CVB Financial Corp. Reports Earnings for the Third Quarter 2025

Third Quarter 2025

Net Earnings of $52.6 million, or $0.38 per share
Return on Average Assets of 1.35%
Efficiency Ratio of 45.6%
Net Interest Margin of 3.33%

Ontario, CA, Oct. 22, 2025 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (the “Company”), announced earnings for the quarter ended September 30, 2025.

CVB Financial Corp. reported net income of $52.6 million for the quarter ended September 30, 2025, compared with $50.6 million for the second quarter of 2025 and $51.2 million for the third quarter of 2024. Diluted earnings per share were $0.38 for the third quarter, compared to $0.37 for the prior quarter and $0.37 for the same period last year.

For the third quarter of 2025, annualized return on average equity (“ROAE”) was 9.19%, annualized return on average tangible common equity (“ROATCE”) was 14.11%, and annualized return on average assets (“ROAA”) was 1.35%.

David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the third 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 194 consecutive quarters, or more than 48 years, of profitability, and our 144 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 Third Quarter of 2025

Pre-provision / pretax income increased to $70.0 million, from $68.8 million in the second quarter of 2025
Net interest income of $115.6 million increased by $4 million, or 3.6% from the second quarter of 2025
$6 million from legal settlement received in the third quarter of 2025
$8 million loss on sale of approximately $65 million of AFS securities in the third quarter of 2025
Deposits and customer repos increased by $186.5 million from the end of the second quarter of 2025
Loans increased by $112.4 million from the end of the second quarter 2025

INCOME STATEMENT HIGHLIGHTS

	Three Months Ended									Nine Months Ended
	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	(Dollars in thousands, except per share amounts)
Net interest income	$	115,577		$	111,608		$	113,619		$	337,629		$	336,929
Provision for (recapture of) credit losses		1,000			-			-			(1,000	)		-
Noninterest income		13,006			14,744			12,834			43,978			41,371
Noninterest expense		58,576			57,557			58,835			175,276			175,103
Income taxes		16,421			18,231			16,394			53,077			53,339
Net earnings	$	52,586		$	50,564		$	51,224		$	154,254		$	149,858
Earnings per common share:
Basic	$	0.38		$	0.37		$	0.37		$	1.12		$	1.07
Diluted	$	0.38		$	0.37		$	0.37		$	1.11		$	1.07

NIM		3.33	%		3.31	%		3.05	%		3.32	%		3.06	%
ROAA		1.35	%		1.34	%		1.23	%		1.35	%		1.23	%
ROAE		9.19	%		9.06	%		9.40	%		9.18	%		9.43	%
ROATCE		14.11	%		14.08	%		14.93	%		14.23	%		15.19	%
Efficiency ratio		45.56	%		45.55	%		46.53	%		45.93	%		46.29	%

Net Interest Income
Net interest income was $115.6 million for the third quarter of 2025, representing a $4.0 million, or 3.6%, increase from the second quarter of 2025, and a $2.0 million, or 1.7%, increase from the third quarter of 2024. Interest income increased by $5.9 million, or 4.1%, from the second quarter of 2025, while interest expense increased by $1.9 million, or 5.9%, to $34.5 million in the third quarter of 2025, from $32.6 in the prior quarter. The quarter over quarter growth in net interest income resulted from a $315 million increase in average earning assets, primarily due to a $303 million increase in average balances on deposit at the Federal Reserve, as well as a 2 basis point increase in the net interest margin.

The increase in net interest income compared to the third quarter of 2024 was the net result of a $17.6 million decline in interest expense, that exceeded a $15.6 million decline in interest income. The decrease in interest expense was primarily the result of a $1.18 billion decrease in average interest-bearing liabilities compared to the third quarter of 2024. The decline in interest-bearing liabilities was driven by a decrease in borrowings that resulted from the redemptions of Bank Term Funding Program ("BTFP") advances in the third quarter of 2024. Interest expense on borrowings declined by $14.9 million. Additionally, interest expense on deposits declined by $3.7 million as a result of a 12 basis point decrease in cost of deposits. The decrease in interest income was the result of a $1.06 billion decrease in average interest-earning assets compared to the third quarter of 2024, that coincided with the Company's deleveraging strategy of redeeming the BTFP advances. The yield on earning assets also declined by 11 basis points from 4.43% in the third quarter of 2024 to 4.32% in the third quarter of 2025.

Net Interest Margin
Our tax equivalent net interest margin was 3.33% for the third quarter of 2025, compared to 3.31% for the second quarter of 2025 and 3.05% for the third quarter of 2024. The yield on our interest-earning assets for the third quarter of 2025 increased to 4.32%, compared to 4.28% in the prior quarter, while our cost of funds increased to 1.05% for the third quarter of 2025, from 1.03% in the prior quarter. Loan yields increased in the third quarter of 2025 to 5.25%, from 5.22% in the second quarter of 2025. Investment yields, excluding fair value hedges, increased by 5 basis points compared to the prior quarter, while interest from the Federal Reserve declined by 4 basis points. The increase in our cost of funds from the prior quarter was due to a two-basis point increase in our cost of deposits to 0.86%, from 0.84%, and an increase in the average balance and cost of customer repurchase agreements. For the third quarter of 2025 average customer repurchase agreements were $456.2 million at a cost of 2.00%, compared to $376.6 million and 1.66% for the prior quarter.

Net interest margin for the third quarter of 2025 increased by 28 basis points compared to the third quarter of 2024, primarily as a result of 42 basis point decrease in cost of funds, to 1.05% for the third quarter of 2025, from 1.47% in the same quarter of last year. The decrease in cost of funds was primarily due to a $1.23 billion decline in average borrowings. For the third quarter of 2025, the Company had average deposits and customer repurchase agreements of $12.47 billion, at an average cost of 0.90%, and average borrowings of $500.0 million, at an average cost of 4.61%, compared to the third quarter of 2024 in which average deposits and customer repurchase agreements of $12.42 billion had an average cost of 1.01%, and borrowings averaged $1.73 billion, at an average cost of 4.77%. The decrease in cost of funds, exceeded the modest decrease in interest earning asset yields from 4.43% for the third quarter of 2024 to 4.32% in the third quarter of 2025. The decrease in earning asset yields was impacted by a decrease in loan yields from 5.31% for the third quarter of 2024 to 5.25% for the third quarter of 2025, and a 1.05% decrease in the yield on funds on deposit at the Federal Reserve.

Earning Assets and Deposits
Average earning assets increased by $315.0 million compared to the second quarter of 2025 and declined by $1.06 billion when compared to the third quarter of 2024. The average balance in funds held at the Federal Reserve increased by $303.4 million in the third quarter of 2025 compared to the second quarter of 2025, while average loans increased by $17.5 million and average investment securities decreased by $11.5 million for the same period. Compared to the third quarter of 2024, the decrease in average earning assets was due to decreases of $232.9 million in average loans, $244.1 million in average investment securities, and $581.3 million in funds held at the Federal Reserve. The average balance on noninterest-bearing deposits increased by $71.8 million, or 1.02%, from the second quarter of 2025 and the average balance on interest-bearing deposits and customer repurchase agreements increased by $217.0 million from the same period. Compared to the third quarter of 2024, the average balance on total deposits and customer repurchase agreements increased by $52.8 million, or 0.43%. On average, noninterest-bearing deposits were 59.28% of total deposits during the most recent quarter, compared to 59.72% for the second quarter of 2025 and 59.10% for the third quarter of 2024.

SELECTED FINANCIAL HIGHLIGHTS

	Three Months Ended
	September 30, 2025					June 30, 2025					September 30, 2024
	(Dollars in thousands)
Yield on average investment securities (TE)	2.66%					2.62%					2.67%
Yield on average loans	5.25%					5.22%					5.31%
Yield on average earning assets (TE)	4.32%					4.28%					4.43%
Cost of deposits	0.86%					0.84%					0.98%
Cost of funds	1.05%					1.03%					1.47%
Net interest margin (TE)	3.33%					3.31%					3.05%

*Average Earning Asset Mix*	Avg		% of Total			Avg		% of Total			Avg		% of Total
Total investment securities	$	4,835,928		34.86	%	$	4,847,415		35.75	%	$	5,080,033		34.01	%
Interest-earning deposits with other institutions		646,979		4.66	%		337,929		2.49	%		1,232,551		8.25	%
Loans		8,372,383		60.35	%		8,354,898		61.63	%		8,605,270		57.61	%
Total interest-earning assets		13,873,302					13,558,254					14,935,866

Provision for Credit Losses
There was a $1.0 million provision for credit losses in the third quarter of 2025, compared to no provision in both the second quarter of 2025 and third quarter of 2024. Net recoveries for the third quarter of 2025 were $333,000 compared to net charge-offs of $249,000 in the prior quarter. Allowance for credit losses represented 0.94% of gross loans at September 30, 2025 compared to 0.93% at June 30, 2025.

Noninterest Income
Noninterest income was $13.0 million for the third quarter of 2025, compared with $14.7 million for the second quarter of 2025, and $12.8 million for the third quarter of 2024. Noninterest income decreased in the third quarter of 2025 compared to the second quarter primarily due to a $8.2 million loss on sales of available-for-sale securities in the third quarter of 2025, offset by a $6.4 million increase in other income. The increase in other income includes a $6.0 million legal settlement received in the third quarter of 2025. Compared to the second quarter of 2025, trust and investment services income grew by $159,000, or 4.3%, while growing by $310,000, or 8.7% over the third quarter of 2024.

Noninterest Expense
Noninterest expense for the third quarter of 2025 was $58.6 million, compared to $57.6 million for the second quarter of 2025 and $58.8 million for the third quarter of 2024. The $1.02 million quarter over quarter increase in noninterest expense includes a $500,000 provision for unfunded loan commitments in the third quarter. Salaries and benefits expense increased by $877,000 compared to the second quarter as a result of annual mid-year salary increases, while occupancy expense decreased by $283,000. The $260,000 decrease in noninterest expense from the third quarter of 2024 was the net result of decreases in most expense categories that were partially offset by a $444,000 increase in software expense related to technology investments and a $1.25 million increase in the provision for unfunded loan commitments.

As a percentage of average assets, noninterest expense was 1.50% for the third quarter of 2025, 1.52% for the second quarter of 2025, and 1.42% for the third quarter of 2024. The efficiency ratio was 45.6% for the third quarter of 2025 and for the second quarter of 2025, and 46.5% for the third quarter of 2024.

Income Taxes
Our effective tax rate for the quarter ended September 30, 2025 was 23.80%, compared with 26.50% for the second quarter of 2025, and 24.25% for the third quarter of 2024. Investments in tax credits contributed to the year-to-date effective tax rate of 25.6%. 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

Assets
The Company reported total assets of $15.67 billion at September 30, 2025. This represented an increase of $252.1 million, or 1.64%, from total assets of $15.41 billion at June 30, 2025. The increase in assets included an $88.5 million increase in interest-earning balances due from the Federal Reserve, a $63.8 million increase in investment securities, and an $112.4 million increase in total loans.

Total assets increased by $512.6 million, or 3.38%, from total assets of $15.15 billion at December 31, 2024. The increase in assets included a $581.2 million increase in interest-earning balances due from the Federal Reserve, offset partially by a $65.5 million decrease in total loans.

Total assets increased by $263.0 million, or 1.71%, from total assets of $15.40 billion at September 30, 2024. The increase in assets was primarily due to a $379.3 million increase in interest-earning balances due from the Federal Reserve, offset partially by a $101.7 million decrease in total loans.

Investment Securities
Total investment securities were $4.88 billion at September 30, 2025, an increase of $63.8 million, or 1.32% from the prior quarter end, a decrease of $44.5 million, or 0.90%, from $4.92 billion at December 31, 2024, and an increase of $6.5 million, or 0.13%, from $4.87 billion at September 30, 2024.

At September 30, 2025, investment securities held-to-maturity (“HTM”) totaled $2.30 billion, a decrease of $29.3 million, or 1.26% from June 30, 2025, a decrease of $81.8 million, or 3.44% from December 31, 2024, and a decrease of $107.3 million, or 4.46% , from September 30, 2024.

At September 30, 2025, investment securities available-for-sale (“AFS”) totaled $2.58 billion, inclusive of a pre-tax net unrealized loss of $332.2 million. AFS securities increased by $93.1 million, or 3.74% from the prior quarter end, increased by $37.3 million, or 1.47% from December 31, 2024, and increased by $113.8 million, or 4.62%, from $2.47 billion at September 30, 2024. The pre-tax unrealized loss decreased by $31.5 million from the end of the prior quarter, while decreasing $115.2 million from December 31, 2024 and decreasing by $35.5 million from September 30, 2024.

Loans
Total loans and leases, at amortized cost, of $8.47 billion at September 30, 2025 increased by $112.4 million, or 1.34%, from June 30, 2025. The quarter-over quarter increase in loans included increases of $59.2 million in dairy & livestock and agribusiness loans, $26.7 million in commercial and industrial loans, $17.9 million in commercial real estate loans, $12.3 million in construction loans, and $6.4 million in consumer loans, partially offset by decreases of $5.5 million in SBA loans and $2.3 million in single-family residential ("SFR") mortgage loans.

Total loans and leases, at amortized cost, decreased by $65.5 million, or 0.77%, from December 31, 2024. The decrease includes decreases of $126.9 million in dairy and livestock and agribusiness loans, $6.8 million in SBA loans, and $4.7 million in municipal lease finance receivables, offset by increases of $27.9 million in commercial real estate loans, $16.9 million in SFR mortgage loans, $14.0 million in commercial and industrial loans, and $13.9 million in construction loans.

Total loans and leases, at amortized cost, decreased by $101.7 million, or 1.19%, from September 30, 2024. The decrease included decreases of $83.3 million in commercial real estate loans, $51.5 million in dairy and livestock loans, offset by an increase of $18.9 million in SFR mortgage loans, $15.2 million in construction loans.

Asset Quality
During the third quarter of 2025, we experienced credit charge-offs of $67,000 and total recoveries of $400,000, resulting in net recoveries of $333,000. The allowance for credit losses (“ACL”) totaled $79.3 million at September 30, 2025, compared to $78.0 million at June 30, 2025 and $82.9 million at September 30, 2024. At September 30, 2025, the ACL as a percentage of total loans and leases outstanding was 0.94%. This compares to 0.93% at June 30, 2025 and 0.94% at December 31, 2024 and 0.97% at September 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	September 30, 2025			June 30, 2025			September 30, 2024
	(Dollars in thousands)
Nonperforming loans
Commercial real estate	$	23,707		$	24,379		$	18,794
SBA		3,952			1,265			151
Commercial and industrial		145			265			2,825
Dairy & livestock and agribusiness		-			60			143
Total	$	27,804		$	25,969		$	21,913
% of Total loans		0.33	%		0.31	%		0.26	%

OREO
Commercial real estate	$	661		$	661		$	-
SFR mortgage		-			-			647
Total	$	661		$	661		$	647

Total nonperforming assets	$	28,465		$	26,630		$	22,560
% of Nonperforming assets to total assets		0.18	%		0.17	%		0.15	%

Past due 30-89 days (accruing)
Commercial real estate	$	43		$	-		$	30,701
SBA		42			3,419			-
Commercial and industrial		-			-			64
Total	$	85		$	3,419		$	30,765
% of Total loans		0.00	%		0.04	%		0.36	%
Total nonperforming, OREO, and past due	$	28,550		$	30,049		$	53,325

Classified Loans	$	78,180		$	73,422		$	124,606

Total nonperforming, past due loans and OREO decreased by $1.5 million from June 30, 2025.

Classified loans are loans that are graded “substandard” or worse. Classified loans increased $4.8 million quarter-over-quarter, primarily due to a downgrade of a $2.9 million commercial and industrial loan.

Deposits & Customer Repurchase Agreements
Deposits of $12.12 billion and customer repurchase agreements of $451.3 million totaled $12.58 billion at September 30, 2025. This represented a net increase of $186.5 million compared to $12.39 billion at June 30, 2025. Total deposits and customer repurchase agreements increased by $365.2 million, or 3.0%, compared to December 31, 2024 and increased $108.5 million, or 0.87% when compared to $12.47 billion at September 30, 2024.

Noninterest-bearing deposits were $7.24 billion at September 30, 2025, a decrease of $2.2 million, or 0.03%, when compared to $7.25 billion at June 30, 2025. Noninterest-bearing deposits increased by $207.9 million, or 2.95%, when compared to $7.04 billion at December 31, 2024, and increased by $108.1 million, or 1.52% when compared to $7.14 billion at September 30, 2024. At September 30, 2025, noninterest-bearing deposits were 59.76% of total deposits, compared to 60.47% at June 30, 2025, 58.90% at December 31, 2024, and 59.12% at September 30, 2024.

Borrowings
As of September 30, 2025, December 31, 2024, and September 30, 2024, 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.

Capital
The Company’s total equity was $2.28 billion at September 30, 2025. This represented an overall increase of $95.8 million from total equity of $2.19 billion at December 31, 2024. Increases to equity included $154.3 million in net earnings and a $64.3 million increase in other comprehensive income that was partially offset by $83.1 million in cash dividends. During the first nine months of 2025, we repurchased, under our stock repurchase plan, 2,360,070 shares of common stock, at an average repurchase price of $18.43, totaling $43.5 million. Our tangible book value per share at September 30, 2025 was $10.98.

Our capital ratios under the revised capital framework referred to as Basel III remain well-above regulatory standards.

		CVB Financial Corp. Consolidated
	Minimum Required Plus Capital Conservation Buffer	September 30, 2025	December 31, 2024	September 30, 2024

Tier 1 leverage capital ratio	4.0%	11.8%	11.5%	10.6%
Common equity Tier 1 capital ratio	7.0%	16.3%	16.2%	15.8%
Tier 1 risk-based capital ratio	8.5%	16.3%	16.2%	15.8%
Total risk-based capital ratio	10.5%	17.1%	17.1%	16.6%

Tangible common equity ratio		10.1%	9.8%	9.7%

CitizensTrust
As of September 30, 2025 CitizensTrust had approximately $5.2 billion in assets under management and administration, including $3.7 billion in assets under management. Revenues were $3.9 million for the third quarter of 2025, compared to $3.7 million in the second quarter of 2025 and $3.6 million for the third quarter of 2024. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

Corporate Overview
CVB 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 Call
Management will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, October 23, 2025, to discuss the Company’s third quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI3d56f6416b9347cc8105dba1b16337bc

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 Harbor
Certain 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 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, key personnel and customers into our operations; the timely development of competitive new products and services, and the acceptance of these products and services by potential 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 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, including any impairment that may result from increased volatility in our stock price; changes in consumer or business 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 (including low cost 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 or depositors; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; systemic or non-systemic bank failures or crises; 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 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, equity or shareholder returns, 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. Brager
President and Chief
Executive Officer
(909) 980-4030

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)


	September 30, 2025			December 31, 2024			September 30, 2024
Assets
Cash and due from banks	$	151,848		$	153,875		$	200,651
Interest-earning balances due from Federal Reserve		632,072			50,823			252,809
Total cash and cash equivalents		783,920			204,698			453,460
Interest-earning balances due from depository institutions		13,163			480			24,338
Investment securities available-for-sale		2,579,397			2,542,115			2,465,585
Investment securities held-to-maturity		2,297,909			2,379,668			2,405,254
Total investment securities		4,877,306			4,921,783			4,870,839
Investment in stock of Federal Home Loan Bank (FHLB)		18,012			18,012			18,012
Loans and lease finance receivables		8,470,906			8,536,432			8,572,565
Allowance for credit losses		(79,336	)		(80,122	)		(82,942	)
Net loans and lease finance receivables		8,391,570			8,456,310			8,489,623
Premises and equipment, net		26,595			27,543			36,275
Bank owned life insurance (BOLI)		323,881			316,248			316,553
Intangibles		6,654			9,967			11,130
Goodwill		765,822			765,822			765,822
Other assets		459,283			432,792			417,164
Total assets	$	15,666,206		$	15,153,655		$	15,403,216
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing	$	7,244,968		$	7,037,096		$	7,136,824
Investment checking		487,738			551,305			504,028
Savings and money market		3,809,768			3,786,387			3,745,707
Time deposits		581,765			573,593			685,930
Total deposits		12,124,239			11,948,381			12,072,489
Customer repurchase agreements		451,258			261,887			394,515
Other borrowings		500,000			500,000			500,000
Other liabilities		308,642			257,071			238,381
Total liabilities		13,384,139			12,967,339			13,205,385
Stockholders' Equity
Stockholders' equity		2,529,843			2,498,380			2,472,660
Accumulated other comprehensive loss, net of tax		(247,776	)		(312,064	)		(274,829	)
Total stockholders' equity		2,282,067			2,186,316			2,197,831
Total liabilities and stockholders' equity	$	15,666,206		$	15,153,655		$	15,403,216

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS
(Unaudited)
(Dollars in thousands)

	Three Months Ended									Nine Months Ended
	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Assets
Cash and due from banks	$	150,152		$	154,785		$	162,383		$	153,073		$	162,385
Interest-earning balances due from Federal Reserve		635,331			331,956			1,216,671			377,976			786,282
Total cash and cash equivalents		785,483			486,741			1,379,054			531,049			948,667
Interest-earning balances due from depository institutions		11,648			5,973			15,880			6,232			13,161
Investment securities available-for-sale		2,522,720			2,505,601			2,661,990			2,522,451			2,774,981
Investment securities held-to-maturity		2,313,208			2,341,814			2,418,043			2,341,303			2,439,427
Total investment securities		4,835,928			4,847,415			5,080,033			4,863,754			5,214,408
Investment in stock of FHLB		18,012			18,012			18,012			18,012			18,012
Loans and lease finance receivables		8,372,383			8,354,898			8,605,270			8,397,900			8,720,058
Allowance for credit losses		(78,161	)		(78,259	)		(82,810	)		(78,837	)		(83,788	)
Net loans and lease finance receivables		8,294,222			8,276,639			8,522,460			8,319,063			8,636,270
Premises and equipment, net		26,679			26,982			38,906			27,020			42,291
Bank owned life insurance (BOLI)		322,591			319,582			315,435			319,627			312,574
Intangibles		7,111			8,232			11,819			8,278			13,216
Goodwill		765,822			765,822			765,822			765,822			765,822
Other assets		430,894			427,776			365,740			425,972			368,951
Total assets	$	15,498,390		$	15,183,174		$	16,513,161		$	15,284,829		$	16,333,372
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing	$	7,123,511		$	7,051,702		$	7,124,952		$	7,060,953		$	7,153,557
Interest-bearing		4,893,214			4,755,828			4,931,220			4,838,551			4,705,566
Total deposits		12,016,725			11,807,530			12,056,172			11,899,504			11,859,123
Customer repurchase agreements		456,230			376,629			363,959			383,903			320,280
Other borrowings		500,005			508,159			1,729,405			507,033			1,856,771
Other liabilities		254,279			252,908			196,832			248,878			174,328
Total liabilities		13,227,239			12,945,226			14,346,368			13,039,318			14,210,502
Stockholders' Equity
Stockholders' equity		2,538,445			2,518,282			2,479,766			2,526,936			2,456,348
Accumulated other comprehensive loss, net of tax		(267,294	)		(280,334	)		(312,973	)		(281,425	)		(333,478	)
Total stockholders' equity		2,271,151			2,237,948			2,166,793			2,245,511			2,122,870
Total liabilities and stockholders' equity	$	15,498,390		$	15,183,174		$	16,513,161		$	15,284,829		$	16,333,372

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Dollars in thousands, except per share amounts)

	Three Months Ended								Nine Months Ended
	September 30, 2025			June 30, 2025		September 30, 2024			September 30, 2025			September 30, 2024
Interest income:
Loans and leases, including fees	$	110,825		$	108,845	$	114,929		$	328,741		$	345,478
Investment securities:
Investment securities available-for-sale		18,867			18,299		20,178			55,900			62,849
Investment securities held-to-maturity		12,812			12,886		13,284			38,719			40,131
Total investment income		31,679			31,185		33,462			94,619			102,980
Dividends from FHLB stock		377			411		375			1,167			1,171
Interest-earning deposits with other institutions		7,231			3,768		16,986			12,796			32,884
Total interest income		150,112			144,209		165,752			437,323			482,513
Interest expense:
Deposits		26,096			24,829		29,821			76,247			77,166
Borrowings and customer repurchase agreements		8,109			7,401		22,312			22,310			68,418
Other		330			371		-			1,137			-
Total interest expense		34,535			32,601		52,133			99,694			145,584
Net interest income before provision for (recapture of) credit losses		115,577			111,608		113,619			337,629			336,929
Provision for (recapture of) credit losses		1,000			-		-			(1,000	)		-
Net interest income after provision for (recapture of) credit losses		114,577			111,608		113,619			338,629			336,929
Noninterest income:
Service charges on deposit accounts		4,859			4,959		5,120			14,726			15,273
Trust and investment services		3,875			3,716		3,565			11,002			10,217
Loss on sale of AFS Investment Securities		(8,185	)		-		(11,582	)		(8,185	)		(11,582	)
Gain on OREO, net		-			-		-			2,183			-
Gain on sale leaseback transactions		-			-		9,106			-			9,106
Other		12,457			6,069		6,625			24,252			18,357
Total noninterest income		13,006			14,744		12,834			43,978			41,371
Noninterest expense:
Salaries and employee benefits		35,876			34,999		36,647			107,352			108,474
Occupancy and equipment		5,823			6,106		6,204			17,927			17,541
Professional services		2,350			2,191		2,855			6,622			7,836
Computer software expense		4,350			4,410		3,906			12,981			11,380
Marketing and promotion		1,738			1,817		1,964			5,543			5,550
Amortization of intangible assets		1,003			1,155		1,286			3,312			4,161
Provision for (recapture of) unfunded loan commitments		500			-		(750	)		1,000			(1,250	)
Other		6,936			6,879		6,723			20,539			21,411
Total noninterest expense		58,576			57,557		58,835			175,276			175,103
Earnings before income taxes		69,007			68,795		67,618			207,331			203,197
Income taxes		16,421			18,231		16,394			53,077			53,339
Net earnings	$	52,586		$	50,564	$	51,224		$	154,254		$	149,858

Basic earnings per common share	$	0.38		$	0.37	$	0.37		$	1.12		$	1.07
Diluted earnings per common share	$	0.38		$	0.37	$	0.37		$	1.11		$	1.07
Cash dividends declared per common share	$	0.20		$	0.20	$	0.20		$	0.60		$	0.60

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)

	Three Months Ended									Nine Months Ended
	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Interest income - tax equivalent (TE)	$	150,626		$	144,729		$	166,285		$	438,879		$	484,120
Interest expense		34,535			32,601			52,133			99,694			145,584
Net interest income - (TE)	$	116,091		$	112,128		$	114,152		$	339,185		$	338,536

Return on average assets, annualized		1.35	%		1.34	%		1.23	%		1.35	%		1.23	%
Return on average equity, annualized		9.19	%		9.06	%		9.40	%		9.18	%		9.43	%
Efficiency ratio [1]		45.56	%		45.55	%		46.53	%		45.93	%		46.29	%
Noninterest expense to average assets, annualized		1.50	%		1.52	%		1.42	%		1.53	%		1.43	%
Yield on average loans		5.25	%		5.22	%		5.31	%		5.23	%		5.29	%
Yield on average earning assets (TE)		4.32	%		4.28	%		4.43	%		4.29	%		4.38	%
Cost of deposits		0.86	%		0.84	%		0.98	%		0.86	%		0.87	%
Cost of deposits and customer repurchase agreements		0.90	%		0.87	%		1.01	%		0.88	%		0.87	%
Cost of funds		1.05	%		1.03	%		1.47	%		1.04	%		1.39	%
Net interest margin (TE)		3.33	%		3.31	%		3.05	%		3.32	%		3.06	%
[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		10.14	%		10.02	%		9.71	%
Citizens Business Bank		10.00	%		9.86	%		9.59	%
[2] (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles])

Weighted average shares outstanding
Basic		136,830,437			136,999,451			138,649,763			137,265,804			138,415,424
Diluted		137,152,562			137,172,994			138,839,499			137,543,044			138,548,651
Dividends declared	$	27,548		$	27,703		$	27,977		$	83,104		$	83,881
Dividend payout ratio [3]		52.39	%		54.79	%		54.62	%		53.87	%		55.97	%
[3] Dividends declared on common stock divided by net earnings.

Number of shares outstanding - (end of period)		137,509,649			137,825,465			139,678,314
Book value per share	$	16.60		$	16.25		$	15.73
Tangible book value per share	$	10.98		$	10.64		$	10.17

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)

	Three Months Ended
	September 30, 2025			December 31, 2024			September 30, 2024
Nonperforming assets:
Nonaccrual loans	$	27,804		$	27,795		$	21,913
Other real estate owned (OREO), net		661			19,303			647
Total nonperforming assets	$	28,465		$	47,098		$	22,560
Loan modifications to borrowers experiencing financial difficulty	$	10,756		$	6,467		$	15,769

Percentage of nonperforming assets to total loans outstanding and OREO		0.34	%		0.55	%		0.26	%
Percentage of nonperforming assets to total assets		0.18	%		0.31	%		0.15	%
Allowance for credit losses to nonperforming assets		278.71	%		170.12	%		367.65	%

	Three Months Ended									Nine Months Ended
	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Allowance for credit losses:
Beginning balance	$	78,003		$	78,252		$	82,786		$	80,122		$	86,842
Total charge-offs		(67	)		(429	)		(26	)		(536	)		(4,344	)
Total recoveries on loans previously charged-off		400			180			182			750			444
Net recoveries (charge-offs)		333			(249	)		156			214			(3,900	)
Provision for (recapture of) credit losses		1,000			-			-			(1,000	)		-
Allowance for credit losses at end of period	$	79,336		$	78,003		$	82,942		$	79,336		$	82,942

Net recoveries (charge-offs) to average loans		0.004	%		-0.003	%		0.002	%		0.003	%		-0.045	%

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in millions)

Allowance for Credit Losses by Loan Type
	September 30, 2025				December 31, 2024				September 30, 2024
	Allowance For Credit Losses		Allowance as a % of Total Loans by Respective Loan Type		Allowance For Credit Losses		Allowance as a % of Total Loans by Respective Loan Type		Allowance For Credit Losses		Allowance as a % of Total Loans by Respective Loan Type

Commercial real estate	$	65.4		1.00%	$	66.2		1.02%	$	69.7		1.05%
Construction		0.5		1.74%		0.3		1.94%		0.5		3.07%
SBA		2.6		0.97%		2.6		0.96%		2.5		0.92%
Commercial and industrial		6.6		0.71%		6.1		0.66%		5.3		0.56%
Dairy & livestock and agribusiness		2.8		0.95%		3.6		0.86%		3.8		1.12%
Municipal lease finance receivables		0.2		0.36%		0.2		0.31%		0.2		0.28%
SFR mortgage		0.5		0.17%		0.5		0.16%		0.4		0.16%
Consumer and other loans		0.7		1.13%		0.6		1.04%		0.5		0.99%

Total	$	79.3		0.94%	$	80.1		0.94%	$	82.9		0.97%

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,	$	21.34	$	18.12		$	20.29		$	16.08		$	19.66		$	12.89
December 31,	$	-	$	-		$	24.58		$	17.20		$	21.77		$	14.62

Quarterly Consolidated Statements of Earnings
			Q3			Q2			Q1			Q4			Q3
			2025			2025			2025			2024			2024
Interest income
Loans and leases, including fees			$	110,825		$	108,845		$	109,071		$	110,277		$	114,929
Investment securities and other				39,287			35,364			33,931			37,322			50,823
Total interest income				150,112			144,209			143,002			147,599			165,752
Interest expense
Deposits				26,096			24,829			25,322			28,317			29,821
Borrowings and customer repurchase agreements				8,109			7,401			6,800			8,291			22,312
Other				330			371			436			573			-
Total interest expense				34,535			32,601			32,558			37,181			52,133

Net interest income before provision for (recapture of) credit losses				115,577			111,608			110,444			110,418			113,619
Provision for (recapture of) credit losses				1,000			-			(2,000	)		(3,000	)		-
Net interest income after provision for (recapture of) credit losses				114,577			111,608			112,444			113,418			113,619

Noninterest income				13,006			14,744			16,229			13,103			12,834
Noninterest expense				58,576			57,557			59,144			58,480			58,835
Earnings before income taxes				69,007			68,795			69,529			68,041			67,618
Income taxes				16,421			18,231			18,425			17,183			16,394
Net earnings			$	52,586		$	50,564		$	51,104		$	50,858		$	51,224

Effective tax rate				23.80	%		26.50	%		26.50	%		25.25	%		24.25	%

Basic earnings per common share			$	0.38		$	0.37		$	0.37		$	0.36		$	0.37
Diluted earnings per common share			$	0.38		$	0.37		$	0.36		$	0.36		$	0.37

Cash dividends declared per common share			$	0.20		$	0.20		$	0.20		$	0.20		$	0.20

Cash dividends declared			$	27,548		$	27,703		$	27,853		$	27,978		$	27,977

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands)

Loan Portfolio by Type
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024

Commercial real estate	$	6,535,319		$	6,517,415		$	6,490,604		$	6,507,452		$	6,618,637
Construction		29,976			17,658			15,706			16,082			14,755
SBA		266,228			271,735			271,844			273,013			272,001
SBA - PPP		51			85			179			774			1,255
Commercial and industrial		939,174			912,427			942,301			925,178			936,489
Dairy & livestock and agribusiness		292,963			233,772			252,532			419,904			342,445
Municipal lease finance receivables		61,383			63,652			65,203			66,114			67,585
SFR mortgage		286,111			288,435			269,493			269,172			267,181
Consumer and other loans		59,701			53,322			55,770			58,743			52,217
Gross loans, at amortized cost		8,470,906			8,358,501			8,363,632			8,536,432			8,572,565
Allowance for credit losses		(79,336	)		(78,003	)		(78,252	)		(80,122	)		(82,942	)
Net loans	$	8,391,570		$	8,280,498		$	8,285,380		$	8,456,310		$	8,489,623


Deposit Composition by Type and Customer Repurchase Agreements

	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024

Noninterest-bearing	$	7,244,968		$	7,247,128		$	7,184,267		$	7,037,096		$	7,136,824
Investment checking		487,738			483,793			533,220			551,305			504,028
Savings and money market		3,809,768			3,669,912			3,710,612			3,786,387			3,745,707
Time deposits		581,765			583,990			561,822			573,593			685,930
Total deposits		12,124,239			11,984,823			11,989,921			11,948,381			12,072,489

Customer repurchase agreements		451,258			404,154			276,163			261,887			394,515
Total deposits and customer repurchase agreements	$	12,575,497		$	12,388,977		$	12,266,084		$	12,210,268		$	12,467,004

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands)

Nonperforming Assets and Delinquency Trends
	September 30, 2025			June 30, 2025			March 31, 2025			December 31, 2024			September 30, 2024
Nonperforming loans
Commercial real estate	$	23,707		$	24,379		$	24,379		$	25,866		$	18,794
SBA		3,952			1,265			1,024			1,529			151
Commercial and industrial		145			265			173			340			2,825
Dairy & livestock and agribusiness		-			60			60			60			143
Total	$	27,804		$	25,969		$	25,636		$	27,795		$	21,913
% of Total loans		0.33	%		0.31	%		0.31	%		0.33	%		0.26	%

Past due 30-89 days (accruing)
Commercial real estate	$	43		$	-		$	-		$	-		$	30,701
SBA		42			3,419			718			88			-
Commercial and industrial		-			-			-			399			64
Total	$	85		$	3,419		$	718		$	487		$	30,765
% of Total loans		0.00	%		0.04	%		0.01	%		0.01	%		0.36	%

OREO
Commercial real estate	$	661		$	661		$	495		$	18,656		$	-
SFR mortgage		-			-			-			647			647
Total	$	661		$	661		$	495		$	19,303		$	647
Total nonperforming, past due, and OREO	$	28,550		$	30,049		$	26,849		$	47,585		$	53,325
% of Total loans		0.34	%		0.36	%		0.32	%		0.56	%		0.62	%

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)

Regulatory Capital Ratios
	Minimum Required	CVB Financial Corp. Consolidated
Capital Ratios	Plus Capital Conservation Buffer	September 30, 2025	December 31, 2024	September 30, 2024

Tier 1 leverage capital ratio	4.0%	11.8%	11.5%	10.6%
Common equity Tier 1 capital ratio	7.0%	16.3%	16.2%	15.8%
Tier 1 risk-based capital ratio	8.5%	16.3%	16.2%	15.8%
Total risk-based capital ratio	10.5%	17.1%	17.1%	16.6%

Tangible common equity ratio		10.1%	9.8%	9.7%

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.

	September 30, 2025			December 31, 2024			September 30, 2024
	(Dollars in thousands, except per share amounts)

Stockholders' equity	$	2,282,067		$	2,186,316		$	2,197,831
Less: Goodwill		(765,822	)		(765,822	)		(765,822	)
Less: Intangible assets		(6,654	)		(9,967	)		(11,130	)
Tangible book value	$	1,509,591		$	1,410,527		$	1,420,879
Common shares issued and outstanding		137,509,649			139,689,686			139,678,314
Tangible book value per share	$	10.98		$	10.10		$	10.17

Return on Average Tangible Common Equity Reconciliation (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									Nine Months Ended
	September 30, 2025			June 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
	(Dollars in thousands)

Net Income	$	52,586		$	50,564		$	51,224		$	154,254		$	149,858
Add: Amortization of intangible assets		1,003			1,155			1,286			3,312			4,161
Less: Tax effect of amortization of intangible assets (1)		(297	)		(341	)		(380	)		(979	)		(1,230	)
Tangible net income	$	53,292		$	51,378		$	52,130		$	156,587		$	152,789

Average stockholders' equity	$	2,271,151		$	2,237,948		$	2,166,793		$	2,245,511		$	2,122,870
Less: Average goodwill		(765,822	)		(765,822	)		(765,822	)		(765,822	)		(765,822	)
Less: Average intangible assets		(7,111	)		(8,232	)		(11,819	)		(8,278	)		(13,216	)
Average tangible common equity	$	1,498,218		$	1,463,894		$	1,389,152		$	1,471,411		$	1,343,832

Return on average equity, annualized (2)		9.19	%		9.06	%		9.40	%		9.18	%		9.43	%
Return on average tangible common equity, annualized (2)		14.11	%		14.08	%		14.93	%		14.23	%		15.19	%

(1) Tax effected at respective statutory rates.
(2) Annualized where applicable.

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