• CVB Financial Corp. Reports Earnings for the First Quarter 2025

    Source: Nasdaq GlobeNewswire / 23 Apr 2025 16:45:04   America/New_York

    First Quarter 2025

    • Net Earnings of $51.1 million, or $0.36 per share
    • Return on Average Assets of 1.37%
    • Return on Average Tangible Common Equity of 14.51%
    • Net Interest Margin of 3.31%

    ONTARIO, CA, April 23, 2025 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended March 31, 2025.

    CVB Financial Corp. reported net income of $51.1 million for the quarter ended March 31, 2025, compared with $50.9 million for the fourth quarter of 2024 and $48.6 million for the first quarter of 2024. Diluted earnings per share were $0.36 for the first quarter, compared to $0.36 for the prior quarter and $0.35 for the same period last year.

    For the first quarter of 2025, annualized return on average equity (“ROAE”) was 9.31%, annualized return on average tangible common equity (“ROATCE”) was 14.51%, and an annualized return on average assets (“ROAA”) was 1.37%.

    David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the first quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 192 consecutive quarters, or 48 years, of profitability, and our 142 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.”

    Highlights for the First Quarter of 2025

    • Pretax income was $69.5 million, up $1.5 million or 2%, from the prior quarter
    • Efficiency ratio of 46.7%
    • Net gain of $2.2 million on sale of $19.3 million of OREO assets
    • Net interest margin of 3.31%, increased by 13 basis points compared to the fourth quarter of 2024
    • Cost of funds decreased to 1.04% from 1.13% in the fourth quarter of 2024
    • Noninterest bearing deposits grew by $147 million from the end of 2024
    • Dairy and Livestock loans decreased by $168 million or 44% from the end of 2024
    • Net Recoveries of $130,000 and $2 million recapture of credit losses
    • TCE Ratio of 10.0% & CET1 Ratio of 16.5%

    INCOME STATEMENT HIGHLIGHTS

     Three Months Ended 
     March 31, 2025
    		 December 31, 2024
    		 March 31, 2024
    		 
     (Dollars in thousands, except per share amounts) 
    Net interest income$110,444  $110,418  $112,461  
    Recapure of (provision for) credit losses 2,000   3,000   -  
    Noninterest income 16,229   13,103   14,113  
    Noninterest expense (59,144)  (58,480)  (59,771) 
    Income taxes (18,425)  (17,183)  (18,204) 
    Net earnings$51,104  $50,858  $48,599  
    Earnings per common share:      
    Basic$0.37  $0.36  $0.35  
    Diluted$0.36  $0.36  $0.35  
           
    NIM 3.31%  3.18%  3.10% 
    ROAA 1.37%  1.30%  1.21% 
    ROAE 9.31%  9.14%  9.31% 
    ROATCE 14.51%  14.31%  15.13% 
    Efficiency ratio 46.69%  47.34%  47.22% 
           


    Net Interest Income
    Net interest income was $110.4 million for the first quarter of 2025, essentially equal to the fourth quarter of 2024, and a $2.02 million, or 1.79%, decrease from the first quarter of 2024. Compared to the prior quarter, net interest income in the first quarter of 2025 was impacted by a 13-basis point increase in net interest margin that was offset by a $405.6 million decline in earning assets.

    The decline in net interest income of $2 million compared to the first quarter of 2024 was the net result of a $1.09 billion decline in earning assets partially offset by a 21-basis point increase in net interest margin. The decrease in earning assets was primarily due to the deleveraging strategy deployed in the second half of 2024, which resulted in the Company’s borrowings declining by $1.48 billion.

    Net Interest Margin
    Our tax equivalent net interest margin was 3.31% for the first quarter of 2025, compared to 3.18% for the fourth quarter of 2024 and 3.10% for the first quarter of 2024. The 13 basis points increase in our net interest margin compared to the fourth quarter of 2024, was the combined result of a four-basis point increase in our interest-earning assets and a nine-basis point decrease in our cost of funds, including a seven-basis point decrease in cost of deposits. The four-basis point increase in our interest-earning asset yield was primarily due to a seven-basis point increase in loan yields and a five-basis points increase in investment securities yields. We experienced an increase in yields on investments in the first quarter of 2025, as a result of the sale of lower-yielding available-for-sale (“AFS”) securities and the purchase of higher-yielding AFS securities during the fourth quarter of 2024. However, this increase in investment yields was partially offset by a decrease during the first quarter of 2025 in the positive carry on our fair value hedging instruments that pay a fixed interest rate while receiving daily SOFR.

    Net interest margin for the first quarter of 2025 increased by 21-basis points compared to the first quarter of 2024, primarily as a result of 27-basis point decrease in cost of funds from 1.31% for the first quarter of 2024 to 1.04% for the first quarter of 2025. The decrease in cost of funds was primarily due to a $1.48 billion decline in borrowings, which had an average cost of 4.76% in the first quarter of 2024. For the first quarter of 2025, the Company had average borrowings of $513 million at a cost of 4.61% and average deposits and customer repos of $12.19 billion at a cost of .87%, which compares to the first quarter of 2024 in which borrowings averaged $2 billion at a cost of 4.76% and average deposits and customer repos of $11.95 billion at a cost of .73%. The decrease in cost of funds was offset by lower interest earning asset yields that declined by 6 basis points from 4.34% in the first quarter of 2024 to 4.28% in the first quarter of 2025. The lower earning asset yields included lower loan yields, which declined from 5.30% for the first quarter of 2024 to 5.22% for the first quarter of 2025.

    Earning Assets and Deposits
    On average, earning assets decreased by $405.6 million compared to the fourth quarter of 2024 and declined by $1.09 billion when compared to the first quarter of 2024. The decline in earning assets from the fourth quarter of 2024 was primarily a $323 million decrease in funds held at the Federal Reserve, as well as a $55 million average decline in outstanding loans. Compared to the first quarter of 2024, the average balance of outstanding loans was $357 million lower, investment securities decreased by $449.0 million and the average amount of funds held at the Federal Reserve decreased by $272.0 million. Noninterest-bearing deposits declined on average by $109.7 million, or 1.54%, from the fourth quarter of 2024 and interest-bearing deposits and customer repurchase agreements declined on average by $270.9 million. Compared to the first quarter of 2024, total deposits and customer repurchase agreements increased on average by $243.9 million, or 2.04%, including an increase of $420.2 million in interest-bearing deposits and customer repurchase agreements. On average, noninterest-bearing deposits were 59.01% of total deposits during the most recent quarter, compared to 58.74% for the fourth quarter of 2024 and 61.72% for the first quarter of 2024.

      Three Months Ended 
    SELECTED FINANCIAL HIGHLIGHTSMarch 31, 2025 December 31, 2024 March 31, 2024 
      (Dollars in thousands) 
    Yield on average investment securities (TE) 2.63%   2.58%   2.64%  
    Yield on average loans 5.22%   5.15%   5.30%  
    Yield on average earning assets (TE) 4.28%   4.24%   4.34%  
    Cost of deposits 0.86%   0.93%   0.74%  
    Cost of funds 1.04%   1.13%   1.31%  
    Net interest margin (TE) 3.31%   3.18%   3.10%  
                  
    Average Earning Asset MixAvg % of Total Avg % of Total Avg % of Total
     Total investment securities$4,908,718 36.21% $4,936,514 35.36% $5,357,708 36.59% 
     Interest-earning deposits with other institutions 162,389 1.20%  485,103 3.47%  444,101 3.03% 
     Loans 8,467,465 62.46%  8,522,587 61.04%  8,824,579 60.26% 
     Total interest-earning assets 13,556,584    13,962,216    14,644,400   
                  


    Provision for Credit Losses
    There was a $2.0 million recapture of provision for credit losses in the first quarter of 2025, compared to a $3.0 million recapture of provision for credit losses in the fourth quarter of 2024 and no provision in the first quarter of 2024. Net recoveries for the first quarter of 2025 were $130,000 compared to net recoveries of $180,000 in the prior quarter. Allowance for credit losses represented 0.94% of gross loans at March 31, 2025 and December 31, 2024.

    Noninterest Income
    Noninterest income was $16.2 million for the first quarter of 2025, compared with $13.1 million for the fourth quarter of 2024 and $14.1 million for the first quarter of 2024. During the first quarter of 2025, the Bank sold four OREO properties resulting in a gain of $2.2 million. Income from Bank Owned Life Insurance (“BOLI”) increased in the first quarter of 2025 by $445,000 from the fourth quarter of 2024 and decreased by $762,000 compared to the first quarter of 2024. Compared to the fourth quarter of 2024 and the first quarter of 2024, income from various equity investments increased by $750,000 and $450,000, respectively.

    Noninterest Expense
    Noninterest expense for the first quarter of 2025 was $59.1 million, compared to $58.5 million for the fourth quarter of 2024 and $59.8 million for the first quarter of 2024. The $664,000 quarter-over-quarter increase includes a $500,000 provision for unfunded loan commitments in the first quarter of 2025, compared to no provision or recapture of provision in the first and fourth quarter of 2024. Salaries and employee benefit costs increased $479,000, as the first quarter of each calendar year reflects higher payroll taxes than the fourth quarter of the prior year. Offsetting those quarter-over-quarter increases was a decline in legal expenses of $326,000.

    The year-over-year decrease in noninterest expense of $627,000 was impacted by the higher level of assessment expense in the first quarter of 2024, in which we had an additional accrual of $2.3 million associated with the 2023 FDIC special assessment. The decline in assessment expense was offset by increases in software expenses of $696,000 and occupancy expenses of $433,000, as well as the $500,000 recapture of provision for unfunded loan commitments in the first quarter of 2025. As a percentage of average assets, noninterest expense was 1.58% for the first quarter of 2025, compared to 1.49% for the fourth quarter of 2024 and 1.48% for the first quarter of 2024. The efficiency ratio for the first quarter of 2025 was 46.69%, compared to 47.34% for the fourth quarter of 2024 and 47.22% for the first quarter of 2024.

    Income Taxes
    Our effective tax rate for the quarter ended March 31, 2025 was 26.50%, compared with 25.25% for the fourth quarter of 2024, and 27.25% for the same period of 2024. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as available tax credits.

    BALANCE SHEET HIGHLIGHTS

    Assets
    The Company reported total assets of $15.26 billion at March 31, 2025. This represented an increase of $102.9 million, or 0.68%, from total assets of $15.15 billion at December 31, 2024. The increase in assets included a $290.3 million increase in interest-earning balances due from the Federal Reserve, offset by a $27.6 million decrease in investment securities, and a $170.9 million decrease in net loans.

    Total assets at March 31, 2025 decreased by $1.2 billion, or 7.36%, from total assets of $16.47 billion at March 31, 2024. The decrease in assets was primarily due to a decrease of $476.5 million in interest-earning balances due from the Federal Reserve, a decrease of $397.5 million in investment securities and a $402.5 million decrease in net loans.

    Investment Securities
    Total investment securities were $4.89 billion at March 31, 2025, a decrease of $27.6 million, or 0.56% from December 31, 2024, and a decrease of $397.5 million, or 7.51%, from $5.29 billion at March 31, 2024.  

    At March 31, 2025, investment securities held-to-maturity (“HTM”) totaled $2.36 billion, a decrease of $20.5 million, or 0.86% from December 31, 2024, and a decrease of $95.4 million, or 3.89%, from March 31, 2024.

    At March 31, 2025, investment securities available-for-sale (“AFS”) totaled $2.54 billion, inclusive of a pre-tax net unrealized loss of $338.4 million. AFS securities decreased by $7.0 million, or 0.28% from December 31, 2024 and decreased by $302.0 million, or 10.65%, from $2.84 billion at March 31, 2024. The pre-tax unrealized loss decreased by $58.9 million from December 31, 2024 and decreased by $97.2 million from March 31, 2024.

    Loans
    Total loans and leases, at amortized cost, of $8.36 billion at March 31, 2025 decreased by $172.8 million, or 2.02%, from December 31, 2024. The quarter-over quarter decrease in loans included decreases of $16.8 million in commercial real estate loans and $167.8 million in dairy & livestock loans, partially offset by an increase of $17.1 million in commercial and industrial loans.

    Total loans and leases, at amortized cost, decreased by $407.1 million, or 4.64%, from March 31, 2024. The $407.1 million decrease included decreases of $229.9 million in commercial real estate loans, $43.1 million in construction loans, $20.8 million in commercial and industrial loans, $99.1 million in dairy & livestock and agribusiness loans, $6.8 million in municipal lease financings, and $7.0 million in SFR mortgage loans.

    Asset Quality
    During the first quarter of 2025, we experienced credit charge-offs of $40,000 and total recoveries of $170,000, resulting in net recoveries of $130,000. The allowance for credit losses (“ACL”) totaled $78.3 million at March 31, 2025, compared to $80.1 million at December 31, 2024 and $82.8 million at March 31, 2024. At March 31, 2025, ACL as a percentage of total loans and leases outstanding was 0.94%. This compares to 0.94% and 0.94% at December 31, 2024 and March 31, 2024, respectively.

    Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below.

    Nonperforming Assets and Delinquency TrendsMarch 31, 2025
    		 December 31, 2024
    		 March 31, 2024
    Nonperforming loans (Dollars in thousands)
    Commercial real estate $24,379  $25,866  $10,661 
    SBA  1,024   1,529   54 
    Commercial and industrial  173   340   2,727 
    Dairy & livestock and agribusiness  60   60   60 
    SFR mortgage  -   -   308 
    Consumer and other loans  -   -   - 
    Total $ 25,636  $ 27,795  $ 13,810 
    % of Total loans  0.31%  0.33%  0.16%
    OREO      
    Commercial real estate $495  $18,656  $- 
    Commercial and industrial  -   -   647 
    SFR mortgage  -   647   - 
    Total $ 495  $ 19,303  $ 647 
           
    Total nonperforming assets $ 26,131  $ 47,098  $ 14,457 
    % of Nonperforming assets to total assets  0.17%  0.31%  0.09%
           
    Past due 30-89 days (accruing)      
    Commercial real estate $-  $-  $19,781 
    SBA  718   88   408 
    Commercial and industrial  -   399   6 
    Dairy & livestock and agribusiness  -   -   - 
    SFR mortgage  -   -   - 
    Consumer and other loans  -   -   - 
    Total $ 718  $ 487  $ 20,195 
    % of Total loans  0.01%  0.01%  0.23%
    Total nonperforming, OREO, and past due $ 26,849  $ 47,585  $ 34,652 
           
    Classified Loans $ 94,169  $ 89,549  $ 103,080 
     


    The $21.0 million decrease in nonperforming assets from December 31, 2024 was primarily due to the sale of $19.3 million of OREO at a net gain of $2.2 million during the first quarter of 2025. Classified loans are loans that are graded “substandard” or worse. Classified loans increased $4.6 million quarter-over-quarter, primarily due to increases of $6.5 million in classified dairy and livestock loans.

    Deposits & Customer Repurchase Agreements
    Deposits of $12.0 billion and customer repurchase agreements of $276.2 million totaled $12.27 billion at March 31, 2025. This represented a net increase of $55.8 million compared to December 31, 2024. Total deposits and customer repurchase agreements increased $95.4 million, or .78% when compared to $12.17 billion at March 31, 2024.

    Noninterest-bearing deposits were $7.18 billion at March 31, 2025, an increase of $147.2 million, or 2.09%, when compared to $7.04 billion at December 31, 2024. Noninterest-bearing deposits increased by $71.5 million, or 1.00% when compared to $7.11 billion at March 31, 2024. At March 31, 2025, noninterest-bearing deposits were 59.92% of total deposits, compared to 58.90% at December 31, 2024 and 59.80% at
    March 31, 2024.

    Borrowings
    As of March 31, 2025, total borrowings consisted of $500 million of FHLB advances. The FHLB advances include maturities of $300 million, at an average cost of approximately 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027. Total borrowings decreased by $1.5 billion from March 31, 2024. The $2.0 billion of borrowings at March 31, 2024 consisted of one-year advances from the Federal Reserve’s Bank Term Funding Program, at an average cost of approximately 4.75%, all of which were redeemed before the end of 2024.

    Capital
    The Company’s total equity was $2.23 billion at March 31, 2025. This represented an overall increase of $42.1 million from total equity of $2.19 billion at December 31, 2024. Increases to equity included $51.1 million in net earnings and a $34.8 million increase in other comprehensive income that were partially offset by $27.9 million in cash dividends. During the first quarter of 2025, we repurchased, under our stock repurchase plan, 782,063 shares of common stock, at an average repurchase price of $19.55, totaling $15.3 million.   Our tangible book value per share at March 31, 2025 was $10.45.

    Our capital ratios under the revised capital framework referred to as Basel III remain well-above regulatory standards.

        CVB Financial Corp. Consolidated 
    Capital Ratios Minimum Required Plus Capital Conservation Buffer March 31, 2025 December 31, 2024 March 31, 2024 
              
    Tier 1 leverage capital ratio 4.0% 11.8% 11.5% 10.5% 
    Common equity Tier 1 capital ratio 7.0% 16.5% 16.2% 14.9% 
    Tier 1 risk-based capital ratio 8.5% 16.5% 16.2% 14.9% 
    Total risk-based capital ratio 10.5% 17.3% 17.1% 15.8% 
              
    Tangible common equity ratio   10.0% 9.8% 8.3% 
              

    CitizensTrust
    As of March 31, 2025 CitizensTrust had approximately $4.7 billion in assets under management and administration, including $3.38 billion in assets under management. Revenues were $3.4 million for the first quarter of 2025, compared to $3.5 million in the fourth quarter of 2024 and $3.2 million for the first quarter of 2024. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

    Corporate Overview
    CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California.

    Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

    Conference Call

    Management will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, April 24, 2025, to discuss the Company’s first quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI643a97d119af4b899539fee84f093408

    The conference call will also be simultaneously webcast over the Internet; please visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab to access the call from the site. Please access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call and will be available on the website for approximately 12 months.

    Safe Harbor
    Certain statements set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will,” “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results or performance to differ materially from those projected. These forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies, goals and statements about the Company’s outlook regarding revenue and asset growth, financial performance and profitability, capital and liquidity levels, loan and deposit levels, growth and retention, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, the impact of economic developments, the impact of monetary, fiscal and trade policies, and the impact of acquisitions we have made or may make. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and there can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors, in addition to those set forth below, could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.

    General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct business; the effects of, and changes in, immigration, trade, tariff, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we have made or may make, including, without limitation, the failure to obtain the necessary regulatory approvals, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target and key personnel into our operations; the timely development of competitive products and services and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities, and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the transition away from USD LIBOR and uncertainties regarding potential alternative reference rates, including SOFR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill on our balance sheet; changes in customer spending, borrowing, and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract or retain deposits or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment of dividends on our common stock; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including on our asset credit quality, business operations, and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our ability to comply with federal and state in employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; and our ability to manage the risks involved in the foregoing.

    Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's 2024 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).

    The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this earnings release and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP. These measures may or may not be comparable to similarly titled measures used by other companies.

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



    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
           
           
      March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Assets      
    Cash and due from banks $187,981  $153,875  $131,955 
    Interest-earning balances due from Federal Reserve  341,108   50,823   817,634 
    Total cash and cash equivalents  529,089   204,698   949,589 
    Interest-earning balances due from depository institutions  3,451   480   12,632 
    Investment securities available-for-sale  2,535,066   2,542,115   2,837,100 
    Investment securities held-to-maturity  2,359,141   2,379,668   2,454,586 
    Total investment securities  4,894,207   4,921,783   5,291,686 
    Investment in stock of Federal Home Loan Bank (FHLB)  18,012   18,012   18,012 
    Loans and lease finance receivables  8,363,632   8,536,432   8,770,713 
    Allowance for credit losses  (78,252)  (80,122)  (82,817)
    Net loans and lease finance receivables  8,285,380   8,456,310   8,687,896 
    Premises and equipment, net  26,772   27,543   43,448 
    Bank owned life insurance (BOLI)  318,301   316,248   310,744 
    Intangibles  8,812   9,967   13,853 
    Goodwill  765,822   765,822   765,822 
    Other assets  406,745   432,792   374,464 
    Total assets $15,256,591  $15,153,655  $16,468,146 
    Liabilities and Stockholders' Equity      
    Liabilities:      
    Deposits:      
    Noninterest-bearing $7,184,267  $7,037,096  $7,112,789 
    Investment checking  533,220   551,305   545,066 
    Savings and money market  3,710,612   3,786,387   3,561,512 
    Time deposits  561,822   573,593   675,554 
    Total deposits  11,989,921   11,948,381   11,894,921 
    Customer repurchase agreements  276,163   261,887   275,720 
    Other borrowings  500,000   500,000   1,995,000 
    Other liabilities  262,088   257,071   215,680 
    Total liabilities  13,028,172   12,967,339   14,381,321 
    Stockholders' Equity      
    Stockholders' equity  2,505,719   2,498,380   2,422,110 
    Accumulated other comprehensive loss, net of tax  (277,300)  (312,064)  (335,285)
    Total stockholders' equity  2,228,419   2,186,316   2,086,825 
    Total liabilities and stockholders' equity $15,256,591  $15,153,655  $16,468,146 
           


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
           
           
      Three Months Ended
      March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Assets      
    Cash and due from banks $154,328  $152,966  $162,049 
    Interest-earning balances due from Federal Reserve  161,432   484,038   433,421 
    Total cash and cash equivalents  315,760   637,004   595,470 
    Interest-earning balances due from depository institutions  957   1,065   10,680 
    Investment securities available-for-sale  2,539,211   2,542,649   2,900,097 
    Investment securities held-to-maturity  2,369,507   2,393,865   2,457,611 
    Total investment securities  4,908,718   4,936,514   5,357,708 
    Investment in stock of FHLB  18,012   18,012   18,012 
    Loans and lease finance receivables  8,467,465   8,522,587   8,824,579 
    Allowance for credit losses  (80,113)  (82,960)  (85,751)
    Net loans and lease finance receivables  8,387,352   8,439,627   8,738,828 
    Premises and equipment, net  27,408   29,959   44,380 
    Bank owned life insurance (BOLI)  316,643   316,938   309,609 
    Intangibles  9,518   10,650   14,585 
    Goodwill  765,822   765,822   765,822 
    Other assets  419,116   406,898   350,319 
    Total assets $15,169,306  $15,562,489  $16,205,413 
    Liabilities and Stockholders' Equity      
    Liabilities:      
    Deposits:      
    Noninterest-bearing $7,006,357  $7,116,050  $7,182,718 
    Interest-bearing  4,866,318   4,998,424   4,454,135 
    Total deposits  11,872,675   12,114,474   11,636,853 
    Customer repurchase agreements  317,322   456,145   309,272 
    Other borrowings  513,078   500,000   1,991,978 
    Other liabilities  239,283   278,314   168,442 
    Total liabilities  12,942,358   13,348,933   14,106,545 
    Stockholders' Equity      
    Stockholders' equity  2,523,923   2,507,060   2,432,075 
    Accumulated other comprehensive loss, net of tax  (296,975)  (293,504)  (333,207)
    Total stockholders' equity  2,226,948   2,213,556   2,098,868 
    Total liabilities and stockholders' equity $15,169,306  $15,562,489  $16,205,413 
           


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
           
           
      Three Months Ended
      March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Interest income:      
    Loans and leases, including fees $109,071  $110,277  $116,349 
    Investment securities:      
    Investment securities available-for-sale  18,734   18,041   21,446 
    Investment securities held-to-maturity  13,021   13,020   13,402 
    Total investment income  31,755   31,061   34,848 
    Dividends from FHLB stock  379   380   419 
    Interest-earning deposits with other institutions  1,797   5,881   6,073 
    Total interest income  143,002   147,599   157,689 
    Interest expense:      
    Deposits  25,322   28,317   21,366 
    Borrowings and customer repurchase agreements  6,800   8,291   23,862 
    Other  436   573   - 
    Total interest expense  32,558   37,181   45,228 
    Net interest income before (recapture of) provision for credit losses  110,444   110,418   112,461 
    (Recapture of) provision for credit losses  (2,000)  (3,000)  - 
    Net interest income after (recapture of) provision for credit losses  112,444   113,418   112,461 
    Noninterest income:      
    Service charges on deposit accounts  4,908   5,097   5,036 
    Trust and investment services  3,411   3,512   3,224 
    Loss on sale of AFS investment securities  -   (16,735)  - 
    Gain on OREO, net  2,183   -   - 
    Gain on sale leaseback transactions  -   16,794   - 
    Other  5,727   4,435   5,853 
    Total noninterest income   16,229   13,103   14,113 
    Noninterest expense:     .
    Salaries and employee benefits  36,477   35,998   36,401 
    Occupancy and equipment  5,998   5,866   5,565 
    Professional services  2,081   2,646   2,255 
    Computer software expense  4,221   3,921   3,525 
    Marketing and promotion  1,988   1,757   1,630 
    Amortization of intangible assets  1,155   1,163   1,438 
    Provision for unfunded loan commitments  500   -   - 
    Other  6,724   7,129   8,957 
    Total noninterest expense  59,144   58,480   59,771 
    Earnings before income taxes  69,529   68,041   66,803 
    Income taxes  18,425   17,183   18,204 
    Net earnings $51,104  $50,858  $48,599 
           
    Basic earnings per common share $0.37  $0.36  $0.35 
    Diluted earnings per common share $0.36  $0.36  $0.35 
    Cash dividends declared per common share $0.20  $0.20  $0.20 
           


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
           
      Three Months Ended
      March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Interest income - tax equivalent (TE) $143,525  $148,128  $158,228 
    Interest expense  32,558   37,181   45,228 
    Net interest income - (TE) $110,967  $110,947  $113,000 
           
    Return on average assets, annualized  1.37%  1.30%  1.21%
    Return on average equity, annualized  9.31%  9.14%  9.31%
    Efficiency ratio [1]  46.69%  47.34%  47.22%
    Noninterest expense to average assets, annualized  1.58%  1.49%  1.48%
    Yield on average loans  5.22%  5.15%  5.30%
    Yield on average earning assets (TE)  4.28%  4.24%  4.34%
    Cost of deposits  0.86%  0.93%  0.74%
    Cost of deposits and customer repurchase agreements  0.87%  0.97%  0.73%
    Cost of funds  1.04%  1.13%  1.31%
    Net interest margin (TE)  3.31%  3.18%  3.10%
    [1] Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
           
    Tangible Common Equity Ratio (TCE) [2]      
    CVB Financial Corp. Consolidated  10.04%  9.81%  8.33%
    Citizens Business Bank  9.92%  9.64%  8.23%
    [2] (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles])
           
    Weighted average shares outstanding      
    Basic  138,973,996   138,661,665   138,428,596 
    Diluted  139,294,401   139,102,524   138,603,324 
    Dividends declared $27,853  $27,978  $27,886 
    Dividend payout ratio [3]  54.50%  55.01%  57.38%
    [3] Dividends declared on common stock divided by net earnings.
           
    Number of shares outstanding - (end of period)  139,089,612   139,689,686   139,641,884 
    Book value per share $16.02  $15.65  $14.94 
    Tangible book value per share $10.45  $10.10  $9.36 
           
      March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
        
    Nonperforming assets:      
    Nonaccrual loans $25,636  $27,795  $13,810 
    Other real estate owned (OREO), net  495   19,303   647 
    Total nonperforming assets $26,131  $47,098  $14,457 
    Modified loans/performing troubled debt restructured loans (TDR) [4] $11,949  $6,467  $10,765 
           
    [4] Effective January 1, 2023, performing and nonperforming TDRs are reflected as Loan Modifications to borrowers experiencing financial difficulty.
           
    Percentage of nonperforming assets to total loans outstanding and OREO  0.31%  0.55%  0.16%
    Percentage of nonperforming assets to total assets  0.17%  0.31%  0.09%
    Allowance for credit losses to nonperforming assets  299.46%  170.12%  572.85%
           
      Three Months Ended
      March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Allowance for credit losses:      
    Beginning balance $80,122  $82,942  $86,842 
    Total charge-offs  (40)  (64)  (4,267)
    Total recoveries on loans previously charged-off  170   244   242 
    Net recoveries (charge-offs)  130   180   (4,025)
    (Recapture of) provision for credit losses  (2,000)  (3,000)  - 
    Allowance for credit losses at end of period $78,252  $80,122  $82,817 
           
    Net recoveries (charge-offs) to average loans  0.002%  0.002%  -0.046%
                 


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in millions)
                    
    Allowance for Credit Losses by Loan Type             
                    
      March 31, 2025 December 31, 2024 March 31, 2024
      Allowance
    For Credit
    Losses    		 Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type    		 Allowance
    For Credit
    Losses    		 Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type    		 Allowance
    For Credit
    Losses    		 Allowance
    as a % of
    Total Loans
    by Respective
    Loan Type
                    
    Commercial real estate $65.3   1.01% $66.2   1.02% $69.4   1.03%
    Construction  0.2   1.52%  0.3   1.94%  1.3   2.20%
    SBA  2.6   0.96%  2.6   0.96%  2.5   0.94%
    Commercial and industrial  6.1   0.65%  6.1   0.66%  5.1   0.53%
    Dairy & livestock and agribusiness  2.8   1.12%  3.6   0.86%  3.3   0.92%
    Municipal lease finance receivables  0.2   0.32%  0.2   0.31%  0.2   0.27%
    SFR mortgage  0.5   0.16%  0.5   0.16%  0.5   0.17%
    Consumer and other loans  0.6   0.94%  0.6   1.04%  0.5   0.97%
                    
    Total $78.3   0.94% $80.1   0.94% $82.8   0.94%
                    


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands, except per share amounts)
                 
    Quarterly Common Stock Price
                 
       2025   2024   2023 
    Quarter End High Low High Low High Low
    March 31, $21.71  $18.22  $20.45  $15.95  $25.98  $16.34 
    June 30, $-  $-  $17.91  $15.71  $16.89  $10.66 
    September 30, $-  $-  $20.29  $16.08  $19.66  $12.89 
    December 31, $-  $-  $24.58  $17.20  $21.77  $14.62 
                 
    Quarterly Consolidated Statements of Earnings
                 
        Q1 Q4 Q3 Q2 Q1
         2025   2024   2024   2024   2024 
    Interest income            
    Loans and leases, including fees   $109,071  $110,277  $114,929  $114,200  $116,349 
    Investment securities and other    33,931   37,322   50,823   44,872   41,340 
    Total interest income    143,002   147,599   165,752   159,072   157,689 
    Interest expense            
    Deposits    25,322   28,317   29,821   25,979   21,366 
    Borrowings and customer repurchase agreements  6,800   8,291   22,312   22,244   23,862 
    Other    436   573   -   -   - 
    Total interest expense    32,558   37,181   52,133   48,223   45,228 
    Net interest income before (recapture of)          
    provision for credit losses    110,444   110,418   113,619   110,849   112,461 
    (Recapture of) provision for credit losses  (2,000)  (3,000)  -   -   - 
    Net interest income after (recapture of)          
    provision for credit losses    112,444   113,418   113,619   110,849   112,461 
                 
    Noninterest income    16,229   13,103   12,834   14,424   14,113 
    Noninterest expense    59,144   58,480   58,835   56,497   59,771 
    Earnings before income taxes    69,529   68,041   67,618   68,776   66,803 
    Income taxes    18,425   17,183   16,394   18,741   18,204 
    Net earnings   $51,104  $50,858  $51,224  $50,035  $48,599 
                 
    Effective tax rate    26.50%  25.25%  24.25%  27.25%  27.25%
                 
    Basic earnings per common share   $0.37  $0.36  $0.37  $0.36  $0.35 
    Diluted earnings per common share  $0.36  $0.36  $0.37  $0.36  $0.35 
                 
    Cash dividends declared per common share $0.20  $0.20  $0.20  $0.20  $0.20 
                 
    Cash dividends declared   $27,853  $27,978  $27,977  $28,018  $27,886 
                 


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
               
    Loan Portfolio by Type
      March 31, December 31, September 30,
    		 June 30, March 31,
       2025   2024   2024   2024   2024 
               
    Commercial real estate $6,490,604  $6,507,452  $6,618,637  $6,664,925  $6,720,538 
    Construction  15,706   16,082   14,755   52,227   58,806 
    SBA  271,844   273,013   272,001   267,938   268,320 
    SBA - PPP  179   774   1,255   1,757   2,249 
    Commercial and industrial  942,301   925,178   936,489   956,184   963,120 
    Dairy & livestock and agribusiness  252,532   419,904   342,445   350,562   351,624 
    Municipal lease finance receivables  65,203   66,114   67,585   70,889   72,032 
    SFR mortgage  269,493   269,172   267,181   267,593   276,475 
    Consumer and other loans  55,770   58,743   52,217   49,771   57,549 
    Gross loans, at amortized cost  8,363,632   8,536,432   8,572,565   8,681,846   8,770,713 
    Allowance for credit losses  (78,252)  (80,122)  (82,942)  (82,786)  (82,817)
    Net loans $8,285,380  $8,456,310  $8,489,623  $8,599,060  $8,687,896 
               
               
               
    Deposit Composition by Type and Customer Repurchase Agreements
               
      March 31, December 31, September 30,
    		 June 30, March 31,
       2025   2024   2024   2024   2024 
               
    Noninterest-bearing $7,184,267  $7,037,096  $7,136,824  $7,090,095  $7,112,789 
    Investment checking  533,220   551,305   504,028   515,930   545,066 
    Savings and money market  3,710,612   3,786,387   3,745,707   3,409,320   3,561,512 
    Time deposits  561,822   573,593   685,930   774,980   675,554 
    Total deposits  11,989,921   11,948,381   12,072,489   11,790,325   11,894,921 
               
    Customer repurchase agreements  276,163   261,887   394,515   268,826   275,720 
    Total deposits and customer repurchase agreements $12,266,084  $12,210,268  $12,467,004  $12,059,151  $12,170,641 
               


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
               
    Nonperforming Assets and Delinquency Trends
      March 31, December 31, September 30,
    		 June 30, March 31,
       2025   2024   2024   2024   2024 
    Nonperforming loans:          
    Commercial real estate $24,379  $25,866  $18,794  $21,908  $10,661 
    Construction  -   -   -   -   - 
    SBA  1,024   1,529   151   337   54 
    Commercial and industrial  173   340   2,825   2,712   2,727 
    Dairy & livestock and agribusiness  60   60   143   -   60 
    SFR mortgage  -   -   -   -   308 
    Consumer and other loans  -   -   -   -   - 
    Total $ 25,636  $ 27,795  $ 21,913  $ 24,957  $ 13,810 
    % of Total loans  0.31%  0.33%  0.26%  0.29%  0.16%
               
    Past due 30-89 days (accruing):          
    Commercial real estate $-  $-  $30,701  $43  $19,781 
    Construction  -   -   -   -   - 
    SBA  718   88   -   -   408 
    Commercial and industrial  -   399   64   103   6 
    Dairy & livestock and agribusiness  -   -   -   -   - 
    SFR mortgage  -   -   -   -   - 
    Consumer and other loans  -   -   -   -   - 
    Total $ 718  $ 487  $ 30,765  $ 146  $ 20,195 
    % of Total loans  0.01%  0.01%  0.36%  0.00%  0.23%
               
    OREO:          
    Commercial real estate $495  $18,656  $-  $-  $- 
    SBA  -   -   -   -   - 
    Commercial and industrial  -   -   -   -   - 
    SFR mortgage  -   647   647   647   647 
    Total $ 495  $ 19,303  $ 647  $ 647  $ 647 
    Total nonperforming, past due, and OREO $ 26,849  $ 47,585  $ 53,325  $ 25,750  $ 34,652 
    % of Total loans  0.32%  0.56%  0.62%  0.30%  0.40%
     


    CVB FINANCIAL CORP. AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
             
    Regulatory Capital Ratios
             
             
             
        CVB Financial Corp. Consolidated
    Capital Ratios Minimum Required Plus
    Capital Conservation Buffer    		 March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
             
    Tier 1 leverage capital ratio  4.0%  11.8%  11.5%  10.5%
    Common equity Tier 1 capital ratio  7.0%  16.5%  16.2%  14.9%
    Tier 1 risk-based capital ratio  8.5%  16.5%  16.2%  14.9%
    Total risk-based capital ratio  10.5%  17.3%  17.1%  15.8%
             
    Tangible common equity ratio    10.0%  9.8%  8.3%
             



    Tangible Book Value Reconciliations (Non-GAAP)
                
    The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of tangible book value to the Company stockholders' equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2025, December 31, 2024 and March 31, 2024.
     
     
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024    		 
      (Dollars in thousands, except per share amounts)
                
    Stockholders' equity$2,228,419  $2,186,316  $2,086,825 
    Less: Goodwill (765,822)  (765,822)  (765,822)
    Less: Intangible assets (8,812)  (9,967)  (13,853)
    Tangible book value$1,453,785  $1,410,527  $1,307,150 
    Common shares issued and outstanding 139,089,612   139,689,686   139,641,884 
    Tangible book value per share$10.45  $10.10  $9.36 
     

     

    Return on Average Tangible Common Equity Reconciliations (Non-GAAP)
     
    The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company's average stockholders' equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity.
                 
                 
      Three Months Ended
       March 31,   December 31,   March 31,  
       2025   2024   2024  
      (Dollars in thousands)  
                  
    Net Income $51,104  $50,858  $48,599  
    Add: Amortization of intangible assets  1,155   1,163   1,438  
    Less: Tax effect of amortization of intangible assets (1)  (341)  (344)  (425) 
    Tangible net income $51,918  $51,677  $49,612  
                  
    Average stockholders' equity $2,226,948  $2,213,556  $2,098,868  
    Less: Average goodwill  (765,822)  (765,822)  (765,822) 
    Less: Average intangible assets  (9,518)  (10,650)  (14,585) 
    Average tangible common equity $1,451,608  $1,437,084  $1,318,461  
                  
    Return on average equity, annualized (2)  9.31%  9.14%  9.31% 
    Return on average tangible common equity, annualized (2)  14.51%  14.31%  15.13% 
                  
                  
    (1) Tax effected at respective statutory rates.             
    (2) Annualized where applicable.             

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