Group 1 - CVB Financial Corp. announced a cash dividend of $0.20 per share for the second quarter of 2025, approved during the Board of Directors meeting on June 25, 2025 [1][2] - The dividend will be payable on or about July 24, 2025, to shareholders of record as of July 10, 2025 [1] - This marks the 143rd 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]

Core Viewpoint - CVB Financial (CVBF) has received an upgrade to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on changes in earnings estimates, which are strongly correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of a company's shares, leading to buying or selling actions that affect stock prices [4]. Recent Performance and Outlook - For the fiscal year ending December 2025, CVB Financial is expected to earn $1.44 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 3.8% over the past three months [8]. - The upgrade to Zacks Rank 2 places CVB Financial in the top 20% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term [10]. Zacks Rank System - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with a proven track record of generating significant returns for top-ranked stocks [7][9]. - Only the top 5% of stocks receive a "Strong Buy" rating, while the next 15% receive a "Buy" rating, indicating a balanced approach to stock ratings [9].

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, 2025 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) (State or other jurisdiction of Incor ...

Financial Data and Key Metrics Changes - The company reported net earnings of $51.1 million or $0.36 per share for Q1 2025, marking the 192nd consecutive quarter of profitability [6] - Return on average tangible common equity was 14.51% and return on average assets was 1.37% for Q1 2025 [6] - Net interest margin expanded by 13 basis points to 3.31% compared to 3.18% in Q4 2024 and 3.10% in Q1 2024 [8] - Total deposits and customer repurchase agreements increased to $12.3 billion, a $56 million increase from Q4 2024 [9] - Non-interest income was $16.2 million for Q1 2025, compared to $13.1 million in Q4 2024 [32] Business Line Data and Key Metrics Changes - Total loans decreased to $8.36 billion, a $173 million decrease from Q4 2024, primarily due to a decline in dairy and livestock loans [12] - Loan originations in Q1 2025 were approximately 13% higher than in Q1 2024, with notable increases in C&I and commercial real estate loans [15] - Nonperforming and delinquent loans decreased to $26.8 million from $47.6 million at the end of Q4 2024 [16] Market Data and Key Metrics Changes - Noninterest-bearing deposits grew by $147 million or 2% compared to the end of 2024 [9] - The cost of deposits and repos was 87 basis points for Q1 2025, down from 97 basis points in Q4 2024 [10] - The company experienced a seasonal decline in average deposits from Q4 2024 to Q1 2025, with a $380 million decline [10] Company Strategy and Development Direction - The company remains focused on banking small to medium-sized businesses and their owners through all economic cycles [131] - The management expressed confidence in continuing share repurchases while also considering potential acquisitions [27][86] - The company is actively looking for opportunities to gain market share from competitors affected by recent disruptions in the banking sector [122][125] Management's Comments on Operating Environment and Future Outlook - Management noted that the economic forecast indicates slower GDP growth and a forecasted unemployment rate of 5% by February 2025 [22] - Customers are generally optimistic despite some concerns about tariffs and economic volatility, with many prepared for potential challenges [108] - The management believes that loan production will begin to outpace payoffs, projecting low single-digit growth by the end of the year [50] Other Important Information - The allowance for credit loss was $78.2 million at the end of Q1 2025, with a recapture of $2 million for the quarter [20] - The company sold $19.3 million of OREO, generating a net gain of $2.2 million [8] - The company’s capital levels allow for continued share repurchases and potential M&A activities [27][86] Q&A Session Summary Question: Impact of tariff policies on the agricultural portfolio - Management indicated it is too early to assess the overall impact, but customers currently feel relatively okay [42][44] Question: Pace of commercial real estate payoff activity - Elevated prepayment penalties were noted, but strong loan activity is expected to continue [46][50] Question: Loan prepayment penalties impact on interest income - The impact was approximately $300,000 quarter over quarter [56] Question: Expectations around deposit cost reduction - Management sees potential for slight reductions in deposit costs, particularly with new money market accounts [60] Question: Focus areas in credit management amid market uncertainty - Management has not changed its disciplined approach to underwriting despite economic volatility [68][71] Question: Competitive landscape for deposits - The majority of deposit growth came from new relationships, with expectations for continued growth in non-interest-bearing deposits [77][81] Question: Appetite for increasing the multifamily portfolio - Management remains open to opportunities in multifamily lending, maintaining a consistent underwriting approach [115] Question: Opportunities for gaining market share - Management sees ongoing opportunities to gain share from disrupted competitors, particularly in specialty banking [122][125]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported net earnings of $51.1 million or $0.36 per share, marking the 192nd consecutive quarter of profitability [6] - The return on average tangible common equity was 14.51% and return on average assets was 1.37% for Q1 2025 [6] - Net interest margin expanded by 13 basis points to 3.31% compared to 3.18% in Q4 2024 and 3.10% in Q1 2024 [8] - Total deposits and customer repurchase agreements increased to $12.3 billion, a $56 million increase from Q4 2024 [9] - Non-interest income for Q1 2025 was $16.2 million, up from $13.1 million in Q4 2024 [32] Business Line Data and Key Metrics Changes - Total loans decreased to $8.36 billion, a $173 million decline from Q4 2024, primarily due to a $168 million decrease in dairy and livestock loans [12] - Loan originations in Q1 2025 were approximately 13% higher than in Q1 2024, with notable increases in C&I and commercial real estate loans [15] - Nonperforming and delinquent loans decreased to $26.8 million from $47.6 million at the end of Q4 2024 [16] Market Data and Key Metrics Changes - Noninterest-bearing deposits grew by $147 million or 2% compared to the end of 2024 [9] - The cost of deposits and repos was 87 basis points for Q1 2025, down from 97 basis points in Q4 2024 [10] - The economic forecast indicates real GDP growth slowing to 2% in the second half of 2026, with unemployment expected to remain above 5% until 2028 [22] Company Strategy and Development Direction - The company remains focused on banking small to medium-sized businesses and their owners through all economic cycles [131] - A new share repurchase program was authorized, with 2.05 million shares repurchased at an average price of $18.13 [7] - The company is actively looking for M&A opportunities while continuing to focus on internal growth [85][87] Management's Comments on Operating Environment and Future Outlook - Management noted that the impact of tariff policies on the agricultural portfolio is still uncertain, but customers feel relatively okay [43] - There is optimism regarding the commercial real estate market, with strong loan pipelines and increased activity expected [46][48] - Management expressed confidence in the ability to grow loans again by the end of the year, despite some unique challenges in Q1 [51] Other Important Information - The allowance for credit loss was $78.2 million at the end of Q1 2025, with a recapture of $2 million for the quarter [20] - The company’s capital position remains strong, with a tangible common equity ratio of 10% [27] Q&A Session Summary Question: Impact of tariff policies on agricultural portfolio - Management indicated it is too early to tell the overall impact, but customers feel relatively okay so far [43][44] Question: Pace of commercial real estate payoff activity - Elevated prepayment penalties were noted, but strong loan activity is expected moving forward [46] Question: Loan prepayment penalties impact on interest income - The impact was approximately $300,000 quarter over quarter [56] Question: Expectations around deposit cost reduction - Management believes there is still some room for deposit cost reduction, primarily through evaluating customer relationships [60][61] Question: Focus on credit management amid market uncertainty - Management stated that their disciplined approach to underwriting has not changed despite economic uncertainty [68][70] Question: Opportunities for core deposit growth - Most growth came from new relationships, with expectations for continued growth in non-interest-bearing deposits [77][78] Question: Appetite for M&A - Management expressed confidence in pursuing M&A opportunities while balancing share repurchases [85][87] Question: Demand in commercial real estate - Demand is broad-based across asset classes, with a focus on low loan-to-value loans [102] Question: Customer sentiment - Overall sentiment remains positive, with customers prepared for potential volatility [108][109] Question: Underwriting new construction loans - Input costs are a concern, but the company is open to construction lending opportunities [112] Question: Appetite for increasing multifamily portfolio - The appetite remains the same, with a focus on appropriate underwriting [115]

Image source: The Motley Fool.Wednesday, Apr 23, 2025CALL PARTICIPANTSDavid A. Brager: President and Chief Executive OfficerAllen Nicholson: Executive Vice President and Chief Financial OfficerNeed a quote from one of our analysts? Email [email protected]Net Earnings: Reported net earnings of $51.1 million, or $0.36 per share, for Q1 2025, representing the 192nd consecutive quarter of profitability Net Interest Margin: Expanded by 13 basis points to 3.31% in Q1 2025, up from 3.18% in Q4 2024Total Loans: $8. ...

CVB Financial (CVBF) Q1 2025 Earnings Call April 24, 2025 10:30 AM ET Company Participants Allen Nicholson - EVP & CFODavid Brager - President & CEOAndrew Terrell - Managing DirectorDavid Feaster - DirectorTimothy Coffey - MD & Associate Director of Depository ResearchKelly Motta - MD - Equity Research Conference Call Participants Gary Tenner - MD & Senior Research AnalystAdam Butler - Equity Research Analyst Operator Good day, and welcome to the CVB Financial First Quarter twenty twenty five Earnings Confe ...

[Q1 2025 Earnings Overview](index=1&type=section&id=CVB%20Financial%20Corp.%20Reports%20Earnings%20for%20the%20First%20Quarter%202025) CVB Financial Corp. reported Q1 2025 net income of $51.1 million and diluted EPS of $0.36, driven by an expanded net interest margin and strong asset quality [Performance Summary and Highlights](index=1&type=section&id=Highlights%20for%20the%20First%20Quarter%20of%202025) CVB Financial Corp. reported stable net income of $51.1 million for Q1 2025, with diluted EPS of $0.36, consistent with the prior quarter and up from $0.35 year-over-year. Key performance metrics were strong, with a 1.37% ROAA and a 14.51% ROATCE. The net interest margin expanded by 13 basis points quarter-over-quarter to 3.31%, driven by a lower cost of funds. The company highlighted its 192nd consecutive quarter of profitability Q1 2025 Key Financial Results | Metric | Q1 2025 ($) | Q4 2024 ($) | Q1 2024 ($) | | :--- | :--- | :--- | :--- | | Net Income | $51.1 million | $50.9 million | $48.6 million | | Diluted EPS | $0.36 | $0.36 | $0.35 | | ROAE (annualized) | 9.31% | 9.14% | 9.31% | | ROATCE (annualized) | 14.51% | 14.31% | 15.13% | | ROAA (annualized) | 1.37% | 1.30% | 1.21% | - Management highlighted the company's **192 consecutive quarters (48 years) of profitability** and **142 consecutive quarters of paying cash dividends**, attributing success to its focus on small to medium-sized businesses[5](index=5&type=chunk) - Key operational highlights for the quarter include: * Net interest margin increased **13 basis point QoQ increase in NIM** to **3.31%** * Cost of funds decreased to **1.04%** from **1.13%** in Q4 2024 * A net gain of **$2.2 million** was realized on the sale of **$19.3 million** of OREO assets * Noninterest-bearing deposits grew by **$147 million** from the end of 2024[7](index=7&type=chunk)[12](index=12&type=chunk) [Income Statement Analysis](index=2&type=section&id=INCOME%20STATEMENT%20HIGHLIGHTS) Analysis of net interest income, credit loss provisions, noninterest income, and expenses reveals key drivers of the company's Q1 2025 earnings performance [Net Interest Income and Margin](index=2&type=section&id=Net%20Interest%20Income) Net interest income was essentially flat at $110.4 million compared to the prior quarter, as a 13-basis point expansion in net interest margin (NIM) to 3.31% was offset by a $405.6 million decline in average earning assets. The NIM improvement was driven by a 9-basis point decrease in cost of funds and a 4-basis point increase in earning asset yields. Year-over-year, NII decreased by $2.0 million due to a $1.09 billion decline in earning assets resulting from a deleveraging strategy Net Interest Income and Margin Performance | Metric | Q1 2025 ($) | Q4 2024 ($) | Q1 2024 ($) | | :--- | :--- | :--- | :--- | | Net Interest Income | $110.4M | $110.4M | $112.5M | | Net Interest Margin (TE) | 3.31% | 3.18% | 3.10% | | Cost of Funds | 1.04% | 1.13% | 1.31% | - The **13 basis point QoQ increase in NIM** was a result of a **4 basis point increase in earning asset yields** and a **9 basis point decrease in cost of funds**[11](index=11&type=chunk) - The **$2.0 million YoY decrease in NII** was primarily caused by a **$1.09 billion decline in earning assets**, which was part of a deleveraging strategy that reduced borrowings by **$1.48 billion**[10](index=10&type=chunk) [Provision for Credit Losses](index=3&type=section&id=Provision%20for%20Credit%20Losses) The company recorded a $2.0 million recapture of provision for credit losses in Q1 2025, compared to a $3.0 million recapture in Q4 2024 and no provision in Q1 2024. This was supported by net recoveries of $130,000 during the quarter, and the allowance for credit losses remained stable at 0.94% of gross loans - A **$2.0 million recapture of provision for credit losses** was recorded in Q1 2025, with **net recoveries of $130,000**[16](index=16&type=chunk) - The allowance for credit losses as a percentage of gross loans was **0.94%** at March 31, 2025, unchanged from the prior quarter[16](index=16&type=chunk) [Noninterest Income](index=3&type=section&id=Noninterest%20Income) Noninterest income increased to $16.2 million in Q1 2025, up from $13.1 million in Q4 2024 and $14.1 million in Q1 2024. The quarter-over-quarter increase was primarily driven by a $2.2 million net gain from the sale of four OREO properties Noninterest Income Comparison | Period | Noninterest Income ($) | | :--- | :--- | | Q1 2025 | $16.2 million | | Q4 2024 | $13.1 million | | Q1 2024 | $14.1 million | - The Bank sold four OREO properties during the quarter, resulting in a gain of **$2.2 million**[17](index=17&type=chunk) - Income from BOLI increased by **$445,000** QoQ, while income from various equity investments increased by **$750,000** QoQ[18](index=18&type=chunk) [Noninterest Expense](index=4&type=section&id=Noninterest%20Expense) Noninterest expense was $59.1 million, a slight increase from $58.5 million in Q4 2024, mainly due to higher seasonal payroll taxes and a $500,000 provision for unfunded loan commitments. The efficiency ratio improved to 46.69% from 47.34% in the prior quarter Noninterest Expense and Efficiency Ratio | Metric | Q1 2025 ($) | Q4 2024 ($) | Q1 2024 ($) | | :--- | :--- | :--- | :--- | | Noninterest Expense | $59.1 million | $58.5 million | $59.8 million | | Efficiency Ratio | 46.69% | 47.34% | 47.22% | - The **$664,000** quarter-over-quarter increase was primarily due to a **$500,000 provision for unfunded loan commitments** and a **$479,000 increase in salaries and benefits** from higher payroll taxes[19](index=19&type=chunk) - The year-over-year decrease was impacted by a **$2.3 million FDIC special assessment** in Q1 2024, which was partially offset by higher software and occupancy expenses in Q1 2025[20](index=20&type=chunk) [Income Taxes](index=4&type=section&id=Income%20Taxes) The effective tax rate for Q1 2025 was 26.50%, compared to 25.25% in Q4 2024 and 27.25% in Q1 2024. The rate can vary based on the level of tax-advantaged income Effective Tax Rate Comparison | Period | Effective Tax Rate (%) | | :--- | :--- | | Q1 2025 | 26.50% | | Q4 2024 | 25.25% | | Q1 2024 | 27.25% | [Balance Sheet Analysis](index=5&type=section&id=BALANCE%20SHEET%20HIGHLIGHTS) Review of assets, asset quality, deposits, borrowings, and capital provides insight into the company's financial position and strategic deleveraging efforts [Assets](index=5&type=section&id=Assets) Total assets were $15.26 billion at March 31, 2025, a slight increase of $102.9 million from the prior quarter but a decrease of $1.2 billion from the prior year. The year-over-year decline reflects strategic decreases in loans, investment securities, and cash balances Total Assets Comparison | Date | Total Assets ($) | | :--- | :--- | | Mar 31, 2025 | $15.26 billion | | Dec 31, 2024 | $15.15 billion | | Mar 31, 2024 | $16.47 billion | - The quarter-over-quarter asset increase was driven by a **$290.3 million rise** in balances at the Federal Reserve, offset by decreases in net loans (**-$170.9M**) and investment securities (**-$27.6M**)[22](index=22&type=chunk) [Investment Securities](index=5&type=section&id=Investment%20Securities) Total investment securities were $4.89 billion, down $397.5 million year-over-year. The portfolio consists of $2.36 billion in Held-to-Maturity (HTM) and $2.54 billion in Available-for-Sale (AFS) securities. The pre-tax net unrealized loss on AFS securities improved, decreasing by $58.9 million during the quarter to $338.4 million Investment Securities Portfolio (Mar 31, 2025) | Category | Balance ($) | Change from Dec 31, 2024 ($) | | :--- | :--- | :--- | | Total Investment Securities | $4.89 billion | -$27.6 million | | Held-to-Maturity (HTM) | $2.36 billion | -$20.5 million | | Available-for-Sale (AFS) | $2.54 billion | -$7.0 million | - The pre-tax unrealized loss on AFS securities decreased by **$58.9 million** from December 31, 2024[25](index=25&type=chunk) [Loans](index=5&type=section&id=Loans) Total loans decreased by $172.8 million (2.02%) from Q4 2024 to $8.36 billion. The decline was primarily driven by a $167.8 million reduction in dairy & livestock loans. Year-over-year, loans decreased by $407.1 million, led by a drop in commercial real estate loans Loan Portfolio Changes | Period | Total Loans (at amortized cost) ($) | Change ($) | | :--- | :--- | :--- | | Mar 31, 2025 | $8.36 billion | -$172.8 million (QoQ) | | Dec 31, 2024 | $8.53 billion | - | | Mar 31, 2024 | $8.77 billion | -$407.1 million (YoY) | - The quarter-over-quarter loan decrease was led by a **$167.8 million drop in dairy & livestock loans** and a **$16.8 million drop in commercial real estate loans**[26](index=26&type=chunk) [Asset Quality](index=5&type=section&id=Asset%20Quality) Asset quality improved significantly, with nonperforming assets decreasing to $26.1 million (0.17% of total assets) from $47.1 million in Q4 2024. This was largely due to the sale of $19.3 million in OREO. The Allowance for Credit Losses (ACL) remained stable at 0.94% of total loans Asset Quality Metrics | Metric | Mar 31, 2025 ($) | Dec 31, 2024 ($) | Mar 31, 2024 ($) | | :--- | :--- | :--- | :--- | | Nonperforming Loans | $25.6 million | $27.8 million | $13.8 million | | OREO | $0.5 million | $19.3 million | $0.6 million | | Total Nonperforming Assets | $26.1 million | $47.1 million | $14.5 million | | NPA / Total Assets | 0.17% | 0.31% | 0.09% | | ACL / Total Loans | 0.94% | 0.94% | 0.94% | - The **$21.0 million decrease in nonperforming assets** from the prior quarter was primarily due to the sale of **$19.3 million of OREO** at a net gain of **$2.2 million**[30](index=30&type=chunk) [Deposits & Customer Repurchase Agreements](index=6&type=section&id=Deposits%20%26%20Customer%20Repurchase%20Agreements) Total deposits and customer repos increased slightly by $55.8 million from the prior quarter to $12.27 billion. A key positive trend was the $147.2 million growth in noninterest-bearing deposits, which now constitute 59.92% of total deposits, up from 58.90% at year-end 2024 Deposit Composition (Mar 31, 2025) | Category | Balance ($) | Change from Dec 31, 2024 ($) | | :--- | :--- | :--- | | Total Deposits & Repos | $12.27 billion | +$55.8 million | | Noninterest-bearing Deposits | $7.18 billion | +$147.2 million | | % of Noninterest-bearing | 59.92% | 58.90% (at Dec 31, 2024) | [Borrowings](index=7&type=section&id=Borrowings) Total borrowings were stable at $500 million in FHLB advances. This represents a significant $1.5 billion decrease from March 31, 2024, as the company redeemed all advances from the Federal Reserve's Bank Term Funding Program (BTFP) before the end of 2024 - As of March 31, 2025, total borrowings consisted solely of **$500 million of FHLB advances**[33](index=33&type=chunk) - Borrowings decreased by **$1.5 billion** from March 31, 2024, following the redemption of advances from the Federal Reserve's Bank Term Funding Program (BTFP)[33](index=33&type=chunk) [Capital](index=7&type=section&id=Capital) Total equity increased by $42.1 million to $2.23 billion, driven by net earnings. All regulatory capital ratios remain well-above required minimums, with the CET1 ratio at 16.5% and the Tangible Common Equity ratio improving to 10.0%. The company repurchased $15.3 million of common stock during the quarter Regulatory Capital Ratios (Consolidated) | Ratio | Mar 31, 2025 (%) | Dec 31, 2024 (%) | Minimum + Buffer (%) | | :--- | :--- | :--- | :--- | | CET1 Capital Ratio | 16.5% | 16.2% | 7.0% | | Tier 1 Risk-Based Capital | 16.5% | 16.2% | 8.5% | | Total Risk-Based Capital | 17.3% | 17.1% | 10.5% | | Tangible Common Equity | 10.0% | 9.8% | N/A | - Tangible book value per share increased to **$10.45** at March 31, 2025, from **$10.10** at December 31, 2024[34](index=34&type=chunk) - The company repurchased **782,063 shares** of common stock for a total of **$15.3 million** during the first quarter of 2025[34](index=34&type=chunk) [Other Information and Disclosures](index=8&type=section&id=Corporate%20Overview) This section covers wealth management performance, corporate overview, and important legal and financial disclosures regarding forward-looking statements and non-GAAP measures [CitizensTrust](index=8&type=section&id=CitizensTrust) CitizensTrust, the company's wealth management division, had approximately $4.7 billion in assets under management and administration as of March 31, 2025. It generated revenues of $3.4 million for the quarter, a slight decrease from the prior quarter but an increase from the prior year - As of March 31, 2025, CitizensTrust had approximately **$4.7 billion in assets under management and administration**, including **$3.38 billion in assets under management**[37](index=37&type=chunk) CitizensTrust Revenue | Period | Revenue ($) | | :--- | :--- | | Q1 2025 | $3.4 million | | Q4 2024 | $3.5 million | | Q1 2024 | $3.2 million | [Corporate Overview and Disclosures](index=8&type=section&id=Safe%20Harbor) CVB Financial Corp. is one of the 10 largest bank holding companies headquartered in California, with over $15 billion in assets. The report includes standard Safe Harbor language regarding forward-looking statements and notes the use of non-GAAP financial measures, for which reconciliations are provided - CVBF is one of the **10 largest bank holding companies** headquartered in California with more than **$15 billion in total assets**[38](index=38&type=chunk) - The report contains forward-looking statements involving risks and uncertainties, and the company disclaims any obligation to update them[41](index=41&type=chunk)[45](index=45&type=chunk) - Certain non-GAAP financial measures are used to provide supplemental information. Investors should refer to the reconciliations included in the release[46](index=46&type=chunk) [Detailed Financial Tables](index=10&type=section&id=CVB%20FINANCIAL%20CORP.%20AND%20SUBSIDIARIES) Comprehensive unaudited financial statements and supplementary data are provided, including balance sheets, income statements, and reconciliations of non-GAAP measures [Condensed Consolidated Balance Sheets](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Detailed period-end consolidated balance sheets provide a snapshot of the company's assets, liabilities, and equity at key reporting dates Condensed Consolidated Balance Sheets (Unaudited) | (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | **Total Assets** | **$15,256,591** | **$15,153,655** | **$16,468,146** | | Net loans and lease finance receivables | $8,285,380 | $8,456,310 | $8,687,896 | | Total investment securities | $4,894,207 | $4,921,783 | $5,291,686 | | Total deposits | $11,989,921 | $11,948,381 | $11,894,921 | | Other borrowings | $500,000 | $500,000 | $1,995,000 | | **Total Liabilities** | **$13,028,172** | **$12,967,339** | **$14,381,321** | | **Total Stockholders' Equity** | **$2,228,419** | **$2,186,316** | **$2,086,825** | [Condensed Consolidated Average Balance Sheets](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20AVERAGE%20BALANCE%20SHEETS) Average balance sheets offer insights into the company's asset and liability structure over the reporting periods, aiding in financial ratio analysis Condensed Consolidated Average Balance Sheets (Unaudited, Three Months Ended) | (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | **Total Assets** | **$15,169,306** | **$15,562,489** | **$16,205,413** | | Loans and lease finance receivables | $8,467,465 | $8,522,587 | $8,824,579 | | Total investment securities | $4,908,718 | $4,936,514 | $5,357,708 | | Total deposits | $11,872,675 | $12,114,474 | $11,636,853 | | Other borrowings | $513,078 | $500,000 | $1,991,978 | | **Total Liabilities** | **$12,942,358** | **$13,348,933** | **$14,106,545** | | **Total Stockholders' Equity** | **$2,226,948** | **$2,213,556** | **$2,098,868** | [Condensed Consolidated Statements of Earnings](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20EARNINGS) Detailed statements of earnings present the company's revenues, expenses, and net income for the reported quarters, highlighting profitability trends Condensed Consolidated Statements of Earnings (Unaudited, Three Months Ended) | (Dollars in thousands) | March 31, 2025 | December 31, 2024 | March 31, 2024 | | :--- | :--- | :--- | :--- | | Net interest income | $110,444 | $110,418 | $112,461 | | (Recapture of) provision for credit losses | ($2,000) | ($3,000) | $0 | | Noninterest income | $16,229 | $13,103 | $14,113 | | Noninterest expense | $59,144 | $58,480 | $59,771 | | Earnings before income taxes | $69,529 | $68,041 | $66,803 | | **Net Earnings** | **$51,104** | **$50,858** | **$48,599** | | **Diluted EPS** | **$0.36** | **$0.36** | **$0.35** | [Selected Financial Highlights](index=13&type=section&id=SELECTED%20FINANCIAL%20HIGHLIGHTS) Key financial metrics and breakdowns of the loan portfolio and deposit composition are presented, offering a concise overview of performance and structure Loan Portfolio by Type (Gross, at amortized cost) | (Dollars in thousands) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | | :--- | :--- | :--- | :--- | | Commercial real estate | $6,490,604 | $6,507,452 | $6,720,538 | | Commercial and industrial | $942,301 | $925,178 | $963,120 | | Dairy & livestock and agribusiness | $252,532 | $419,904 | $351,624 | | Other | $677,095 | $683,298 | $735,431 | | **Gross loans** | **$8,363,632** | **$8,536,432** | **$8,770,713** | Deposit Composition by Type | (Dollars in thousands) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | | :--- | :--- | :--- | :--- | | Noninterest-bearing | $7,184,267 | $7,037,096 | $7,112,789 | | Savings and money market | $3,710,612 | $3,786,387 | $3,561,512 | | Time deposits | $561,822 | $573,593 | $675,554 | | Investment checking | $533,220 | $551,305 | $545,066 | | **Total deposits** | **$11,989,921** | **$11,948,381** | **$11,894,921** | [Non-GAAP Reconciliations](index=19&type=section&id=Tangible%20Book%20Value%20Reconciliations%20(Non-GAAP)) Reconciliations of non-GAAP financial measures, such as tangible book value and return on average tangible common equity, are provided for investor clarity Tangible Book Value per Share (Non-GAAP) | (Dollars in thousands, except per share) | Mar 31, 2025 | Dec 31, 2024 | Mar 31, 2024 | | :--- | :--- | :--- | :--- | | Stockholders' equity | $2,228,419 | $2,186,316 | $2,086,825 | | Less: Goodwill & Intangibles | ($774,634) | ($775,789) | ($779,675) | | **Tangible book value** | **$1,453,785** | **$1,410,527** | **$1,307,150** | | **Tangible book value per share** | **$10.45** | **$10.10** | **$9.36** | Return on Average Tangible Common Equity (Non-GAAP) | (Dollars in thousands, annualized) | Q1 2025 | Q4 2024 | Q1 2024 | | :--- | :--- | :--- | :--- | | Tangible net income | $51,918 | $51,677 | $49,612 | | Average tangible common equity | $1,451,608 | $1,437,084 | $1,318,461 | | **Return on avg. tangible common equity** | **14.51%** | **14.31%** | **15.13%** |

Core Insights - CVB Financial reported revenue of $126.67 million for Q1 2025, a year-over-year increase of 0.1%, with an EPS of $0.36 compared to $0.35 a year ago, exceeding the Zacks Consensus Estimate of $124.95 million by 1.38% and delivering an EPS surprise of 9.09% [1] Financial Performance Metrics - Efficiency ratio was 46.7%, better than the estimated 48% [4] - Net Interest Margin stood at 3.3%, surpassing the estimated 3.2% [4] - Total Non-Performing Loans were reported at $25.64 million, lower than the estimated $28.41 million [4] - Total interest-earning assets amounted to $13.56 billion, slightly below the average estimate of $13.60 billion [4] - Total Non-Performing Assets were $26.13 million, significantly lower than the estimated $38.06 million [4] - Net Charge-off as a percentage of Average Loans was 0%, better than the estimated 0.1% [4] - Net Interest Income reached $110.44 million, exceeding the average estimate of $109.47 million [4] - Total Noninterest Income was $16.23 million, above the average estimate of $14.02 million [4] - Net Interest Income (FTE) was reported at $110.97 million, higher than the average estimate of $108.97 million [4] Stock Performance - CVB Financial shares returned -2.8% over the past month, outperforming the Zacks S&P 500 composite's -6.6% change, and currently holds a Zacks Rank 2 (Buy) indicating potential for near-term outperformance [3]

Core Insights - CVB Financial Corp. reported a net income of $51.1 million for Q1 2025, showing a slight increase from $50.9 million in Q4 2024 and $48.6 million in Q1 2024, with diluted earnings per share remaining stable at $0.36 [2][4][7] Financial Performance - The annualized return on average equity (ROAE) was 9.31%, return on average tangible common equity (ROATCE) was 14.51%, and return on average assets (ROAA) was 1.37% for Q1 2025 [3][7] - Net interest income for Q1 2025 was $110.4 million, nearly unchanged from Q4 2024, but down by $2.02 million or 1.79% from Q1 2024 [10][11] - The net interest margin (NIM) increased to 3.31%, up 13 basis points from Q4 2024 and 21 basis points from Q1 2024 [12][13] Income Statement Highlights - Noninterest income rose to $16.2 million in Q1 2025, compared to $13.1 million in Q4 2024 and $14.1 million in Q1 2024 [18] - Noninterest expense was $59.1 million, slightly higher than $58.5 million in Q4 2024 but lower than $59.8 million in Q1 2024 [19][20] Balance Sheet Highlights - Total assets increased to $15.26 billion as of March 31, 2025, up $102.9 million from December 31, 2024, but down $1.2 billion from March 31, 2024 [22][23] - Total loans and leases decreased to $8.36 billion, down 2.02% from Q4 2024 and 4.64% from Q1 2024 [26][27] Asset Quality - The allowance for credit losses was 0.94% of gross loans as of March 31, 2025, consistent with the previous quarters [28] - Nonperforming assets totaled $26.1 million, a decrease from $47.1 million at December 31, 2024, primarily due to the sale of OREO properties [30] Capital and Ratios - Total equity increased to $2.23 billion, with a tangible common equity (TCE) ratio of 10.0% and a common equity tier 1 (CET1) ratio of 16.5% [36][38] - The efficiency ratio improved to 46.69% in Q1 2025, compared to 47.34% in Q4 2024 [20][9] Deposits and Borrowings - Total deposits and customer repurchase agreements reached $12.27 billion, reflecting a net increase of $55.8 million from December 31, 2024 [32] - Total borrowings decreased significantly by $1.5 billion from March 31, 2024, with current borrowings consisting of $500 million of FHLB advances [34]