CVB Financial Corp. Reports Earnings for the First Quarter 2025

CVB Financial Corp

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.

Story Continues

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 HIGHLIGHTS March 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 Mix Avg  % 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 Trends March 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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