CVB Financial Corp. Reports Earnings for the Second Quarter 2025

Second Quarter 2025 Net Earnings of $50.6 million, or $0.36 per share Return on Average Assets of 1.34%Efficiency Ratio of 45.6%Net Interest Margin of 3.31% Ontario, CA, July 23, 2025 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended June 30, 2025. CVB Financial Corp. reported net income of $50.6 million for the quarter ended June 30, 2025, compared with $51.1 million for the first quarter of 2025 and $50.0 million for the second quarter of 2024. Diluted earnings per share were $0.36 for the second quarter, compared to $0.36 for the prior quarter and $0.36 for the same period last year. For the second quarter of 2025, annualized return on average equity (“ROAE”) was 9.06%, annualized return on average tangible common equity (“ROATCE”) was 14.08%, and annualized return on average assets (“ROAA”) was 1.34%. David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the second quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 193 consecutive quarters, or more than 48 years, of profitability, and our 143 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.” Additional Highlights for the Second Quarter of 2025 Pre-provision / pretax income increased from $67.5 million in the first quarter of 2025 to $68.8 millionCost of funds decreased to 1.03% from 1.04% in the first quarter of 2025Deposits and customer repos grew by $123 million from the end of the first quarter of 2025Loans decreased by $5 million from the end of the first quarter 2025TCE Ratio of 10.0% & CET1 Ratio of 16.5% INCOME STATEMENT HIGHLIGHTS Three Months Ended Six Months Ended June 30,2025 March 31,2025 June 30,2024 June 30,2025 June 30,2024 (Dollars in thousands, except per share amounts) Net interest income$111,608 $110,444 $110,849 $222,052 $223,310 Recapture of (provision for) credit losses - 2,000 - 2,000 - Noninterest income 14,744 16,229 14,424 30,973 28,537 Noninterest expense (57,557) (59,144) (56,497) (116,701) (116,268)Income taxes (18,231) (18,425) (18,741) (36,656) (36,945)Net earnings$50,564 $51,104 $50,035 $101,668 $98,634 Earnings per common share: Basic$0.36 $0.37 $0.36 $0.72 $0.71 Diluted$0.36 $0.36 $0.36 $0.72 $0.71 NIM 3.31% 3.31% 3.05% 3.31% 3.07%ROAA 1.34% 1.37% 1.24% 1.35% 1.22%ROAE 9.06% 9.31% 9.57% 9.18% 9.44%ROATCE 14.08% 14.51% 15.51% 14.29% 15.32%Efficiency ratio 45.55% 46.69% 45.10% 46.12% 46.17% Net Interest IncomeNet interest income was $111.6 million for the second quarter of 2025, representing a $1.2 million, or 1.1%, increase from the first quarter of 2025, and a $0.8 million, or 0.7%, increase from the second quarter of 2024. Interest income increased by $1.2 million, or 0.84%, from the first quarter, while interest expense remained the same at $32.6 million in the second quarter of 2025. The increase in net interest income of $0.8 million, or 0.7%, compared to the second quarter of 2024 was the net result of a $15.6 million decline in interest expense, that exceeded the $14.9 million decline in interest income. The decrease in interest expense was the result of a $1.19 billion decrease in average interest-bearing liabilities compared to the second quarter of 2024. The decline in interest-bearing liabilities was driven by a decrease in borrowings that resulted from the early redemptions of Bank Term Funding Program ("BTFP") advances in the third quarter of 2024. The decrease in interest income was the result of a $1.11 billion decrease in average interest-earning assets, that coincided with the Company's deleveraging strategy in the second half of 2024 resulting in the Company’s borrowings declining by $1.34 billion. Net Interest MarginOur tax equivalent net interest margin was 3.31% for the second quarter of 2025, compared to 3.31% for the first quarter of 2025 and 3.05% for the second quarter of 2024. The yield on our interest-earning assets for the second quarter of 2025 remained unchanged, at 4.28%, compared to the prior quarter, while our cost of funds decreased slightly to 1.03% for the second quarter of 2025, from 1.04% in the prior quarter. Loan yields remained unchanged for the second quarter of 2025 at 5.22%. The slight decrease in our cost of funds was primarily due to a two-basis point decrease in our cost of deposits, from .86% to .84%. The decrease in cost of deposits was partially offset by an increase in the average balance and cost of customer repurchase agreements. For the second quarter of 2025 average customer repurchase agreements were $376.6 million at a cost of 1.66%, compared to $317.3 million and 1.24% for the prior quarter. Net interest margin for the second quarter of 2025 increased by 26-basis points compared to the second quarter of 2024, primarily as a result of 35-basis point decrease in cost of funds, to 1.03% for the second quarter of 2025, from 1.38% in the same quarter of last year. The decrease in cost of funds was primarily due to a $1.34 billion decline in average borrowings, which had an average cost of 4.79% in the second quarter of 2024. For the second quarter of 2025, the Company had average deposits and customer repurchase agreements of $12.18 billion, at an average cost of 0.87%, and average borrowings of $508.2 million, at an average cost of 4.61%, compared to the second quarter of 2024 in which borrowings averaged $1.85 billion, at an average cost of 4.79%, and average deposits and customer repurchase agreements of $12.17 billion had an average cost of 0.87%. The decrease in cost of funds, exceeded the modest decrease in interest earning asset yields from 4.37% for the second quarter of 2024 to 4.28% in the second quarter of 2025. The decrease in earning asset yields was impacted by a decrease in loan yields from 5.26% for the second quarter of 2024 to 5.22% for the second quarter of 2025, and a decrease in investment securities yields to 2.62% in the second quarter of 2025, from 2.71% for the second quarter of 2024. The decrease in investment yields was primarily the result of a $2.8 million decrease in the positive interest spread on pay-fixed swaps. Earning Assets and DepositsAverage earning assets increased by $1.7 million compared to the first quarter of 2025 and declined by $1.12 billion when compared to the second quarter of 2024. The average balance in funds held at the Federal Reserve increased by $170.5 million in the second quarter of 2025 compared to the first quarter of 2025, while average loans decreased by $112.6 million and average investment securities decreased by $61.3 for the same period. Compared to the second quarter of 2024, the decrease in average earning assets was due to decreases of $376.7 million in average loans, $359.5 million in average investment securities, and $372.1 million in funds held at the Federal Reserve. The average balance on noninterest-bearing deposits increased by $45.3 million, or 0.65%, from the first quarter of 2025 and the average balance on interest-bearing deposits and customer repurchase agreements decreased by $51.2 million from the same period. Compared to the second quarter of 2024, the average balance on total deposits and customer repurchase agreements increased by $14.9 million, or 0.12%. On average, noninterest-bearing deposits were 60.47% of total deposits during the most recent quarter, compared to 59.92% for the first quarter of 2025 and 60.13% for the second quarter of 2024. SELECTED FINANCIAL HIGHLIGHTSThree Months Ended June 30, 2025 March 31, 2025 June 30, 2024 (Dollars in thousands) Yield on average investment securities (TE)2.62% 2.63% 2.71% Yield on average loans5.22% 5.22% 5.26% Yield on average earning assets (TE)4.28% 4.28% 4.37% Cost of deposits0.84% 0.86% 0.88% Cost of funds1.03% 1.04% 1.38% Net interest margin (TE)3.31% 3.31% 3.05% Average Earning Asset MixAvg % of Total Avg % of Total Avg % of Total Total investment securities$4,847,415 35.75% $4,908,718 36.21% $5,206,959 35.49% Interest-earning deposits with other institutions 337,929 2.49% 162,389 1.20% 716,916 4.89% Loans 8,354,898 61.63% 8,467,465 62.46% 8,731,587 59.51% Total interest-earning assets 13,558,254 13,556,584 14,673,474 Provision for Credit LossesThere was no provision for credit losses in the second quarter of 2025, compared to a $2.0 million recapture of provision for credit losses in the first quarter of 2025 and no provision in the second quarter of 2024. Net charge-offs for the second quarter of 2025 were $249,000 compared to net recoveries of $130,000 in the prior quarter. Allowance for credit losses represented 0.93% of gross loans at June 30, 2025 compared to 0.94% at March 31, 2025. Noninterest IncomeNoninterest income was $14.7 million for the second quarter of 2025, compared with $16.2 million for the first quarter of 2025 and $14.4 million for the second quarter of 2024. Noninterest income decreased in the second quarter of 2025 compared to the first quarter primarily due to a $2.2 million gain recognized during the first quarter of 2025 on the sale of four OREO properties. Excluding gains, noninterest income grew by approximately $700,000, including a $397,000 increase of income from Bank Owned Life Insurance (“BOLI”). BOLI income also increased in the second quarter of 2025 compared to the second quarter of 2024 by $285,000. Compared to the first quarter of 2025, Trust and investment services income grew by $304,000, or 8.9%, while growing by $287,000, or 8.4% over the second quarter of 2024. Noninterest ExpenseNoninterest expense for the second quarter of 2025 was $57.6 million, compared to $59.1 million for the first quarter of 2025 and $56.5 million for the second quarter of 2024. Noninterest expense decreased in the second quarter of 2025 compared to the first quarter of 2025 primarily due to a $500,000 provision for unfunded loan commitments in the first quarter of 2025 and a $1.5 million decrease in salaries and benefits. The decrease in staff expense was primarily due to higher payroll taxes in the first quarter, resulting in a $1.2 million decrease in the second quarter of 2025. The year-over-year increase in noninterest expense of $1.1 million, includes the impact of a $500,000 expense reduction in the second quarter of 2024 related to a decrease in reserves for unfunded loan commitments and a $603,000 increase in regulatory assessment expenses. The increase in regulatory assessment expenses in the second quarter of 2025 was due to a $700,000 reduction of an FDIC special assessment accrual in the second quarter of 2024. As a percentage of average assets, noninterest expense was 1.52% for the second quarter of 2025, compared to 1.58% for the first quarter of 2025 and 1.40% for the second quarter of 2024. The efficiency ratio for the second quarter of 2025 was 45.6%, compared to 46.7% for the first quarter of 2025 and 45.1% for the second quarter of 2024. Income TaxesOur effective tax rate for the quarter ended June 30, 2025 was 26.50%, compared with 26.50% for the first quarter of 2025, and 27.25% for the same period of 2024. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as available tax credits. BALANCE SHEET HIGHLIGHTS AssetsThe Company reported total assets of $15.41 billion at June 30, 2025. This represented an increase of $157.5 million, or 1.03%, from total assets of $15.26 billion at March 31, 2025. The increase in assets included a $202.5 million increase in interest-earning balances due from the Federal Reserve, offset by a $80.7 million decrease in investment securities, and a $5.1 million decrease in total loans. Total assets increased by $260.5 million, or 1.72%, from total assets of $15.15 billion at December 31, 2024. The increase in assets included a $492.8 million increase in interest-earning balances due from the Federal Reserve, offset by a $108.2 million decrease in investment securities, and a $175.8 million decrease in net loans. Total assets at June 30, 2025 decreased by $737.4 million, or 4.57%, from total assets of $16.15 billion at June 30, 2024. The decrease in assets was primarily due to a decrease of $362.1 million in investment securities, a decrease of $318.6 million in net loans and a $126.2 million decrease in interest-earning balances due from the Federal Reserve. Investment SecuritiesTotal investment securities were $4.81 billion at June 30, 2025, a decrease of $80.7 million, or 1.65% from the prior quarter end, a decrease of $108.2 million, or 2.20% from $4.92 billion at December 31, 2024, and a decrease of $362.1 million, or 7.00%, from $5.18 billion at June 30, 2024. At June 30, 2025, investment securities held-to-maturity (“HTM”) totaled $2.33 billion, a decrease of $31.9 million, or 1.35% from prior quarter end, a decrease of $52.4 million, or 2.20% from December 31, 2024, and a decrease of $102.7 million, or 4.22%, from June 30, 2024. At June 30, 2025, investment securities available-for-sale (“AFS”) totaled $2.49 billion, inclusive of a pre-tax net unrealized loss of $363.7 million. AFS securities decreased by $48.8 million, or 1.92% from the prior quarter end, decreased by $55.8 million, or 2.20% from December 31, 2024, and decreased by $259.5 million, or 9.45%, from $2.75 billion at June 30, 2024. The pre-tax unrealized loss decreased by $24.7 million from the end of the prior quarter, while decreasing $84 million from December 31, 2024 and decreasing by $124.2 million from June 30, 2024. LoansTotal loans and leases, at amortized cost, of $8.36 billion at June 30, 2025 decreased by $5.1 million, or 0.06%, from March 31, 2025. The quarter-over quarter decrease in loans included decreases of $29.9 million in commercial and industrial loans, and $18.1 million in dairy and livestock loans, partially offset by increases of $26.8 million in commercial real estate loans and $18.9 million in single-family residential ("SFR") mortgage loans. Total loans and leases, at amortized cost, decreased by $177.9 million, or 2.08%, from December 31, 2024. The decrease includes decreases of $186.0 million in dairy and livestock loans and $12.8 million in commercial and industrial loans, offset by increases of $19.3 million in SFR mortgage loans and $10.0 million in commercial real estate loans. Total loans and leases, at amortized cost, decreased by $323.3 million, or 3.72%, from June 30, 2024. The decrease included decreases of $147.5 million in commercial real estate loans, $116.8 million in dairy & livestock loans and agribusiness loans, $43.8 million in commercial and industrial loans, and $34.6 million in construction loans, offset by an increase of $20.8 million in SFR mortgage loans. Asset QualityDuring the second quarter of 2025, we experienced credit charge-offs of $429,000 and total recoveries of $180,000, resulting in net charge-offs of $249,000. The allowance for credit losses (“ACL”) totaled $78.0 million at June 30, 2025, compared to $78.3 million at March 31, 2025 and $82.8 million at June 30, 2024. At June 30, 2025, ACL as a percentage of total loans and leases outstanding was 0.93%. This compares to 0.94% at March 31, 2025 and December 31, 2024 and 0.95% at June 30, 2024. Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below. Nonperforming Assets and Delinquency Trends June 30, March 31, June 30, 2025 2025 2024 Nonperforming loans (Dollars in thousands)Commercial real estate $24,379 $24,379 $21,908 SBA 1,265 1,024 337 Commercial and industrial 265 173 2,712 Dairy & livestock and agribusiness 60 60 - Total $25,969 $25,636 $24,957 % of Total loans 0.31% 0.31% 0.29% OREO Commercial real estate $661 $495 $- SFR mortgage - - 647 Total $661 $495 $647 Total nonperforming assets $26,630 $26,131 $25,604 % of Nonperforming assets to total assets 0.17% 0.17% 0.16% Past due 30-89 days (accruing) Commercial real estate $- $- $43 SBA 3,419 718 - Commercial and industrial - - 103 Total $3,419 $718 $146 % of Total loans 0.04% 0.01% 0.00% Total nonperforming, OREO, and past due $30,049 $26,849 $25,750 Classified Loans $73,422 $94,169 $124,728 The $499,000 increase in nonperforming assets from March 31, 2025 was primarily due to the addition of one nonperforming SBA loan in the amount of $620,000. Classified loans are loans that are graded “substandard” or worse. Classified loans decreased $20.7 million quarter-over-quarter, primarily due to a decrease of $19.9 million in classified commercial real estate loans. Deposits & Customer Repurchase AgreementsDeposits of $11.98 billion and customer repurchase agreements of $404.2 million totaled $12.39 billion at June 30, 2025. This represented a net increase of $122.9 million compared to $12.27 billion at March 31, 2025. Total deposits and customer repurchase agreements increased by $179 million compared to December 31, 2024 and increased $329.8 million, or 2.74% when compared to $12.06 billion at June 30, 2024. Noninterest-bearing deposits were $7.25 billion at June 30, 2025, an increase of $62.9 million, or 0.87%, when compared to $7.18 billion at March 31, 2025. Noninterest-bearing deposits increased by $210.0 million, or 2.98%, when compared to $7.04 billion at December 31, 2024, and increased by $157.0 million, or 2.21% when compared to $7.09 billion at June 30, 2024. At June 30, 2025, noninterest-bearing deposits were 60.47% of total deposits, compared to 59.92% at March 31, 2025, 58.90% at December 31, 2024 and 60.13% at June 30, 2024. BorrowingsAs of June 30, 2025, total borrowings consisted of $500 million of FHLB advances. The FHLB advances include $300 million, at an average cost of approximately 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027. Total borrowings decreased by $1.3 billion from June 30, 2024. The $1.8 billion of borrowings at June 30, 2024 consisted of $500 million of FHLB advances and $1.3 billion from the Federal Reserve’s Bank Term Funding Program, at a cost of 4.76%, all of which were redeemed before the end of 2024. CapitalThe Company’s total equity was $2.24 billion at June 30, 2025. This represented an overall increase of $54.0 million from total equity of $2.19 billion at December 31, 2024. Increases to equity included $101.7 million in net earnings and a $43.9 million increase in other comprehensive income that were partially offset by $55.6 million in cash dividends. During the first half of 2025, we repurchased, under our stock repurchase plan, 2,063,564 shares of common stock, at an average repurchase price of $18.15, totaling $37.5 million. Our tangible book value per share at June 30, 2025 was $10.64. Our capital ratios under the revised capital framework referred to as Basel III remain well-above regulatory standards. CVB Financial Corp. ConsolidatedCapital Ratios Minimum Required Plus Capital Conservation Buffer June 30, 2025 December 31, 2024 June 30, 2024 Tier 1 leverage capital ratio 4.0% 11.8% 11.5% 10.5%Common equity Tier 1 capital ratio 7.0% 16.5% 16.2% 15.3%Tier 1 risk-based capital ratio 8.5% 16.5% 16.2% 15.3%Total risk-based capital ratio 10.5% 17.3% 17.1% 16.1% Tangible common equity ratio 10.0% 9.8% 8.7% CitizensTrustAs of June 30, 2025 CitizensTrust had approximately $5.0 billion in assets under management and administration, including $3.54 billion in assets under management. Revenues were $3.7 million for the second quarter of 2025, compared to $3.4 million in the first quarter of 2025 and $3.4 million for the second quarter of 2024. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning. Corporate OverviewCVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California. Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab. Conference CallManagement will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, July 24, 2025, to discuss the Company’s second quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BIe2ad85fddf3443dbacab8109594ab423 The conference call will also be simultaneously webcast over the Internet; please visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab to access the call from the site. Please access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call and will be available on the website for approximately 12 months. Safe HarborCertain statements set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will,” “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results or performance to differ materially from those projected. These forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies, goals and statements about the Company’s outlook regarding revenue and asset growth, financial performance and profitability, capital and liquidity levels, loan and deposit levels, growth and retention, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, the impact of business, economic, or political developments, the impact of monetary, fiscal and trade policies, and the impact of acquisitions we have made or may make. Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and there can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors, in addition to those set forth below, could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy in general and the strength of the local economies in which we conduct business; the effects of, and changes in, immigration, trade, tariff, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market and monetary fluctuations; the effect of acquisitions we have made or may make, including, without limitation, the failure to obtain the necessary regulatory approvals, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target and key personnel into our operations; the timely development of competitive products and services and the acceptance of these products and services by new and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities, and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the transition away from USD LIBOR and uncertainties regarding potential alternative reference rates, including SOFR; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill on our balance sheet; changes in customer spending, borrowing, and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract or retain deposits or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment of dividends on our common stock; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including on our asset credit quality, business operations, and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our ability to comply with federal and state in employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; and our ability to manage the risks involved in the foregoing. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's 2024 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov). The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ. Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this earnings release and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP. These measures may or may not be comparable to similarly titled measures used by other companies. Contact: David A. BragerPresident and ChiefExecutive Officer(909) 980-4030 CVB FINANCIAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands) June 30, 2025 December 31, 2024 June 30, 2024 Assets Cash and due from banks $195,063 $153,875 $174,454 Interest-earning balances due from Federal Reserve 543,573 50,823 669,740 Total cash and cash equivalents 738,636 204,698 844,194 Interest-earning balances due from depository institutions 11,004 480 7,345 Investment securities available-for-sale 2,486,306 2,542,115 2,745,796 Investment securities held-to-maturity 2,327,230 2,379,668 2,429,886 Total investment securities 4,813,536 4,921,783 5,175,682 Investment in stock of Federal Home Loan Bank (FHLB) 18,012 18,012 18,012 Loans and lease finance receivables 8,358,501 8,536,432 8,681,846 Allowance for credit losses (78,003) (80,122) (82,786)Net loans and lease finance receivables 8,280,498 8,456,310 8,599,060 Premises and equipment, net 26,606 27,543 43,232 Bank owned life insurance (BOLI) 320,596 316,248 314,329 Intangibles 7,657 9,967 12,416 Goodwill 765,822 765,822 765,822 Other assets 431,763 432,792 371,403 Total assets $15,414,130 $15,153,655 $16,151,495 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $7,247,128 $7,037,096 $7,090,095 Investment checking 483,793 551,305 515,930 Savings and money market 3,669,912 3,786,387 3,409,320 Time deposits 583,990 573,593 774,980 Total deposits 11,984,823 11,948,381 11,790,325 Customer repurchase agreements 404,154 261,887 268,826 Other borrowings 500,000 500,000 1,800,000 Other liabilities 284,831 257,071 179,917 Total liabilities 13,173,808 12,967,339 14,039,068 Stockholders' Equity Stockholders' equity 2,508,454 2,498,380 2,446,755 Accumulated other comprehensive loss, net of tax (268,132) (312,064) (334,328)Total stockholders' equity 2,240,322 2,186,316 2,112,427 Total liabilities and stockholders' equity $15,414,130 $15,153,655 $16,151,495 CVB FINANCIAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS (Unaudited) (Dollars in thousands) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Assets Cash and due from banks $154,785 $154,328 $162,724 $154,557 $162,387 Interest-earning balances due from Federal Reserve 331,956 161,432 704,023 247,165 568,722 Total cash and cash equivalents 486,741 315,760 866,747 401,722 731,109 Interest-earning balances due from depository institutions 5,973 957 12,893 3,479 11,786 Investment securities available-for-sale 2,505,601 2,539,211 2,764,096 2,522,313 2,832,097 Investment securities held-to-maturity 2,341,814 2,369,507 2,442,863 2,355,584 2,450,237 Total investment securities 4,847,415 4,908,718 5,206,959 4,877,897 5,282,334 Investment in stock of FHLB 18,012 18,012 18,012 18,012 18,012 Loans and lease finance receivables 8,354,898 8,467,465 8,731,587 8,410,871 8,778,083 Allowance for credit losses (78,259) (80,113) (82,815) (79,181) (84,283)Net loans and lease finance receivables 8,276,639 8,387,352 8,648,772 8,331,690 8,693,800 Premises and equipment, net 26,982 27,408 43,624 27,194 44,002 Bank owned life insurance (BOLI) 319,582 316,643 312,645 318,121 311,127 Intangibles 8,232 9,518 13,258 8,872 13,922 Goodwill 765,822 765,822 765,822 765,822 765,822 Other assets 427,776 419,116 390,834 423,469 370,575 Total assets $15,183,174 $15,169,306 $16,279,566 $15,176,278 $16,242,489 Liabilities and Stockholders' Equity Liabilities: Deposits: Noninterest-bearing $7,051,702 $7,006,357 $7,153,315 $7,029,156 $7,168,016 Interest-bearing 4,755,828 4,866,318 4,728,864 4,810,767 4,591,500 Total deposits 11,807,530 11,872,675 11,882,179 11,839,923 11,759,516 Customer repurchase agreements 376,629 317,322 287,128 347,140 298,200 Other borrowings 508,159 513,078 1,850,330 510,605 1,921,154 Other liabilities 252,908 239,283 157,463 246,132 162,953 Total liabilities 12,945,226 12,942,358 14,177,100 12,943,800 14,141,823 Stockholders' Equity Stockholders' equity 2,518,282 2,523,923 2,456,945 2,521,086 2,444,510 Accumulated other comprehensive loss, net of tax (280,334) (296,975) (354,479) (288,608) (343,844)Total stockholders' equity 2,237,948 2,226,948 2,102,466 2,232,478 2,100,666 Total liabilities and stockholders' equity $15,183,174 $15,169,306 $16,279,566 $15,176,278 $16,242,489 CVB FINANCIAL CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Interest income: Loans and leases, including fees $108,845 $109,071 $114,200 $217,916 $230,549 Investment securities: Investment securities available-for-sale 18,299 18,734 21,225 37,033 42,671 Investment securities held-to-maturity 12,886 13,021 13,445 25,907 26,847 Total investment income 31,185 31,755 34,670 62,940 69,518 Dividends from FHLB stock 411 379 377 790 796 Interest-earning deposits with other institutions 3,768 1,797 9,825 5,565 15,898 Total interest income 144,209 143,002 159,072 287,211 316,761 Interest expense: Deposits 24,829 25,322 25,979 50,151 47,345 Borrowings and customer repurchase agreements 7,401 6,800 22,244 14,201 46,106 Other 371 436 - 807 - Total interest expense 32,601 32,558 48,223 65,159 93,451 Net interest income before (recapture of) provision for credit losses 111,608 110,444 110,849 222,052 223,310 (Recapture of) provision for credit losses - (2,000) - (2,000) - Net interest income after (recapture of) provision for credit losses 111,608 112,444 110,849 224,052 223,310 Noninterest income: Service charges on deposit accounts 4,959 4,908 5,117 9,867 10,153 Trust and investment services 3,716 3,411 3,428 7,127 6,652 Gain on OREO, net 6 2,183 - 2,189 - Other 6,063 5,727 5,879 11,790 11,732 Total noninterest income 14,744 16,229 14,424 30,973 28,537 Noninterest expense: Salaries and employee benefits 34,999 36,477 35,426 71,476 71,827 Occupancy and equipment 6,106 5,998 5,772 12,104 11,337 Professional services 2,191 2,081 2,726 4,272 4,981 Computer software expense 4,410 4,221 3,949 8,631 7,474 Marketing and promotion 1,817 1,988 1,956 3,805 3,586 Amortization of intangible assets 1,155 1,155 1,437 2,310 2,875 Provision for (recapture of) unfunded loan commitments - 500 (500) 500 (500)Other 6,879 6,724 5,731 13,603 14,688 Total noninterest expense 57,557 59,144 56,497 116,701 116,268 Earnings before income taxes 68,795 69,529 68,776 138,324 135,579 Income taxes 18,231 18,425 18,741 36,656 36,945 Net earnings $50,564 $51,104 $50,035 $101,668 $98,634 Basic earnings per common share $0.36 $0.37 $0.36 $0.72 $0.71 Diluted earnings per common share $0.36 $0.36 $0.36 $0.72 $0.71 Cash dividends declared per common share $0.20 $0.20 $0.20 $0.20 $0.40 CVB FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Interest income - tax equivalent (TE)$144,729 $143,525 $159,607 $288,253 $317,835 Interest expense 32,601 32,558 48,223 65,159 93,451 Net interest income - (TE)$112,128 $110,967 $111,384 $223,094 $224,384 Return on average assets, annualized 1.34% 1.37% 1.24% 1.35% 1.22%Return on average equity, annualized 9.06% 9.31% 9.57% 9.18% 9.44%Efficiency ratio [1] 45.55% 46.69% 45.10% 46.12% 46.17%Noninterest expense to average assets, annualized 1.52% 1.58% 1.40% 1.55% 1.44%Yield on average loans 5.22% 5.22% 5.26% 5.22% 5.28%Yield on average earning assets (TE) 4.28% 4.28% 4.37% 4.28% 4.36%Cost of deposits 0.84% 0.86% 0.88% 0.85% 0.81%Cost of deposits and customer repurchase agreements 0.87% 0.87% 0.87% 0.87% 0.80%Cost of funds 1.03% 1.04% 1.38% 1.03% 1.34%Net interest margin (TE) 3.31% 3.31% 3.05% 3.31% 3.07%[1] Noninterest expense divided by net interest income before provision for credit losses plus noninterest income. Tangible Common Equity Ratio (TCE) [2] CVB Financial Corp. Consolidated 10.02% 10.04% 8.68% Citizens Business Bank 9.86% 9.92% 8.57% [2] (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles]) Weighted average shares outstanding Basic 139,297,604 138,973,996 138,583,510 139,824,075 138,419,379 Diluted 139,471,147 139,294,401 138,669,058 140,098,174 138,561,481 Dividends declared$27,703 $27,853 $28,018 $55,556 $55,904 Dividend payout ratio [3] 54.79% 54.50% 56.00% 54.64% 56.68%[3] Dividends declared on common stock divided by net earnings. Number of shares outstanding - (end of period) 137,825,465 139,089,612 139,677,162 Book value per share$16.25 $16.02 $15.12 Tangible book value per share$10.64 $10.45 $9.55 CVB FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share amounts) Three Months Ended June 30, 2025 December 31, 2024 June 30, 2024 Nonperforming assets: Nonaccrual loans $25,969 $27,795 $24,957 Other real estate owned (OREO), net 661 19,303 647 Total nonperforming assets $26,630 $47,098 $25,604 Loan modifications to borrowers experiencing financial difficulty $9,529 $6,467 $26,363 Percentage of nonperforming assets to total loans outstanding and OREO 0.32% 0.55% 0.29% Percentage of nonperforming assets to total assets 0.17% 0.31% 0.16% Allowance for credit losses to nonperforming assets 292.91% 170.12% 323.33% Three Months Ended Six Months Ended June 30, 2025 March 31, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Allowance for credit losses: Beginning balance $78,252 $80,122 $82,817 $80,122 $86,842 Total charge-offs (429) (40) (51) (469) (4,318)Total recoveries on loans previously charged-off 180 170 20 350 262 Net recoveries (charge-offs) (249) 130 (31) (119) (4,056)(Recapture of) provision for credit losses - (2,000) - (2,000) - Allowance for credit losses at end of period $78,003 $78,252 $82,786 $78,003 $82,786 Net recoveries (charge-offs) to average loans -0.003% 0.002% -0.000% -0.001% -0.046% CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited)(Dollars in millions) Allowance for Credit Losses by Loan Type June 30, 2025 December 31, 2024 June 30, 2024 AllowanceFor CreditLosses Allowance as a % of Total Loans by Respective Loan Type AllowanceFor CreditLosses Allowance as a % of Total Loans by Respective Loan Type AllowanceFor CreditLosses Allowance as a % of Total Loans by Respective Loan Type Commercial real estate $64.5 0.99% $66.2 1.02% $69.4 1.04% Construction 0.2 1.36% 0.3 1.94% 0.8 1.51% SBA 3.1 1.13% 2.6 0.96% 2.5 0.93% Commercial and industrial 6.4 0.70% 6.1 0.66% 5.1 0.53% Dairy & livestock and agribusiness 2.6 1.09% 3.6 0.86% 3.8 1.08% Municipal lease finance receivables 0.2 0.35% 0.2 0.31% 0.2 0.26% SFR mortgage 0.5 0.17% 0.5 0.16% 0.5 0.19% Consumer and other loans 0.5 1.03% 0.6 1.04% 0.5 1.07% Total $78.0 0.93% $80.1 0.94% $82.8 0.95% CVB FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands, except per share amounts) Quarterly Common Stock Price 2025 2024 2023 Quarter End High Low High Low High Low March 31, $21.71 $18.22 $20.45 $15.95 $25.98 $16.34 June 30, $20.15 $16.01 $17.91 $15.71 $16.89 $10.66 September 30, $- $- $20.29 $16.08 $19.66 $12.89 December 31, $- $- $24.58 $17.20 $21.77 $14.62 Quarterly Consolidated Statements of Earnings Q2 Q1 Q4 Q3 Q2 2025 2025 2024 2024 2024 Interest income Loans and leases, including fees $108,845 $109,071 $110,277 $114,929 $114,200 Investment securities and other 35,364 33,931 37,322 50,823 44,872 Total interest income 144,209 143,002 147,599 165,752 159,072 Interest expense Deposits 24,829 25,322 28,317 29,821 25,979 Borrowings and customer repurchase agreements 7,401 6,800 8,291 22,312 22,244 Other 371 436 573 - - Total interest expense 32,601 32,558 37,181 52,133 48,223 Net interest income before (recapture of) provision for credit losses 111,608 110,444 110,418 113,619 110,849 (Recapture of) provision for credit losses - (2,000) (3,000) - - Net interest income after (recapture of) provision for credit losses 111,608 112,444 113,418 113,619 110,849 Noninterest income 14,744 16,229 13,103 12,834 14,424 Noninterest expense 57,557 59,144 58,480 58,835 56,497 Earnings before income taxes 68,795 69,529 68,041 67,618 68,776 Income taxes 18,231 18,425 17,183 16,394 18,741 Net earnings $50,564 $51,104 $50,858 $51,224 $50,035 Effective tax rate 26.50% 26.50% 25.25% 24.25% 27.25% Basic earnings per common share $0.36 $0.37 $0.36 $0.37 $0.36 Diluted earnings per common share $0.36 $0.36 $0.36 $0.37 $0.36 Cash dividends declared per common share $0.20 $0.20 $0.20 $0.20 $0.20 Cash dividends declared $27,703 $27,853 $27,978 $27,977 $28,018 CVB FINANCIAL CORP. AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited) (Dollars in thousands) Loan Portfolio by Type June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Commercial real estate $6,517,415 $6,490,604 $6,507,452 $6,618,637 $6,664,925 Construction 17,658 15,706 16,082 14,755 52,227 SBA 271,735 271,844 273,013 272,001 267,938 SBA - PPP 85 179 774 1,255 1,757 Commercial and industrial 912,427 942,301 925,178 936,489 956,184 Dairy & livestock and agribusiness 233,772 252,532 419,904 342,445 350,562 Municipal lease finance receivables 63,652 65,203 66,114 67,585 70,889 SFR mortgage 288,435 269,493 269,172 267,181 267,593 Consumer and other loans 53,322 55,770 58,743 52,217 49,771 Gross loans, at amortized cost 8,358,501 8,363,632 8,536,432 8,572,565 8,681,846 Allowance for credit losses (78,003) (78,252) (80,122) (82,942) (82,786) Net loans $8,280,498 $8,285,380 $8,456,310 $8,489,623 $8,599,060 Deposit Composition by Type and Customer Repurchase Agreements June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Noninterest-bearing $7,247,128 $7,184,267 $7,037,096 $7,136,824 $7,090,095 Investment checking 483,793 533,220 551,305 504,028 515,930 Savings and money market 3,669,912 3,710,612 3,786,387 3,745,707 3,409,320 Time deposits 583,990 561,822 573,593 685,930 774,980 Total deposits 11,984,823 11,989,921 11,948,381 12,072,489 11,790,325 Customer repurchase agreements 404,154 276,163 261,887 394,515 268,826 Total deposits and customer repurchase agreements $12,388,977 $12,266,084 $12,210,268 $12,467,004 $12,059,151 CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited)(Dollars in thousands)Nonperforming Assets and Delinquency Trends June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Nonperforming loans Commercial real estate $24,379 $24,379 $25,866 $18,794 $21,908 SBA 1,265 1,024 1,529 151 337 Commercial and industrial 265 173 340 2,825 2,712 Dairy & livestock and agribusiness 60 60 60 143 - Total $25,969 $25,636 $27,795 $21,913 $24,957 % of Total loans 0.31% 0.31% 0.33% 0.26% 0.29% Past due 30-89 days (accruing) Commercial real estate $- $- $- $30,701 $43 SBA 3,419 718 88 - - Commercial and industrial - - 399 64 103 Total $3,419 $718 $487 $30,765 $146 % of Total loans 0.04% 0.01% 0.01% 0.36% 0.00% OREO Commercial real estate $661 $495 $18,656 $- $- SFR mortgage - - 647 647 647 Total $661 $495 $19,303 $647 $647 Total nonperforming, past due, and OREO $30,049 $26,849 $47,585 $53,325 $25,750 % of Total loans 0.36% 0.32% 0.56% 0.62% 0.30% CVB FINANCIAL CORP. AND SUBSIDIARIESSELECTED FINANCIAL HIGHLIGHTS(Unaudited) Regulatory Capital Ratios Minimum Required CVB Financial Corp. ConsolidatedCapital Ratios Plus Capital Conservation Buffer June 30, 2025 December 31, 2024 June 30, 2024 Tier 1 leverage capital ratio 4.0% 11.8% 11.5% 10.5%Common equity Tier 1 capital ratio 7.0% 16.5% 16.2% 15.3%Tier 1 risk-based capital ratio 8.5% 16.5% 16.2% 15.3%Total risk-based capital ratio 10.5% 17.3% 17.1% 16.1% Tangible common equity ratio 10.0% 9.8% 8.7% Tangible Book Value Reconciliations (Non-GAAP) The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of tangible book value to the Company stockholders' equity computed in accordance with GAAP, as well as a calculation of tangible book value per share. June 30, 2025 December 31, 2024 June 30, 2024 (Dollars in thousands, except per share amounts) Stockholders' equity $2,240,322 $2,186,316 $2,112,427 Less: Goodwill (765,822) (765,822) (765,822) Less: Intangible assets (7,657) (9,967) (12,416) Tangible book value $1,466,843 $1,410,527 $1,334,189 Common shares issued and outstanding 137,825,465 139,689,686 139,677,162 Tangible book value per share $10.64 $10.10 $9.55 Return on Average Tangible Common Equity Reconciliations (Non-GAAP) The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company's average stockholders' equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity. Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, June 30, 2025 2025 2024 2025 2024 (Dollars in thousands) Net Income $50,564 $51,104 $50,035 $101,668 $98,634 Add: Amortization of intangible assets 1,155 1,155 1,437 2,310 2,875 Less: Tax effect of amortization of intangible assets (1) (341) (341) (425) (683) (850)Tangible net income $51,378 $51,918 $51,047 $103,295 $100,659 Average stockholders' equity $2,237,948 $2,226,948 $2,102,466 $2,232,478 $2,100,666 Less: Average goodwill (765,822) (765,822) (765,822) (765,822) (765,822)Less: Average intangible assets (8,232) (9,518) (13,258) (8,872) (13,922)Average tangible common equity $1,463,894 $1,451,608 $1,323,386 $1,457,784 $1,320,922 Return on average equity, annualized (2) 9.06% 9.31% 9.57% 9.18% 9.44%Return on average tangible common equity, annualized (2) 14.08% 14.51% 15.51% 14.29% 15.32% (1) Tax effected at respective statutory rates. (2) Annualized where applicable.

CVB Financial Corp. Reports Earnings for the Second Quarter 2025

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