Core Viewpoint - CVB Financial Corp. announced a cash dividend of $0.20 per share for the fourth quarter of 2025, marking the 145th consecutive quarterly cash dividend [1][2]. Group 1: Dividend Announcement - The cash dividend of $0.20 per share was approved during the Board of Directors meeting on December 12, 2025 [1]. - The dividend will be payable on or about January 13, 2026, to shareholders of record as of December 29, 2025 [1]. Group 2: Company Overview - CVB Financial Corp. is the holding company for Citizens Business Bank and is among 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]. Group 3: Stock Information - Shares of CVB Financial Corp. are listed on NASDAQ under the ticker symbol "CVBF" [4].

Core Viewpoint - CVB Financial (CVBF) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is effective for individual investors as it focuses on earnings estimate revisions, which are closely correlated with near-term stock price movements [2][4]. - An increase in earnings estimates typically leads to buying pressure from institutional investors, resulting in stock price increases [4][5]. Company Performance Indicators - CVB Financial is projected to earn $1.52 per share for the fiscal year ending December 2025, with no year-over-year change expected [8]. - Over the past three months, the Zacks Consensus Estimate for CVB Financial has increased by 3.9%, reflecting a positive trend in earnings estimates [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - CVB Financial's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10].

Financial Performance - For Q3 2025, CVB Financial Corp. reported net earnings of $52.6 million, a 3.95% increase from $50.6 million in Q2 2025 and a 2.74% increase from $51.2 million in Q3 2024[147]. - Diluted earnings per share for Q3 2025 were $0.38, compared to $0.37 in the previous quarter and the same period last year[147]. - Year-to-date net earnings for 2025 reached $154.3 million, a $4.4 million increase compared to the same period in 2024[147]. - Net earnings for the three months ended September 30, 2025, were $52.586 million, reflecting a 4.00% increase from $50.564 million in the prior quarter[160]. - The effective tax rate for Q3 2025 was 23.80%, down from 24.25% in Q3 2024, primarily due to increased investments in solar tax credits[203]. Income and Expenses - Net interest income for Q3 2025 was $115.6 million, reflecting a $4.0 million, or 3.56%, increase from Q2 2025 and a $2.0 million, or 1.72%, increase from Q3 2024[148]. - Noninterest income decreased to $13.0 million in Q3 2025 from $14.7 million in Q2 2025, primarily due to an $8.2 million loss on the sale of available-for-sale securities[149]. - Noninterest expense for Q3 2025 was $58.6 million, a $1.0 million increase from Q2 2025, primarily due to higher salaries and benefits[150]. - Total noninterest expense for Q3 2025 was $58.576 million, a decrease of $260,000, or 0.44%, compared to Q3 2024, with notable reductions in most expense categories[201]. - The efficiency ratio improved to 45.56% for the three months ended September 30, 2025, from 45.55% in the previous quarter[160]. Assets and Liabilities - Total assets increased by $512.6 million, or 3.38%, to $15.67 billion as of September 30, 2025, compared to $15.15 billion at December 31, 2024[151]. - Total liabilities rose by $416.8 million, or 3.21%, to $13.38 billion at September 30, 2025, with total deposits increasing by $175.9 million, or 1.47%[207]. - Total equity rose to $2.28 billion at September 30, 2025, an increase of $95.8 million from $2.19 billion at December 31, 2024[157]. - Cash and cash equivalents totaled $783.9 million, representing an increase of $579.2 million, or 282.96%, from $204.7 million at December 31, 2024[293]. Loans and Credit Quality - Total loans and leases decreased by $65.5 million, or 0.77%, to $8.47 billion as of September 30, 2025, with notable declines in dairy and livestock loans[153]. - The allowance for credit losses was $79.3 million as of September 30, 2025, a slight decrease from $80.1 million at December 31, 2024[154]. - Nonperforming assets decreased to $28.5 million as of September 30, 2025, from $47.1 million at December 31, 2024, reflecting a reduction of 39.4%[228]. - The provision for credit losses in Q3 2025 was $1.0 million, compared to no provision in Q3 2024, with net recoveries of $333,000[186]. Deposits - Noninterest-bearing deposits increased by $207.9 million, or 2.95%, to $7.24 billion at September 30, 2025, representing 59.76% of total deposits[154]. - Total deposits reached $12.12 billion at September 30, 2025, an increase of $175.9 million, or 1.47%, from $11.95 billion at December 31, 2024[252]. - Interest-bearing non-maturity deposits totaled $4.30 billion, a decrease of $40.2 million, or 0.93%, from $4.34 billion at December 31, 2024[254]. Investment Securities - As of September 30, 2025, total investment securities amounted to $4.88 billion, a decrease of $44.5 million, or 0.90%, from $4.92 billion at December 31, 2024[209]. - The AFS investment securities totaled $2.58 billion, with a pre-tax net unrealized loss of $333.8 million, and a $113.9 million increase in fair value since December 31, 2024[209]. - Total repayments/maturities of investment securities for the nine months ended September 30, 2025, were $339.4 million, compared to $366.4 million for the same period in 2024[209]. Capital and Ratios - The Tier 1 leverage capital ratio was 11.8% as of September 30, 2025, well above regulatory requirements[158]. - The tangible book value per share increased to $10.98 at September 30, 2025, compared to $10.10 at December 31, 2024[157]. - The average rate paid on interest-bearing liabilities decreased by 52 basis points to 2.31% for the first nine months of 2025, from 2.83% for the same period in 2024[184]. Market and Economic Outlook - The economic forecast indicates GDP growth below 1.5% until the end of 2027, with unemployment expected to average 5% by early 2026[244]. - The company has over $780 million in cash on the balance sheet as of September 30, 2025, along with substantial off-balance sheet liquidity sources[287].

Core Insights - Citizens Business Bank has opened a new Loan Production Office in Temecula, California, led by Leonard Barbosa, who has over 35 years of banking experience in Southern California [1][2]. Group 1: Strategic Expansion - The new office strengthens the bank's presence in the growing Temecula-Murrieta region of Riverside County and enhances its footprint across Southern California, connecting the San Diego and Riverside markets [2]. - Over the past decade, Citizens Business Bank has opened several de novo offices in key cities across California, including San Diego, Oxnard, Santa Barbara, Stockton, and Modesto [2]. Group 2: Corporate Overview - CVB Financial Corp. is the holding company for Citizens Business Bank and is one of the 10 largest bank holding companies headquartered 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]. Group 3: Investor Information - Shares of CVB Financial Corp. are listed on NASDAQ under the ticker symbol "CVBF" [4].

Core Viewpoint - CVB Financial Corp. (NASDAQ: CVBF) has not seen significant changes in stock price since the last report, and the third-quarter earnings announced by the company were largely in line with expectations [1] Group 1 - The stock price of CVB Financial Corp. has remained relatively stable since the last analysis [1] - The company's third-quarter earnings report was released, showing results that met market expectations [1]

Core Viewpoint - CVB Financial Corp. (NASDAQ: CVBF) has reported third-quarter earnings that are largely in line with expectations, and the stock price has remained relatively stable since the last report which had a buy rating [1]. Financial Performance - The third-quarter earnings announcement indicates that the company's financial performance has not deviated significantly from prior expectations, suggesting stability in its operations [1].

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Core Insights - CVB Financial Corp. has appointed Tim Stephens as a Director, increasing the board size from eight to nine members [1] - Tim Stephens brings over 33 years of experience in financial services, information technology, risk management, and regulatory compliance [2][3] - CVB Financial Corp. is one of the largest bank holding companies in California with over $15 billion in total assets [4] Company Overview - CVB Financial Corp. is the holding company for Citizens Business Bank, recognized as one of the top-performing banks in the nation [4] - Citizens Business Bank operates more than 60 banking centers and three trust office locations across California [4] - The common stock of CVB Financial Corp. is listed on NASDAQ under the ticker symbol "CVBF" [5] Tim Stephens' Background - Tim Stephens retired from EY in 2024 after a 27-year career, where he served as a global client service partner [2] - His expertise includes banking and capital markets, information technology, insurance, and asset management [3] - He holds a Master of Science in Accounting and a Bachelor of Science in Business Administration from the University of Colorado [3]

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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 Q2 2025 and $51.2 million or $0.37 per share in Q3 2024 [4][5] - The return on average tangible common equity was 14.11% and return on average assets was 1.35% for Q3 2025 [4] - Pre-tax pre-provision income increased to $70 million, up 2% from Q2 2025 and 3.5% from Q3 2024 [5] 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 [13] - Noninterest income was $13 million in Q3 2025, down $1.7 million from Q2 2025, but increased by $260,000 when excluding a legal settlement and loss on sale of AFS securities [8] - Total loans increased by $112 million or 5% annualized from Q2 2025, driven by growth in nearly all loan categories [9][10] Market Data and Key Metrics Changes - Total deposits and customer repurchase agreements reached $12.6 billion, a $170 million increase from Q2 2025 and $108 million higher than Q3 2024 [8] - Noninterest-bearing deposits grew by $108 million compared to Q3 2024, while interest-bearing non-maturity deposits and customer repos increased by $100 million [9] - The cost of deposits and repos was 90 basis points in Q3 2025, up from 87 basis points in Q2 2025 but down from 101 basis points in Q3 2024 [9] Company Strategy and Development Direction - The company is focused on maintaining profitability and has a history of 194 consecutive quarters of profitability and 144 consecutive quarters of paying cash dividends [4][64] - The company is actively pursuing M&A opportunities and has recently hired a team of bankers to open a new office in the Temecula-Murrieta area, indicating a strategy of geographic expansion [28][29] - The company continues to invest in technology infrastructure and automation, reflecting a commitment to operational efficiency [21] 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 [36] - The economic forecast indicates modest GDP growth below 1.5% until the end of 2027, with an unemployment rate expected to remain above 5% through 2028 [16][17] - Management acknowledged intense competition in loan pricing but emphasized a focus on maintaining credit quality [38][51] 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 [5] - The unrealized loss on AFS securities decreased by $31.6 million from Q2 2025 to Q3 2025 [17] - The company repurchased 290,000 shares at an average price of $20.35 during Q3 2025 [18] Q&A Session Summary Question: Interest-bearing deposit costs and beta cycle - Management noted that the recent rate cut impacted deposit costs and indicated plans to match Fed fund decreases with reductions in money market rates [26][27] Question: M&A updates - Management confirmed ongoing discussions regarding M&A but indicated no imminent transactions [28] Question: Loan growth expectations - Management expressed confidence in maintaining low single-digit growth, with strong pipelines and opportunities despite seasonal factors [36] Question: Pricing competition in loans - Management stated willingness to compete on price for quality relationships while maintaining credit standards [38] Question: Dairy and livestock line utilization - Management clarified that new relationships contributed to increased utilization and expected normal growth in the fourth quarter [44] Question: Interest rate swaps outlook - Management acknowledged potential negative impacts on net interest income from interest rate swaps but indicated no plans to change the arrangement [45] Question: Cash balances and deployment - Management indicated that cash balances may be utilized depending on bond market conditions and anticipated seasonal increases in dairy [60] Question: Expense management heading into 2026 - Management plans to continue closely managing expenses with low single-digit growth expectations [61]