Cvb Financial Corporation · NASDAQ:CVBF
Cvb Financial — Q1 2025 Earnings Presentation
55 slides from Cvb Financial's earnings presentation, Apr 24, 2025
Slide 1: April 2025
Exhibit 99.1 April 2025 cbbank.com
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements that are intended to be covered by the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of the manageme
Slide 3: CVB Financial Corp. (CVBF)
CVB Financial Corp. (CVBF) § Total Assets: $15.3 Billion § Gross Loans: $ 8.4 Billion § Total Deposits (Including Repos): $12.3 Billion § Total Equity: $ 2.2 Billion Ø Largest financial institution headquartered in the Inland Empire region of Southern California. Founded in 1974. 3 cbbank.com
Slide 4: Bank Accomplishments & Ratings
Bank Accomplishments & Ratings Ø 192 Consecutive Quarters or 48 Years of Profitability Ø 142 Consecutive Quarters of Cash Dividends Ø Forbes, Best Banks in America (2016 – 2025)* Ø Ranked #1 Forbes, Best Banks in America (2016, 2020, 2021, 2023) Ø Ranked in S&P Global Market Intelligence’s Top 50 20
Slide 5: Business Financial Centers and CitizensTrust Locations
62 Business Financial Centers 3 CitizensTrust Locations Corporate Office Business Financial Centers CitizensTrust cbbank.com 5
Slide 6: Our Vision
Our Vision C Ciit tiiz ze en ns s B Bu us siin ne es ss s B Ba an nk k w wiillll s st tr riiv ve e t to o b be ec co om me e t th he e p pr re em miie er r f fiin na an nc ciia all s se er rv viic ce es s c co om mp pa an ny y o op pe er ra at tiin ng g t th hr ro ou ug gh ho ou ut t t th he e s st
Slide 7: Target Customer
Target Customer T Th he e b be es st t p pr riiv va at te elly y- -h he elld d a an nd d/ /o or r f fa am miilly y- -o ow wn ne ed d b bu us siin ne es ss se es s t th hr ro ou ug gh ho ou ut t C Ca alliif fo or rn niia a §§ A An nn nu ua all r re ev ve en nu ue es s o of f $ $1 1- -3 30 00 0 m miil
Slide 8: Three Areas of Growth
Three Areas of Growth D De eN No ov vo o A Ac cq qu uiis siit tiio on ns s S Sa an n D Diie eg go o ( (2 20 01 14 4) ) A Am me er riic ca an n S Se ec cu ur riit ty y B Ba an nk k ( (2 20 01 14 4) ) O Ox xn na ar rd d ( (2 20 01 15 5) ) C Co ou un nt ty y C Co om mm me er rc ce e B Ba an nk k ( (2 2
Slide 9: Relationship Banking Strategy
Relationship Banking Strategy Customer Credit Marketing Management Division Relationship Manager (Bank) Agribusiness Citizens Home Construction Lending Specialty Lending Asset Based Treasury Real Estate Banking International Lending Management Banking Dairy & Livestock CitizensTrust Government Citiz
Slide 10: Acquisition Strategy
Acquisition Strategy Banks: Ø Target size: $1 billion to $10 billion in assets Ø Financial & Strategic Ø In-market and/or adjacent geographic market (California) Banking Teams: Ø In-market Ø New markets cbbank.com 10
Slide 11: CVBF Balance Sheet Profile
CVBF Balance Sheet Profile March 31, 2025 Deposits & Assets Securities Loans Funding Repos Cash Borrowings D&L & Agri Repos 4% Time 4% 3% 2% Others Muni Other 5% 8% 10% 10% Agency C&I 11% 11% Securities Loans $12.8B MBS $4.9B $8.4B $12.3B $15.3B 32% 54% 56% CMO 23% CRE Total Deposits & 78% Non-matur
Slide 12: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights • ROATCE = 14.51% Profitability • ROAA = 1.37% • Efficiency Ratio = 46.7% • Q1’25 Net Income = $51 million / EPS = $0.36 • $2.2 million gain on sale of OREO properties Income Statement • $2 million recapture of provision for credit losses • NIM = 3.31% • Noninterest depo
Slide 13: Selected Ratios
Selected Ratios 2022 2023 2024 Q1’24 Q4’24 Q1’25 ROATCE* 18.85% 18.48% 14.95% 15.13% 14.31% 14.51% NIM 3.30% 3.31% 3.09% 3.10% 3.18% 3.31% Cost of Deposits 0.05% 0.41% 0.88% 0.74% 0.93% 0.86% P Pe er rf fo or rm ma an nc ce e Cost of Funds 0.06% 0.83% 1.32% 1.31% 1.13% 1.04% Efficiency Ratio 38.98%
Slide 14: Selected Highlights: Income Statement
Selected Highlights Q1’24 Q4’24 Q1’25 ($ in Thousands) Net Interest Income $ 112,461 $ 110,418 $110,444 Noninterest Income 14,113 13,103 16,229 Noninterest Expense, excluding 55,326 56,352 57,127 Regulatory Assessments Regulatory Assessments 4,445 2,128 2,017 Total Noninterest Expense 59,771 58,480
Slide 15: Selected Highlights: Average Balance Sheet
Selected Highlights Q1’24 Q4’24 Q1’25 ($ in Thousands) Average Cash & Cash Equivalents $ 595,470 $ 637,004 $ 315,760 Average Loans 8,824,579 8,522,587 8,467,465 Average Total Securities 5,357,708 4,936,514 4,908,718 A Av ve er ra ag ge e Average Noninterest-bearing Deposits 7,182,718 7,116,050 7,006
Slide 16: Earnings Per Share
Earnings Per Share 1 19 92 2 C Co on ns se ec cu ut tiiv ve e Q Qu ua ar rt te er rs s o or r 4 48 8 Y Ye ea ar rs s o of f P Pr ro of fiit ta ab biilliit ty y $1.67 $1.59 $1.56 s siin nc ce e 1 19 97 77 7 $1.48 $1.48 $1.44 $1.30 $1.24 $0.95 $0.94 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 cb
Slide 17: Dividends – Consecutive Quarters
Dividends – 142 Consecutive Quarters 1 14 42 2 C Co on ns se ec cu ut tiiv ve e Q Qu ua ar rt te er rs s M Mo or re e t th ha an n 3 35 5 y ye ea ar rs s o of f c ca as sh h $0.80 $0.80 $0.80 $0.77 d diiv viid de en nd ds s s siin nc ce e 1 19 98 89 9 $0.72 $0.72 $0.72 $0.56 $0.54 55.73% 54.50% $0.4
Slide 18: Net Interest Income and NIM
Net Interest Income and NIM ($ in Millions) 4.43% 4.24% $113.6 $112.5 $110.8 4.37% 4.34% $110.4 $110.4 4.28% 3.31% 3.18% 3.10% 3.05% 3.05% 1.47% 1.38% 1.31% 1.13% 1.04% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Earning Asset Yield Net Interest Margin Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Cost of Funds cbbank.com 18
Slide 19: Net Interest Margin Trend
Net Interest Margin Trend CVBF KRX 4.43% 4.26% 3.71% 3.70% 3.78% 3.69% 3.63% 3.58% 3.34% 3.27% 3.26% 3.24% 3.19% 3.15% 3.31% 3.21% 3.18% 3.17% 2.92% 3.09% 3.05% 3.04% 2.79% Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Source: As calculated by S&P Capital IQ. Unw
Slide 20: Return on Average Assets
Return on Average Assets CVBF KRX 1.8% 1.6% 1.5% 1.4% 1.4% 1.3% 1.2% 1.2% 1.2% 1.2% 1.2% 1.4% 1.4% 1.3% 1.2% 1.1% 0.9% 1.0% 1.0% 1.0% 0.9% 0.9% 0.6% Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Source: As calculated by S&P Capital IQ. Unweighted Average NASDAQ R
Slide 21: Return on Average Tangible Common Equity
Return on Average Tangible Common Equity CVBF KRX 23.7% 19.8% 16.5% 16.3% 16.1% 15.8% 15.4% 15.0% 14.9% 14.5% 14.3% 14.0% 15.7% 14.5% 14.1% 13.4% 12.5% 12.3% 10.2% 12.2% 12.1% 9.7% 7.4% Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Source: As calculated by S&P Ca
Slide 22: CET1 Ratio Trend
CET1 Ratio Trend (%) CVBF KRX 16.5% 16.4% 16.2% 15.8% ASR / Suncrest Acquisition 15.3% 14.8% 15.0% 14.9% 14.8% 14.7% 13.6% 13.0% CB Acquisition 12.8% 12.6% 12.5% 12.5% 12.3% 12.2% 12.2% 12.1% 12.0% 11.8% 11.8% Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Source:
Slide 23: TCE Ratio Trend
TCE Ratio Trend (%) CVBF KRX 12.2% 11.6% 10.5% CB ASR / Suncrest 10.0% Acquisition Acquisition 9.8% 9.7% 9.6% 9.2% 9.7% 8.7% 9.3% 8.5% 9.1% 8.3% 9.0% 8.6% 8.6% 8.6% 8.2% 7.4% 8.1% 8.1% 7.4% Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Source: S&P Capital IQ. Unw
Slide 24: Total Deposits & Customer Repos
Total Deposits & Customer Repos March 31, 2025 March 31, 2024 Total Deposits & Customer Repos Total Deposits & Customer Repos Time Time 4% 6% Repos Repos 2% 2% Non-maturity Interest-bearing 35% Noninterest-bearing Noninterest-bearing 59% Non-maturity 58% Interest-bearing 34% Cost of Interest-Bearing
Slide 25: Deposit & Repo Quarterly Avg. Trends
Deposit & Repo Quarterly Avg. Trends $12.57 $12.42 $12.19 $12.17 $11.95 $0.46 $0.36 $0.29 $0.32 $0.31 $0.62 $0.74 $0.73 $0.56 $0.45 $4.38 $4.19 $4.01 $4.00 $4.30 $7.18 $7.15 $7.12 $7.12 $7.00 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Noninterest-bearing Non-maturity IB Deposits Time Deposits Customer Repos cbba
Slide 26: Cost of Deposits
Cost of Deposits 6.00% CVBF KRX Fed Funds Rate 5.00% For the Last 5 Years CVBF Ranked Among the 5 Lowest Cost of Deposits 4.50% of the 50 Banks in the KRX Index 4.00% 3.00% 2.34% 2.19% 2.00% 0.82% 0.98% 0.86% 1.00% 0.03% 0.11% 0.25% 0.21% 0.00% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 27: Cost of Deposits: Monthly Trends
Cost of Deposits: Monthly Trends CVBF Cost of Deposit Detail Cost of Non-Maturity Deposits Cost of Time Deposits 3.52% 3.50% 3.44% 3.40% 3.24% 3.17% 3.15% CVBF Cost of Deposits 2.87% 2.84% 2.88% 2.87% 2.78% vs. Effective Federal Funds Rate .85% .88% .84% .81% .81% .74% .75% .77% .77% .76% .70% .71%
Slide 28: Loans by Type
Loans by Type C&I CRE Owner $0.94B 27.6% Commercial and industrial 11.3% SBA 3.3% CRE SFR mortgage $6.49B 3.2% Dairy & livestock and agribusiness 3.0% Municipal lease finance receivable 0.8% CRE Non-Owner 50.0% Consumer and other loans 0.7% Other Construction 0.2% $0.93B cbbank.com 28
Slide 29: Loan Trends – Quarterly Averages
Loan Trends – Quarterly Averages ($ in Millions) C&I CRE $1,015 $1,003 $6,895 $1,001 $6,844 $995 $6,788 $6,700 $6,664 $970 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 D&L and Agribus. Other $381 $372 $363 $352 $340 $913 $900 $854 $854 $853 Q1 2024 Q2 2024 Q3 2024
Slide 30: Line Utilization Trends
Line Utilization Trends 81% 80% 78% 75% 69% 68% 64% 51% 49% 48% 48% 46% 45% 42% 31% 30% 29% 28% 28% Total D&L C&I cbbank.com 30 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2
Slide 31: ACL Nine Quarter Trend
ACL Nine Quarter Trend ($ in Millions) $3.4 $1.5 $1.5 $5.9 $0.0 $0.0 $0.1 $85.5 $85.6 84.1 $0.0 $0.1 $82.8 $82.8 $82.8 $80.9 $80.0 $78.3 1.00% 0.98% 0.98% 0.97% 0.97% 0.95% 0.94% 0.94% 0.94% Specific Reserve Performing Loans ACL Coverage Ratio Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024
Slide 32: Classified Loan Trend
Classified Loan Trend $124.73 $124.61 ($ in Millions) $4.04 $5.08 $11.68 $15.16 $103.08 $8.19 $4.68 $94.17 $3.57 Other* $2.52 $89.55 $3.30 $5.20 $5.59 $7.39 $0.86 SFR mortgage $9.48 $9.28 $53.75 SBA $46.81 $64.33 Dairy & livestock and $37.60 $36.80 agribusiness Commercial and industrial CRE - Non-ow
Slide 33: Classified Loans / Total Loans
Classified Loans / Total Loans (%) CVBF KRX 2.3% 2.1% 2.0% 2.0% 1.8% 1.8% 1.6% 1.6% 1.5% 1.5% 1.4% 1.4% 1.2% 1.2% 1.2% 1.1% 1.1% 1.1% 1.0% 0.9% 0.9% 0.7% 0.7% Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Source: S&P Capital IQ. Unweighted Average NASDAQ Regional
Slide 34: Net Charge-Offs / Average Loans
Net Charge-Offs / Average Loans (%) CVBF KRX 0.08% 0.06% 0.06% 0.06% 0.06% 0.05% 0.05% 0.05% 0.04% 0.04% 0.03% 0.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.01% -0.01% Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Source: S&P Capital IQ. Unweight
Slide 35: Appendix Non-GAAP Reconciliation
Appendix Non-GAAP Reconciliation cbbank.com
Slide 36: Selected Annual Highlights
Selected Annual Highlights 2022 2023 2024 ($ in Thousands) Net Interest Income $ 505,513 $ 487,990 $ 447,347 Noninterest Income 49,989 59,330 54,474 Noninterest Expense, excluding 211,078 215,874 223,493 Regulatory Assessments Regulatory Assessments 5,477 17,710 10,091 Total Noninterest Expense 216,
Slide 37: Commercial Real Estate Loans
Commercial Real Estate Loans Collateral Type Owner/Non-Owner Occupied Other RE Rental Medical and Leasing Non- Farmland 4% 4% Owner 7% 64% Industrial Other 34% 9% Multi- Family 12% Owner Retail Office 36% 14% 16% cbbank.com 37
Slide 38: CRE by Collateral
CRE by Collateral ($ in Millions) Classified % of Collateral LTV at Classified Balance Owner Avg. Size Classified (Non- Type Origination (Owner) Occupied Owner) Industrial $ 2,217 48% 49% $ 1.63 $ 19.66 $ 9.86 $ 9.80 Office 1,022 27% 55% 1.66 0.00 0.00 0.00 Retail 899 11% 47% 1.73 24.86 24.86 0.00 M
Slide 39: 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 $ 2,217 3% 6% 8% 19% 18% 46% 39% 42% 43% 44% 50% 52% Office
Slide 40: CRE by Collateral and Reset/Maturity
CRE by Collateral and Reset/Maturity ($ in Millions) Balance Maturing Next Rate Resets Next 24 Maturity Collateral Balance 24 months Months & Rate Reset % Type ($ in Millions) ($ in Millions) ($ in Millions) of Loans Industrial $ 2,217 $ 277 $ 142 19% Office 1,022 126 125 25% Retail 899 129 111 27%
Slide 41: 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 $ 25 $ 23 $ 0 $ 0 $ 0 $ 0 $ 0 $ 43 $ 91 $20M $10M to $20M 105 112 86 86 11 66 0 24 490 $5M to $10M 446 232 152 130 141 84 56 51 1,2
Slide 42: CRE Office Loans by Major MSA
CRE Office Loans by Major MSA San Francisco County • Total Balance of $109,868 (1 loan) Los Angeles County • Total Balance of $358mm (186 loans) San Diego County • Total Balance of $73mm (21 loans) Powered by Bing © GeoNames, Microsoft, TomTom Note: Only shows the office loans that are in the major
Slide 43: Greater LA Business Density Distribution
Greater LA Business Density Distribution % of Market Description $ Loan Avg. LTV at Owner Classified Origination ($ in Thousands) Balance Loan Size Occupied West LA (HBD) $ 86,124 18% 52% $ 4,306 $ 0 Other West LA 54,991 22% 52% 1,964 0 North LA (HBD) 40,285 8% 49% 1,389 0 Other North LA 37,598 18%
Slide 44: Greater SD Business Density Distribution
Greater SD Business Density Distribution % of Area $ Loan LTV at Owner Avg. Size Classified Balance Origination ($ in thousands) Occupied Downtown SD (HBD) $ 3,673 42% 54% $ 1,224 $ 0 Other SD 69,183 0% 50% 3,844 0 • Darker shaded areas represent Higher $ 72,856 2% 51% $ 3,469 $ 0 Business Density (
Slide 45: Greater SF Business Density Distribution
Greater SF Business Density Distribution % of Area $ Loan LTV at Owner Avg. Size Classified Origination ($ in thousands) Balance Occupied Downtown SF $ 110 0% 3% $ 110 $ 0 (HBD) Other SF 0 0% 0% 0 0 • Darker shaded areas represent Higher Business Density (HBD) Total $ 110 0% 3% $ 110 $ 0 cbbank.com
Slide 46: C&I by Industry
C&I by Industry Manufacturing: Wholesale Trade: 8% 12% Balance % of Classified ($ in C&I ($ in Industry Millions) Total Millions) Real Estate Rental and Construction: 8% $ 208 22% $ 0.12 Leasing Manufacturing 116 12% 2.93 Real Estate Rental and Leasing: Wholesale Trade 75 8% 4.38 22% Arts, Entertain
Slide 47: Historical Deposit Growth
Historical Deposit Growth $13.62 $13.40 $0.6 $0.6 $12.21 $12.18 $11.71 $0.3 $0.4 $0.3 $4.9 $4.7 $9.13 $4.3 $4.9 $4.2 Brokered $300mm $0.4 Suncrest $1.2B $3.5 Customer Repos $8.1 $8.2 $7.5 Interest-bearing $7.2 $7.0 $5.2 Noninterest-bearing Dec'19 Dec'20 Dec'21 Dec'22 Dec'23 Dec'24 Suncrest +$1.2B Q1
Slide 48: Diverse Deposit Base
Diverse Deposit Base Construction Consumer 8% 28% Other Industries 10% Property Management 6% Finance and Insurance 6% Retail Trade 2% Transportation and Warehousing Other Real Estate 3% Rental and Leasing 6% Wholesale Trade 3% Manufacturing Educational 5% Services 3% Escrow and Title 5% Health Care
Slide 49: Business vs Consumer Deposits
Business vs Consumer Deposits Q1 2025 Non-Analyzed Business Accounts 33% Consumer 28% Analyzed Business Accounts 39% cbbank.com 49
Slide 50: Deposit Relationship Tenure
Deposit Relationship Tenure Q1 2025 Over 10 Years 46% 3 to 10 Years 29% Less than 3 Years 25% ~75% of our customer deposit relationships have banked with CBB for 3 years or more cbbank.com 50
Slide 51: Economic Forecast – GDP
Economic Forecast – GDP Real GDP Growth 3.00 2.50 2.00 1.50 1.00 0.50 - Q4 2024 Forecast Q1 2025 Forecast cbbank.com 51
Slide 52: Economic Forecast – Unemployment
Economic Forecast – Unemployment Unemployment Rate 6.00 5.50 5.00 4.50 4.00 3.50 3.00 Q4 2024 Forecast Q1 2025 Forecast cbbank.com 52
Slide 53: Economic Forecast – CRE Price
Economic Forecast – CRE Price CRE Price Index Growth 10.00 8.00 6.00 4.00 2.00 - (2.00) (4.00) (6.00) (8.00) Q4 2024 Forecast Q1 2025 Forecast cbbank.com 53
Slide 54: 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 55: Copy of presentation at www.cbbank.com
Copy of presentation at www.cbbank.com cbbank.com