Financial Data and Key Metrics Changes - For Q3 2025, the company reported net earnings of $52.6 million or $0.38 per share, an increase from $50.6 million or $0.37 per share in Q3 2024, marking a $2 million quarter-over-quarter increase primarily due to a $4 million growth in net interest income [5][6][12] - The return on average tangible common equity was 14.11% and return on average assets was 1.35% for Q3 2025 [6] - Pretax pre-provision income was $70 million, up $1.2 million or 2% compared to Q3 2024 [6] Business Line Data and Key Metrics Changes - Net interest income for Q3 2025 was $115.6 million, compared to $111.6 million in Q2 2025 and $113.6 million in Q3 2024 [15][16] - Non-interest income was $13 million in Q3 2025, which was $1.7 million lower than Q2 2025, but increased by $260,000 when excluding legal settlements and losses [8][10] - Total loans at September 30, 2025, were $8.47 billion, reflecting a $112 million or 5% annualized increase from Q2 2025, driven by growth in various loan categories [10][11] Market Data and Key Metrics Changes - Total deposits and customer repurchase agreements totaled $12.6 billion, a $170 million increase from Q2 2025 and $108 million higher than Q3 2024 [8][9] - Non-interest bearing deposits grew by $108 million compared to Q3 2024, while interest-bearing non-maturity deposits and customer repos increased by an additional $100 million [10] Company Strategy and Development Direction - The company continues to focus on banking small to medium-sized businesses and their owners through all economic cycles, maintaining a strong commitment to profitability and dividend payments [75] - The company is actively pursuing M&A opportunities, having recently hired a team of bankers to open a new office in the Temecula Murrieta area, indicating a strategy to expand its market presence [32][62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining low single-digit loan growth for the year, with strong pipelines and opportunities despite competitive pressures in pricing [37][41] - The economic forecast indicates lower GDP growth and a slightly lower unemployment rate, with expectations of continued challenges in the commercial real estate market [19] Other Important Information - The company experienced a legal settlement of $6 million, which was offset by an $8.2 million loss on the sale of low-yielding AFS securities [6][20] - The allowance for credit loss was $79 million at September 30, 2025, representing 0.94% of gross loans, reflecting a slight increase from the previous quarter [17] Q&A Session Summary Question: Interest bearing deposit costs and beta cycle - Management noted that the recent rate cuts have not yet fully impacted deposit costs, but they plan to match Fed rate decreases with reductions in money market rates [29][30] Question: Update on M&A dialogue - Management confirmed ongoing discussions regarding M&A opportunities but indicated that no imminent deals are in place [31] Question: Loan growth expectations - Management expressed confidence in maintaining low single-digit growth, with strong pipelines and opportunities, excluding seasonal impacts from dairy loans [36][38] Question: Pricing competition in loans - Management stated they are willing to compete on price for the right relationships, acknowledging aggressive competition from larger banks [40][58] Question: Impact of interest rate swaps - Management indicated that the current interest rate environment may negatively impact net interest income, but they plan to maintain their swap arrangements as a hedge [52] Question: Cash balances and deployment - Management acknowledged the buildup of cash balances and indicated potential deployment into bonds depending on market conditions [68][71] Question: Expense management heading into 2026 - Management confirmed a continued focus on closely managing expenses, with plans to invest in technology while maintaining low single-digit growth expectations [72][74]

Financial Performance - Total assets reached $15.7 billion[5] - Gross loans amounted to $8.5 billion[5] - Total deposits, including repos, totaled $12.6 billion[5] - Total equity stood at $2.3 billion[5] - Q3'25 net income was $52.6 million, with EPS at $0.38[24] - Return on Average Tangible Common Equity (ROATCE) was 14.11%[24] - Return on Average Assets (ROAA) was 1.35%[24] - Net Interest Margin (NIM) was 3.33%[24] - Efficiency Ratio was 45.6%[24] Asset and Loan Portfolio - Securities totaled $4.9 billion[22] - Loans totaled $8.5 billion[22] - Commercial Real Estate (CRE) loans constitute 77% of the loan portfolio[22] - Commercial & Industrial (C&I) loans represent 11% of the loan portfolio[22]

[Executive Summary & Q3 2025 Performance Overview](index=1&type=section&id=Executive%20Summary%20%26%20Q3%202025%20Performance%20Overview) CVB Financial Corp. reported strong Q3 2025 financial results, with increased net income and diluted EPS, demonstrating consistent profitability and a focus on small to medium-sized businesses [Third Quarter 2025 Financial Highlights](index=1&type=section&id=Third%20Quarter%202025%20Financial%20Highlights) CVB Financial Corp. reported strong earnings for Q3 2025, with net income increasing to $52.6 million and diluted EPS at $0.38. Key performance indicators like ROAA, ROATCE, and Net Interest Margin also showed positive trends Key Financial Highlights | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :-------------------------------- | :------ | :------ | :------ | | Net Income (millions) | $52.6 | $50.6 | $51.2 | | Diluted EPS | $0.38 | $0.37 | $0.37 | | Annualized ROAE | 9.19% | - | - | | Annualized ROATCE | 14.11% | - | - | | Annualized ROAA | 1.35% | - | - | | Efficiency Ratio | 45.6% | - | - | | Net Interest Margin | 3.33% | - | - | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO David Brager highlighted the Company's continued financial strength and consistent performance, emphasizing its long history of profitability (194 consecutive quarters) and cash dividend payments (144 consecutive quarters), driven by a focus on serving small to medium-sized businesses - Citizens Business Bank's performance in Q3 2025 demonstrates continued financial strength and focus on serving the comprehensive financial needs of small to medium-sized businesses and their owners[5](index=5&type=chunk) - The Company has achieved **194 consecutive quarters of profitability** (over 48 years) and **144 consecutive quarters of paying cash dividends**[5](index=5&type=chunk) [Income Statement Analysis](index=2&type=section&id=Income%20Statement%20Analysis) This section analyzes the Company's net interest income, net interest margin, provision for credit losses, noninterest income, noninterest expense, and income taxes for the quarter [Net Interest Income](index=2&type=section&id=Net%20Interest%20Income) Net interest income for Q3 2025 was $115.6 million, showing a 3.6% increase QoQ and a 1.7% increase YoY. This growth was primarily driven by an increase in average earning assets and a slight improvement in net interest margin QoQ, and a significant decline in interest expense YoY due to reduced borrowings Net Interest Income Trends | Metric | Q3 2025 (millions) | Q2 2025 (millions) | Q3 2024 (millions) | Change QoQ (%) | Change YoY (%) | | :-------------------- | :----------------- | :----------------- | :----------------- | :------------- | :------------- | | Net Interest Income | $115.6 | $111.6 | $113.6 | 3.6% | 1.7% | | Interest Income | $150.1 | $144.2 | $165.8 | 4.1% | -9.5% | | Interest Expense | $34.5 | $32.6 | $52.1 | 5.9% | -33.8% | - Quarter-over-quarter growth in net interest income resulted from a **$315 million increase in average earning assets**, primarily due to a **$303 million increase in average balances on deposit at the Federal Reserve**, and a **2 basis point increase in net interest margin**[10](index=10&type=chunk) - Year-over-year increase in net interest income was driven by a **$17.6 million decline in interest expense**, exceeding a **$15.6 million decline in interest income**, largely due to a **$1.18 billion decrease in average interest-bearing liabilities** from BTFP advance redemptions[11](index=11&type=chunk) [Net Interest Margin](index=3&type=section&id=Net%20Interest%20Margin) The tax equivalent net interest margin (NIM) improved to 3.33% in Q3 2025, up from 3.31% QoQ and 3.05% YoY. This improvement was primarily due to a decrease in the cost of funds, which offset a modest decrease in interest-earning asset yields Net Interest Margin and Components | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :-------------------------- | :------ | :------ | :------ | | Net Interest Margin (TE) | 3.33% | 3.31% | 3.05% | | Yield on Interest-Earning Assets | 4.32% | 4.28% | 4.43% | | Cost of Funds | 1.05% | 1.03% | 1.47% | | Cost of Deposits | 0.86% | 0.84% | 0.98% | - The **28 basis point increase in NIM YoY** was primarily due to a **42 basis point decrease in cost of funds**, driven by a **$1.23 billion decline in average borrowings**[14](index=14&type=chunk) - Average earning assets increased by **$315.0 million QoQ**, mainly due to a **$303.4 million increase in funds held at the Federal Reserve**, but declined by **$1.06 billion YoY**[15](index=15&type=chunk) [Provision for Credit Losses](index=4&type=section&id=Provision%20for%20Credit%20Losses) The Company recorded a $1.0 million provision for credit losses in Q3 2025, compared to no provision in the prior quarter and the same period last year. Net recoveries were $333,000 for the quarter Provision for Credit Losses and Net Recoveries | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | | :-------------------------- | :------------------ | :------------------ | :------------------ | | Provision for Credit Losses | $1,000 | $- | $- | | Net Recoveries (Charge-offs)| $333 | $(249) | - | | ACL as % of Gross Loans | 0.94% | 0.93% | - | [Noninterest Income](index=4&type=section&id=Noninterest%20Income) Noninterest income was $13.0 million in Q3 2025, a decrease from $14.7 million QoQ but an increase from $12.8 million YoY. The QoQ decrease was primarily due to an $8.2 million loss on AFS securities sales, partially offset by a $6.0 million legal settlement Noninterest Income Breakdown | Metric | Q3 2025 (millions) | Q2 2025 (millions) | Q3 2024 (millions) | | :-------------------- | :----------------- | :----------------- | :----------------- | | Noninterest Income | $13.0 | $14.7 | $12.8 | | Loss on AFS Securities Sales | $(8.2) | $- | - | | Other Income (incl. legal settlement) | $12.5 | $6.1 | - | | Trust and Investment Services Income | $3.9 | $3.7 | $3.6 | - Noninterest income decreased QoQ primarily due to an **$8.2 million loss on sales of available-for-sale securities**, offset by a **$6.4 million increase in other income**, which included a **$6.0 million legal settlement**[19](index=19&type=chunk) [Noninterest Expense](index=4&type=section&id=Noninterest%20Expense) Noninterest expense was $58.6 million in Q3 2025, a slight increase QoQ but a decrease YoY. The QoQ increase included a $500,000 provision for unfunded loan commitments and higher salaries and benefits, while the YoY decrease was broad-based, partially offset by increased software expense Noninterest Expense and Efficiency Ratio | Metric | Q3 2025 (millions) | Q2 2025 (millions) | Q3 2024 (millions) | | :-------------------- | :----------------- | :----------------- | :----------------- | | Noninterest Expense | $58.6 | $57.6 | $58.8 | | Salaries and Benefits | $35.9 | $35.0 | $36.6 | | Provision for Unfunded Loan Commitments | $0.5 | $- | $(0.75) | | Efficiency Ratio | 45.6% | 45.6% | 46.5% | - The **$1.02 million QoQ increase in noninterest expense** included a **$500,000 provision for unfunded loan commitments** and an **$877,000 increase in salaries and benefits** due to mid-year salary increases[20](index=20&type=chunk) - The efficiency ratio remained stable QoQ at **45.6%** and improved from **46.5% YoY**[21](index=21&type=chunk) [Income Taxes](index=4&type=section&id=Income%20Taxes) The effective tax rate for Q3 2025 was 23.80%, lower than 26.50% in Q2 2025 and 24.25% in Q3 2024. Investments in tax credits contributed to a year-to-date effective tax rate of 25.6% Effective Tax Rate | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :---------------- | :------ | :------ | :------ | | Effective Tax Rate | 23.80% | 26.50% | 24.25% | - Investments in tax credits contributed to the **year-to-date effective tax rate of 25.6%**[22](index=22&type=chunk) [Balance Sheet Analysis](index=5&type=section&id=Balance%20Sheet%20Analysis) This section provides an analysis of the Company's assets, asset quality, deposits, borrowings, and capital structure, highlighting key trends and changes [Assets](index=5&type=section&id=Assets) Total assets increased to $15.67 billion at September 30, 2025, representing a 1.64% increase QoQ, a 3.38% increase YTD, and a 1.71% increase YoY. This growth was primarily driven by increases in interest-earning balances due from the Federal Reserve, investment securities, and total loans Total Assets and Key Components | Metric | Sep 30, 2025 (billions) | Jun 30, 2025 (billions) | Dec 31, 2024 (billions) | Sep 30, 2024 (billions) | | :-------------------- | :---------------------- | :---------------------- | :---------------------- | :---------------------- | | Total Assets | $15.67 | $15.41 | $15.15 | $15.40 | | Interest-Earning Balances from Fed | $0.63 | $0.54 | $0.05 | $0.25 | | Investment Securities | $4.88 | $4.85 | $4.92 | $4.87 | | Total Loans | $8.47 | $8.36 | $8.54 | $8.57 | - The QoQ increase in assets included an **$88.5 million increase in interest-earning balances due from the Federal Reserve**, a **$63.8 million increase in investment securities**, and an **$112.4 million increase in total loans**[24](index=24&type=chunk) [Investment Securities](index=5&type=section&id=Investment%20Securities) Investment securities totaled $4.88 billion, with AFS securities increasing QoQ and YoY, while the pre-tax unrealized loss on AFS securities decreased Investment Securities Portfolio | Metric | Sep 30, 2025 (billions) | Jun 30, 2025 (billions) | Dec 31, 2024 (billions) | Sep 30, 2024 (billions) | | :-------------------- | :---------------------- | :---------------------- | :---------------------- | :---------------------- | | Total Investment Securities | $4.88 | $4.81 | $4.92 | $4.87 | | HTM Securities | $2.30 | $2.33 | $2.38 | $2.41 | | AFS Securities | $2.58 | $2.49 | $2.54 | $2.47 | | AFS Pre-tax Unrealized Loss | $(332.2) million | $(363.7) million | $(447.4) million | $(367.7) million | - AFS securities increased by **$93.1 million QoQ** and **$113.8 million YoY**, while the pre-tax unrealized loss decreased by **$31.5 million QoQ** and **$35.5 million YoY**[29](index=29&type=chunk) [Loans](index=5&type=section&id=Loans) Total loans and leases were $8.47 billion, showing a QoQ increase driven by growth in dairy & livestock, agribusiness, commercial and industrial, and commercial real estate loans Total Loans and Leases | Metric | Sep 30, 2025 (billions) | Jun 30, 2025 (billions) | Dec 31, 2024 (billions) | Sep 30, 2024 (billions) | | :-------------------- | :---------------------- | :---------------------- | :---------------------- | :---------------------- | | Total Loans and Leases | $8.47 | $8.36 | $8.54 | $8.57 | | Change QoQ | +$112.4 million | - | - | - | | Change YTD | -$65.5 million | - | - | - | | Change YoY | -$101.7 million | - | - | - | - The QoQ increase in loans included significant growth in **dairy & livestock and agribusiness loans (+$59.2 million)**, **commercial and industrial loans (+$26.7 million)**, and **commercial real estate loans (+$17.9 million)**[30](index=30&type=chunk) [Asset Quality](index=5&type=section&id=Asset%20Quality) Asset quality metrics showed mixed trends. Net recoveries were $333,000 in Q3 2025. The Allowance for Credit Losses (ACL) totaled $79.3 million, representing 0.94% of total loans, consistent with prior periods. Nonperforming assets increased QoQ and YoY Asset Quality Metrics | Metric | Sep 30, 2025 (thousands) | Jun 30, 2025 (thousands) | Sep 30, 2024 (thousands) | | :-------------------------- | :----------------------- | :----------------------- | :----------------------- | | Net Recoveries (Charge-offs)| $333 | $(249) | $156 | | Allowance for Credit Losses | $79,336 | $78,003 | $82,942 | | ACL as % of Total Loans | 0.94% | 0.93% | 0.97% | | Total Nonperforming Assets | $28,465 | $26,630 | $22,560 | | % of Nonperforming Assets to Total Assets | 0.18% | 0.17% | 0.15% | [Nonperforming Assets and Delinquency Trends](index=6&type=section&id=Nonperforming%20Assets%20and%20Delinquency%20Trends) Nonperforming loans increased QoQ, primarily driven by SBA nonperforming loans, while OREO remained stable Nonperforming Assets and Delinquency | Category | Sep 30, 2025 (thousands) | Jun 30, 2025 (thousands) | Sep 30, 2024 (thousands) | | :-------------------------- | :----------------------- | :----------------------- | :----------------------- | | Nonperforming Loans | $27,804 | $25,969 | $21,913 | | Commercial real estate | $23,707 | $24,379 | $18,794 | | SBA | $3,952 | $1,265 | $151 | | OREO | $661 | $661 | $647 | | Past Due 30-89 Days (accruing) | $85 | $3,419 | $30,765 | - Total nonperforming loans increased QoQ, primarily driven by an increase in **SBA nonperforming loans**[35](index=35&type=chunk) [Classified Loans](index=6&type=section&id=Classified%20Loans) Classified loans increased by $4.8 million QoQ, mainly due to a downgrade of a commercial and industrial loan Classified Loans | Metric | Sep 30, 2025 (thousands) | Jun 30, 2025 (thousands) | | :-------------- | :----------------------- | :----------------------- | | Classified Loans | $78,180 | $73,422 | - Classified loans increased by **$4.8 million QoQ**, mainly due to a downgrade of a **$2.9 million commercial and industrial loan**[36](index=36&type=chunk) [Deposits & Customer Repurchase Agreements](index=6&type=section&id=Deposits%20%26%20Customer%20Repurchase%20Agreements) Total deposits and customer repurchase agreements increased to $12.58 billion at September 30, 2025, up by $186.5 million QoQ, $365.2 million YTD, and $108.5 million YoY. Noninterest-bearing deposits remained a significant portion, at 59.76% of total deposits Deposits and Customer Repurchase Agreements | Metric | Sep 30, 2025 (billions) | Jun 30, 2025 (billions) | Dec 31, 2024 (billions) | Sep 30, 2024 (billions) | | :-------------------------- | :---------------------- | :---------------------- | :---------------------- | :---------------------- | | Total Deposits & Customer Repos | $12.58 | $12.39 | $12.21 | $12.47 | | Noninterest-Bearing Deposits | $7.24 | $7.25 | $7.04 | $7.14 | | Noninterest-Bearing Deposits as % of Total Deposits | 59.76% | 60.47% | 58.90% | 59.12% | - Total deposits and customer repurchase agreements increased by **$186.5 million QoQ**, **$365.2 million YTD**, and **$108.5 million YoY**[37](index=37&type=chunk) [Borrowings](index=7&type=section&id=Borrowings) Total borrowings remained stable at $500 million, consisting entirely of FHLB advances with maturities in May 2026 and May 2027, at average costs of 4.73% and 4.27% respectively Borrowings Composition | Metric | Sep 30, 2025 (millions) | Dec 31, 2024 (millions) | Sep 30, 2024 (millions) | | :-------------------- | :---------------------- | :---------------------- | :---------------------- | | Total Borrowings | $500 | $500 | $500 | | FHLB Advances (2026 maturity) | $300 | - | - | | FHLB Advances (2027 maturity) | $200 | - | - | - FHLB advances include **$300 million maturing in May 2026** at an average cost of approximately **4.73%**, and **$200 million maturing in May 2027** at a cost of **4.27%**[39](index=39&type=chunk) [Capital](index=7&type=section&id=Capital) Total equity increased to $2.28 billion at September 30, 2025, up by $95.8 million YTD, driven by net earnings and an increase in other comprehensive income, partially offset by cash dividends and stock repurchases. The Company's capital ratios remain well-above regulatory standards Capital Ratios and Equity | Metric | Sep 30, 2025 (billions) | Dec 31, 2024 (billions) | Sep 30, 2024 (billions) | | :-------------------------- | :---------------------- | :---------------------- | :---------------------- | | Total Equity | $2.28 | $2.19 | $2.20 | | Tangible Book Value Per Share | $10.98 | $10.10 | $10.17 | | Tier 1 Leverage Capital Ratio | 11.8% | 11.5% | 10.6% | | Common Equity Tier 1 Capital Ratio | 16.3% | 16.2% | 15.8% | | Total Risk-Based Capital Ratio | 17.1% | 17.1% | 16.6% | - Increases to equity included **$154.3 million in net earnings** and a **$64.3 million increase in other comprehensive income**, partially offset by **$83.1 million in cash dividends** and **$43.5 million in stock repurchases**[40](index=40&type=chunk) - The Company's capital ratios under Basel III remain **well-above regulatory standards**[41](index=41&type=chunk) [Business Segments](index=7&type=section&id=Business%20Segments) This section highlights the performance of CitizensTrust, the Company's wealth management and trust services division [CitizensTrust](index=7&type=section&id=CitizensTrust) CitizensTrust reported $5.2 billion in assets under management and administration as of September 30, 2025, with revenues of $3.9 million for the third quarter, showing consistent growth QoQ and YoY CitizensTrust Performance | Metric | Q3 2025 (millions) | Q2 2025 (millions) | Q3 2024 (millions) | | :-------------------------- | :----------------- | :----------------- | :----------------- | | Assets Under Management & Administration | $5,200 | - | - | | Assets Under Management | $3,700 | - | - | | Revenues | $3.9 | $3.7 | $3.6 | - CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning[43](index=43&type=chunk) [Corporate Information](index=7&type=section&id=Corporate%20Information) This section provides an overview of CVB Financial Corp., details regarding the Q3 2025 conference call, and important disclosures on forward-looking statements and non-GAAP financial measures [Corporate Overview](index=7&type=section&id=Corporate%20Overview) CVB Financial Corp. is the holding company for Citizens Business Bank, one of California's largest bank holding companies with over $15 billion in assets. It offers a wide range of banking, lending, and investing services through more than 60 banking centers and three trust office locations - CVB Financial Corp. is the holding company for Citizens Business Bank, one of the **10 largest bank holding companies headquartered in California** with more than **$15 billion in total assets**[44](index=44&type=chunk) - Citizens Business Bank offers banking, lending, and investing services through over **60 banking centers** and **three trust office locations**[44](index=44&type=chunk) - Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol **'CVBF'**[45](index=45&type=chunk) [Conference Call](index=7&type=section&id=Conference%20Call) Management will host a conference call on Thursday, October 23, 2025, at 7:30 a.m. PDT/10:30 a.m. EDT to discuss the Q3 2025 financial results, accessible via registration or webcast on the Company's website - A conference call to discuss Q3 2025 financial results will be held on **Thursday, October 23, 2025, at 7:30 a.m. PDT/10:30 a.m. EDT**[46](index=46&type=chunk) - The conference call can be accessed live by registering online or via webcast on the Citizens Business Bank website[46](index=46&type=chunk) [Safe Harbor Statement](index=8&type=section&id=Safe%20Harbor%20Statement) The report contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from projections. Key risks include economic conditions, interest rate policies, acquisitions, regulatory changes, credit quality, and cybersecurity threats - The document contains forward-looking statements that involve risks and uncertainties, which could cause actual results or performance to differ materially from those projected[47](index=47&type=chunk) - Important factors that could cause actual results to differ include the strength of the U.S. economy, effects of monetary and fiscal policies, impact of acquisitions, changes in financial services regulations, and cybersecurity threats[48](index=48&type=chunk) - The Company disclaims any obligation to update forward-looking statements, except as required by law[50](index=50&type=chunk) [Non-GAAP Financial Measures Disclosure](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20Disclosure) Certain financial information in the release is presented on a non-GAAP basis, intended to provide supplemental information and should be considered in addition to, not as a substitute for, GAAP measures - Certain financial information is presented on a non-GAAP basis to provide supplemental information regarding the Company's performance[51](index=51&type=chunk) - Investors and analysts should consider non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP[51](index=51&type=chunk) [Condensed Consolidated Financial Statements](index=9&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Company's condensed consolidated balance sheets, average balance sheets, and statements of earnings for the reported periods [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheet shows total assets of $15.67 billion at September 30, 2025, with total liabilities of $13.38 billion and total stockholders' equity of $2.28 billion Condensed Consolidated Balance Sheet Summary | Metric | Sep 30, 2025 (thousands) | Dec 31, 2024 (thousands) | Sep 30, 2024 (thousands) | | :-------------------------------- | :----------------------- | :----------------------- | :----------------------- | | Total Assets | $15,666,206 | $15,153,655 | $15,403,216 | | Total Investment Securities | $4,877,306 | $4,921,783 | $4,870,839 | | Net Loans and Lease Finance Receivables | $8,391,570 | $8,456,310 | $8,489,623 | | Total Deposits | $12,124,239 | $11,948,381 | $12,072,489 | | Total Liabilities | $13,384,139 | $12,967,339 | $13,205,385 | | Total Stockholders' Equity | $2,282,067 | $2,186,316 | $2,197,831 | [Condensed Consolidated Average Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Average%20Balance%20Sheets) The average balance sheet for Q3 2025 shows average total assets of $15.50 billion, with average total deposits of $12.02 billion and average total stockholders' equity of $2.27 billion Condensed Consolidated Average Balance Sheet Summary | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | | Average Total Assets | $15,498,390 | $15,183,174 | $16,513,161 | | Average Total Investment Securities | $4,835,928 | $4,847,415 | $5,080,033 | | Average Loans and Lease Finance Receivables | $8,372,383 | $8,354,898 | $8,605,270 | | Average Total Deposits | $12,016,725 | $11,807,530 | $12,056,172 | | Average Total Liabilities | $13,227,239 | $12,945,226 | $14,346,368 | | Average Total Stockholders' Equity | $2,271,151 | $2,237,948 | $2,166,793 | [Condensed Consolidated Statements of Earnings](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings) The condensed consolidated statements of earnings show net income of $52.6 million for Q3 2025, with total interest income of $150.1 million and total interest expense of $34.5 million Condensed Consolidated Statements of Earnings Summary | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | | Total Interest Income | $150,112 | $144,209 | $165,752 | | Total Interest Expense | $34,535 | $32,601 | $52,133 | | Net Interest Income | $115,577 | $111,608 | $113,619 | | Provision for Credit Losses | $1,000 | $- | $- | | Total Noninterest Income | $13,006 | $14,744 | $12,834 | | Total Noninterest Expense | $58,576 | $57,557 | $58,835 | | Net Earnings | $52,586 | $50,564 | $51,224 | | Diluted Earnings Per Common Share | $0.38 | $0.37 | $0.37 | [Selected Financial Highlights & Supplementary Data](index=12&type=section&id=Selected%20Financial%20Highlights%20%26%20Supplementary%20Data) This section provides detailed key performance ratios, allowance for credit losses activity, loan portfolio composition, deposit composition, and regulatory capital ratios [Key Performance Ratios](index=12&type=section&id=Key%20Performance%20Ratios) This section provides a detailed breakdown of key financial ratios, including profitability, efficiency, yields, and costs, highlighting the Company's performance trends over the past year Key Performance Ratios Summary | Metric | Q3 2025 | Q2 2025 | Q3 2024 | | :-------------------------------- | :------ | :------ | :------ | | Return on Average Assets, annualized | 1.35% | 1.34% | 1.23% | | Return on Average Equity, annualized | 9.19% | 9.06% | 9.40% | | Efficiency Ratio | 45.56% | 45.55% | 46.53% | | Yield on Average Loans | 5.25% | 5.22% | 5.31% | | Cost of Deposits | 0.86% | 0.84% | 0.98% | | Net Interest Margin (TE) | 3.33% | 3.31% | 3.05% | | Tangible Common Equity Ratio (Consolidated) | 10.14% | 10.02% | 9.71% | | Diluted Weighted Average Shares Outstanding | 137,152,562 | 137,172,994 | 138,839,499 | | Cash Dividends Declared Per Common Share | $0.20 | $0.20 | $0.20 | | Dividend Payout Ratio | 52.39% | 54.79% | 54.62% | | Tangible Book Value Per Share | $10.98 | $10.64 | $10.17 | [Allowance for Credit Losses Activity](index=13&type=section&id=Allowance%20for%20Credit%20Losses%20Activity) The Allowance for Credit Losses (ACL) increased to $79.3 million at the end of Q3 2025. The quarter saw net recoveries of $333,000 and a provision for credit losses of $1.0 million Allowance for Credit Losses Activity | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | | ACL Beginning Balance | $78,003 | $78,252 | $82,786 | | Total Charge-offs | $(67) | $(429) | $(26) | | Total Recoveries | $400 | $180 | $182 | | Net Recoveries (Charge-offs) | $333 | $(249) | $156 | | Provision for Credit Losses | $1,000 | $- | $- | | ACL End of Period | $79,336 | $78,003 | $82,942 | | Net Recoveries (Charge-offs) to Average Loans | 0.004% | -0.003% | 0.002% | [Allowance for Credit Losses by Loan Type](index=14&type=section&id=Allowance%20for%20Credit%20Losses%20by%20Loan%20Type) The distribution of the Allowance for Credit Losses across different loan types shows varying percentages relative to each loan type, with construction loans having the highest percentage at 1.74% and SFR mortgage loans the lowest at 0.17% as of September 30, 2025 Allowance for Credit Losses by Loan Type | Loan Type | Sep 30, 2025 (millions) | Allowance as a % of Respective Loan Type | | :-------------------------- | :---------------------- | :--------------------------------------- | | Commercial real estate | $65.4 | 1.00% | | Construction | $0.5 | 1.74% | | SBA | $2.6 | 0.97% | | Commercial and industrial | $6.6 | 0.71% | | Dairy & livestock and agribusiness | $2.8 | 0.95% | | Municipal lease finance receivables | $0.2 | 0.36% | | SFR mortgage | $0.5 | 0.17% | | Consumer and other loans | $0.7 | 1.13% | | Total | $79.3 | 0.94% | [Quarterly Common Stock Price & Earnings](index=15&type=section&id=Quarterly%20Common%20Stock%20Price%20%26%20Earnings) This section provides a historical view of the Company's common stock price performance and quarterly consolidated earnings over recent periods, showing consistent diluted EPS of $0.38 in Q3 2025 Quarterly Common Stock Price and Earnings | Metric | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | | Quarter End High Stock Price | $21.34 | $20.15 | $21.71 | $24.58 | $20.29 | | Quarter End Low Stock Price | $18.12 | $16.01 | $18.22 | $17.20 | $16.08 | | Net Earnings (thousands) | $52,586 | $50,564 | $51,104 | $50,858 | $51,224 | | Diluted Earnings Per Common Share | $0.38 | $0.37 | $0.36 | $0.36 | $0.37 | | Cash Dividends Declared Per Common Share | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | [Loan Portfolio by Type](index=16&type=section&id=Loan%20Portfolio%20by%20Type) The loan portfolio at September 30, 2025, totaled $8.47 billion, with commercial real estate loans being the largest component at $6.54 billion. Dairy & livestock and agribusiness loans showed a significant QoQ increase Loan Portfolio Composition | Loan Type | Sep 30, 2025 (thousands) | Jun 30, 2025 (thousands) | Dec 31, 2024 (thousands) | Sep 30, 2024 (thousands) | | :-------------------------- | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Commercial real estate | $6,535,319 | $6,517,415 | $6,507,452 | $6,618,637 | | Construction | $29,976 | $17,658 | $16,082 | $14,755 | | SBA | $266,228 | $271,735 | $273,013 | $272,001 | | Commercial and industrial | $939,174 | $912,427 | $925,178 | $936,489 | | Dairy & livestock and agribusiness | $292,963 | $233,772 | $419,904 | $342,445 | | SFR mortgage | $286,111 | $288,435 | $269,172 | $267,181 | | Gross Loans, at amortized cost | $8,470,906 | $8,358,501 | $8,536,432 | $8,572,565 | [Deposit Composition by Type and Customer Repurchase Agreements](index=16&type=section&id=Deposit%20Composition%20by%20Type%20and%20Customer%20Repurchase%20Agreements) Total deposits and customer repurchase agreements reached $12.58 billion at September 30, 2025. Noninterest-bearing deposits constituted the largest portion at $7.24 billion, demonstrating a stable funding base Deposit Composition and Customer Repurchase Agreements | Deposit Type | Sep 30, 2025 (thousands) | Jun 30, 2025 (thousands) | Dec 31, 2024 (thousands) | Sep 30, 2024 (thousands) | | :-------------------------- | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Noninterest-bearing | $7,244,968 | $7,247,128 | $7,037,096 | $7,136,824 | | Investment checking | $487,738 | $483,793 | $551,305 | $504,028 | | Savings and money market | $3,809,768 | $3,669,912 | $3,786,387 | $3,745,707 | | Time deposits | $581,765 | $583,990 | $573,593 | $685,930 | | Total Deposits | $12,124,239 | $11,984,823 | $11,948,381 | $12,072,489 | | Customer Repurchase Agreements | $451,258 | $404,154 | $261,887 | $394,515 | | Total Deposits and Customer Repurchase Agreements | $12,575,497 | $12,388,977 | $12,210,268 | $12,467,004 | [Nonperforming Assets and Delinquency Trends (Detailed)](index=17&type=section&id=Nonperforming%20Assets%20and%20Delinquency%20Trends%20%28Detailed%29) This detailed table provides a comprehensive view of nonperforming assets and delinquency trends, showing an increase in nonperforming loans QoQ, particularly in SBA loans, while past due loans decreased significantly YoY Detailed Nonperforming Assets and Delinquency Trends | Category | Sep 30, 2025 (thousands) | Jun 30, 2025 (thousands) | Mar 31, 2025 (thousands) | Dec 31, 2024 (thousands) | Sep 30, 2024 (thousands) | | :-------------------------- | :----------------------- | :----------------------- | :----------------------- | :----------------------- | :----------------------- | | Nonaccrual Loans | $27,804 | $25,969 | $25,636 | $27,795 | $21,913 | | % of Total Loans (Nonaccrual) | 0.33% | 0.31% | 0.31% | 0.33% | 0.26% | | Past Due 30-89 Days (accruing) | $85 | $3,419 | $718 | $487 | $30,765 | | OREO | $661 | $661 | $495 | $19,303 | $647 | | Total Nonperforming, Past Due, and OREO | $28,550 | $30,049 | $26,849 | $47,585 | $53,325 | | % of Total Loans (Total Nonperforming, Past Due, and OREO) | 0.34% | 0.36% | 0.32% | 0.56% | 0.62% | [Regulatory Capital Ratios (Detailed)](index=18&type=section&id=Regulatory%20Capital%20Ratios%20%28Detailed%29) The Company's regulatory capital ratios remain strong and well above minimum required levels, demonstrating robust capital adequacy. The Tier 1 leverage capital ratio increased to 11.8% and the tangible common equity ratio to 10.1% at September 30, 2025 Detailed Regulatory Capital Ratios | Capital Ratios | Minimum Required Plus Capital Conservation Buffer | Sep 30, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :-------------------------- | :------------------------------------------------ | :----------- | :----------- | :----------- | | Tier 1 leverage capital ratio | 4.0% | 11.8% | 11.5% | 10.6% | | Common equity Tier 1 capital ratio | 7.0% | 16.3% | 16.2% | 15.8% | | Tier 1 risk-based capital ratio | 8.5% | 16.3% | 16.2% | 15.8% | | Total risk-based capital ratio | 10.5% | 17.1% | 17.1% | 16.6% | | Tangible common equity ratio | - | 10.1% | 9.8% | 9.7% | [Non-GAAP Reconciliations](index=19&type=section&id=Non-GAAP%20Reconciliations) This section provides reconciliations for non-GAAP financial measures, including tangible book value and return on average tangible common equity [Tangible Book Value Reconciliations](index=19&type=section&id=Tangible%20Book%20Value%20Reconciliations) This section provides a reconciliation of tangible book value to GAAP stockholders' equity, showing tangible book value per share of $10.98 at September 30, 2025 Tangible Book Value Reconciliation | Metric | Sep 30, 2025 (thousands) | Dec 31, 2024 (thousands) | Sep 30, 2024 (thousands) | | :-------------------- | :----------------------- | :----------------------- | :----------------------- | | Stockholders' Equity | $2,282,067 | $2,186,316 | $2,197,831 | | Less: Goodwill | $(765,822) | $(765,822) | $(765,822) | | Less: Intangible Assets | $(6,654) | $(9,967) | $(11,130) | | Tangible Book Value | $1,509,591 | $1,410,527 | $1,420,879 | | Tangible Book Value Per Share | $10.98 | $10.10 | $10.17 | [Return on Average Tangible Common Equity Reconciliation](index=20&type=section&id=Return%20on%20Average%20Tangible%20Common%20Equity%20Reconciliation) This reconciliation adjusts net income for tax-effected amortization of intangibles and average stockholders' equity for goodwill and intangibles to calculate the return on average tangible common equity, which was 14.11% for Q3 2025 Return on Average Tangible Common Equity Reconciliation | Metric | Q3 2025 (thousands) | Q2 2025 (thousands) | Q3 2024 (thousands) | | :-------------------------------- | :------------------ | :------------------ | :------------------ | | Net Income | $52,586 | $50,564 | $51,224 | | Tangible Net Income | $53,292 | $51,378 | $52,130 | | Average Stockholders' Equity | $2,271,151 | $2,237,948 | $2,166,793 | | Average Tangible Common Equity | $1,498,218 | $1,463,894 | $1,389,152 | | Return on Average Tangible Common Equity, annualized | 14.11% | 14.08% | 14.93% |

Core Viewpoint - CVB Financial reported quarterly earnings of $0.38 per share, exceeding the Zacks Consensus Estimate of $0.37 per share, marking a year-over-year increase from $0.37 per share [1] Financial Performance - The company posted revenues of $128.58 million for the quarter ended September 2025, which was below the Zacks Consensus Estimate by 0.98%, and an increase from $126.45 million year-over-year [2] - Over the last four quarters, CVB Financial has surpassed consensus EPS estimates four times but has only topped consensus revenue estimates once [2] Stock Performance - CVB Financial shares have declined approximately 12.5% since the beginning of the year, contrasting with the S&P 500's gain of 14.5% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating expectations of underperformance in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $132.3 million, and for the current fiscal year, it is $1.46 on revenues of $514.1 million [7] - The trend of estimate revisions for CVB Financial was unfavorable prior to the earnings release, which may impact future stock movements [5][6] Industry Context - The Banks - West industry, to which CVB Financial belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Core Insights - CVB Financial Corp. reported a net income of $52.6 million for Q3 2025, showing an increase from $50.6 million in Q2 2025 and $51.2 million in Q3 2024, with diluted earnings per share at $0.38 [2][4] - The company achieved an annualized return on average equity (ROAE) of 9.19%, return on average tangible common equity (ROATCE) of 14.11%, and return on average assets (ROAA) of 1.35% for the third quarter [3][9] - The company has maintained profitability for 194 consecutive quarters and has paid cash dividends for 144 consecutive quarters [4] Income Statement Highlights - Net interest income for Q3 2025 was $115.6 million, a 3.6% increase from Q2 2025 and a 1.7% increase from Q3 2024 [10] - Noninterest income was $13.0 million, down from $14.7 million in Q2 2025, primarily due to an $8.2 million loss on sales of available-for-sale securities [18] - Noninterest expense increased to $58.6 million from $57.6 million in Q2 2025, with a notable increase in salaries and benefits expense [19][20] Balance Sheet Highlights - Total assets reached $15.67 billion, up 1.64% from $15.41 billion at the end of Q2 2025 [23] - Total loans and leases increased by $112.4 million to $8.47 billion, with notable increases in various loan categories [29] - Total deposits and customer repurchase agreements totaled $12.58 billion, reflecting a net increase of $186.5 million from Q2 2025 [36] Capital and Asset Quality - The company's total equity increased to $2.28 billion, with a tangible book value per share of $10.98 [39] - The allowance for credit losses was 0.94% of gross loans, with net recoveries of $333,000 in Q3 2025 [17][32] - Nonperforming assets totaled $28.5 million, representing 0.18% of total assets [34] Investment Securities - Total investment securities were $4.88 billion, with an increase of $63.8 million from the previous quarter [26] - The company reported a pre-tax net unrealized loss of $332.2 million in available-for-sale securities [28]

Group 1 - CVB Financial Corp. announced a cash dividend of $0.20 per share for the third quarter of 2025, approved during the Board of Directors meeting on September 17, 2025 [1][2] - The dividend will be payable on or about October 16, 2025, to shareholders of record as of October 1, 2025 [1] - This marks the 144th consecutive quarterly cash dividend paid to shareholders [2] Group 2 - CVB Financial Corp. is the holding company for Citizens Business Bank, one of the 10 largest bank holding companies in California, with total assets exceeding $15 billion [3] - Citizens Business Bank is recognized as one of the top-performing banks in the nation, offering a wide range of banking, lending, and investing services through more than 60 banking centers and three trust office locations in California [3] - Shares of CVB Financial Corp. are listed on NASDAQ under the ticker symbol "CVBF" [4]

Group 1 - CVB Financial Corporation (CVBF) has reached an important support level and could be a good stock pick from a technical perspective due to a recent "golden cross" event [1] - A golden cross is a technical chart pattern indicating a potential bullish breakout, formed when a security's short-term moving average crosses above a longer-term moving average, typically the 50-day and 200-day [2] - The golden cross pattern consists of three stages: a downtrend that bottoms out, the shorter moving average crossing above the longer moving average, and the stock continuing upward momentum [3] Group 2 - CVBF has moved 9.6% higher over the last four weeks, indicating potential for a breakout, and currently holds a 3 (Hold) rating on the Zacks Rank [4] - The positive earnings outlook for CVBF strengthens the bullish case, with no earnings estimates decreasing in the past two months and three revisions higher, leading to an increase in the Zacks Consensus Estimate [4] - Given the positive technical factors and the movement in earnings estimates, CVBF may present further gains for investors in the near future [5]

[PART I – FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION%20(UNAUDITED)) This section provides unaudited condensed consolidated financial statements and management's analysis of financial performance and condition [Item 1. Condensed Consolidated Financial Statements](index=5&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Unaudited condensed consolidated financial statements, including balance sheets, earnings, and cash flows, are presented with detailed accounting notes [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$15.41 billion** by June 30, 2025, driven by cash growth, while net loans decreased and stockholders' equity rose Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$15,414,130** | **$15,153,655** | | Total cash and cash equivalents | $738,636 | $204,698 | | Net loans and lease finance receivables | $8,280,498 | $8,456,310 | | Total investment securities | $4,813,536 | $4,921,783 | | **Total Liabilities** | **$13,173,808** | **$12,967,339** | | Total deposits | $11,984,823 | $11,948,381 | | Customer repurchase agreements | $404,154 | $261,887 | | **Total Stockholders' Equity** | **$2,240,322** | **$2,186,316** | [Condensed Consolidated Statements of Earnings and Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Earnings%20and%20Comprehensive%20Income) Net earnings for Q2 2025 were **$50.6 million**, with six-month earnings increasing to **$101.7 million**, significantly boosting comprehensive income Key Earnings Data (in thousands, except per share amounts) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $111,608 | $110,849 | $222,052 | $223,310 | | Provision for (recapture of) credit losses | $0 | $0 | $(2,000) | $0 | | **Net Earnings** | **$50,564** | **$50,035** | **$101,668** | **$98,634** | | **Diluted EPS** | **$0.37** | **$0.36** | **$0.73** | **$0.71** | | Comprehensive Income | $59,732 | $50,992 | $145,600 | $87,875 | [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Detailed notes explain accounting policies, investment and loan portfolio composition, credit loss allowance, and subsequent events like a **$6 million** legal settlement - The company operates as a single reportable segment, focusing on relationship-based banking for small to mid-sized companies and individuals primarily in California[25](index=25&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - Subsequent to quarter-end, the company received a **$6 million** legal settlement and realized a **$6 million** pre-tax loss from selling available-for-sale securities with a carrying value of approximately **$50 million**[141](index=141&type=chunk)[142](index=142&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=43&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses financial performance, highlighting **$50.6 million** net earnings, **$15.41 billion** total assets, and strategic actions including share repurchases [Overview](index=45&type=section&id=OVERVIEW) Q2 2025 net earnings were **$50.6 million**, with total assets reaching **$15.41 billion**, strong capital ratios, and **$37.5 million** in share repurchases Q2 2025 Financial Highlights | Metric | Q2 2025 | | :--- | :--- | | Net Earnings | $50.6 million | | Diluted EPS | $0.37 | | ROAE (annualized) | 9.06% | | ROAA (annualized) | 1.34% | | Net Interest Margin (NIM) | 3.31% | | Efficiency Ratio | 45.55% | - Total assets increased by **$260.5 million** (**1.72%**) since year-end 2024, primarily due to a **$492.8 million** increase in balances at the Federal Reserve, offset by decreases in loans and investment securities[156](index=156&type=chunk) - During the first half of 2025, the company repurchased **2,063,564 shares** at an average price of **$18.15**, totaling **$37.5 million**[163](index=163&type=chunk) [Analysis of the Results of Operations](index=47&type=section&id=ANALYSIS%20OF%20THE%20RESULTS%20OF%20OPERATIONS) Q2 2025 net interest income was **$111.6 million**, with noninterest income rising to **$14.7 million** and noninterest expense increasing to **$57.6 million** Comparison of Q2 2025 vs Q2 2024 (in thousands) | Item | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $111,608 | $110,849 | $759 | 0.68% | | Noninterest Income | $14,744 | $14,424 | $320 | 2.22% | | Noninterest Expense | $57,557 | $56,497 | $1,060 | 1.88% | | Net Earnings | $50,564 | $50,035 | $529 | 1.06% | - The increase in net interest income compared to Q2 2024 was driven by a **$15.6 million** decrease in interest expense, which more than offset a **$14.9 million** decline in interest income[183](index=183&type=chunk)[187](index=187&type=chunk) - The effective tax rate decreased to **26.50%** for the first six months of 2025 from **27.25%** in the prior year period, primarily due to increased investments in solar tax credits[210](index=210&type=chunk) [Analysis of Financial Condition](index=57&type=section&id=ANALYSIS%20OF%20FINANCIAL%20CONDITION) Financial condition remained strong with **$15.41 billion** in total assets, a **$4.81 billion** investment portfolio, and significantly reduced nonperforming assets - Total assets increased by **$260.5 million** (**1.72%**) from year-end 2024, driven by a **$492.8 million** increase in interest-earning balances at the Federal Reserve[213](index=213&type=chunk) - Nonperforming assets decreased to **0.17%** of total assets, down from **0.31%** at December 31, 2024[235](index=235&type=chunk) Capital Ratios as of June 30, 2025 | Ratio | CVB Financial Corp. | Well-Capitalized Minimum | | :--- | :--- | :--- | | Tier 1 leverage capital ratio | 11.84% | 5.00% | | Common equity Tier 1 capital ratio | 16.52% | 6.50% | | Tier 1 risk-based capital ratio | 16.52% | 8.00% | | Total risk-based capital ratio | 17.33% | 10.00% | [Asset/Liability and Market Risk Management](index=70&type=section&id=ASSET%2FLIABILITY%20AND%20MARKET%20RISK%20MANAGEMENT) The company manages liquidity and interest rate risk, maintaining substantial liquidity and an asset-sensitive balance sheet with projected **4.87%** NII increase in a **+200 bps** rate scenario - The company maintains substantial liquidity sources, including **$4.06 billion** of unused FHLB capacity and **$1.09 billion** of unused borrowing capacity at the Fed's discount window as of June 30, 2025[291](index=291&type=chunk) Estimated Net Interest Income Sensitivity (June 30, 2025) | Interest Rate Scenario | 12-month Period Change | 24-month Period Change (Cumulative) | | :--- | :--- | :--- | | + 200 basis points | 4.87% | 6.82% | | - 200 basis points | -4.38% | -7.41% | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=77&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk is interest rate risk, with detailed disclosures provided in the MD&A section of this report - The company's main market risk is interest rate risk. Detailed disclosures are provided in the MD&A section of this report[307](index=307&type=chunk) [Item 4. Controls and Procedures](index=77&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[308](index=308&type=chunk) - No material changes were made to the company's internal controls over financial reporting during the quarter ended June 30, 2025[309](index=309&type=chunk) [PART II – OTHER INFORMATION](index=78&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) This section provides other information, including legal proceedings, risk factors, equity security sales, and required exhibits [Item 1. Legal Proceedings](index=78&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) Management does not anticipate any material adverse effects from pending legal proceedings on the company's financial condition or results - The company does not expect any currently pending lawsuits to have a material adverse effect on its financial results or condition[315](index=315&type=chunk) [Item 1A. Risk Factors](index=78&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to risk factors were reported since the last Annual Report on Form 10-K[316](index=316&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) The company repurchased **1.28 million** shares for **$22.2 million** in Q2 2025, with **7.94 million** shares remaining available under the program Share Repurchase Activity - Q2 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased Under Program | Average Price Paid Under Program | | :--- | :--- | :--- | :--- | :--- | | April 1 - 30, 2025 | 907 | $17.48 | 1,281,501 | $17.30 | | May 1 - 31, 2025 | 651 | $19.42 | — | - | | June 1 - 30, 2025 | 702 | $18.73 | — | - | | **Total Q2** | **2,260** | **$18.43** | **1,281,501** | **$17.30** | - As of June 30, 2025, **7,936,436 shares** remained available for repurchase under the company's 2024 Repurchase Program[317](index=317&type=chunk) [Item 3. Defaults Upon Senior Securities](index=79&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) Not applicable [Item 4. Mine Safety Disclosures](index=79&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) Not applicable [Item 5. Other Information](index=79&type=section&id=ITEM%205.%20OTHER%20INFORMATION) None [Item 6. Exhibits](index=80&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the quarterly report, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act of 2002 and XBRL data files

Core Insights - CVB Financial Corp. reported a net income of $50.6 million for the second quarter of 2025, a slight decrease from $51.1 million in the first quarter of 2025 but an increase from $50.0 million in the same quarter of 2024 [3][39] - The company corrected its earnings per share (EPS) for the second quarter of 2025 to $0.37, up from the previously reported $0.36, and the EPS for the first half of 2025 was adjusted from $0.72 to $0.73 [1][3] - The company maintained a strong financial performance with a return on average equity (ROAE) of 9.06% and a return on average tangible common equity (ROATCE) of 14.08% for the second quarter of 2025 [4][8] Financial Performance - Net interest income for the second quarter of 2025 was $111.6 million, reflecting a 1.1% increase from the first quarter of 2025 and a 0.7% increase from the second quarter of 2024 [11][12] - The net interest margin (NIM) remained stable at 3.31% for the second quarter of 2025, unchanged from the first quarter of 2025 and up from 3.05% in the second quarter of 2024 [13][14] - Noninterest income decreased to $14.7 million in the second quarter of 2025 from $16.2 million in the first quarter of 2025, primarily due to a one-time gain in the previous quarter [19][20] Asset Quality and Loans - The allowance for credit losses represented 0.93% of gross loans as of June 30, 2025, compared to 0.94% at the end of the first quarter of 2025 [18][34] - Total loans and leases decreased slightly to $8.36 billion at June 30, 2025, down by $5.1 million from the previous quarter [31][32] - Nonperforming loans totaled $25.97 million, representing 0.31% of total loans, which is consistent with the previous quarter [37] Deposits and Borrowings - Total deposits and customer repurchase agreements increased to $12.39 billion at June 30, 2025, a net increase of $122.9 million from the previous quarter [39][40] - Noninterest-bearing deposits accounted for 60.47% of total deposits, reflecting a slight increase from 59.92% in the previous quarter [40] - Total borrowings decreased significantly by $1.3 billion from June 30, 2024, with current borrowings consisting solely of $500 million in FHLB advances [41] Capital and Equity - The company's total equity increased to $2.24 billion at June 30, 2025, up by $54.0 million from December 31, 2024, driven by net earnings and other comprehensive income [42] - Capital ratios remain well above regulatory standards, with a common equity Tier 1 capital ratio of 16.5% as of June 30, 2025 [44]

Group 1 - CVB Financial (CVBF) is expected to have stable earnings this year [1] - Balance sheet growth is anticipated to be low [1] - Margin is projected to remain rangebound [1]