Cvb Financial Corporation · NASDAQ:CVBF
Cvb Financial — Q4 2025 Earnings Presentation
58 slides from Cvb Financial's earnings presentation, Jan 22, 2026
Slide 1: CVB Financial Corp. January 2026
CVB Financial Corp. January 2026
Slide 2: Forward Looking Statements
Forward Looking Statements CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction (including
Slide 3: Forward Looking Statements
Forward Looking Statements ADDITIONAL INFORMATION ABOUT THE PROPOSED MERGER AND WHERE TO FIND IT In connection with the proposed merger, CVBF will file with the SEC a Registration Statement on Form S-4 that will include a Joint Proxy Statement of CVBF and Heritage and a Prospectus of CVBF (the “Join
Slide 4: CVB Financial Corp. (CVBF)
CVB Financial Corp. (CVBF) Total Assets: $15.6 Billion Gross Loans: $ 8.7 Billion Total Deposits (Including Repos): $12.6 Billion Total Equity: $ 2.3 Billion Largest financial institution headquartered in the Inland Empire region of Southern California. Founded in 1974. cbbank.com 4
Slide 5: Bank Accomplishments & Ratings
Bank Accomplishments & Ratings 195 Consecutive Quarters or over 48 Years of Profitability 145 Consecutive Quarters of Cash Dividends Forbes, Best Banks in America (2016 – 2025)* Ranked #1 Forbes, Best Banks in America (2016, 2020, 2021, 2023) Ranked in S&P Global Market Intelligence’s Top
Slide 6: 62 Business Financial Centers, 1 Loan Production Office, 3 CitizensTrust Locations
62 Business Financial Centers 1 Loan Production Office 3 CitizensTrust Locations Corporate Office Business Financial Centers Loan Production Office CitizensTrust cbbank.com
Slide 7: Our Vision
Our Vision Citizens Business Bank will strive to become the premier financial services company operating throughout the state of California, servicing the comprehensive financial needs of successful small to medium sized businesses and their owners. cbbank.com 7
Slide 8: Target Customer
Target Customer The best privately-held and/or family-owned businesses throughout California Annual revenues of $1-300 million Top 25% in their respective industry Full relationship banking Build long-term relationships cbbank.com 8
Slide 9: Three Areas of Growth
Three Areas of Growth DeNovo Acquisitions San Diego (2014) American Security Bank (2014) County Commerce Bank (2016) Oxnard (2015) Valley Business Bank (2017) Santa Barbara (2015) Community Bank (2018) San Diego (2017) Suncrest Bank (2022) Stockton (2018) Heritage Bank of Commerce Modesto (2020) (Es
Slide 10: Relationship Banking Strategy
Relationship Banking Strategy Customer Credit Marketing Management Division Relationship Manager (Bank) Agribusiness Citizens Home Construction Lending Lending Specialty Asset Based Banking Treasury International Real Estate Lending Management Banking Dairy & Government Citizens CitizensTrust Livest
Slide 11: Acquisition Strategy
Acquisition Strategy Banks: Target size: $3 billion to $10 billion in assets Financial & Strategic In-market and new geographic markets Banking Teams: In-market New markets cbbank.com 11
Slide 12: CVBF Balance Sheet Profile
CVBF Balance Sheet Profile December 31, 2025 Deposits & Assets Securities Loans Funding Repos Cash Other 1% D&L & Agri Repos Borrowings 2% Time 4% Other Muni 5% Others 4% 8% 5% 11% 9% Agency 11% C&I MBS 11% Securities 32% $15.6B Loans $5.0B 50% $8.7B $12.6B $13.1B 55% CMO CRE 29% 76% Total Deposits
Slide 13: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights • ROATCE = 14.41% Profitability • ROAA = 1.40% • NIM = 3.49% • Efficiency Ratio = 46.3% • Q4’25 Net Income = $55 million / EPS = $0.40 • PPNR = $71.9 million / $1.9 million higher than Q3’25 Income Statement • ~$3 million loss on sale of AFS • ~$3 million interest income
Slide 14: Selected Ratios
Selected Ratios 2023 2024 2025 Q4’24 Q3’25 Q4’25 ROATCE* 18.48% 14.95% 14.28% 14.31% 14.11% 14.41% NIM 3.31% 3.09% 3.36% 3.18% 3.33% 3.49% Cost of Deposits 0.41% 0.88% 0.85% 0.93% 0.86% 0.82% Performance Cost of Funds 0.83% 1.32% 1.03% 1.13% 1.05% 1.01% Efficiency Ratio 42.00% 46.55% 46.03% 47.34% 4
Slide 15: Selected Highlights
Selected Highlights ($ in Thousands) Q4’24 Q3’25 Q4’25 Net Interest Income $ 110,418 $115,577 $122,658 Noninterest Income 13,103 13,006 11,193 Noninterest Expense, excluding Acquisition Related Expenses & Provision for Unfunded 58,480 58,076 59,432 Loan Commitments Acquisition Related Expenses — — 1
Slide 16: Selected Highlights
Selected Highlights Q4’24 Q3’25 Q4’25 ($ in Thousands) Average Cash & Cash Equivalents $ 637,004 $ 785,483 $ 658,365 Average Loans 8,522,587 8,372,383 8,517,188 Average Total Securities 4,936,514 4,835,928 4,946,732 Average Balance Average Noninterest-bearing Deposits 7,116,050 7,123,511 7,001,471 S
Slide 17: Selected Highlights
Selected Highlights ($ in Thousands) 2024 2025 Net Interest Income $ 447,347 $ 460,287 Noninterest Income 54,474 55,171 Noninterest Expense, excluding Acquisition Related Expenses & (Recapture of) 234,833 233,709 Provision for Unfunded Loan Commitments Acquisition Related Expenses — 1,556 (Recapture
Slide 18: Selected Highlights
Selected Highlights 2024 2025 ($ in Thousands) Average Cash & Cash Equivalents $ 870,326 $ 563,139 Average Loans 8,670,420 8,427,967 Average Total Securities 5,144,555 4,884,669 Average Balance Average Noninterest-bearing Deposits 7,144,129 7,045,960 Sheet Average Total Deposits & Customer 12,277,74
Slide 19: Earnings Per Share
Earnings Per Share 195 Consecutive Quarters $1.67 More than 48 Years $1.56 $1.59 $1.48 $1.52 $1.44 $1.30 $1.24 $0.93 $0.94 $0.95 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 cbbank.com 19
Slide 20: Dividends – 145 Consecutive Quarters
Dividends – 145 Consecutive Quarters 145 Consecutive Quarters More than 35 years of $0.80 $0.80 $0.80 cash dividends $0.77 $0.72 $0.72 $0.72 $0.56 $0.54 $0.48 $0.48 52.69% 56.84% 45.16% 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/3
Slide 21: Net Interest Income and NIM
Net Interest Income and NIM ($ in Millions) 4.43% 4.28% 4.32% $122.7 4.24% 4.28% $115.6 $110.4 $110.4 $111.6 3.49% 3.31% 3.31% 3.33% 3.18% 1.13% 1.04% 1.05% 1.01% 1.03% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Earning Asset Yield Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Net Interest Margin Cost of Funds cbbank.com 21
Slide 22: Net Interest Margin Trend
Net Interest Margin Trend CVBF KRX 4.43% 4.26% 3.70% 3.71% 3.78% 3.55% 3.69% 3.63% 3.44% 3.58% 3.34% 3.31% 3.49% 3.27% 3.24% 3.26% 3.19% 3.15% 3.33% 3.30% 3.31% 3.21% 3.18% 3.17% 2.92% 3.09% 3.04% 3.05% 2.79% 4Q'17 4Q'18 4Q'19 4Q'20 4Q'21 4Q'22 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 c
Slide 23: Return on Average Assets
Return on Average Assets CVBF KRX 1.8% 1.6% 1.5% 1.4% 1.4% 1.3% 1.4% 1.4% 1.2% 1.3% 1.2% 1.2% 1.2% 1.2% 1.4% 1.4% 1.3% 1.2% 0.9% 1.1% 1.1% 1.0% 1.0% 1.0% 1.0% 0.9% 0.9% 0.9% 0.6% 4Q'17 4Q'18 4Q'19 4Q'20 4Q'21 4Q'22 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 cbbank.com * Source: As calcula
Slide 24: Return on Average Tangible Common Equity
Return on Average Tangible Common Equity CVBF KRX 23.7% 19.8% 16.1% 16.5% 16.3% 15.8% 15.4% 15.0% 14.9% 14.3% 14.5% 14.4% 14.0% 14.1% 14.1% 15.7% 14.5% 14.1% 13.4% 13.4% 12.5% 12.8% 12.1% 12.2% 12.3% 11.4% 10.2% 7.4% 9.7% 4Q'17 4Q'18 4Q'19 4Q'20 4Q'21 4Q'22 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25
Slide 25: CET1 Ratio Trend (%)
CET1 Ratio Trend (%) CVBF KRX 16.4% 16.5% 16.5% 16.3% 16.2% 15.8% 15.9% ASR / Suncrest CB Acquisition 15.3% Acquisition 14.8% 14.9% 15.0% 14.8% 14.7% 13.6% 13.0% 12.8% 12.8% 12.8% 12.6% 12.7% 12.5% 12.5% 12.2% 12.2% 12.3% 12.0% 12.1% 11.8% 11.8% 4Q'17 4Q'18 4Q'19 4Q'20 4Q'21 4Q'22 4Q'23 1Q'24 2Q'24
Slide 26: TCE Ratio Trend (%)
TCE Ratio Trend (%) CVBF KRX 12.2% CB 11.6% Acquisition 10.5% 10.1% 10.3% 10.0% 10.0% ASR / Suncrest 9.7% 9.8% 9.6% Acquisition 9.2% 9.7% 8.7% 9.1% 9.3% 8.5% 9.0% 8.3% 9.1% 8.8% 8.8% 8.6% 8.6% 8.6% 7.4% 8.1% 8.2% 8.1% 7.4% 4Q'17 4Q'18 4Q'19 4Q'20 4Q'21 4Q'22 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25
Slide 27: Total Deposits & Customer Repos
Total Deposits & Customer Repos December 31, 2024 December 31, 2025 Total Deposits & Customer Repos Total Deposits & Customer Repos Repos Repos Time Time 2% 4% 5% 5% Non-maturity Noninterest-bearing Noninterest-bearing Non-maturity 54% Interest-bearing 35% 58% Interest-bearing 37% Cost of Interest-B
Slide 28: Deposit & Repo Quarterly Avg. Trends
Deposit & Repo Quarterly Avg. Trends Billions $12.57 $12.47 $12.58 $12.19 $12.18 $0.46 $0.46 $0.49 $0.32 $0.38 $0.62 $0.56 $0.58 $0.58 $0.57 $4.38 $4.30 $4.18 $4.31 $4.51 $7.12 $7.00 $7.05 $7.12 $7.00 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Noninterest-bearing Non-maturity IB Deposits Time Deposits Customer R
Slide 29: Cost of Deposits
Cost of Deposits 6.00% CVBF KRX Fed Funds Rate 5.00% For the Last 5 Years CVBF Ranked #1 with the Lowest Cost of Deposits of 4.50% the 50 Banks in the KRX Index 4.00% 3.75% 3.00% 2.34% 2.03% 2.00% 0.82% 0.98% 0.86% 1.00% 0.82% 0.03% 0.25% 0.11% 0.21% 0.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 30: Cost of Deposits: Monthly Trends
Cost of Deposits: Monthly Trends CVBF Cost of Deposit Detail Cost of Non-Maturity Deposits Cost of Time Deposits 2.88% 2.87% 2.78% 2.76% 2.75% 2.73% 2.76% 2.76% 2.74% 2.75% 2.72% CVBF Cost of Deposits 2.66% vs. Effective Federal Funds Rate .77% .77% .76% .74% .75% .75% .76% .77% .77% .75% .72% .71%
Slide 31: Loans by Type
Loans by Type C&I CRE Owner 26.8% Commercial and $0.97B industrial 11.2% Dairy & livestock and agribusiness 5.0% CRE SBA $6.57B 3.2% SFR mortgage 3.2% Municipal lease finance receivable 0.7% CRE Non-Owner 48.8% Consumer and other loans 0.7% Construction Other 0.4% $1.15B cbbank.com 31
Slide 32: Loan Trends – Quarterly Averages
Loan Trends – Quarterly Averages ($ in Millions) CRE C&I $995 $993 $981 $6,700 $6,668 $6,702 $6,664 $6,655 $970 $956 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 D&L and Agribus. Other $372 $342 $340 $264 $247 $885 $854 $876 $862 $854 Q4 2024 Q1 2025 Q2 2025 Q3 202
Slide 33: Line Utilization Trends
Q1 2022 Q2 2022 Q3 2022 Q4 2022 51% Q1 2023 Q2 2023 cbbank.com Q3 2023 Q4 2023 48% Q1 2024 Q2 2024 Total Q3 2024 Q4 2024 49% Q1 2025 Q2 2025 Q3 2025 Q4 2025 48% Q1 2022 Q2 2022 Q3 2022 Q4 2022 78% Q1 2023 Q2 2023 Line Utilization Trends Q3 2023 Q4 2023 80% Q1 2024 D&L Q2 2024 Q3 2024 Q4 2024 81% Q1
Slide 34: ACL Nine Quarter Trend
ACL Nine Quarter Trend ($ in Millions) $5.9 $0.0 $0.0 $0.1 $0.1 $0.0 $0.0 $82.8 $82.8 $82.8 $0.1 $0.0 $80.9 $80.0 $78.3 $79.3 $77.9 $77.2 0.98% 0.97% 0.95% 0.94% 0.94% 0.94% 0.93% 0.94% 0.89% Specific Reserve Performing Loans ACL Coverage Ratio Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Slide 35: Classified Loan Trend
Classified Loan Trend $94.17 ($ in Millions) $89.55 $5.20 $5.59 $7.39 $0.86 $78.18 $9.48 $9.28 $73.42 $8.30 Other* $8.08 $7.55 $6.27 SFR mortgage $9.61 $52.70 $37.60 $7.28 $36.80 SBA $5.64 $6.85 Dairy & livestock and agribusiness $31.66 $34.60 $12.34 Commercial and industrial $8.52 CRE - Non-owner $
Slide 36: Classified Loans / Total Loans (%)
Classified Loans / Total Loans (%) CVBF KRX 2.4% 2.4% 2.4% 2.3% 2.1% 2.0% 2.0% 1.8% 1.8% 1.6% 1.6% 1.5% 1.4% 1.4% 1.5% 1.2% 1.2% 1.1% 1.2% 1.1% 1.1% 1.0% 0.9% 0.9% 0.9% 0.9% 0.7% 0.7% 0.6% 4Q'17 4Q'18 4Q'19 4Q'20 4Q'21 4Q'22 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 cbbank.com * Source:
Slide 37: Net Charge-Offs / Average Loans (%)
Net Charge-Offs / Average Loans (%) CVBF KRX 0.08% 0.06% 0.06% 0.06% 0.05% 0.05% 0.05% 0.05% 0.05% 0.04% 0.04% 0.03% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4Q'19 4Q'20 4Q'21 4Q'22 4Q'23 1Q'24 2Q'24 3Q'24 4Q'24 1Q'25 2Q'25 3Q'25 4Q'25 cbbank.com * Source: S&P Ca
Slide 38: Appendix
Appendix Non-GAAP Reconciliation cbbank.com
Slide 39: Commercial Real Estate Loans
Commercial Real Estate Loans Collateral Type Owner/Non-Owner Occupied Other RE Rental Medical and Leasing Non- Farmland 5% 4% Owner 6% 65% Industrial Other 35% 8% Multi- Family 13% Owner Retail Office 35% 14% 15% cbbank.com 39
Slide 40: CRE by Collateral
CRE by Collateral ($ in Millions) % of Classified Collateral LTV at Classified Balance Owner Avg. Size Classified (Non- Type Origination (Owner) Occupied Owner) Industrial $ 2,269 47% 49% $ 1.69 $ 16.09 $ 4.14 $ 11.95 Office 990 29% 55% 1.64 4.46 2.66 1.80 Retail 908 11% 47% 1.71 1.96 1.72 0.24 Mult
Slide 41: CRE by Collateral and Origination
CRE by Collateral and Origination ($ in Millions) Balance Distribution by Origination Year Average OLTV By Origination Year Collateral 2020 or 2020 or Balance 2025 2024 2023 2022 2021 2025 2024 2023 2022 2021 Type earlier earlier Industrial $ 2,269 11% 6% 8% 18% 16% 41% 44% 42% 43% 44% 50% 52% Offic
Slide 42: CRE by Collateral and Loan Size
CRE by Collateral and Loan Size ($ in Millions) Other RE Multi- Loan Amount Industrial Office Retail Other Farmland Medical Rental and Total Family Leasing Greater than $ 24 $ 22 $ 0 $ 0 $ 0 $ 0 $ 0 $ 60 $ 106 $20M $10M to $20M 120 95 65 85 10 68 24 14 481 $5M to $10M 472 233 159 123 143 75 61 59 1,
Slide 43: Loans – Maturity & Repricing
Loans – Maturity & Repricing ($ in Millions) Balance Distribution by Maturity or Reset as of 12/31/2025 Variable Fixed / Adjustable Loan Type ≤ 1 Year ≤ 1 Year 1-3 Years 3-5 Years 5-10 Years > 10 Years Grand Total Commercial real estate $ 864 $ 370 $ 1,335 $ 1,479 $ 2,186 $ 340 $ 6,574 Commercial an
Slide 44: CRE Office Loans by Major MSA
CRE Office Loans by Major MSA Los Angeles County • Total Balance of $346mm (177 loans) San Diego County • Total Balance of $67mm (21 loans) Powered by Bing © GeoNames, Microsoft, TomTom Note: Only shows the office loans that are in the major MSA. cbbank.com 44
Slide 45: Greater LA Business Density Distribution
Greater LA Business Density Distribution % of Market Description $ Loan LTV at Avg. Owner Classified ($ in Thousands) Balance Origination Loan Size Occupied West LA (HBD) $ 82,442 12% 50% $ 4,122 $ 2,656 Other West LA 48,197 23% 53% 2,096 0 North LA (HBD) 39,939 7% 49% 1,664 0 Other North LA 36,786
Slide 46: Greater SD Business Density Distribution
Greater SD Business Density Distribution % of Area $ Loan LTV at Owner Avg. Size Classified ($ in Thousands) Balance Occupied Origination Downtown SD (HBD) $ 3,583 42% 54% $ 1,194 $ 0 Other SD 63,132 2% 51% 3,507 0 • Darker shaded areas represent Higher Business Density (HBD) Total $ 66,715 2% 51% $
Slide 47: C&I by Industry
C&I by Industry Balance % of Classified Industry ($ in C&I ($ in Millions) Total Millions) Wholesale Trade: 10% Real Estate Rental and Manufacturing: $ 201 21% $ 2.64 12% Leasing Manufacturing 113 12% 2.60 Wholesale Trade 102 10% 6.54 Construction: 8% Construction 80 8% 0.00 Real Estate Rental and L
Slide 48: Deposit Growth
Deposit Growth Billions $13.62 $13.40 $0.6 $0.6 $12.56 $12.18 $12.21 $11.71 $0.5 $0.4 $0.3 $0.3 $4.9 $4.7 $9.13 $4.3 $4.2 $4.9 $5.3 $0.4 Brokered $300mm Suncrest $1.2B $3.5 Customer Repos $8.1 $8.2 $7.5 $7.2 $7.0 Interest-bearing $6.8 $5.2 Noninterest-bearing Dec'19 Dec'20 Dec'21 Dec'22 Dec'23 Dec'2
Slide 49: Diverse Deposit Base
Diverse Deposit Base Finance and Insurance 13% Consumer 22% Other Industries 8% Construction 7% Retail Trade Professional, 2% Scientific, and Technical Agriculture, Services Forestry, Fishing 7% and Hunting 2% Wholesale Trade 2% Educational Manufacturing Services 7% 3% Property Management Health Car
Slide 50: Business vs Consumer Deposits
Business vs Consumer Deposits Q4 2025 Consumer 22% Non-Analyzed Business Accounts 43% Analyzed Business Accounts 35% cbbank.com 50
Slide 51: Deposit Relationship Tenure
Deposit Relationship Tenure Q4 2025 Over 10 Years 47% 3 to 10 Years 27% Less than 3 Years 26% ~75% of our customer deposit relationships have banked with CBB for 3 years or more cbbank.com 51
Slide 52: Economic Forecast – GDP
Economic Forecast – GDP Real GDP Growth 3.50 3.00 2.50 2.00 1.50 1.00 0.50 - Q3 2025 Forecast Q4 2025 Forecast cbbank.com 52
Slide 53: Economic Forecast – Unemployment
Economic Forecast – Unemployment Unemployment Rate 6.00 5.50 5.00 4.50 4.00 Q3 2025 Forecast Q4 2025 Forecast cbbank.com 53
Slide 54: Economic Forecast – CRE Price
Economic Forecast – CRE Price CRE Price Index Growth 8.00 6.00 4.00 2.00 - (2.00) (4.00) (6.00) (8.00) Q3 2025 Forecast Q4 2025 Forecast cbbank.com 54
Slide 55: Heritage Commerce transaction overview
Heritage Commerce transaction overview Industry-Leading Pro Forma Expands Presence into Performance Metrics¹ Attractive Financial Returns Desirable Bay Area Markets KRX² rank Scale Profitability & Returns $21.7bn $17.2bn 13.2% San Rafael Assets Deposits Oakland 2027E EPS Accretion San Francisco Palo
Slide 56: Key Transaction Assumptions
Key Transaction Assumptions Structure 100% stock with fixed exchange ratio of 0.6500x CVBF shares for each HTBK share CVBF forecast based on median consensus analyst estimates for earnings and assets Earnings Forecasts HTBK forecast based on median consensus analyst estimates for earnings and
Slide 57: Reconciliation of Return on Average Tangible Common Equity (Non-GAAP)
Reconciliation of Return on Average Tangible Common Equity (Non-GAAP) The return on average tangible common equity is a non-GAAP disclosure. We use certain non-GAAP financial measures to provide supplemental information regarding our performance. We believe that presenting the return on average tang
Slide 58: Copy of presentation at www.cbbank.com
Copy of presentation at www.cbbank.com cbbank.com