at beginning of period $ 77,161 $ 79,336 $ 80,122 \n Charge-offs (123 ) (106 ) (40 ) \n Recoveries 132 431 170 \n Net recoveries 9 325 130 \n Provision for (recapture of) credit losses 3,000 (2,500 ) (2,000 ) \n Balance at end of period $ 80,170 $ 77,161 $ 78,252 \n \n Net recoveries to average loans 0.000 % 0.004 % 0.002 % \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands) \n \n Allowance for Credit Losses by Loan Type \n March 31, 2026 December 31, 2025 March 31, 2025 \n 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 \n Commercial real estate $ 59,302 0.89 % $ 61,661 0.94 % $ 65,302 1.01 % \n Construction 816 1.38 % 593 1.57 % 238 1.52 % \n SBA 2,821 0.97 % 2,720 0.96 % 2,608 0.96 % \n Commercial and industrial 12,565 1.32 % 8,438 0.87 % 6,118 0.65 % \n Dairy & livestock and agribusiness 3,348 1.06 % 2,486 0.58 % 2,824 1.12 % \n Municipal lease finance receivables 264 0.46 % 251 0.42 % 210 0.32 % \n SFR mortgage 457 0.16 % 442 0.16 % 427 0.16 % \n Consumer and other loans 597 1.02 % 570 0.98 % 525 0.94 % \n Total $ 80,170 0.93 % $ 77,161 0.89 % $ 78,252 0.94 % \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands, except per share amounts) \n \n Quarterly Common Stock Price \n 2026 2025 2024 \n Quarter End High Low High Low High Low \n March 31, $ 21.48 $ 18.26 $ 21.71 $ 18.22 $ 20.45 $ 15.95 \n June 30, $ - $ - $ 20.15 $ 16.01 $ 17.91 $ 15.71 \n September 30, $ - $ - $ 21.34 $ 18.12 $ 20.29 $ 16.08 \n December 31, $ - $ - $ 20.70 $ 17.95 $ 24.58 $ 17.20 \n \n \n Quarterly Consolidated Statements of Earnings \n Q1 Q4 Q3 Q2 Q1 \n 2026 2025 2025 2025 2025 \n Interest income \n Loans and leases, including fees $ 113,272 $ 117,415 $ 110,825 $ 108,845 $ 109,071 \n Investment securities and other 35,838 38,564 39,287 35,364 33,931 \n Total interest income 149,110 155,979 150,112 144,209 143,002 \n Interest expense \n Deposits 23,052 25,047 26,096 24,829 25,322 \n Borrowings and customer repurchase agreements 7,972 8,007 8,109 7,401 6,800 \n Other 246 267 330 371 436 \n Total interest expense 31,270 33,321 34,535 32,601 32,558 \n \n Net interest income before provision for (recapture of) credit losses 117,840 122,658 115,577 111,608 110,444 \n Provision for (recapture of) credit losses 3,000 (2,500 ) 1,000 - (2,000 ) \n Net interest income after provision for (recapture of) credit losses 114,840 125,158 114,577 111,608 112,444 \n \n Noninterest income 14,279 11,193 13,006 14,744 16,229 \n Noninterest expense 60,568 61,988 58,576 57,557 59,144 \n Earnings before income taxes 68,551 74,363 69,007 68,795 69,529 \n Income taxes 17,549 19,319 16,421 18,231 18,425 \n Net earnings $ 51,002 $ 55,044 $ 52,586 $ 50,564 $ 51,104 \n \n Effective tax rate 25.60 % 25.98 % 23.80 % 26.50 % 26.50 % \n \n Basic earnings per common share $ 0.38 $ 0.40 $ 0.38 $ 0.37 $ 0.37 \n Diluted earnings per common share $ 0.38 $ 0.40 $ 0.38 $ 0.37 $ 0.36 \n \n Cash dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 \n \n Cash dividends declared $ 27,197 $ 27,180 $ 27,548 $ 27,703 $ 27,853 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands) \n \n Loan Portfolio by Type \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Commercial real estate $ 6,631,238 $ 6,574,395 $ 6,535,319 $ 6,517,415 $ 6,490,604 \n Construction 59,329 37,812 29,976 17,658 15,706 \n SBA 291,693 282,371 266,228 271,735 271,844 \n SBA - PPP 9 30 51 85 179 \n Commercial and industrial 952,260 973,631 939,174 912,427 942,301 \n Dairy & livestock and agribusiness 314,838 431,577 292,963 233,772 252,532 \n Municipal lease finance receivables 57,453 59,542 61,383 63,652 65,203 \n SFR mortgage 278,214 281,766 286,111 288,435 269,493 \n Consumer and other loans 58,282 58,069 59,701 53,322 55,770 \n Gross loans, at amortized cost 8,643,316 8,699,193 8,470,906 8,358,501 8,363,632 \n Allowance for credit losses (80,170 ) (77,161 ) (79,336 ) (78,003 ) (78,252 ) \n Net loans $ 8,563,146 $ 8,622,032 $ 8,391,570 $ 8,280,498 $ 8,285,380 \n \n \n Deposit Composition by Type and Customer Repurchase Agreements \n \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Noninterest-bearing $ 7,100,507 $ 6,800,691 $ 7,244,968 $ 7,247,128 $ 7,184,267 \n Investment checking 497,609 509,272 487,738 483,793 533,220 \n Savings and money market 3,802,623 4,185,244 3,809,768 3,669,912 3,710,612 \n Time deposits 544,485 576,775 581,765 583,990 561,822 \n Total deposits 11,945,224 12,071,982 12,124,239 11,984,823 11,989,921 \n Customer repurchase agreements 494,257 490,601 451,258 404,154 276,163 \n Total deposits and customer repurchase agreements $ 12,439,481 $ 12,562,583 $ 12,575,497 $ 12,388,977 $ 12,266,084 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands) \n \n Nonperforming Assets and Delinquency Trends \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Nonperforming loans \n Commercial real estate $ 2,094 $ 4,186 $ 23,707 $ 24,379 $ 24,379 \n SBA 477 21 3,952 1,265 1,024 \n Commercial and industrial 3,573 478 145 265 173 \n Dairy & livestock and agribusiness - - - 60 60 \n Total $ 6,144 $ 4,685 $ 27,804 $ 25,969 $ 25,636 \n % of Total loans 0.07 % 0.05 % 0.33 % 0.31 % 0.31 % \n \n Past due 30-89 days (accruing) \n Commercial real estate $ 4,715 $ 2,887 $ 43 $ - $ - \n SBA 1,553 30 42 3,419 718 \n Commercial and industrial 88 261 - - - \n SFR mortgage 249 - - - - \n Total $ 6,605 $ 3,178 $ 85 $ 3,419 $ 718 \n % of Total loans 0.08 % 0.04 % 0.00 % 0.04 % 0.01 % \n \n OREO \n Commercial real estate $ 206 $ 163 $ 661 $ 661 $ 495 \n Total $ 206 $ 163 $ 661 $ 661 $ 495 \n Total nonperforming, past due, and OREO $ 12,955 $ 8,026 $ 28,550 $ 30,049 $ 26,849 \n % of Total loans 0.15 % 0.09 % 0.34 % 0.36 % 0.32 % \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n \n Regulatory Capital Ratios \n Minimum Required CVB Financial Corp. Consolidated \n Capital Ratios Plus Capital Conservation Buffer March 31, 2026 December 31, 2025 March 31, 2025 \n Tier 1 leverage capital ratio 4.0 % 11.9 % 11.6 % 11.8 % \n Common equity Tier 1 capital ratio 7.0 % 16.3 % 15.9 % 16.5 % \n Tier 1 risk-based capital ratio 8.5 % 16.3 % 15.9 % 16.5 % \n Total risk-based capital ratio 10.5 % 17.1 % 16.7 % 17.3 % \n \n\nGAAP TO NON-GAAP RECONCILIATIONS\n\nThe Company uses certain non-GAAP financial measures to provide supplemental\ninformation regarding the Company's operational performance and to enhance\ninvestors’ overall understanding of such financial performance. However,\nthese non-GAAP financial measures are supplemental and are not a substitute\nfor an analysis based on GAAP measures. As other companies may use different\ncalculations for these adjusted measures, this presentation may not be\ncomparable to other similarly titled adjusted measures reported by other\ncompanies.\n\nPretax Pre-Provision Income (Non-GAAP)\n\nPretax pre-provision income is a Non-GAAP financial measure that represents\ntotal revenue less noninterest expense and is calculated before provision for\ncredit losses and income tax expense. Management believes this measure\nprovides useful information for comparing the results of operations between\nperiods.\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Net Income $ 51,002 $ 55,044 $ 51,104 \n Add: Provision for (recapture of) credit losses 3,000 (2,500 ) (2,000 ) \n Add: Income tax expense 17,549 19,319 18,425 \n Pretax pre-provision income $ 71,551 $ 71,863 $ 67,529 \n \n\nTangible Book Value and Tangible Common Equity Ratio (Non-GAAP)\n\nThe tangible book value per share and tangible common equity ratios are a\nNon-GAAP financial measures derived from GAAP-based amounts. The following is\na reconciliation of tangible book value and tangible common equity to the\nCompany stockholders' equity computed in accordance with GAAP, as well as a\ncalculation of tangible book value per share and tangible common equity ratio.\n\n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands, except per share amounts) \n CVB Financial Corp. and Subsidiaries \n Stockholders' equity $ 2,321,281 $ 2,295,224 $ 2,228,419 \n Less: Goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Intangible assets (4,924 ) (5,774 ) (8,812 ) \n Tangible book value $ 1,550,535 $ 1,523,628 $ 1,453,785 \n \n Total assets 15,507,580 15,631,054 15,256,591 \n Less: Goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Intangible assets (4,924 ) (5,774 ) (8,812 ) \n Tangible assets $ 14,736,834 $ 14,859,458 $ 14,481,957 \n \n Common shares issued and outstanding 135,791,180 135,551,799 139,089,612 \n \n Book value per share $ 17.09 $ 16.93 $ 16.02 \n Tangible book value per share $ 11.42 $ 11.24 $ 10.45 \n Tangible common equity ratio 10.52 % 10.25 % 10.04 % \n \n Citizens Business Bank, National Association \n Stockholders' equity $ 2,295,693 $ 2,270,968 $ 2,212,100 \n Less: Goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Intangible assets (4,924 ) (5,774 ) (8,812 ) \n Tangible book value $ 1,524,947 $ 1,499,372 $ 1,437,466 \n \n Total assets 15,511,016 15,634,835 15,263,140 \n Less: Goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Intangible assets (4,924 ) (5,774 ) (8,812 ) \n Tangible assets $ 14,740,270 $ 14,863,239 $ 14,488,506 \n \n Common shares issued and outstanding 135,791,180 135,551,799 139,089,612 \n \n Book value per share $ 16.91 $ 16.75 $ 15.90 \n Tangible book value per share $ 11.23 $ 11.06 $ 10.33 \n Tangible common equity ratio 10.35 % 10.09 % 9.92 % \n \n\nReturn on Average Tangible Common Equity (Non-GAAP)\n\nThe return on average tangible common equity is a non-GAAP disclosure. The\nfollowing is a reconciliation of net income, adjusted for tax-effected\namortization of intangibles, to net income computed in accordance with GAAP; a\nreconciliation of average tangible common equity to the Company's average\nstockholders' equity computed in accordance with GAAP; as well as a\ncalculation of return on average tangible common equity.\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Net Income $ 51,002 $ 55,044 $ 51,104 \n Add: Amortization of intangible assets 850 881 1,155 \n Less: Tax effect of amortization of intangible assets ((1)) (247 ) (260 ) (341 ) \n Tangible net income $ 51,605 $ 55,665 $ 51,918 \n \n Average stockholders' equity $ 2,335,673 $ 2,304,085 $ 2,226,948 \n Less: Average goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Average intangible assets (5,341 ) (6,176 ) (9,518 ) \n Average tangible common equity $ 1,564,510 $ 1,532,087 $ 1,451,608 \n \n Return on average equity, annualized ((2)) 8.86 % 9.48 % 9.31 % \n Return on average tangible common equity, annualized ((2)) 13.38 % 14.41 % 14.51 % \n \n ((1))Tax effected at respective statutory rates. \n ((2))Annualized where applicable. \n \n\nAdjusted Efficiency Ratio (Non-GAAP)\n\nAdjusted efficiency ratio is a non-GAAP financial measure derived from\nGAAP-based amounts. This figure represents the ratio of noninterest expense,\nless acquisition related expense and provision for unfunded loan commitments,\nwhere applicable, to the sum of net interest income before provision for\ncredit losses and total noninterest income. Management believes that the\nexclusion of such items from this financial measure provides useful\ninformation to gain an understanding of the operating results of our core\nbusiness.\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Total noninterest expense $ 60,568 $ 61,988 $ 59,144 \n Less: Provision for unfunded loan commitments 500 1,000 500 \n Less: Acquisition related expenses 1,129 1,556 - \n Adjusted noninterest expense $ 58,939 $ 59,432 $ 58,644 \n \n Net interest income before provision for credit losses $ 117,840 $ 122,658 $ 110,444 \n Add: total noninterest income 14,279 11,193 16,229 \n Total revenue $ 132,119 $ 133,851 $ 126,673 \n \n Efficiency ratio 45.84 % 46.31 % 46.69 % \n Adjusted efficiency ratio, excluding provision for unfunded loan commitments and acquisition related expenses 44.61 % 44.40 % 46.30 % \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/a3d36b6d-b0e0-4c0a-b69c-ab3635da8eec)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX5H9K6S","title":"CVB Financial Corp. Reports Earnings for the First Quarter 2026","author":"Globe Newswire","ticker":"CVBF","created":"2026-04-22T20:45:24.946Z","tickers":["CVBF"],"exchange":"NASDAQ","article_body":"First Quarter 2026\n* Net Earnings of $51.0 million, or $0.38 per share \n* Return on Average Assets of 1.33%\n* Net Interest Margin of 3.44%\nOntario, CA, April 22, 2026 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:\nCVBF) (“CVBF” or the “Company”) and its subsidiary, Citizens Business\nBank, National Association (“Citizens” or the “Bank”), announced\nearnings for the quarter ended March 31, 2026.\n\nCVB Financial Corp. reported net income of $51.0 million for the quarter ended\nMarch 31, 2026, compared with $55.0 million for the fourth quarter of 2025 and\n$51.1 million for the first quarter of 2025. Diluted earnings per share were\n$0.38 for the first quarter, compared to $0.40 for the prior quarter and $0.36\nfor the same period last year.\n\nFor the first quarter of 2026, annualized return on average equity\n(“ROAE”) was 8.86%, annualized return on average tangible common equity\n(“ROATCE”) was 13.38%, and annualized return on average assets\n(“ROAA”) was 1.33%.\n\nOn April 17, 2026, the Company completed its acquisition of Heritage Commerce\nCorp (“Heritage”), including its banking subsidiary, Heritage Bank of\nCommerce. Effective the closing date of April 17, 2026, Heritage’s financial\nresults are included in CVBF’s consolidated operations and will be reported\nin the Company’s second quarter 2026 results.\n\nDavid Brager, Chief Executive Officer of the Company, commented, “Citizens\nBusiness Bank's performance in the first quarter demonstrates our continued\nfinancial strength and focus on our vision of serving the comprehensive\nfinancial needs of small to medium sized businesses and their owners. Our\nconsistent financial performance is highlighted by our 196 consecutive\nquarters, or 49 years, of profitability, and our 146 consecutive quarters of\npaying cash dividends. I would like to thank our customers and associates for\ntheir continued commitment and loyalty, as well as welcoming Heritage’s\ncustomers, associates and shareholders to Citizens Business Bank.\" Brager\ncontinued, \"the merger with Heritage Bank of Commerce marks the most strategic\nand largest acquisition by asset size in our history, bringing together two\npremier, relationship focused business banks and advancing our longstanding\nobjective of expanding Citizens throughout California by entering the Bay\nArea. Our team is eager to build on the strong customer and community\nrelationships that Heritage has established. ”\n\nHighlights for the First Quarter of 2026\n* Pretax pre-provision income([1]) grew by $4.0 million or 6% from Q1 of 2025\n* Net interest income grew by $7.4 million, or 6.7% from Q1 of 2025\n* Net interest margin of 3.44% increased by 13 basis points from Q1 of 2025\n* Cost of funds decreased to 0.97% from 1.04 % in Q1 of 2025\n* Provision for credit losses of $3.0 million vs. $2 million recapture of\ncredit losses in Q1 of 2025\n* Loan growth of $280 million, or 3.3% from the end of Q1 of 2025\n* Avg. total deposit and customer repurchase agreements grew by $288 million,\nor 2.4% from Q1 of 2025\n* Adjusted efficiency ratio of 44.6%, excluding acquisition expense and\nprovision for unfunded loan commitments([1])\nINCOME STATEMENT HIGHLIGHTS\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands, except per share amounts) \n Net interest income $ 117,840 $ 122,658 $ 110,444 \n Provision for (recapture of) credit losses 3,000 (2,500 ) (2,000 ) \n Noninterest income 14,279 11,193 16,229 \n Noninterest expense 60,568 61,988 59,144 \n Income tax expense 17,549 19,319 18,425 \n Net earnings $ 51,002 $ 55,044 $ 51,104 \n Earnings per common share: \n Basic $ 0.38 $ 0.40 $ 0.37 \n Diluted $ 0.38 $ 0.40 $ 0.36 \n \n NIM - tax equivalent (“TE”) ([1]) 3.44 % 3.49 % 3.31 % \n ROAA 1.33 % 1.40 % 1.37 % \n ROAE 8.86 % 9.48 % 9.31 % \n ROATCE 13.38 % 14.41 % 14.51 % \n Efficiency ratio 45.84 % 46.31 % 46.69 % \n ([1])Includes tax equivalent (TE) adjustments utilizing a federal statutory rate of 21%. \n \n\nNet Interest Income\nNet interest income was $117.8 million for the first quarter of 2026,\nrepresenting a decrease of $4.8 million, or 3.93%, from the fourth quarter of\n2025, and an increase of $7.4 million, or 6.70%, from the first quarter of\n2025. Interest income decreased by $6.9 million, or 4.40%, from the fourth\nquarter of 2025, while interest expense decreased by $2.1 million, or 6.16%,\nto $31.3 million in the first quarter of 2026. The quarter-over-quarter\ndecrease in net interest income resulted from two fewer days within the\nquarter, as well as a five basis point decrease in net interest margin and a\n$133.5 million decrease in average interest-earning assets.\n\nThe $7.4 million increase in net interest income compared to the first quarter\nof 2025 was primarily driven by a $6.1 million increase in interest income\nthat resulted from $336 million in higher average interest-earning assets and\na seven basis point increase in the yield on earning assets. In addition to\nthe increase in interest income, interest expense declined from the first\nquarter of 2025 by $1.3 million, as a five basis point decrease in the cost of\ndeposits and customer repurchase agreements offset the $288 million increase\nin average total deposits and customer repurchase agreements.\n\n__________________________________________________________________________________________________\n([1]) Non-U.S. generally accepted accounting principles (“GAAP”) financial\nmeasures. Reconciliations of the GAAP to non–GAAP measures are set forth at\nthe end of this press release.\n\nNet Interest Margin\nOur tax equivalent net interest margin was 3.44% for the first quarter of\n2026, compared to 3.49% for the fourth quarter of 2025 and 3.31% for the first\nquarter of 2025. The five basis points decrease in our net interest margin\ncompared to the fourth quarter of 2025 was primarily attributable to an eight\nbasis points decrease in our average interest-earning assets yield, offset by\na four basis point decrease in cost of funds. The decrease in our average\ninterest-earning assets yield was primarily driven by a 15 basis points\ndecrease in our average loan yield, as the loan yield in the fourth quarter of\n2025 was impacted by the collection of $3.2 million of interest on a\nnonperforming loan that was paid off in full during the prior quarter. Our\ncost of funds decreased to 0.97% for the first quarter of 2026 from 1.01% in\nthe fourth quarter of 2025, primarily due to a four basis point decrease in\nour cost of deposits to 0.78%, from 0.82%.\n\nOur tax equivalent net interest margin for the first quarter of 2026 increased\nby 13 basis points compared to the first quarter of 2025, due to a seven basis\npoint increase in the average interest-earning assets yield and a seven basis\npoint decrease in cost of funds. The increase in earning assets yield was\nprimarily due to a 10 basis point increase in average loan yields. Partially\noffsetting the increased loan yield was a 75 basis points decrease in the\nyield on funds deposited at the Federal Reserve, resulting from the FOMC\nlowering the target rate for the federal funds rate by 75 basis points during\nthe last four months of 2025. Although the average yield on investment\nsecurities increased by 10 basis points from the first quarter of 2025, the\nfair-value hedges of our investment securities available for sale incurred a\nnegative carry during the first quarter of 2026, resulting in a $1.2 million\ndecrease in interest income when compared to the positive carry experienced in\nthe year ago quarter. The expansion of the net interest margin was also\nimpacted by a decrease in cost of funds to 0.97% in the first quarter of 2026\nfrom 1.04% in the first quarter of 2025, which was primarily driven by an\neight basis point decrease in cost of deposits.\n\nEarning Assets and Deposits\nOn average, earning assets decreased by $133.5 million compared to the fourth\nquarter of 2025 and increased $335.7 million compared to the first quarter of\n2025. The $133.5 million quarter-over-quarter decrease in interest-earning\nassets was primarily attributable to a $233.6 million decrease in average\ninterest-earning deposits at the Federal Reserve, partially offset by a $107.4\nmillion increase in average loans. The year-over-year increase in\ninterest-earning assets was primarily attributable to a $157.1 million\nincrease in average loans and a $118.7 million increase in average\ninterest-earning deposits at the Federal Reserve.\n\nThe average balance on noninterest-bearing deposits decreased by $107.0\nmillion, or 1.53%, from the fourth quarter of 2025 and by $111.9 million, or\n1.60%, from the first quarter of 2025. The average balance on interest-bearing\ndeposits and customer repurchase agreements increased by $2.2 million from the\nfourth quarter of 2025 and increased by $400.1 million from the first quarter\nof 2025. On average, noninterest-bearing deposits were 57.76% of total\ndeposits for the first quarter of 2026, compared to 57.92% for the fourth\nquarter of 2025 and 59.01% for the first quarter of 2025.\n\nSELECTED FINANCIAL HIGHLIGHTS\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Yield on average investment securities (TE) 2.63% 2.69% 2.63% \n Yield on average loans 5.32% 5.47% 5.22% \n Yield on average earning assets (TE) 4.35% 4.43% 4.28% \n Cost of deposits 0.78% 0.82% 0.86% \n Cost of funds 0.97% 1.01% 1.04% \n Net interest margin (TE) 3.44% 3.49% 3.31% \n \n Average Earning Assets Mix Avg % of Total Avg % of Total Avg % of Total \n Total investment securities $ 4,921,215 35.43 % $ 4,946,732 35.27 % $ 4,908,718 36.21 % \n Investment in FHLB, FRB, and other stock 55,948 0.40 % 33,681 0.24 % 18,012 0.13 % \n Interest-earning deposits with other institutions 290,536 2.09 % 528,211 3.77 % 162,389 1.20 % \n Loans 8,624,604 62.08 % 8,517,188 60.72 % 8,467,465 62.46 % \n Total interest-earning assets $ 13,892,303 100.00 % $ 14,025,812 100.00 % $ 13,556,584 100.00 % \n \n Average Deposits & Borrowings Avg % of Total Avg % of Total Avg % of Total \n Noninterest bearing deposits $ 6,894,427 53.12 % $ 7,001,471 53.52 % $ 7,006,357 55.15 % \n Interest-bearing deposits 5,041,899 38.85 % 5,087,709 38.89 % 4,866,318 38.31 % \n Customer repurchase agreements 541,881 4.18 % 493,886 3.77 % 317,322 2.50 % \n FHLB advances and other borrowings 500,000 3.85 % 500,000 3.82 % 513,078 4.04 % \n Total deposits and borrowings $ 12,978,207 100.00 % $ 13,083,066 100.00 % $ 12,703,075 100.00 % \n \n\nProvision for Credit Losses\nThere was a $3.0 million provision for credit losses in the first quarter of\n2026, compared to a $2.5 million recapture of credit losses in the fourth\nquarter of 2025 and a $2.0 million recapture of credit losses in the first\nquarter of 2025. The provision for credit losses for the first quarter of 2026\nwas largely attributable to $3.2 million increase in specific reserves,\nprimarily related to one commercial and industrial credit relationship.\n\nNoninterest Income\nNoninterest income totaled $14.3 million for the first quarter of 2026, an\nincrease of $3.1 million compared with $11.2 million for the fourth quarter of\n2025 and a decrease of $2.0 million from $16.2 million for the first quarter\nof 2025. The quarter-over-quarter increase was primarily attributable to a\n$2.8 million loss on sale of available-for-sale (“AFS”) investments\nrecorded in the fourth quarter of 2025. The year-over-year decrease was\nprimarily due to a $2.2 million gain on sale of other real estate owned\n(“OREO”) during the first quarter of 2025. Bank-owned life insurance\n(“BOLI”) income for the first quarter of 2026 increased by $1.0 million\ncompared to the fourth quarter of 2025 and by $308,000 compared to the first\nquarter of 2025. Trust and investment services income decreased by $300,000,\nor 7.6%, from the fourth quarter of 2025 and increased by $300,000, or 9.2% ,\nfrom the first quarter of 2025.\n\nNoninterest Expense\nNoninterest expense totaled $60.6 million for the first quarter of 2026,\ncompared to $62.0 million for the fourth quarter of 2025 and $59.1 million for\nthe first quarter of 2025. Acquisition related expenses for the Heritage\nmerger, announced at the end of the fourth quarter of 2025, totaled $1.1\nmillion in the first quarter of 2026, compared to $1.6 million for the fourth\nquarter of 2025. Excluding acquisition expense, noninterest expense decreased\n$1.0 million compared to the fourth quarter of 2025. This decrease was\nprimarily driven by a $1.6 million reduction of the FDIC special assessment\naccrual and a $500,000 decrease in provision for unfunded loan commitments,\npartially offset by a $700,000 increase in marketing and promotion expense.\nExcluding acquisition expense, the increase in noninterest expense compared to\nthe first quarter of 2025 was $295,000.\n\nAs a percentage of average assets, noninterest expense was 1.58% for the first\nquarter of 2026, 1.57% for the fourth quarter of 2025, and 1.58% for the first\nquarter of 2025. The efficiency ratio was 45.84% for the first quarter of\n2026, compared to 46.31% for the fourth quarter of 2025 and 46.69% for the\nfirst quarter of 2025. Excluding acquisition related expenses and decrease in\nprovision for unfunded loan commitment, the adjusted efficiency ratio([1]) was\n44.61% for the first quarter of 2026, compared to 44.40% for the fourth\nquarter of 2025 and 46.30% for the first quarter of 2025.\n\nIncome Taxes\nOur effective tax rate for the quarter ended March 31, 2026 was 25.60%,\ncompared with 25.98% for the fourth quarter of 2025, and 26.50% for the first\nquarter of 2025. Our estimated annual effective tax rate can vary depending\nupon the level of tax-advantaged income from municipal securities and BOLI, as\nwell as tax credit investments.\n\nBALANCE SHEET HIGHLIGHTS\n\nAssets\nTotal assets were $15.51 billion at March 31, 2026, a decrease of $123.5\nmillion, or 0.79%, compared to total assets of $15.63 billion at December 31,\n2025. The decrease in assets was primarily attributable to an $116.3 million\ndecrease in investment securities and a $55.9 million decrease in total loans,\noffset by a $44.9 million increase in interest-earning balances due from the\nFederal Reserve.\n\nTotal assets at March 31, 2026 increased by $251.0 million, or 1.65%, compared\nto total assets of $15.26 billion at March 31, 2025. The increase in assets\nwas primarily driven by an increase of $279.7 million in total loans.\n\nInvestment Securities\nTotal investment securities were $4.84 billion at March 31, 2026, a decrease\nof $116.3 million, or 2.35%, from $4.95 billion at December 31, 2025, and a\ndecrease of $57.1 million, or 1.17%, from $4.89 billion at March 31, 2025.\n\nAt March 31, 2026, investment securities held-to-maturity (“HTM”) totaled\n$2.25 billion, a decrease of $22.4 million, or 0.98%, from December 31, 2025,\nand a decrease of $111.1 million, or 4.71%, from March 31, 2025.\n\nAt March 31, 2026, investment securities available-for-sale totaled $2.59\nbillion, inclusive of a pre-tax net unrealized loss of $310.4 million. AFS\nsecurities decreased by $94.0 million, or 3.50% from December 31, 2025, and\nincreased by $54.1 million, or 2.13%, from $2.54 billion at March 31, 2025.\nThe pre-tax net unrealized loss at March 31, 2026 increased by $2.6 million\nfrom December 31, 2025 and decreased by $78.1 million from March 31, 2025,\nprimarily due to the sale of AFS securities in the second half of 2025.\n\nLoans\nTotal loans and leases, at amortized cost, of $8.64 billion at March 31, 2026\ndecreased by $55.9 million, or 0.64%, from $8.70 billion at December 31, 2025\nand increased by $279.7 million, or 3.34%, from $8.36 billion at March 31,\n2025. The decrease from December 31, 2025 was primarily due to a decrease of\n$114 million in dairy & livestock loans associated with the seasonal increase\nthat occurs every calendar year end. Excluding the seasonal decline in dairy &\nlivestock loans, loans grew by $58 million from the end of 2025. This increase\nwas driven by increases of $56.8 million in commercial real estate loans,\n$21.5 million in construction loans, and $9.3 million in Small Business\nAdministration (“SBA”) loans, which were partially offset by decreases of\n$21.4 million in commercial and industrial loans and $3.6 million in\nsingle-family residential (“SFR”) mortgage loans.\n\n__________________________________________________________________________________________________\n([1]) Non-GAAP financial measures. Reconciliations of the GAAP to non–GAAP\nmeasures are set forth at the end of this press release.\n\nThe increase from March 31, 2025 was primarily due to increases of $140.6\nmillion in commercial real estate loans, $62.3 million in dairy & livestock\nand agribusiness loans, $43.6 million in construction loans, $19.7 million in\nSBA loans, $10.0 million in commercial and industrial loans, and $8.7 million\nin SFR mortgage loans, partially offset by a decrease of $7.8 million in\nmunicipal lease finance receivables.\n\nAsset Quality\nDuring the first quarter of 2026, we experienced credit charge-offs of\n$123,000 and total recoveries of $132,000, resulting in net recoveries of\n$9,000, which compares to net recoveries of $325,000 in the prior quarter. The\nallowance for credit losses (“ACL”) totaled $80.2 million at March 31,\n2026, compared to $77.2 million at December 31, 2025 and $78.3 million at\nMarch 31, 2025. At March 31, 2026, the ACL as a percentage of total loans and\nleases outstanding was 0.93%. This compares to 0.89% at December 31, 2025 and\n0.94% at March 31, 2025.\n\nNonperforming loans, defined as nonaccrual loans, including modified loans on\nnonaccrual, plus loans 90 days past due and accruing interest, and\nnonperforming assets, defined as nonperforming plus OREO, are highlighted\nbelow.\n\n Nonperforming Assets and Delinquency Trends March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Nonperforming loans \n Commercial real estate $ 2,094 $ 4,186 $ 24,379 \n SBA 477 21 1,024 \n Commercial and industrial 3,573 478 173 \n Dairy & livestock and agribusiness - - 60 \n Total $ 6,144 $ 4,685 $ 25,636 \n % of Total loans 0.07 % 0.05 % 0.31 % \n \n OREO \n Commercial real estate $ 206 $ 163 $ 495 \n Total $ 206 $ 163 $ 495 \n \n Total nonperforming assets $ 6,350 $ 4,848 $ 26,131 \n % of Nonperforming assets to total assets 0.04 % 0.03 % 0.17 % \n \n Past due 30-89 days (accruing) \n Commercial real estate $ 4,715 $ 2,887 $ - \n SBA 1,553 30 718 \n Commercial and industrial 88 261 - \n SFR mortgage 249 - - \n Total $ 6,605 $ 3,178 $ 718 \n % of Total loans 0.08 % 0.04 % 0.01 % \n Total nonperforming, OREO, and past due $ 12,955 $ 8,026 $ 26,849 \n \n Classified Loans $ 83,058 $ 52,701 $ 94,169 \n \n\nThe $1.5 million increase in nonperforming loans from December 31, 2025 was\nprimarily due to the addition of one nonperforming commercial and industrial\nloan of $2.9 million, four nonperforming commercial real estate loans totaling\n$1.3 million, offset by a $4.1 million commercial real estate nonaccrual loan\npayoff.\n\nClassified loans are loans that are graded “substandard” or worse.\nClassified loans increased $30.4 million quarter-over-quarter, primarily\ndriven by the downgrade of four commercial and industrial loans totaling $18.1\nmillion, three commercial real estate loans totaling $12.9 million, and two\ndairy & livestock loans totaling $4.4 million. These increases are partially\noffset by loan paydowns and payoffs during the quarter.\n\nDeposits & Customer Repurchase Agreements\nDeposits of $11.95 billion and customer repurchase agreements of $494.3\nmillion totaled $12.44 billion at March 31, 2026, compared to $12.56 billion\nat December 31, 2025 and $12.27 billion at March 31, 2025. Deposits and\ncustomer repurchase agreements decreased $123.1 million, or 0.98%, from\nDecember 31, 2025 and increased $173.4 million, or 1.41%, from March 31, 2025.\n\nNoninterest-bearing deposits were $7.10 billion at March 31, 2026, an increase\nof $299.8 million, or 4.41%, compared to $6.80 billion at December 31, 2025,\nand a decrease of $83.8 million, or 1.17%, compared to $7.18 billion at March\n31, 2025. At March 31, 2026, noninterest-bearing deposits were 59.44% of total\ndeposits, compared to 56.33% at December 31, 2025, and 59.92% at March 31,\n2025.\n\nBorrowings\nAs of March 31, 2026, December 31, 2025, and March 31, 2025, total borrowings\nconsisted of $500 million of Federal Home Loan Bank (“FHLB”) advances. The\nFHLB advances include $300 million, at an average cost of 4.73%, maturing in\nMay of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027.\n\nCapital\nThe Company’s total equity was $2.32 billion at March 31, 2026, compared to\n$2.30 billion at December 31, 2025 and $2.23 billion at March 31, 2025. The\nincrease of $26.1 million from prior year end was primarily attributable to\n$51.0 million in net earnings and a $2.7 million increase in other\ncomprehensive income, partially offset by $27.2 million in cash dividends\ndeclared. We engaged in no stock repurchases during the first quarter of 2026.\nOur tangible book value per share was $11.42 at March 31, 2026, compared to\n$11.24 at December 31, 2025 and $10.45 at March 31, 2025, respectively.\n\nOur capital ratios under the revised capital framework referred to as Basel\nIII remain well above regulatory standards.\n\n CVB Financial Corp. Consolidated \n Minimum Required Plus Capital Conservation Buffer March 31, 2026 December 31, 2025 March 31, 2025 \n \n Tier 1 leverage capital ratio 4.0 % 11.9 % 11.6 % 11.8 % \n Common equity Tier 1 capital ratio 7.0 % 16.3 % 15.9 % 16.5 % \n Tier 1 risk-based capital ratio 8.5 % 16.3 % 15.9 % 16.5 % \n Total risk-based capital ratio 10.5 % 17.1 % 16.7 % 17.3 % \n \n Tangible common equity (“TCE”) ratio 10.5 % 10.3 % 10.0 % \n \n\nCitizensTrust\nAs of March 31, 2026, CitizensTrust had approximately $5.06 billion in assets\nunder management and administration, including $3.70 billion in assets under\nmanagement. Revenues were $3.7 million for the first quarter of 2026, compared\nto $4.0 million in the fourth quarter and $3.4 million for the first quarter\nof 2025. CitizensTrust provides trust, investment and brokerage related\nservices, as well as financial, estate and business succession planning.\n\nCorporate Overview\nCVB Financial Corp. (“CVBF”) is the holding company for Citizens Business\nBank, National Association. CVBF is one of the ten largest bank holding\ncompanies headquartered in California with more than $20 billion in total\nassets as of the closing of the mergers with Heritage Commerce Corp and its\nprincipal banking subsidiary, Heritage Bank of Commerce. Citizens Business\nBank, National Association, is consistently recognized as one of the top\nperforming banks in the nation and offers a wide array of banking, lending and\ninvesting services with more than 75 banking centers and three trust office\nlocations serving California.\n\nShares of CVB Financial Corp. common stock are listed on the NASDAQ under the\nticker symbol “CVBF”. For investor information on CVB Financial Corp.,\nvisit our Citizens Business Bank website at www.cbbank.com and click on the\n“Investors\n(https://www.globenewswire.com/Tracker?data=F9yIwQReOPVwpfZXwJqSxfTrkBkeMbxcY-naoLjBsqinl6XOgXDvTfRILV5ELU1QIP1d786hH4-b-OH0sVyG0DopNadcHGc-yLFRLMIwACY=)”\ntab.\n\nConference Call\nManagement will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on\nThursday, April 23, 2026, to discuss the Company’s first quarter 2026\nfinancial results. The conference call can be accessed live by registering\nat: https://register-conf.media-server.com/register/BI42ee6e6012794b7dbf964ef79723487c\n\nThe conference call will also be simultaneously webcast over the Internet;\nplease visit our Citizens Business Bank website at www.cbbank.com and click on\nthe “Investors\n(https://www.globenewswire.com/Tracker?data=F9yIwQReOPVwpfZXwJqSxQpDSnAWbkWJwjXTKzYuYzKS1FSBpVs9aKApWqRxw75z3A8hyh9T4uft6NOXhGA6heQjTfNRx6VPcuWQqB2Tsr4=)”\ntab to access the call from the site. Please access the website 15 minutes\nprior to the call to download any necessary audio software. This webcast will\nbe recorded and available for replay on the Company’s website approximately\ntwo hours after the conclusion of the conference call and will be available on\nthe website for approximately 12 months.\n\nForward-Looking Statements\n\nCertain statements set forth herein constitute forward-looking statements\nwithin the meaning of the Private Securities Litigation Reform Act of 1995.\nWords such as “will likely result”, “aims”, “anticipates”,\n“believes”, “could”, “estimates”, “expects”, “hopes”,\n“intends”, “may”, “plans”, “projects”, “seeks”,\n“should”, “will,” “strategy”, “possibility”, and variations of\nthese words and similar expressions help to identify these forward-looking\nstatements, which involve risks and uncertainties that could cause actual\nresults or performance to differ materially from those projected. These\nforward-looking statements are based on management’s current expectations\nand beliefs concerning future developments and their potential effects on the\nCompany including, without limitation, plans, strategies, goals and statements\nabout the Company’s outlook regarding revenue and asset growth, financial\nperformance and profitability, capital and liquidity levels, loan and deposit\nlevels, growth and retention, yields and returns, loan diversification and\ncredit management, stockholder value creation, tax rates, the impact of\nbusiness, economic, or political developments, the impact of monetary, fiscal\nand trade policies, and the impact of acquisitions we have made or may make,\nincluding our recent acquisition of Heritage Commerce Corp (“Heritage”)\nand its principal banking subsidiary, Heritage Bank of Commerce. Such\nstatements involve inherent risks and uncertainties, many of which are\ndifficult to predict and are generally beyond the control of the Company, and\nthere can be no assurance that future developments affecting the Company will\nbe the same as those anticipated by management. The Company cautions readers\nthat a number of important factors, in addition to those set forth below,\ncould cause actual results to differ materially from those expressed in, or\nimplied or projected by, such forward-looking statements.\n\nGeneral risks and uncertainties include, but are not limited to, the\nfollowing: the strength of the United States economy and the strength of the\nlocal economies in which we conduct business; the effects of, and changes in,\nimmigration, trade, tariff, monetary, and fiscal policies and laws, including\ninterest rate policies of the Board of Governors of the Federal Reserve\nSystem; inflation/deflation, interest rate, market and monetary fluctuations;\nthe effect of acquisitions we have made or may make, including, without\nlimitation, the failure to achieve the expected revenue growth and/or expense\nsavings from such acquisitions, and/or the failure to effectively integrate an\nacquisition target, key personnel and customers into our operations; the\ntimely development of competitive new products and services, and the\nacceptance of these products and services by potential and existing customers;\nthe impact of changes in financial services policies, laws, and regulations,\nincluding those concerning banking, taxes, securities, and insurance, and the\napplication thereof by regulatory agencies; the effectiveness of our risk\nmanagement framework and quantitative models; changes in the level of our\nnonperforming assets and charge-offs; the effect of changes in accounting\npolicies and practices or accounting standards, as may be adopted from\ntime-to-time by bank regulatory agencies, the U.S. Securities and Exchange\nCommission (“SEC”), the Public Company Accounting Oversight Board, the\nFinancial Accounting Standards Board or other accounting standards setters;\npossible credit related impairments or declines in the fair value of loans and\nsecurities held by us; possible impairment charges to goodwill, including any\nimpairment that may result from increased volatility in our stock price;\nchanges in consumer or business spending, borrowing, and savings habits; the\neffects of our lack of a diversified loan portfolio, including the risks of\ngeographic and industry concentrations; periodic fluctuations in commercial or\nresidential real estate prices or values; our ability to attract or retain\ndeposits (including low cost deposits) or to access government or private\nlending facilities and other sources of liquidity; the possibility that we may\nreduce or discontinue the payment of dividends on our common stock; changes in\nthe financial performance and/or condition of our borrowers or depositors;\nchanges in the competitive environment among financial and bank holding\ncompanies and other financial service providers; technological changes in\nbanking and financial services; systemic or non-systemic bank failures or\ncrises; geopolitical conditions, including acts or threats of terrorism,\nactions taken by the United States or other governments in response to acts or\nthreats of terrorism, and/or military conflicts, which could impact business\nand economic conditions in the United States and abroad; catastrophic events\nor natural disasters, including earthquakes, drought, climate change or\nextreme weather events that may affect our assets, communications or computer\nservices, customers, employees or third party vendors; public health crises\nand pandemics, and their effects on the economic and business environments in\nwhich we operate, including on our asset credit quality, business operations,\nand employees, as well as the impact on general economic and financial market\nconditions; cybersecurity threats and fraud and the costs of defending against\nthem, including the costs of compliance with legislation or regulations to\ncombat fraud and cybersecurity threats; our ability to recruit and retain key\nexecutives, board members and other employees, and our ability to comply with\nfederal and state employment laws and regulations; ongoing or unanticipated\nregulatory or legal proceedings or outcomes; risks associated with our\nrecently completed merger with Heritage, including difficulties and delays in\nintegrating or retaining Heritage’s business, key personnel and customers,\nand achieving anticipated synergies, cost savings enhanced geographic coverage\nand other benefits from the transaction; and our ability to manage the risks\ninvolved in the foregoing. \n\nAdditional factors that could cause actual results to differ materially from\nthose expressed in the forward-looking statements are discussed in the\nCompany's 2025 Annual Report on Form 10-K filed with the SEC and available at\nthe SEC’s Internet site (http://www.sec.gov).\n\nThe Company does not undertake, and specifically disclaims any obligation, to\nupdate any forward-looking statements to reflect occurrences or unanticipated\nevents or circumstances after the date of such statements, except as required\nby law. Any statements about future operating results, such as those\nconcerning accretion and dilution to the Company’s earnings, equity, or\nshareholder returns, are for illustrative purposes only, are not forecasts,\nand actual results may differ.\n\nNon-GAAP Financial Measures — Certain financial information provided in this\nearnings release has not been prepared in accordance with GAAP and is\npresented on a non-GAAP basis. Investors and analysts should refer to the\nreconciliations included in this earnings release and should consider the\nCompany’s non-GAAP measures in addition to, not as a substitute for or as\nsuperior to, measures prepared in accordance with GAAP. These non-GAAP\nmeasures may or may not be comparable to similarly titled measures used by\nother companies.\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED BALANCE SHEETS \n (Unaudited) \n (Dollars in thousands) \n \n \n March 31, 2026 December 31, 2025 March 31, 2025 \n Assets \n Cash and due from banks $ 138,613 $ 107,511 $ 187,981 \n Interest-earning balances due from Federal Reserve 313,773 268,878 341,108 \n Total cash and cash equivalents 452,386 376,389 529,089 \n Interest-earning balances due from depository institutions 4,937 13,064 3,451 \n Investment securities available-for-sale 2,589,119 2,683,070 2,535,066 \n Investment securities held-to-maturity 2,248,038 2,270,391 2,359,141 \n Total investment securities 4,837,157 4,953,461 4,894,207 \n Investment in FHLB, FRB, and other stock 55,948 55,948 18,012 \n Loans and lease finance receivables 8,643,316 8,699,193 8,363,632 \n Allowance for credit losses (80,170 ) (77,161 ) (78,252 ) \n Net loans and lease finance receivables 8,563,146 8,622,032 8,285,380 \n Premises and equipment, net 26,858 26,505 26,772 \n Bank owned life insurance (“BOLI”) 328,457 325,299 318,301 \n Intangibles 4,924 5,774 8,812 \n Goodwill 765,822 765,822 765,822 \n Other assets 467,945 486,760 406,745 \n Total assets $ 15,507,580 $ 15,631,054 $ 15,256,591 \n Liabilities \n Deposits: \n Noninterest-bearing $ 7,100,507 $ 6,800,691 $ 7,184,267 \n Investment checking 497,609 509,272 533,220 \n Savings and money market 3,802,623 4,185,244 3,710,612 \n Time deposits 544,485 576,775 561,822 \n Total deposits 11,945,224 12,071,982 11,989,921 \n Customer repurchase agreements 494,257 490,601 276,163 \n Federal Home Loan Bank advances and other borrowings 500,000 500,000 500,000 \n Other liabilities 246,818 273,247 262,088 \n Total liabilities 13,186,299 13,335,830 13,028,172 \n Stockholders' Equity \n Common Stock 1,221,938 1,222,365 1,280,969 \n Retained Earnings 1,324,318 1,300,513 1,224,750 \n Accumulated other comprehensive loss, net (224,975 ) (227,654 ) (277,300 ) \n Total stockholders' equity 2,321,281 2,295,224 2,228,419 \n Total liabilities and stockholders' equity $ 15,507,580 $ 15,631,054 $ 15,256,591 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS \n (Unaudited) \n (Dollars in thousands) \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Assets \n Cash and due from banks $ 145,001 $ 144,568 $ 154,328 \n Interest-earning balances due from Federal Reserve 280,163 513,797 161,432 \n Total cash and cash equivalents 425,164 658,365 315,760 \n Interest-earning balances due from depository institutions 10,373 14,414 957 \n Investment securities available-for-sale 2,660,813 2,661,115 2,539,211 \n Investment securities held-to-maturity 2,260,402 2,285,617 2,369,507 \n Total investment securities 4,921,215 4,946,732 4,908,718 \n Investment in FHLB, FRB, and other stock 55,948 33,681 18,012 \n Loans and lease finance receivables 8,624,604 8,517,188 8,467,465 \n Allowance for credit losses (77,219 ) (79,341 ) (80,113 ) \n Net loans and lease finance receivables 8,547,385 8,437,847 8,387,352 \n Premises and equipment, net 26,897 26,775 27,408 \n BOLI 326,031 325,389 316,643 \n Intangibles 5,341 6,176 9,518 \n Goodwill 765,822 765,822 765,822 \n Other assets 480,068 433,774 419,116 \n Total assets $ 15,564,244 $ 15,648,975 $ 15,169,306 \n Liabilities \n Deposits: \n Noninterest-bearing $ 6,894,427 $ 7,001,471 $ 7,006,357 \n Interest-bearing 5,041,899 5,087,709 4,866,318 \n Total deposits 11,936,326 12,089,180 11,872,675 \n Customer repurchase agreements 541,881 493,886 317,322 \n Federal Home Loan Bank advances and other borrowings 500,000 500,000 513,078 \n Other liabilities 250,364 261,824 239,283 \n Total liabilities 13,228,571 13,344,890 12,942,358 \n Stockholders' Equity \n Common Stock 1,222,046 1,237,231 1,291,426 \n Retained Earnings 1,332,021 1,304,100 1,232,497 \n Accumulated other comprehensive loss, net (218,394 ) (237,246 ) (296,975 ) \n Total stockholders' equity 2,335,673 2,304,085 2,226,948 \n Total liabilities and stockholders' equity $ 15,564,244 $ 15,648,975 $ 15,169,306 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS \n (Unaudited) \n (Dollars in thousands, except per share amounts) \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Interest income \n Loans and leases, including fees $ 113,272 $ 117,415 $ 109,071 \n Investment securities: \n Investment securities available-for-sale 19,400 20,062 18,734 \n Investment securities held-to-maturity 12,466 12,649 13,021 \n Total investment income 31,866 32,711 31,755 \n Dividends from FHLB, FRB, and other stock 1,311 539 379 \n Interest-earning deposits with other institutions 2,661 5,314 1,797 \n Total interest income 149,110 155,979 143,002 \n Interest expense \n Deposits 23,052 25,047 25,322 \n Borrowings and customer repurchase agreements 7,972 8,007 6,800 \n Other 246 267 436 \n Total interest expense 31,270 33,321 32,558 \n Net interest income before provision for (recapture of) credit losses 117,840 122,658 110,444 \n Provision for (recapture of) credit losses 3,000 (2,500 ) (2,000 ) \n Net interest income after provision for (recapture of) credit losses 114,840 125,158 112,444 \n Noninterest income \n Service charges on deposit accounts 4,817 4,734 4,908 \n Trust and investment services 3,724 4,031 3,411 \n Loss on sale of AFS Investment Securities - (2,785 ) - \n Gain on other real estate owned (“OREO”), net - 113 2,183 \n Other 5,738 5,100 5,727 \n Total noninterest income 14,279 11,193 16,229 \n Noninterest expense \n Salaries and employee benefits 37,461 37,105 36,477 \n Occupancy and equipment 6,075 5,892 5,998 \n Professional services 2,518 2,626 2,081 \n Computer software expense 4,303 4,167 4,221 \n Marketing and promotion 2,061 1,339 1,988 \n Amortization of intangible assets 850 881 1,155 \n Provision for unfunded loan commitments 500 1,000 500 \n Acquisition related expenses 1,129 1,556 - \n Other 5,671 7,422 6,724 \n Total noninterest expense 60,568 61,988 59,144 \n Earnings before income taxes 68,551 74,363 69,529 \n Income tax expense 17,549 19,319 18,425 \n Net earnings $ 51,002 $ 55,044 $ 51,104 \n \n Basic earnings per common share $ 0.38 $ 0.40 $ 0.37 \n Diluted earnings per common share $ 0.38 $ 0.40 $ 0.36 \n Cash dividends declared per common share $ 0.20 $ 0.20 $ 0.20 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands, except per share amounts) \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Interest income - tax equivalent (TE) $ 149,138 $ 156,007 $ 143,525 \n Interest expense 31,270 33,321 32,558 \n Net interest income - (TE) $ 117,868 $ 122,686 $ 110,967 \n \n Return on average assets, annualized 1.33 % 1.40 % 1.37 % \n Return on average equity, annualized 8.86 % 9.48 % 9.31 % \n Efficiency ratio 45.84 % 46.31 % 46.69 % \n Adjusted efficiency ratio ([1]) 44.61 % 44.40 % 46.30 % \n Noninterest expense to average assets, annualized 1.58 % 1.57 % 1.58 % \n Yield on average loans 5.32 % 5.47 % 5.22 % \n Yield on average earning assets (TE) 4.35 % 4.43 % 4.28 % \n Cost of deposits 0.78 % 0.82 % 0.86 % \n Cost of deposits and customer repurchase agreements 0.82 % 0.86 % 0.87 % \n Cost of funds 0.97 % 1.01 % 1.04 % \n Net interest margin (TE) 3.44 % 3.49 % 3.31 % \n \n TCE ratio ([1]) \n CVB Financial Corp. Consolidated 10.52 % 10.25 % 10.04 % \n Citizens Business Bank, National Association 10.35 % 10.09 % 9.92 % \n \n Weighted average shares outstanding \n Basic 134,760,313 135,525,188 138,973,996 \n Diluted 134,916,024 135,920,667 139,294,401 \n Dividends declared $ 27,197 $ 27,180 $ 27,853 \n Dividend payout ratio ([2]) 53.32 % 49.38 % 54.50 % \n \n Number of shares outstanding - (end of period) 135,791,180 135,551,799 139,089,612 \n Book value per share $ 17.09 $ 16.93 $ 16.02 \n Tangible book value per share ([1]) $ 11.42 $ 11.24 $ 10.45 \n \n ([1])Non-GAAP financial measures. Reconciliations of the GAAP to non-GAAP measures are set forth at the end of this press release. \n ([2] )Dividends declared on common stock divided by net earnings. \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands) \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Nonperforming assets: \n Nonaccrual loans $ 6,144 $ 4,685 $ 25,636 \n Other real estate owned (“OREO”), net 206 163 495 \n Total nonperforming assets $ 6,350 $ 4,848 $ 26,131 \n Loan modifications to borrowers experiencing financial difficulty $ 22,255 $ 16,902 $ 11,949 \n \n Percentage of nonperforming assets to total loans outstanding and OREO 0.07 % 0.06 % 0.31 % \n Percentage of nonperforming assets to total assets 0.04 % 0.03 % 0.17 % \n Allowance for credit losses to nonperforming assets 1262.52 % 1591.60 % 299.46 % \n \n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n Allowance for credit losses: \n Balance at beginning of period $ 77,161 $ 79,336 $ 80,122 \n Charge-offs (123 ) (106 ) (40 ) \n Recoveries 132 431 170 \n Net recoveries 9 325 130 \n Provision for (recapture of) credit losses 3,000 (2,500 ) (2,000 ) \n Balance at end of period $ 80,170 $ 77,161 $ 78,252 \n \n Net recoveries to average loans 0.000 % 0.004 % 0.002 % \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands) \n \n Allowance for Credit Losses by Loan Type \n March 31, 2026 December 31, 2025 March 31, 2025 \n 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 \n Commercial real estate $ 59,302 0.89 % $ 61,661 0.94 % $ 65,302 1.01 % \n Construction 816 1.38 % 593 1.57 % 238 1.52 % \n SBA 2,821 0.97 % 2,720 0.96 % 2,608 0.96 % \n Commercial and industrial 12,565 1.32 % 8,438 0.87 % 6,118 0.65 % \n Dairy & livestock and agribusiness 3,348 1.06 % 2,486 0.58 % 2,824 1.12 % \n Municipal lease finance receivables 264 0.46 % 251 0.42 % 210 0.32 % \n SFR mortgage 457 0.16 % 442 0.16 % 427 0.16 % \n Consumer and other loans 597 1.02 % 570 0.98 % 525 0.94 % \n Total $ 80,170 0.93 % $ 77,161 0.89 % $ 78,252 0.94 % \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands, except per share amounts) \n \n Quarterly Common Stock Price \n 2026 2025 2024 \n Quarter End High Low High Low High Low \n March 31, $ 21.48 $ 18.26 $ 21.71 $ 18.22 $ 20.45 $ 15.95 \n June 30, $ - $ - $ 20.15 $ 16.01 $ 17.91 $ 15.71 \n September 30, $ - $ - $ 21.34 $ 18.12 $ 20.29 $ 16.08 \n December 31, $ - $ - $ 20.70 $ 17.95 $ 24.58 $ 17.20 \n \n \n Quarterly Consolidated Statements of Earnings \n Q1 Q4 Q3 Q2 Q1 \n 2026 2025 2025 2025 2025 \n Interest income \n Loans and leases, including fees $ 113,272 $ 117,415 $ 110,825 $ 108,845 $ 109,071 \n Investment securities and other 35,838 38,564 39,287 35,364 33,931 \n Total interest income 149,110 155,979 150,112 144,209 143,002 \n Interest expense \n Deposits 23,052 25,047 26,096 24,829 25,322 \n Borrowings and customer repurchase agreements 7,972 8,007 8,109 7,401 6,800 \n Other 246 267 330 371 436 \n Total interest expense 31,270 33,321 34,535 32,601 32,558 \n \n Net interest income before provision for (recapture of) credit losses 117,840 122,658 115,577 111,608 110,444 \n Provision for (recapture of) credit losses 3,000 (2,500 ) 1,000 - (2,000 ) \n Net interest income after provision for (recapture of) credit losses 114,840 125,158 114,577 111,608 112,444 \n \n Noninterest income 14,279 11,193 13,006 14,744 16,229 \n Noninterest expense 60,568 61,988 58,576 57,557 59,144 \n Earnings before income taxes 68,551 74,363 69,007 68,795 69,529 \n Income taxes 17,549 19,319 16,421 18,231 18,425 \n Net earnings $ 51,002 $ 55,044 $ 52,586 $ 50,564 $ 51,104 \n \n Effective tax rate 25.60 % 25.98 % 23.80 % 26.50 % 26.50 % \n \n Basic earnings per common share $ 0.38 $ 0.40 $ 0.38 $ 0.37 $ 0.37 \n Diluted earnings per common share $ 0.38 $ 0.40 $ 0.38 $ 0.37 $ 0.36 \n \n Cash dividends declared per common share $ 0.20 $ 0.20 $ 0.20 $ 0.20 $ 0.20 \n \n Cash dividends declared $ 27,197 $ 27,180 $ 27,548 $ 27,703 $ 27,853 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands) \n \n Loan Portfolio by Type \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Commercial real estate $ 6,631,238 $ 6,574,395 $ 6,535,319 $ 6,517,415 $ 6,490,604 \n Construction 59,329 37,812 29,976 17,658 15,706 \n SBA 291,693 282,371 266,228 271,735 271,844 \n SBA - PPP 9 30 51 85 179 \n Commercial and industrial 952,260 973,631 939,174 912,427 942,301 \n Dairy & livestock and agribusiness 314,838 431,577 292,963 233,772 252,532 \n Municipal lease finance receivables 57,453 59,542 61,383 63,652 65,203 \n SFR mortgage 278,214 281,766 286,111 288,435 269,493 \n Consumer and other loans 58,282 58,069 59,701 53,322 55,770 \n Gross loans, at amortized cost 8,643,316 8,699,193 8,470,906 8,358,501 8,363,632 \n Allowance for credit losses (80,170 ) (77,161 ) (79,336 ) (78,003 ) (78,252 ) \n Net loans $ 8,563,146 $ 8,622,032 $ 8,391,570 $ 8,280,498 $ 8,285,380 \n \n \n Deposit Composition by Type and Customer Repurchase Agreements \n \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Noninterest-bearing $ 7,100,507 $ 6,800,691 $ 7,244,968 $ 7,247,128 $ 7,184,267 \n Investment checking 497,609 509,272 487,738 483,793 533,220 \n Savings and money market 3,802,623 4,185,244 3,809,768 3,669,912 3,710,612 \n Time deposits 544,485 576,775 581,765 583,990 561,822 \n Total deposits 11,945,224 12,071,982 12,124,239 11,984,823 11,989,921 \n Customer repurchase agreements 494,257 490,601 451,258 404,154 276,163 \n Total deposits and customer repurchase agreements $ 12,439,481 $ 12,562,583 $ 12,575,497 $ 12,388,977 $ 12,266,084 \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n (Dollars in thousands) \n \n Nonperforming Assets and Delinquency Trends \n March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 \n Nonperforming loans \n Commercial real estate $ 2,094 $ 4,186 $ 23,707 $ 24,379 $ 24,379 \n SBA 477 21 3,952 1,265 1,024 \n Commercial and industrial 3,573 478 145 265 173 \n Dairy & livestock and agribusiness - - - 60 60 \n Total $ 6,144 $ 4,685 $ 27,804 $ 25,969 $ 25,636 \n % of Total loans 0.07 % 0.05 % 0.33 % 0.31 % 0.31 % \n \n Past due 30-89 days (accruing) \n Commercial real estate $ 4,715 $ 2,887 $ 43 $ - $ - \n SBA 1,553 30 42 3,419 718 \n Commercial and industrial 88 261 - - - \n SFR mortgage 249 - - - - \n Total $ 6,605 $ 3,178 $ 85 $ 3,419 $ 718 \n % of Total loans 0.08 % 0.04 % 0.00 % 0.04 % 0.01 % \n \n OREO \n Commercial real estate $ 206 $ 163 $ 661 $ 661 $ 495 \n Total $ 206 $ 163 $ 661 $ 661 $ 495 \n Total nonperforming, past due, and OREO $ 12,955 $ 8,026 $ 28,550 $ 30,049 $ 26,849 \n % of Total loans 0.15 % 0.09 % 0.34 % 0.36 % 0.32 % \n \n\n\n\n CVB FINANCIAL CORP. AND SUBSIDIARIES \n SELECTED FINANCIAL HIGHLIGHTS \n (Unaudited) \n \n Regulatory Capital Ratios \n Minimum Required CVB Financial Corp. Consolidated \n Capital Ratios Plus Capital Conservation Buffer March 31, 2026 December 31, 2025 March 31, 2025 \n Tier 1 leverage capital ratio 4.0 % 11.9 % 11.6 % 11.8 % \n Common equity Tier 1 capital ratio 7.0 % 16.3 % 15.9 % 16.5 % \n Tier 1 risk-based capital ratio 8.5 % 16.3 % 15.9 % 16.5 % \n Total risk-based capital ratio 10.5 % 17.1 % 16.7 % 17.3 % \n \n\nGAAP TO NON-GAAP RECONCILIATIONS\n\nThe Company uses certain non-GAAP financial measures to provide supplemental\ninformation regarding the Company's operational performance and to enhance\ninvestors’ overall understanding of such financial performance. However,\nthese non-GAAP financial measures are supplemental and are not a substitute\nfor an analysis based on GAAP measures. As other companies may use different\ncalculations for these adjusted measures, this presentation may not be\ncomparable to other similarly titled adjusted measures reported by other\ncompanies.\n\nPretax Pre-Provision Income (Non-GAAP)\n\nPretax pre-provision income is a Non-GAAP financial measure that represents\ntotal revenue less noninterest expense and is calculated before provision for\ncredit losses and income tax expense. Management believes this measure\nprovides useful information for comparing the results of operations between\nperiods.\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Net Income $ 51,002 $ 55,044 $ 51,104 \n Add: Provision for (recapture of) credit losses 3,000 (2,500 ) (2,000 ) \n Add: Income tax expense 17,549 19,319 18,425 \n Pretax pre-provision income $ 71,551 $ 71,863 $ 67,529 \n \n\nTangible Book Value and Tangible Common Equity Ratio (Non-GAAP)\n\nThe tangible book value per share and tangible common equity ratios are a\nNon-GAAP financial measures derived from GAAP-based amounts. The following is\na reconciliation of tangible book value and tangible common equity to the\nCompany stockholders' equity computed in accordance with GAAP, as well as a\ncalculation of tangible book value per share and tangible common equity ratio.\n\n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands, except per share amounts) \n CVB Financial Corp. and Subsidiaries \n Stockholders' equity $ 2,321,281 $ 2,295,224 $ 2,228,419 \n Less: Goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Intangible assets (4,924 ) (5,774 ) (8,812 ) \n Tangible book value $ 1,550,535 $ 1,523,628 $ 1,453,785 \n \n Total assets 15,507,580 15,631,054 15,256,591 \n Less: Goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Intangible assets (4,924 ) (5,774 ) (8,812 ) \n Tangible assets $ 14,736,834 $ 14,859,458 $ 14,481,957 \n \n Common shares issued and outstanding 135,791,180 135,551,799 139,089,612 \n \n Book value per share $ 17.09 $ 16.93 $ 16.02 \n Tangible book value per share $ 11.42 $ 11.24 $ 10.45 \n Tangible common equity ratio 10.52 % 10.25 % 10.04 % \n \n Citizens Business Bank, National Association \n Stockholders' equity $ 2,295,693 $ 2,270,968 $ 2,212,100 \n Less: Goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Intangible assets (4,924 ) (5,774 ) (8,812 ) \n Tangible book value $ 1,524,947 $ 1,499,372 $ 1,437,466 \n \n Total assets 15,511,016 15,634,835 15,263,140 \n Less: Goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Intangible assets (4,924 ) (5,774 ) (8,812 ) \n Tangible assets $ 14,740,270 $ 14,863,239 $ 14,488,506 \n \n Common shares issued and outstanding 135,791,180 135,551,799 139,089,612 \n \n Book value per share $ 16.91 $ 16.75 $ 15.90 \n Tangible book value per share $ 11.23 $ 11.06 $ 10.33 \n Tangible common equity ratio 10.35 % 10.09 % 9.92 % \n \n\nReturn on Average Tangible Common Equity (Non-GAAP)\n\nThe return on average tangible common equity is a non-GAAP disclosure. The\nfollowing is a reconciliation of net income, adjusted for tax-effected\namortization of intangibles, to net income computed in accordance with GAAP; a\nreconciliation of average tangible common equity to the Company's average\nstockholders' equity computed in accordance with GAAP; as well as a\ncalculation of return on average tangible common equity.\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Net Income $ 51,002 $ 55,044 $ 51,104 \n Add: Amortization of intangible assets 850 881 1,155 \n Less: Tax effect of amortization of intangible assets ((1)) (247 ) (260 ) (341 ) \n Tangible net income $ 51,605 $ 55,665 $ 51,918 \n \n Average stockholders' equity $ 2,335,673 $ 2,304,085 $ 2,226,948 \n Less: Average goodwill (765,822 ) (765,822 ) (765,822 ) \n Less: Average intangible assets (5,341 ) (6,176 ) (9,518 ) \n Average tangible common equity $ 1,564,510 $ 1,532,087 $ 1,451,608 \n \n Return on average equity, annualized ((2)) 8.86 % 9.48 % 9.31 % \n Return on average tangible common equity, annualized ((2)) 13.38 % 14.41 % 14.51 % \n \n ((1))Tax effected at respective statutory rates. \n ((2))Annualized where applicable. \n \n\nAdjusted Efficiency Ratio (Non-GAAP)\n\nAdjusted efficiency ratio is a non-GAAP financial measure derived from\nGAAP-based amounts. This figure represents the ratio of noninterest expense,\nless acquisition related expense and provision for unfunded loan commitments,\nwhere applicable, to the sum of net interest income before provision for\ncredit losses and total noninterest income. Management believes that the\nexclusion of such items from this financial measure provides useful\ninformation to gain an understanding of the operating results of our core\nbusiness.\n\n Three Months Ended \n March 31, 2026 December 31, 2025 March 31, 2025 \n (Dollars in thousands) \n Total noninterest expense $ 60,568 $ 61,988 $ 59,144 \n Less: Provision for unfunded loan commitments 500 1,000 500 \n Less: Acquisition related expenses 1,129 1,556 - \n Adjusted noninterest expense $ 58,939 $ 59,432 $ 58,644 \n \n Net interest income before provision for credit losses $ 117,840 $ 122,658 $ 110,444 \n Add: total noninterest income 14,279 11,193 16,229 \n Total revenue $ 132,119 $ 133,851 $ 126,673 \n \n Efficiency ratio 45.84 % 46.31 % 46.69 % \n Adjusted efficiency ratio, excluding provision for unfunded loan commitments and acquisition related expenses 44.61 % 44.40 % 46.30 % \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/a3d36b6d-b0e0-4c0a-b69c-ab3635da8eec)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-04-22T20:45:25.077958906Z","server_sent_at_ms":1776890725077},"received_at":"2026-04-22T20:45:27.173Z","source_url":null},"analysis":{"id":"4082","press_release_id":"5576","analysis_json":{"industry":{"label":"Banks","sector":"Financials"},"redFlags":["Net earnings declined sequentially from $55.0 million in Q4 2025","Classified loans increased $30.4 million quarter-over-quarter","Nonperforming loans increased to $6.1 million from $4.7 million in Q4 2025"],"eventType":"earnings","narrative":"CVB Financial Corp. reported Q1 2026 net earnings of $51.0 million, or $0.38 per share, with net interest margin expanding 13 basis points year-over-year to 3.44%.\n\nThe company completed its acquisition of Heritage Commerce Corp on April 17, 2026, marking the largest acquisition by asset size in its history.\n\nLoan and deposit growth continued with increases of $280 million and $288 million respectively from the first quarter of 2025.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Mixed quarter with NIM expansion offsetting sequential earnings decline."},"keyFigures":{"eps":0.38,"revenue":"$117.8 million","customDimensions":{"roaa_percent":1.33,"dividend_per_share":"$0.20","book_value_per_share":"$17.09","net_interest_margin_percent":3.44,"tangible_book_value_per_share":"$11.42"}},"quotedText":"Citizens Business Bank's performance in the first quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners.","namedEntities":{"people":[{"name":"David Brager","role":"CEO"}],"products":[],"companies":[{"name":"CVB Financial Corp.","ticker":"CVBF"},{"name":"Citizens Business Bank","relationship":"subsidiary"},{"name":"Heritage Commerce Corp","relationship":"acquired"},{"name":"Heritage Bank of Commerce","relationship":"acquired subsidiary"}],"dollarAmounts":[{"amount":"$51.0 million","context":"Q1 2026 net earnings"},{"amount":"$117.8 million","context":"Q1 2026 net interest income"},{"amount":"$0.38","context":"Q1 2026 diluted EPS"},{"amount":"$280 million","context":"loan growth from Q1 2025"},{"amount":"$288 million","context":"deposit growth from Q1 2025"}]},"materialImpact":{"score":3,"reasoning":"Standard quarterly earnings report with mixed results: EPS up YoY but sequentially flat, NIM expanded 13 bps YoY. Heritage acquisition completed but results not yet consolidated. No major surprises or guidance changes."},"tickerRelevance":{"others":[],"primary":"CVBF"},"eventTypeSecondary":[]},"event_type":"earnings","event_type_secondary":null,"sentiment":"neutral","material_impact_score":3,"narrative":"CVB Financial Corp. reported Q1 2026 net earnings of $51.0 million, or $0.38 per share, with net interest margin expanding 13 basis points year-over-year to 3.44%.\n\nThe company completed its acquisition of Heritage Commerce Corp on April 17, 2026, marking the largest acquisition by asset size in its history.\n\nLoan and deposit growth continued with increases of $280 million and $288 million respectively from the first quarter of 2025.","key_figures":{"eps":0.38,"revenue":"$117.8 million","customDimensions":{"roaa_percent":1.33,"dividend_per_share":"$0.20","book_value_per_share":"$17.09","net_interest_margin_percent":3.44,"tangible_book_value_per_share":"$11.42"}},"named_entities":{"people":[{"name":"David Brager","role":"CEO"}],"products":[],"companies":[{"name":"CVB Financial Corp.","ticker":"CVBF"},{"name":"Citizens Business Bank","relationship":"subsidiary"},{"name":"Heritage Commerce Corp","relationship":"acquired"},{"name":"Heritage Bank of Commerce","relationship":"acquired subsidiary"}],"dollarAmounts":[{"amount":"$51.0 million","context":"Q1 2026 net earnings"},{"amount":"$117.8 million","context":"Q1 2026 net interest income"},{"amount":"$0.38","context":"Q1 2026 diluted EPS"},{"amount":"$280 million","context":"loan growth from Q1 2025"},{"amount":"$288 million","context":"deposit growth from Q1 2025"}]},"model_name":"glm-4.7","prompt_hash":"sha256:2f2748f0fcc8c4f2","schema_hash":"sha256:ad96b863d7123008","created_at":"2026-04-22T23:57:33.683Z","global_importance":3,"audience_relevance":3,"importance_components":{"method":"backfill-heuristic","signals":{"bodyLong":false,"headlineTier1":false,"tickerCovered":false,"hadSignificance":false},"version":1,"computedAt":"2026-04-27T11:52:54.519Z"}},"durationMs":108166,"modelName":"glm-4.7"}}