January 2021 cbbank.com Forward Looking Statements Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plans and expectations and our future financial position and operating results. Words such as "will likely result", "aims", "anticipates", "believes", "could", "estimates", "expects", "hopes", "intends" ...

CVB Financial Corp. (NASDAQ:CVBF) Q4 2020 Earnings Conference Call January 28, 2021 10:30 AM ET Company Participants Christina Carrabino - Investor Relations Dave Brager - Chief Executive Officer Allen Nicholson - Executive Vice President & Chief Financial Officer Conference Call Participants Jackie Bohlen - KBW Gary Tenner - D.A. Davidson Brett Rabatin - Hovde Group Matthew Clark - Piper Sandler David Feaster - Raymond James Operator Good morning ladies and gentlemen and welcome to the Fourth Quarter of 20 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 000-10140 CVB FINANCIAL CORP. (Exact name of registrant as specified in its charter) California 95-3629339 ( ...

PART I – FINANCIAL INFORMATION (UNAUDITED) [Condensed Consolidated Financial Statements](index=5&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Presents CVB Financial Corp.'s unaudited consolidated financial statements, detailing financial position, performance, and cash flows Condensed Consolidated Balance Sheet Highlights (Unaudited) (in thousands) | (In thousands) | June 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$13,751,297** | **$11,282,450** | | Net Loans and Lease Finance Receivables | $8,308,551 | $7,495,917 | | Total Deposits | $10,983,580 | $8,704,928 | | **Total Liabilities** | **$11,792,199** | **$9,288,352** | | **Total Stockholders' Equity** | **$1,959,098** | **$1,994,098** | Condensed Consolidated Statements of Earnings Highlights (Unaudited) (in thousands, except per share) | (In thousands, except per share) | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $104,569 | $111,057 | $206,875 | $220,593 | | Provision for Credit Losses | $11,500 | $2,000 | $23,500 | $3,500 | | **Net Earnings** | **$41,631** | **$54,481** | **$79,611** | **$106,123** | | Diluted Earnings Per Share | $0.31 | $0.39 | $0.58 | $0.76 | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) (in thousands) | (In thousands) | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | | :--- | :--- | :--- | | Net cash provided by operating activities | $97,081 | $82,602 | | Net cash (used in) provided by investing activities | ($541,488) | $438,532 | | Net cash provided by (used in) financing activities | $2,186,172 | ($509,242) | | **Net increase in cash and cash equivalents** | **$1,741,765** | **$11,892** | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Details disclosures supporting financial statements, including CECL adoption, loan portfolio quality, and derivative instruments - On January 1, 2020, the Company adopted the new Current Expected Credit Loss (CECL) standard (ASU 2016-13), which replaces the 'incurred loss' model with an 'expected loss' model. This resulted in a net decrease to beginning retained earnings of **$1.3 million**, net of tax[37](index=37&type=chunk)[38](index=38&type=chunk) - The company's primary operations are traditional banking activities, including deposit acceptance, lending, and investing, primarily serving small to mid-sized businesses and individuals in California through **58 banking centers**[31](index=31&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=37&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) MD&A provides management's perspective on financial condition and operations, highlighting COVID-19 impact, PPP, and credit risk [Impact of COVID-19](index=37&type=section&id=IMPACT%20OF%20COVID-19) Details the company's response to COVID-19, including PPP loan originations, payment deferrals, and increased credit loss provisions - Originated and funded about **4,100 Paycheck Protection Program (PPP) loans**, totaling approximately **$1.10 billion** as of June 30, 2020[155](index=155&type=chunk) - Implemented a short-term loan modification program, granting temporary payment deferrals for **820 loans** with a gross balance of **$1.27 billion (approx. 15% of the total loan portfolio)** through July 10, 2020[155](index=155&type=chunk) - Recorded an additional **$11.5 million provision for credit losses** in Q2 2020, bringing the total for the first half of the year to **$23.5 million**, due to the forecasted economic impact of the COVID-19 pandemic[73](index=73&type=chunk)[156](index=156&type=chunk) [Overview of Financial Performance](index=39&type=section&id=OVERVIEW) Summarizes Q2 2020 financial performance, noting net earnings, asset growth driven by PPP loans and deposits, and increased ACL Q2 2020 Financial Highlights | Metric | Q2 2020 | Q1 2020 | Q2 2019 | | :--- | :--- | :--- | :--- | | Net Earnings | $41.6M | $38.0M | $54.5M | | Diluted EPS | $0.31 | $0.27 | $0.39 | - Total assets increased by **$2.47 billion (21.88%)** to **$13.75 billion** at June 30, 2020, from December 31, 2019, primarily due to a **$1.74 billion increase** in balances at the Federal Reserve and an **$838.0 million increase** in loans[170](index=170&type=chunk) - Noninterest-bearing deposits grew by **$1.66 billion (31.57%)** since year-end 2019, reaching **$6.90 billion**, largely due to PPP loan proceeds and customers maintaining higher liquidity[173](index=173&type=chunk) - The allowance for credit losses (ACL) increased to **$94.0 million**, or **1.12% of total loans (1.29% excluding PPP loans)**, up from **0.91%** at year-end 2019[175](index=175&type=chunk) [Analysis of the Results of Operations](index=41&type=section&id=ANALYSIS%20OF%20THE%20RESULTS%20OF%20OPERATIONS) Analyzes Q2 2020 operating results, focusing on changes in net earnings, net interest income, noninterest income, and expenses Net Interest Income Analysis (Q2 2020 vs Q2 2019) | Metric | Q2 2020 | Q2 2019 | Change | | :--- | :--- | :--- | :--- | | Net Interest Income | $104.6M | $111.1M | -5.84% | | Net Interest Margin (TE) | 3.70% | 4.49% | -79 bps | | Average Earning Assets | $11.39B | $9.96B | +14.39% | - The provision for credit losses was **$11.5 million** in Q2 2020, a significant increase from **$2.0 million** in Q2 2019, driven by the forecasted economic impact of COVID-19[182](index=182&type=chunk) - Noninterest income decreased by **$6.1 million** YoY, primarily due to a **$5.7 million gain** on an eminent domain condemnation in Q2 2019 that did not recur[214](index=214&type=chunk) - Noninterest expense decreased by **$4.1 million (8.2%)** YoY, largely because Q2 2019 included **$2.6 million** in acquisition-related expenses that were absent in Q2 2020[225](index=225&type=chunk) [Analysis of Financial Condition](index=51&type=section&id=ANALYSIS%20OF%20FINANCIAL%20CONDITION) Examines the company's financial position, including asset and loan growth, deposit increases, nonperforming assets, and capital ratios Loan Portfolio Composition (in thousands) | Loan Type | June 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Commercial and industrial | $840,738 | $935,127 | | SBA - Paycheck Protection Program (PPP) | $1,097,150 | - | | Commercial real estate | $5,365,120 | $5,374,617 | | **Total Loans** | **$8,402,534** | **$7,564,577** | Nonperforming Assets (in thousands) | Metric | June 30, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Total nonperforming loans | $6,817 | $5,277 | | OREO, net | $4,889 | $4,889 | | **Total nonperforming assets** | **$11,706** | **$10,166** | | NPA as % of Total Assets | 0.09% | 0.09% | Capital Ratios | Ratio | June 30, 2020 | Dec 31, 2019 | Well-Capitalized Minimum | | :--- | :--- | :--- | :--- | | CET1 Capital Ratio | 14.47% | 14.83% | 6.50% | | Tier 1 Risk-Based Capital Ratio | 14.76% | 15.11% | 8.00% | | Total Risk-Based Capital Ratio | 15.97% | 16.00% | 10.00% | | Tier 1 Leverage Ratio | 10.59% | 12.33% | 5.00% | - The company suspended its 10b5-1 stock repurchase program on **March 31, 2020**, due to COVID-19 uncertainty. For the six months ended June 30, 2020, **4.9 million shares were repurchased for $91.7 million**[299](index=299&type=chunk)[301](index=301&type=chunk) [Asset/Liability and Market Risk Management](index=65&type=section&id=ASSET%2FLIABILITY%20AND%20MARKET%20RISK%20MANAGEMENT) Discusses liquidity management, asset sensitivity to interest rates, and NII/EVE sensitivity analyses - The company's primary source of funds is deposits, which increased by **$2.28 billion (26.18%)** from year-end 2019 to **$10.98 billion** at June 30, 2020, largely due to PPP loan proceeds[309](index=309&type=chunk) Net Interest Income (NII) Sensitivity Analysis (as of June 30, 2020) | Interest Rate Scenario | Estimated NII Change (12-month) | Estimated NII Change (24-month) | | :--- | :--- | :--- | | +200 basis points | +5.80% | +11.30% | | -100 basis points | -0.90% | -2.00% | Economic Value of Equity (EVE) Sensitivity Analysis | Instantaneous Rate Change | EVE % Change (June 30, 2020) | EVE % Change (Dec 31, 2019) | | :--- | :--- | :--- | | -100 bp | -20.3% | -17.5% | | +100 bp | +11.7% | +14.2% | | +200 bp | +21.1% | +25.5% | [Quantitative and Qualitative Disclosures About Market Risk](index=68&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Refers to MD&A for market risk disclosures and addresses the assessment of LIBOR phase-out impacts - The company is actively assessing the impact of the expected phase-out of the London Interbank Offered Rate (LIBOR) **after 2021** and is exploring alternatives for its variable-rate loans, subordinated debentures, and interest rate swaps indexed to LIBOR[327](index=327&type=chunk) [Controls and Procedures](index=68&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Confirms the effectiveness of disclosure controls and procedures, with no material changes in internal controls during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[328](index=328&type=chunk) - **No changes** in internal controls over financial reporting occurred during the quarter ended June 30, 2020, that materially affected or are reasonably likely to materially affect internal controls[329](index=329&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=69&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) States the company is involved in ordinary course lawsuits, but expects no material adverse effect on financial results - The Company is party to various lawsuits in the ordinary course of business but does not believe their ultimate resolution will have a **material adverse effect** on its financial results, condition, or cash flows[332](index=332&type=chunk)[335](index=335&type=chunk) [Risk Factors](index=70&type=section&id=ITEM%201A.%20RISK%20FACTORS) Highlights material risks, primarily from the COVID-19 pandemic and associated government programs like PPP and MSLP - The COVID-19 pandemic presents a significant risk, with uncertain future impacts on the economy, credit losses, and business operations. The company has already increased its allowance for credit losses by **$23.5 million** in H1 2020 and granted payment deferments on **$1.27 billion** of loans[337](index=337&type=chunk)[339](index=339&type=chunk) - Participation in the SBA's Paycheck Protection Program (PPP) introduces risks related to the evolving and uncertain application of rules for borrower eligibility, loan forgiveness, and the **SBA's loan guarantee**[341](index=341&type=chunk)[344](index=344&type=chunk) - Participation as a lender in the Federal Reserve's Main Street Lending Program (MSLP) carries risks, as it is a new program with no operating history. Risks include borrower eligibility, compliance with certifications, and potential recourse from the **Main Street SPV** if a borrower defaults[345](index=345&type=chunk)[346](index=346&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=71&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) Details the stock repurchase program, its suspension, and remaining shares available for repurchase - The company's 10b5-1 stock repurchase program was **suspended on March 31, 2020**. **No shares were repurchased** in the three months ended June 30, 2020[347](index=347&type=chunk) - As of June 30, 2020, **4,585,145 shares** of common stock remain available for repurchase under the existing program[347](index=347&type=chunk)

July 2020 cbbank.com Forward Looking Statements Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plans and expectations and our future financial position and operating results. Words such as "will likely result", "aims", "anticipates", "believes", "could", "estimates", "expects", "hopes", "intends", " ...

PART I – FINANCIAL INFORMATION (UNAUDITED) [Condensed Consolidated Financial Statements](index=5&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents CVB Financial Corp.'s unaudited condensed consolidated financial statements, including balance sheets, earnings, equity, and cash flows, for Q1 2020 Condensed Consolidated Balance Sheet Highlights (As of March 31, 2020 vs. December 31, 2019) | Metric | March 31, 2020 (in millions) | December 31, 2019 (in millions) | | :--- | :--- | :--- | | **Total Assets** | **$11,606.89** | **$11,282.45** | | Total Cash and Cash Equivalents | $705.74 | $185.52 | | Net Loans and Lease Finance Receivables | $7,383.51 | $7,495.92 | | Total Investment Securities | $2,322.01 | $2,414.71 | | **Total Liabilities** | **$9,665.50** | **$9,288.35** | | Total Deposits | $9,113.60 | $8,704.93 | | **Total Stockholders' Equity** | **$1,941.39** | **$1,994.10** | Condensed Consolidated Earnings Highlights (For the three months ended March 31) | Metric | 2020 (in millions) | 2019 (in millions) | | :--- | :--- | :--- | | Net Interest Income | $102.31 | $109.54 | | Provision for Credit Losses | $12.00 | $1.50 | | Noninterest Income | $11.64 | $16.30 | | Noninterest Expense | $48.64 | $51.60 | | **Net Earnings** | **$37.98** | **$51.64** | | **Diluted Earnings Per Share** | **$0.27** | **$0.37** | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section details accounting policies, including CECL adoption's impact on retained earnings, and provides specifics on investment securities, loan portfolio, credit quality, and COVID-19 loan modifications - The company adopted ASU No. 2016-13 (CECL) on January 1, 2020, using the modified retrospective method, resulting in a net decrease to beginning retained earnings of **$1.3 million** (net of tax) and a **$1.8 million** increase to the allowance for credit losses[33](index=33&type=chunk) - Due to the COVID-19 pandemic, the company implemented a short-term loan modification program, granting temporary payment deferrals for 90 days on **620 loans** totaling **$940 million** through May 3, 2020, which is approximately **13%** of the total loan portfolio[82](index=82&type=chunk) Loan Portfolio Composition (March 31, 2020) | Loan Type | Gross Loans (in millions) | Percentage of Total | | :--- | :--- | :--- | | Commercial real estate | $5,347.93 | 71.63% | | Commercial and industrial | $960.76 | 12.87% | | SBA | $313.07 | 4.19% | | SFR mortgage | $278.74 | 3.73% | | Dairy & livestock and agribusiness | $272.11 | 3.64% | | Construction | $128.05 | 1.72% | | Other | $165.49 | 2.22% | | **Total Gross Loans** | **$7,466.15** | **100.00%** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses Q1 2020 financial performance, highlighting the impact of COVID-19 and CECL adoption, resulting in **$38.0 million** net earnings, increased credit loss provisions, and strong liquidity - The COVID-19 pandemic led to a significant deterioration in the economic environment, prompting the company to increase its provision for credit losses by **$12.0 million** in Q1 2020[119](index=119&type=chunk)[127](index=127&type=chunk) - The company is an active participant in the SBA's Paycheck Protection Program (PPP), obtaining approvals for about **3,800 loans** totaling approximately **$1.25 billion** as of May 3, 2020[119](index=119&type=chunk)[172](index=172&type=chunk) - The company suspended its 10b5-1 stock repurchase program on March 31, 2020, due to uncertainty from the COVID-19 pandemic, after repurchasing **4.9 million shares** for **$91.7 million** in Q1 2020[156](index=156&type=chunk)[205](index=205&type=chunk) Key Performance Metrics (Q1 2020 vs. Q1 2019) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net Earnings (in millions) | $37.98 | $51.64 | | Diluted EPS | $0.27 | $0.37 | | Return on Average Assets | 1.34% | 1.84% | | Return on Average Equity | 7.61% | 11.14% | | Efficiency Ratio | 42.69% | 41.01% | [Analysis of the Results of Operations](index=40&type=section&id=ANALYSIS%20OF%20THE%20RESULTS%20OF%20OPERATIONS) Q1 2020 net earnings decreased to **$38.0 million** due to a **$10.5 million** increase in credit loss provision, **$7.2 million** lower net interest income, and reduced noninterest income and expenses - Net interest income decreased by **$7.2 million** (**6.6%**) YoY, as the net interest margin (TE) compressed from **4.39%** in Q1 2019 to **4.08%** in Q1 2020, reflecting the impact of lower interest rates[144](index=144&type=chunk) - The provision for credit losses was **$12.0 million**, a significant increase from **$1.5 million** in Q1 2019, driven by CECL adoption and severe economic disruption from COVID-19[147](index=147&type=chunk) - Noninterest income decreased by **$4.7 million** YoY, primarily because Q1 2019 included a **$4.5 million** gain on the sale of a building, which did not recur in 2020[150](index=150&type=chunk) - Noninterest expense decreased by **$3.0 million** YoY, mainly due to the absence of **$3.1 million** in acquisition-related expenses that were present in Q1 2019[153](index=153&type=chunk) [Analysis of Financial Condition](index=47&type=section&id=ANALYSIS%20OF%20FINANCIAL%20CONDITION) Total assets increased to **$11.61 billion** by Q1 2020, driven by cash growth, while loans decreased to **$7.47 billion** and deposits rose to **$9.11 billion**, with the allowance for credit losses increasing to **$82.6 million** due to CECL and pandemic impacts Loan and Deposit Balances (As of March 31, 2020 vs. Dec 31, 2019) | Metric | March 31, 2020 (in millions) | Dec 31, 2019 (in millions) | Change (in millions) | | :--- | :--- | :--- | :--- | | Gross Loans | $7,466.15 | $7,564.58 | ($98.43) | | Total Deposits | $9,113.60 | $8,704.93 | $408.68 | | Noninterest-bearing Deposits | $5,572.65 | $5,245.52 | $327.13 | - Nonperforming assets as a percentage of total assets remained low at **0.10%** as of March 31, 2020, a slight increase from **0.09%** at year-end 2019[177](index=177&type=chunk) - The allowance for credit losses to total loans ratio increased to **1.11%** at March 31, 2020, up from **0.91%** at December 31, 2019, reflecting CECL adoption and increased economic uncertainty[147](index=147&type=chunk)[186](index=186&type=chunk) Regulatory Capital Ratios (Consolidated) | Ratio | March 31, 2020 | Well-Capitalized Minimum | | :--- | :--- | :--- | | Tier 1 Leverage | 11.60% | 5.00% | | Common Equity Tier 1 | 14.13% | 6.50% | | Tier 1 Risk-Based | 14.42% | 8.00% | | Total Risk-Based | 15.49% | 10.00% | [Asset/Liability and Market Risk Management](index=62&type=section&id=ASSET%2FLIABILITY%20AND%20MARKET%20RISK%20MANAGEMENT) The company maintains a highly liquid, asset-sensitive balance sheet, primarily funded by core deposits, with over **$4 billion** in credit lines, projecting net interest income increases in rising rate environments - The company is well-positioned with a highly liquid balance sheet, funded almost entirely with core deposits and having access to over **$4 billion** in available credit lines[210](index=210&type=chunk) Net Interest Income (NII) Sensitivity Analysis (12-month Period) | Interest Rate Scenario | Estimated NII Sensitivity (March 31, 2020) | | :--- | :--- | | +200 basis points | +5.20% | | -100 basis points | -0.50% | Economic Value of Equity (EVE) Sensitivity Analysis | Instantaneous Rate Change | EVE Sensitivity (March 31, 2020) | | :--- | :--- | | +200 basis points | +34.5% | | +100 basis points | +19.5% | | -100 basis points | -28.3% | [Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk, with an emerging focus on assessing the impact and transition from LIBOR to alternative reference rates for various financial instruments - The company is actively assessing the impact of the expected phase-out of LIBOR after 2021 and is exploring alternative reference rates for its affected financial instruments, including variable-rate loans, subordinated debentures, and interest rate swaps[219](index=219&type=chunk) [Controls and Procedures](index=65&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Senior management concluded that disclosure controls and procedures were effective as of March 31, 2020, with no material changes to internal controls over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of the end of the period covered by the report (March 31, 2020)[221](index=221&type=chunk) - No changes in internal controls over financial reporting occurred during the first quarter of 2020 that materially affected, or are reasonably likely to materially affect, these controls[221](index=221&type=chunk) PART II – OTHER INFORMATION [Legal Proceedings](index=66&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course lawsuits, with management assessing probable losses, but does not anticipate a material adverse effect on financial condition or results - The company is party to various lawsuits in the ordinary course of business but does not currently believe their resolution will have a material adverse effect on its financial condition or results[224](index=224&type=chunk) [Risk Factors](index=66&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section highlights new material risks, primarily from the COVID-19 pandemic's impact on the economy and credit quality, and uncertainties related to the Paycheck Protection Program (PPP) participation - The COVID-19 pandemic presents a significant risk, with potential negative impacts on the economy, loan demand, and credit quality. The company has already increased its allowance for credit losses by **$12.0 million** in Q1 2020 in anticipation of these effects[225](index=225&type=chunk)[227](index=227&type=chunk) - Participation in the federal Paycheck Protection Program (PPP) introduces significant risks related to the uncertain application of new and evolving SBA rules regarding borrower eligibility, loan calculations, and forgiveness, which could impact the SBA's loan guarantee[229](index=229&type=chunk)[230](index=230&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=68&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company repurchased **4.94 million** shares of common stock for **$18.54** per share in Q1 2020, suspending the program on March 31, 2020, with **4.59 million** shares remaining available Share Repurchases in Q1 2020 | Period | Shares Purchased (in millions) | Average Price Paid | | :--- | :--- | :--- | | Jan 1 - 31, 2020 | 0 | N/A | | Feb 1 - 29, 2020 | 0.35 | $19.59 | | Mar 1 - 31, 2020 | 4.59 | $18.46 | | **Total** | **4.94** | **$18.54** | - The company suspended its 10b5-1 stock repurchase program on March 31, 2020. As of this date, **4.59 million shares** were still available for repurchase under the program[232](index=232&type=chunk) [Exhibits](index=68&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the quarterly report, including amended bylaws, an employment agreement, and CEO/CFO certifications

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the fiscal year ended December 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from to Commission file number: 000-10140 CVB FINANCIAL CORP. (Exact name of registrant as specified in its charter) California 95-3629339 (State or other juri ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 000-10140 CVB FINANCIAL CORP. (Exact name of registrant as specified in its charter) California ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 000-10140 CVB FINANCIAL CORP. (Exact name of registrant as specified in its charter) California 95-36 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number: 000-10140 CVB FINANCIAL CORP. (Exact name of registrant as specified in its charter) California 95-3 ...