CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2025 | CVBF Stock News

Fourth Quarter 2025 Net Earnings of $55.0 million, or $0.40 per share Return on Average Assets of 1.40%Net Interest Margin of 3.49% Full Year 2025 Net Earnings of $209.3 million, or $1.52 per shareReturn on Average Assets of 1.36% Return on Average Tangible Common Equity of 14.28% Ontario, CA, Jan. 21, 2026 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank, National Association (the “Company”), announced earnings for the quarter and the year ended December 31, 2025. CVB Financial Corp. reported net income of $55.0 million for the quarter ended December 31, 2025, compared with $52.6 million for the third quarter of 2025 and $50.9 million for the fourth quarter of 2024. Diluted earnings per share were $0.40 for the fourth quarter, compared to $0.38 for the prior quarter and $0.36 for the same period last year. For the fourth quarter of 2025, annualized return on average equity (“ROAE”) was 9.48%, annualized return on average tangible common equity (“ROATCE”) was 14.41%, and annualized return on average assets (“ROAA”) was 1.40%. For the year ended December 31, 2025, the Company reported net income of $209.3 million, compared with $200.7 million for the year ended December 31, 2024. Diluted earnings per share were $1.52 for the year ended December 31, 2025, compared to $1.44 for the year ended December 31, 2024. For the year ended December 31, 2025, ROAA was 1.36% and ROATCE was 14.28%, which compares to a 1.24% ROAA and 14.95% ROATCE for 2024. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the fourth 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 195 consecutive quarters, or more than 48 years, of profitability, and our 145 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.” Highlights for the Fourth Quarter of 2025 Pre-provision / pretax income increased to $71.9 million, from $70.0 million in the third quarter of 2025Positive operating leverage of 2% compared to prior quarter and 6% compared to the fourth quarter of 2024Net interest income of $123 million increased by $7 million, or 6.1% from the third quarter of 2025Net interest margin expanded to 3.49% from 3.33% for the third quarter of 2025Loans grew by $228 million from the end of the third quarter 2025Average total deposits & customer repurchase agreements increased by $110 million from the prior quarterEfficiency ratio of 44.4%, excluding acquisition expense and increase in off-balance sheet reserves$2.5 million recapture of allowance for credit loss, net recoveries of $325,000 during the quarter$20.5 million decrease in NPA and $25.5 million decrease in classified loans compared to prior quarter Highlights for the Full Year 2025 5.5% growth in Earning Per Share and 4.3% growth in Net IncomeNet interest margin of 3.36%, compared to 3.09% for 2024Cost of funds of 1.03%, compared to 1.32% for 2024Net interest income increased by $13 million, or 2.9%Efficiency ratio of 45.3% after excluding expense for acquisition and increased reserves for off-balance sheetLoans grew by $163 million, or 2% compared to December 31, 2024Average total deposits & customer repurchase agreements increased by 1%, compared to 2024Repurchased 4.3 million shares of common stock in 2025 INCOME STATEMENT HIGHLIGHTS Three Months Ended Year Ended December 31, December 31,2025 September 30,2025 December 31,2024 2025 2024 2023 (Dollars in thousands, except per share amounts) Net interest income$122,658 $115,577 $110,418 $460,287 $447,347 $487,990 (Recapture of) provision for credit losses (2,500) 1,000 3,000 (3,500) 3,000 (2,000)Noninterest income 11,193 13,006 13,103 55,171 54,474 59,330 Noninterest expense 61,988 58,576 58,480 237,265 233,583 229,886 Income taxes 19,319 16,421 17,183 72,395 70,522 93,999 Net earnings$55,044 $52,586 $50,858 $209,298 $200,716 $221,435 Earnings per common share: Basic$0.40 $0.38 $0.36 $1.52 $1.44 $1.59 Diluted$0.40 $0.38 $0.36 $1.52 $1.44 $1.59 NIM 3.49% 3.33% 3.18% 3.36% 3.09% 3.31%ROAA 1.40% 1.35% 1.30% 1.36% 1.24% 1.35%ROAE 9.48% 9.19% 9.14% 9.26% 9.35% 11.03%ROATCE 14.41% 14.11% 14.31% 14.28% 14.95% 18.48%Efficiency ratio 46.31% 45.56% 47.34% 46.03% 46.55% 42.00% Net Interest Income Net interest income was $122.7 million for the fourth quarter of 2025, representing a $7.1 million, or 6.13%, increase from the third quarter of 2025, and a $12.2 million, or 11.09%, increase from the fourth quarter of 2024. Interest income increased by $5.9 million, or 3.91%, from the third quarter of 2025, while interest expense decreased by $1.2 million, or 3.52%, to $33.3 million in the fourth quarter of 2025. The quarter over quarter growth in net interest income resulted from a $152.5 million increase in average earning assets, primarily due to a $144.8 million increase in average loans, and a 16 basis point increase in the net interest margin. The increase in net interest income compared to the fourth quarter of 2024 was due primarily to a 31 basis point increase in the net interest margin, from 3.18% to 3.49%. Net interest income of $460.3 million for the year ended December 31, 2025, increased $12.9 million, or 2.89%, compared to the same period of 2024. Interest income decreased by $36.8 million, while interest expense decreased by $49.8 million from 2024. The decrease in interest income from 2024 was primarily due to a $798 million decrease in average earning assets, associated with the Bank's strategy in the later half of 2024 to de-leverage the balance sheet, as well as a two basis point decrease in the earning asset yield. The $49.8 million decrease in interest expense was primarily due to a $48.7 million decrease in interest expense on borrowings. Average borrowings declined by $1 billion year over year, as a result of the strategy to de-leverage the balance sheet during the second half of 2024. Net Interest Margin Our tax equivalent net interest margin was 3.49% for the fourth quarter of 2025, compared to 3.33% for the third quarter of 2025 and 3.18% for the fourth quarter of 2024. The 16 basis points increase in our net interest margin compared to the third quarter of 2025, was the result of an 11 basis points increase in our interest-earning assets yield, while our cost of funds decreased four basis points. The 11 basis points increase in our interest-earning asset yield was primarily due to a 22 basis points increase in our loan yield. The loan yield for the fourth quarter of 2025 was impacted by the collection of $3.2 million of interest on a nonperforming loan that was paid off in full during the quarter. Our cost of funds decreased in the fourth quarter to 1.01%, from 1.05% in the third quarter of 2025. The decrease in our cost of funds from the prior quarter was the result of a four basis point decrease in our cost of deposits to 0.82%, from 0.86%. In addition, the cost of customer repurchase agreements decreased to 1.76% in the fourth quarter from 2.00% for the third quarter of 2025. Net interest margin for the fourth quarter of 2025 increased by 31 basis points compared to the fourth quarter of 2024, based on the impact of both a 19 basis point increase in the earning asset yield and a 12 basis point decrease in cost of funds. The increase in earning asset yield was primarily due to a 32 basis point increase in loan yields. Cost of funds was 1.01% for the fourth quarter of 2025, compared to 1.13% in the same quarter of last year, as the cost of deposits decreased by 11 basis points. Earning Assets and Deposits On average, earning assets increased by $152.5 million compared to the third quarter of 2025 and increased $63.4 million when compared to the fourth quarter of 2024. The $152.5 million quarter-over-quarter increase in earning assets resulted from a $144.8 million increase in average loans and a $110.8 million increase in investment securities, offset by a $121.5 million decrease in average funds held at the Federal Reserve. Compared to the fourth quarter of 2024, the average funds held at the Federal Reserve increased by $29.8 million and average investment securities increased by $10.2 million. The average balance on noninterest-bearing deposits decreased by $122 million, or 1.71%, from the third quarter of 2025 and by $114.6 million, or 1.61% from the year ago quarter. The average balance on interest-bearing deposits and customer repurchase agreements increased by $232.2 million from the prior quarter and by $127.0 million from the fourth quarter of 2024. On average, noninterest-bearing deposits were 57.92% of total deposits during the most recent quarter, compared to 59.28% for the third quarter of 2025 and 58.74% for the fourth quarter of 2024. SELECTED FINANCIAL HIGHLIGHTS Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 (Dollars in thousands) Yield on average investment securities (TE)2.69% 2.66% 2.58% Yield on average loans5.47% 5.25% 5.15% Yield on average earning assets (TE)4.43% 4.32% 4.24% Cost of deposits0.82% 0.86% 0.93% Cost of funds1.01% 1.05% 1.13% Net interest margin (TE)3.49% 3.33% 3.18% Average Earning Asset MixAvg % of Total Avg % of Total Avg % of Total Total investment securities$4,946,732 35.27% $4,835,928 34.86% $4,936,514 35.36% Interest-earning deposits with other institutions 528,211 3.77% 646,979 4.66% 485,103 3.47% Loans 8,517,188 60.73% 8,372,383 60.35% 8,522,587 61.04% Total interest-earning assets 14,025,812 13,873,302 13,962,216 Year Ended December 31, 2025 2024 2023 (Dollars in thousands) Yield on average investment securities (TE)2.65% 2.65% 2.52% Yield on average loans5.29% 5.26% 5.04% Yield on average earning assets (TE)4.33% 4.35% 4.10% Cost of deposits0.85% 0.88% 0.41% Cost of funds1.03% 1.32% 0.83% Net interest margin (TE)3.36% 3.09% 3.31% Average Earning Asset MixAvg % of Total Avg % of Total Avg % of Total Total investment securities$4,884,669 35.51% $5,144,555 35.35% $5,579,488 37.63% Interest-earning deposits with other institutions 420,504 3.06% 720,428 4.95% 331,156 2.23% Loans 8,427,967 61.27% 8,670,420 59.58% 8,893,335 59.97% Total interest-earning assets 13,755,101 14,553,415 14,829,057 Provision for Credit Losses There was a $2.5 million recapture of credit losses in the fourth quarter of 2025, compared to a $1 million provision for credit losses in the third quarter of 2025 and a $3 million recapture of credit losses in the fourth quarter of 2024. For the year ended December 31, 2025, we recorded a $3.5 million recapture of credit losses, compared to a $3 million recapture of credit losses for 2024. Noninterest Income Noninterest income was $11.2 million for the fourth quarter of 2025, compared with $13.0 million for the third quarter of 2025, and $13.1 million for the fourth quarter of 2024. During the fourth quarter of 2025, we recognized a $2.8 million loss on sale of available-for-sale ("AFS") investments. The third quarter of 2025 included income from a $6.0 million legal settlement, that was offset by $8.1 million in losses on the sale of AFS investments. Bank-owned life insurance ("BOLI") income for the fourth quarter decreased by $1.1 million, compared to prior quarter. Trust and investment services income grew by $200,000, or 4.0% and by $519,000, or 14.8% over the third quarter and fourth quarter of 2024, respectively. For the year ended December 31, 2025, noninterest income was $55.2 million, compared to $54.5 million for 2024. Noninterest income in 2025 included $10.8 million in losses on the sale of AFS investments, a $6.0 million legal settlement, and a $2.3 million gain on OREO, while 2024 included a total pre-tax gain of $25.9 million from the sale-leaseback of four locations partially offset by a $28.1 million pre-tax loss on the sale of AFS investments. Trust and investment services income grew by $1.3 million, or 9.5%. Noninterest Expense Noninterest expense for the fourth quarter of 2025 was $62.0 million, compared to $58.6 million for the third quarter of 2025 and $58.5 million for the fourth quarter of 2024. The $3.4 million quarter over quarter increase in noninterest expense includes a $500,000 increase in provision for unfunded loan commitments and $1.6 million in acquisition related expenses incurred in the fourth quarter of 2025. Excluding these expenses, noninterest expense increased from the third quarter by $1.4 million, or 2.3%. Salaries and employee benefits increased by $1.2 million, as bonus and benefit expense increased during the fourth quarter. As a percentage of average assets, noninterest expense was 1.57% for the fourth quarter of 2025, 1.50% for the third quarter of 2025, and 1.49% for the fourth quarter of 2024. The efficiency ratio was 46.3% for the fourth quarter of 2025, 45.6% for the third quarter of 2025, and 47.3% for the fourth quarter of 2024. Excluding acquisition related expenses and increase in provision for unfunded loan commitment, the efficiency ratio for the fourth quarter of 2025 was 44.4% Noninterest expense of $237.3 million for the year ended December 31, 2025 was $3.7 million, or 1.58% higher than the prior year. After excluding acquisition related expenses and increase in provision for unfunded loan commitments in 2025, noninterest expense was lower than 2024 by $1.1 million. Professional service expense decreased from 2024 by $1.2 million, while software expense grew from 2024 by $1.8 million, or 12.1%. Income Taxes Our effective tax rate for the quarter ended December 31, 2025 was 25.98%, compared with 23.80% for the third quarter of 2025, and 25.25% for the fourth quarter of 2024. Investments in tax credits contributed to the year-to-date effective tax rate of 25.7%. 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 $15.63 billion at December 31, 2025. This represented a decrease of $35.2 million, or 0.22%, from total assets of $15.67 billion at September 30, 2025. The decrease in assets included an $363.2 million decrease in interest-earning balances due from the Federal Reserve, offset by a $76.2 million increase in investment securities, and a $228.3 million increase in total loans. Total assets increased by $477.4 million, or 3.15%, from total assets of $15.15 billion at December 31, 2024. The increase in assets included a $218.1 million increase in interest-earning balances due from the Federal Reserve, a $162.8 million increase in total loans, and a $31.7 million increase in investment securities. Investment Securities Total investment securities were $4.95 billion at December 31, 2025, an increase of $76.2 million, or 1.56% from $4.88 billion at September 30, 2025, and an increase of $31.7 million, or 0.64%, from $4.92 billion at December 31, 2024. At December 31, 2025, investment securities held-to-maturity (“HTM”) totaled $2.27 billion, a decrease of $27.5 million, or 1.20% from September 30, 2025, and a decrease of $109.3 million, or 4.59% from December 31, 2024. At December 31, 2025, investment securities available-for-sale (“AFS”) totaled $2.68 billion, inclusive of a pre-tax net unrealized loss of $307.8 million. AFS securities increased by $103.7 million, or 4.02% from September 30, 2025, and increased by $141.0 million, or 5.54% from $2.54 million at December 31, 2024. The pre-tax unrealized loss decreased by $26.0 million from the end of the September 30, 2025, while decreasing $139.9 million from December 31, 2024. Loans Total loans and leases, at amortized cost, of $8.70 billion at December 31, 2025 increased by $228.3 million, or 2.69%, from September 30, 2025. The quarter-over quarter increase in loans included increases of $138.6 million in dairy & livestock and agribusiness loans, $39.1 million in commercial real estate loans, $34.5 million in commercial and industrial loans, $16.1 million in Small Business Administration ("SBA") loans, and $7.8 million in construction loans, partially offset by decreases of $4.3 million in single-family residential ("SFR") mortgage loans, $1.8 million in municipal lease finance receivables, and $1.6 million in consumer and other loans. Total loans and leases, at amortized cost, increased by $162.8 million, or 1.91%, from December 31, 2024. The year-over-year increase includes increases of $66.9 million in commercial real estate loans, $48.5 million in commercial and industrial loans, $21.7 million in construction loans, $12.6 million in SFR mortgage loans, $11.7 million in dairy and livestock and agribusiness loans, $9.4 million in SBA loans, $2.3 million in consumer loans, offset by decreases of $6.6 million in municipal lease finance receivables, and $3 million in other loans. Asset Quality During the fourth quarter of 2025, we experienced credit charge-offs of $106,000 and total recoveries of $431,000, resulting in net recoveries of $325,000 compared to net recoveries of $333,000 in the prior quarter. For the year ended 2025, we experienced net recoveries of $539,000. Allowance for credit losses represented 0.89% of gross loans at December 31, 2025 compared to 0.94% at September 30, 2025.The allowance for credit losses (“ACL”) totaled $77.2 million at December 31, 2025, compared to $79.3 million at September 30, 2025 and $80.1 million at December 31, 2024. At December 31, 2025, the ACL as a percentage of total loans and leases outstanding was 0.89%. This compares to 0.94% at September 30, 2025 and 0.94% at December 31, 2024. Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below. Nonperforming Assets and Delinquency Trends December 31,2025 September 30,2025 December 31,2024 (Dollars in thousands) Nonperforming loans Commercial real estate $4,186 $23,707 $25,866 SBA 21 3,952 1,529 Commercial and industrial 478 145 340 Dairy & livestock and agribusiness - - 60 Total $4,685 $27,804 $27,795 % of Total loans 0.05% 0.33% 0.33% OREO Commercial real estate $163 $661 $18,656 SFR mortgage - - 647 Total $163 $661 $19,303 Total nonperforming assets $4,848 $28,465 $47,098 % of Nonperforming assets to total assets 0.03% 0.18% 0.31% Past due 30-89 days (accruing) Commercial real estate $2,887 $43 $- SBA 30 42 88 Commercial and industrial 261 - 399 Total $3,178 $85 $487 % of Total loans 0.04% 0.00% 0.01%Total nonperforming, OREO, and past due $8,026 $28,550 $47,585 Classified Loans $52,701 $78,180 $89,549 The $23.1 million decrease in nonperforming loans from September 30, 2025 was primarily due to a $19.6 million commercial real estate nonperforming loan payoff and a $3.4 million SBA loan payoff. Classified loans are loans that are graded “substandard” or worse. Classified loans decreased $25.5 million quarter-over-quarter, primarily due to three commercial real estate loans paid off totaling $25.6 million. Deposits & Customer Repurchase Agreements Deposits of $12.07 billion and customer repurchase agreements of $490.6 million totaled $12.56 billion at December 31, 2025. This represented a net decrease of $12.9 million compared to $12.58 billion at September 30, 2025. Total deposits and customer repurchase agreements increased by $352.3 million, or 2.89%, compared to December 31, 2024. Noninterest-bearing deposits were $6.80 billion at December 31, 2025, a decrease of $444.3 million, or 6.13%, when compared to $7.24 billion at September 30, 2025. Noninterest-bearing deposits decreased by $236.4 million, or 3.36%, when compared to $7.04 billion at December 31, 2024. At December 31, 2025, noninterest-bearing deposits were 56.33% of total deposits, compared to 59.76% at September 30, 2025, and 58.90% at December 31, 2024. Borrowings As of December 31, 2025, September 30, 2025, and December 31, 2024, total borrowings consisted of $500 million of Federal Home Loan Bank ("FHLB") advances. The FHLB advances include $300 million, at an average cost of 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027. Capital The Company’s total equity was $2.30 billion at December 31, 2025. This represented an overall increase of $108.9 million from total equity of $2.19 billion at December 31, 2024. Increases to equity included $209.3 million in net earnings and a $84.4 million increase in other comprehensive income that was partially offset by $110.3 million in cash dividends. For the year ended 2025, we repurchased, under our stock repurchase plan, 4,321,777 shares of common stock, at an average repurchase price of $18.60, totaling $80.4 million. Our tangible book value per share at December 31, 2025 was $11.24. Our capital ratios under the revised capital framework referred to as Basel III remain well above regulatory standards. CVB Financial Corp. Consolidated Minimum Required Plus Capital Conservation Buffer December 31,2025 September 30,2025 December 31,2024 Tier 1 leverage capital ratio 4.0% 11.6% 11.8% 11.5%Common equity Tier 1 capital ratio 7.0% 15.9% 16.3% 16.2%Tier 1 risk-based capital ratio 8.5% 15.9% 16.3% 16.2%Total risk-based capital ratio 10.5% 16.7% 17.1% 17.1% Tangible common equity ratio 10.3% 10.1% 9.8% CitizensTrustAs of December 31, 2025, CitizensTrust had approximately $5.11 billion in assets under management and administration, including $3.75 billion in assets under management. Revenues were $4.0 million for the fourth quarter of 2025 and $15.0 million for the year ended December 31, 2025, compared to $3.5 million and $13.7 million, respectively, for the same periods 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, National Association. 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 CallManagement will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, January 22, 2026, to discuss the Company’s fourth quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI0e4821389aa24c70bdd552e807b00aa8 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 business, economic, or political developments, the impact of monetary, fiscal and trade policies, and the impact of acquisitions we have made or may make. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and there can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors, in addition to those set forth below, could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy and the strength of the local economies in which we conduct business; the effects of, and changes in, immigration, trade, tariff, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the 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, key personnel and customers into our operations; the timely development of competitive new products and services, and the acceptance of these products and services by potential and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities, and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill, including any impairment that may result from increased volatility in our stock price; changes in consumer or business spending, borrowing, and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract or retain deposits (including low cost deposits) or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment of dividends on our common stock; changes in the financial performance and/or condition of our borrowers or depositors; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; systemic or non-systemic bank failures or crises; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including on our asset credit quality, business operations, and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our ability to comply with federal and state employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; ; risks associated with our pending merger with Heritage Commerce Corp (“Heritage”), including completing the transaction on the terms set forth in our definitive agreement with Heritage, difficulties and delays in integrating Heritage’s business, key personnel and customers into our business and operations, and achieving anticipated synergies, cost savings and other benefits from the transaction; 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, equity, or shareholder returns, are for illustrative purposes only, are not forecasts, and actual results may differ. Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with 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 non-GAAP measures may or may not be comparable to similarly titled measures used by other companies. CVB FINANCIAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(Dollars in thousands) December 31, 2025 September 30, 2025 December 31, 2024Assets Cash and due from banks $107,511 $151,848 $153,875 Interest-earning balances due from Federal Reserve 268,878 632,072 50,823 Total cash and cash equivalents 376,389 783,920 204,698 Interest-earning balances due from depository institutions 13,064 13,163 480 Investment securities available-for-sale 2,683,070 2,579,397 2,542,115 Investment securities held-to-maturity 2,270,391 2,297,909 2,379,668 Total investment securities 4,953,461 4,877,306 4,921,783 Investment in FHLB, FRB, and other stock 55,948 18,012 18,012 Loans and lease finance receivables 8,699,193 8,470,906 8,536,432 Allowance for credit losses (77,161) (79,336) (80,122)Net loans and lease finance receivables 8,622,032 8,391,570 8,456,310 Premises and equipment, net 26,505 26,595 27,543 Bank owned life insurance ("BOLI") 325,299 323,881 316,248 Intangibles 5,774 6,654 9,967 Goodwill 765,822 765,822 765,822 Other assets 486,760 459,283 432,792 Total assets $15,631,054 $15,666,206 $15,153,655 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $6,800,691 $7,244,968 $7,037,096 Investment checking 509,272 487,738 551,305 Savings and money market 4,185,244 3,809,768 3,786,387 Time deposits 576,775 581,765 573,593 Total deposits 12,071,982 12,124,239 11,948,381 Customer repurchase agreements 490,601 451,258 261,887 Other borrowings 500,000 500,000 500,000 Other liabilities 273,247 308,642 257,071 Total liabilities 13,335,830 13,384,139 12,967,339 Stockholders' Equity Stockholders' equity 2,522,878 2,529,843 2,498,380 Accumulated other comprehensive loss, net of tax (227,654) (247,776) (312,064)Total stockholders' equity 2,295,224 2,282,067 2,186,316 Total liabilities and stockholders' equity $15,631,054 $15,666,206 $15,153,655 CVB FINANCIAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS(Unaudited)(Dollars in thousands) Three Months Ended Year Ended December 31,2025 September 30,2025 December 31,2024 2025 2024 Assets Cash and due from banks $144,568 $150,152 $152,966 $150,929 $160,018 Interest-earning balances due from Federal Reserve 513,797 635,331 484,038 412,210 710,308 Total cash and cash equivalents 658,365 785,483 637,004 563,139 870,326 Interest-earning balances due from depository institutions 14,414 11,648 1,065 8,294 10,120 Investment securities available-for-sale 2,661,115 2,522,720 2,542,649 2,557,402 2,716,581 Investment securities held-to-maturity 2,285,617 2,313,208 2,393,865 2,327,267 2,427,974 Total investment securities 4,946,732 4,835,928 4,936,514 4,884,669 5,144,555 Investment in FHLB, FRB, and other stock 33,681 18,012 18,012 21,961 18,012 Loans and lease finance receivables 8,517,188 8,372,383 8,522,587 8,427,967 8,670,420 Allowance for credit losses (79,341) (78,161) (82,960) (78,964) (83,580)Net loans and lease finance receivables 8,437,847 8,294,222 8,439,627 8,349,003 8,586,840 Premises and equipment, net 26,775 26,679 29,959 26,958 39,191 Bank owned life insurance ("BOLI") 325,389 322,591 316,938 321,079 313,671 Intangibles 6,176 7,111 10,650 7,748 12,571 Goodwill 765,822 765,822 765,822 765,822 765,822 Other assets 433,774 430,894 406,898 427,941 378,490 Total assets $15,648,975 $15,498,390 $15,562,489 $15,376,614 $16,139,598 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $7,001,471 $7,123,511 $7,116,050 $7,045,960 $7,144,129 Interest-bearing 5,087,709 4,893,214 4,998,424 4,901,353 4,779,181 Total deposits 12,089,180 12,016,725 12,114,474 11,947,313 11,923,310 Customer repurchase agreements 493,886 456,230 456,145 411,625 354,432 Other borrowings 500,000 500,005 500,000 505,261 1,515,725 Other liabilities 261,824 254,279 278,314 252,140 200,466 Total liabilities 13,344,890 13,227,239 13,348,933 13,116,339 13,993,933 Stockholders' Equity Stockholders' equity 2,541,331 2,538,445 2,507,060 2,530,565 2,469,095 Accumulated other comprehensive loss, net of tax (237,246) (267,294) (293,504) (270,290) (323,430)Total stockholders' equity 2,304,085 2,271,151 2,213,556 2,260,275 2,145,665 Total liabilities and stockholders' equity $15,648,975 $15,498,390 $15,562,489 $15,376,614 $16,139,598 CVB FINANCIAL CORP. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF EARNINGS(Unaudited)(Dollars in thousands, except per share amounts) Three Months Ended Year Ended December 31, 2025 September 30, 2025 December 31, 2024 2025 2024 Interest income: Loans and leases, including fees $117,415 $110,825 $110,277 $446,156 $455,755 Investment securities: Investment securities available-for-sale 20,062 18,867 18,041 75,962 80,890 Investment securities held-to-maturity 12,649 12,812 13,020 51,368 53,151 Total investment income 32,711 31,679 31,061 127,330 134,041 Dividends from FHLB, FRB, and other stock 539 377 380 1,706 1,551 Interest-earning deposits with other institutions 5,314 7,231 5,881 18,109 38,765 Total interest income 155,979 150,112 147,599 593,301 630,112 Interest expense: Deposits 25,047 26,096 28,317 101,294 105,483 Borrowings and customer repurchase agreements 8,007 8,109 8,291 30,317 76,709 Other 267 330 573 1,403 573 Total interest expense 33,321 34,535 37,181 133,014 182,765 Net interest income before provision for (recapture of) credit losses 122,658 115,577 110,418 460,287 447,347 (Recapture of) provision for credit losses (2,500) 1,000 (3,000) (3,500) (3,000)Net interest income after provision for (recapture of) credit losses 125,158 114,577 113,418 463,787 450,347 Noninterest income: Service charges on deposit accounts 4,734 4,859 5,097 19,460 20,370 Trust and investment services 4,031 3,875 3,512 15,033 13,729 Loss on sale of AFS Investment Securities (2,785) (8,185) (16,735) (10,970) (28,317)Gain on OREO, net 113 - - 2,296 - Gain on sale leaseback transactions - - 16,794 - 25,900 Other 5,100 12,457 4,435 29,352 22,792 Total noninterest income 11,193 13,006 13,103 55,171 54,474 Noninterest expense: Salaries and employee benefits 37,105 35,876 35,998 144,457 144,472 Occupancy and equipment 5,892 5,823 5,866 23,819 23,407 Professional services 2,626 2,350 2,646 9,248 10,482 Computer software expense 4,167 4,350 3,921 17,148 15,301 Marketing and promotion 1,339 1,738 1,757 6,882 7,307 Amortization of intangible assets 881 1,003 1,163 4,193 5,324 Provision for (recapture of) unfunded loan commitments 1,000 500 - 2,000 (1,250)Acquisition related expenses 1,556 - - 1,556 - Other 7,422 6,936 7,129 27,962 28,540 Total noninterest expense 61,988 58,576 58,480 237,265 233,583 Earnings before income taxes 74,363 69,007 68,041 281,693 271,238 Income taxes 19,319 16,421 17,183 72,395 70,522 Net earnings $55,044 $52,586 $50,858 $209,298 $200,716 Basic earnings per common share $0.40 $0.38 $0.36 $1.52 $1.44 Diluted earnings per common share $0.40 $0.38 $0.36 $1.52 $1.44 Cash dividends declared per common share $0.20 $0.20 $0.20 $0.80 $0.80 CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited)(Dollars in thousands, except per share amounts) Three Months Ended Year Ended December 31,2025 September 30,2025 December 31,2024 2025 2024 Interest income - tax equivalent (TE)$156,007 $150,626 $148,128 $593,413 $632,248 Interest expense 33,321 34,535 37,181 133,014 182,765 Net interest income - (TE)$122,686 $116,091 $110,947 $460,399 $449,483 Return on average assets, annualized 1.40% 1.35% 1.30% 1.36% 1.24%Return on average equity, annualized 9.48% 9.19% 9.14% 9.26% 9.35%Efficiency ratio [1] 46.31% 45.56% 47.34% 46.03% 46.55%Noninterest expense to average assets, annualized 1.57% 1.50% 1.49% 1.54% 1.45%Yield on average loans 5.47% 5.25% 5.15% 5.29% 5.26%Yield on average earning assets (TE) 4.43% 4.32% 4.24% 4.33% 4.35%Cost of deposits 0.82% 0.86% 0.93% 0.85% 0.88%Cost of deposits and customer repurchase agreements 0.86% 0.90% 0.97% 0.88% 0.90%Cost of funds 1.01% 1.05% 1.13% 1.03% 1.32%Net interest margin (TE) 3.49% 3.33% 3.18% 3.36% 3.09%[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 10.25% 10.14% 9.81% Citizens Business Bank 10.09% 10.00% 9.64% [2] (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles]) Weighted average shares outstanding Basic 135,525,188 136,830,737 138,661,665 136,757,254 138,414,598 Diluted 135,920,667 137,152,562 139,102,524 137,050,575 138,579,141 Dividends declared$27,180 $27,548 $27,978 $110,284 $111,859 Dividend payout ratio [3] 49.38% 52.39% 55.01% 52.69% 55.73%[3] Dividends declared on common stock divided by net earnings. Number of shares outstanding - (end of period) 135,551,799 137,509,649 139,689,686 Book value per share$16.93 $16.60 $15.65 Tangible book value per share$11.24 $10.98 $10.10 CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited)(Dollars in thousands, except per share amounts) Three Months Ended December 31, 2025 September 30, 2025 December 31, 2024 Nonperforming assets: Nonaccrual loans $4,685 $27,804 $27,795 Other real estate owned ("OREO"), net 163 661 19,303 Total nonperforming assets $4,848 $28,465 $47,098 Loan modifications to borrowers experiencing financial difficulty $16,902 $10,756 $6,467 Percentage of nonperforming assets to total loans outstanding and OREO 0.06% 0.34% 0.55% Percentage of nonperforming assets to total assets 0.03% 0.18% 0.31% Allowance for credit losses to nonperforming assets 1591.60% 278.71% 170.12% Three Months Ended Year Ended December 31, 2025 September 30, 2025 December 31, 2024 2025 2024 Allowance for credit losses: Beginning balance $79,336 $78,003 $82,942 $80,122 $86,842 Total charge-offs (106) (67) (64) (642) (4,408)Total recoveries on loans previously charged-off 431 400 244 1,181 688 Net recoveries (charge-offs) 325 333 180 539 (3,720)(Recapture of) provision for credit losses (2,500) 1,000 (3,000) (3,500) (3,000)Allowance for credit losses at end of period $77,161 $79,336 $80,122 $77,161 $80,122 Net recoveries (charge-offs) to average loans 0.004% 0.004% 0.002% 0.006% -0.043% CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited)(Dollars in millions) Allowance for Credit Losses by Loan Type December 31, 2025 September 30, 2025 December 31, 2024 AllowanceFor CreditLosses Allowance as a % of Total Loans by Respective Loan Type AllowanceFor CreditLosses Allowance as a % of Total Loans by Respective Loan Type AllowanceFor CreditLosses Allowance as a % of Total Loans by Respective Loan TypeCommercial real estate $61.7 0.94% $65.4 1.00% $66.2 1.02% Construction 0.6 1.57% 0.5 1.74% 0.3 1.94% SBA 2.7 0.96% 2.6 0.97% 2.6 0.96% Commercial and industrial 8.4 0.87% 6.6 0.71% 6.1 0.66% Dairy & livestock and agribusiness 2.5 0.58% 2.8 0.95% 3.6 0.86% Municipal lease finance receivables 0.3 0.42% 0.2 0.36% 0.2 0.31% SFR mortgage 0.4 0.16% 0.5 0.17% 0.5 0.16% Consumer and other loans 0.6 0.98% 0.7 1.13% 0.6 1.04% Total $77.2 0.89% $79.3 0.94% $80.1 0.94% CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited)(Dollars in thousands, except per share amounts) Quarterly Common Stock Price 2025 2024 2023 Quarter End High Low High Low High LowMarch 31, $21.71 $18.22 $20.45 $15.95 $25.98 $16.34 June 30, $20.15 $16.01 $17.91 $15.71 $16.89 $10.66 September 30, $21.34 $18.12 $20.29 $16.08 $19.66 $12.89 December 31, $20.70 $17.95 $24.58 $17.20 $21.77 $14.62 Quarterly Consolidated Statements of Earnings Q4 Q3 Q2 Q1 Q4 2025 2025 2025 2025 2024 Interest income Loans and leases, including fees $117,415 $110,825 $108,845 $109,071 $110,277 Investment securities and other 38,564 39,287 35,364 33,931 37,322 Total interest income 155,979 150,112 144,209 143,002 147,599 Interest expense Deposits 25,047 26,096 24,829 25,322 28,317 Borrowings and customer repurchase agreements 8,007 8,109 7,401 6,800 8,291 Other 267 330 371 436 573 Total interest expense 33,321 34,535 32,601 32,558 37,181 Net interest income before provision for (recapture of) credit losses 122,658 115,577 111,608 110,444 110,418 (Recapture of) provision for credit losses (2,500) 1,000 - (2,000) (3,000)Net interest income after provision for (recapture of) credit losses 125,158 114,577 111,608 112,444 113,418 Noninterest income 11,193 13,006 14,744 16,229 13,103 Noninterest expense 61,988 58,576 57,557 59,144 58,480 Earnings before income taxes 74,363 69,007 68,795 69,529 68,041 Income taxes 19,319 16,421 18,231 18,425 17,183 Net earnings $55,044 $52,586 $50,564 $51,104 $50,858 Effective tax rate 25.98% 23.80% 26.50% 26.50% 25.25% Basic earnings per common share $0.40 $0.38 $0.37 $0.37 $0.36 Diluted earnings per common share $0.40 $0.38 $0.37 $0.36 $0.36 Cash dividends declared per common share $0.20 $0.20 $0.20 $0.20 $0.20 Cash dividends declared $27,180 $27,548 $27,703 $27,853 $27,978 CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited)(Dollars in thousands) Loan Portfolio by Type December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024Commercial real estate $6,574,395 $6,535,319 $6,517,415 $6,490,604 $6,507,452 Construction 37,812 29,976 17,658 15,706 16,082 SBA 282,371 266,228 271,735 271,844 273,013 SBA - PPP 30 51 85 179 774 Commercial and industrial 973,631 939,174 912,427 942,301 925,178 Dairy & livestock and agribusiness 431,577 292,963 233,772 252,532 419,904 Municipal lease finance receivables 59,542 61,383 63,652 65,203 66,114 SFR mortgage 281,766 286,111 288,435 269,493 269,172 Consumer and other loans 58,069 59,701 53,322 55,770 58,743 Gross loans, at amortized cost 8,699,193 8,470,906 8,358,501 8,363,632 8,536,432 Allowance for credit losses (77,161) (79,336) (78,003) (78,252) (80,122)Net loans $8,622,032 $8,391,570 $8,280,498 $8,285,380 $8,456,310 Deposit Composition by Type and Customer Repurchase Agreements December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024Noninterest-bearing $6,800,691 $7,244,968 $7,247,128 $7,184,267 $7,037,096 Investment checking 509,272 487,738 483,793 533,220 551,305 Savings and money market 4,185,244 3,809,768 3,669,912 3,710,612 3,786,387 Time deposits 576,775 581,765 583,990 561,822 573,593 Total deposits 12,071,982 12,124,239 11,984,823 11,989,921 11,948,381 Customer repurchase agreements 490,601 451,258 404,154 276,163 261,887 Total deposits and customer repurchase agreements $12,562,583 $12,575,497 $12,388,977 $12,266,084 $12,210,268 CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited)(Dollars in thousands) Nonperforming Assets and Delinquency Trends December 31,2025 September 30,2025 June 30,2025 March 31,2025 December 31,2024Nonperforming loans Commercial real estate $4,186 $23,707 $24,379 $24,379 $25,866 SBA 21 3,952 1,265 1,024 1,529 Commercial and industrial 478 145 265 173 340 Dairy & livestock and agribusiness - - 60 60 60 Total $4,685 $27,804 $25,969 $25,636 $27,795 % of Total loans 0.05% 0.33% 0.31% 0.31% 0.33% Past due 30-89 days (accruing) Commercial real estate $2,887 $43 $- $- $- SBA 30 42 3,419 718 88 Commercial and industrial 261 - - - 399 Total $3,178 $85 $3,419 $718 $487 % of Total loans 0.04% 0.00% 0.04% 0.01% 0.01% OREO Commercial real estate $163 $661 $661 $495 $18,656 SFR mortgage - - - - 647 Total $163 $661 $661 $495 $19,303 Total nonperforming, past due, and OREO $8,026 $28,550 $30,049 $26,849 $47,585 % of Total loans 0.09% 0.34% 0.36% 0.32% 0.56% CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited) Regulatory Capital Ratios Minimum Required CVB Financial Corp. ConsolidatedCapital Ratios Plus Capital Conservation Buffer December 31,2025 September 30,2025 December 31,2024Tier 1 leverage capital ratio 4.0% 11.6% 11.8% 11.5% Common equity Tier 1 capital ratio 7.0% 15.9% 16.3% 16.2% Tier 1 risk-based capital ratio 8.5% 15.9% 16.3% 16.2% Total risk-based capital ratio 10.5% 16.7% 17.1% 17.1% Tangible common equity ratio 10.3% 10.1% 9.8% 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. December 31,2025 September 30,2025 December 31,2024 (Dollars in thousands, except per share amounts)Stockholders' equity $2,295,224 $2,282,067 $2,186,316 Less: Goodwill (765,822) (765,822) (765,822)Less: Intangible assets (5,774) (6,654) (9,967)Tangible book value $1,523,628 $1,509,591 $1,410,527 Common shares issued and outstanding 135,551,799 137,509,649 139,689,686 Tangible book value per share $11.24 $10.98 $10.10 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 Year Ended December 31,2025 September 30,2025 December 31,2024 2025 2024 (Dollars in thousands)Net Income $55,044 $52,586 $50,858 $209,298 $200,716 Add: Amortization of intangible assets 881 1,003 1,163 4,193 5,324 Less: Tax effect of amortization of intangible assets (1) (260) (297) (344) (1,240) (1,574)Tangible net income $55,665 $53,292 $51,677 $212,251 $204,466 Average stockholders' equity $2,304,085 $2,271,151 $2,213,556 $2,260,275 $2,145,665 Less: Average goodwill (765,822) (765,822) (765,822) (765,822) (765,822)Less: Average intangible assets (6,176) (7,111) (10,650) (7,748) (12,571)Average tangible common equity $1,532,087 $1,498,218 $1,437,084 $1,486,705 $1,367,272 Return on average equity, annualized (2) 9.48% 9.19% 9.14% 9.26% 9.35%Return on average tangible common equity, annualized (2) 14.41% 14.11% 14.31% 14.28% 14.95% (1) Tax effected at respective statutory rates.(2) Annualized where applicable. Contact: David A. Brager President and ChiefExecutive Officer(909) 980-4030