Board of Directors
President's Message
September 30, 2025
Hal W. Oswalt
Chairman
David A. Brager
President and CEO
Stephen A. Del Guercio
Director
Anna Kan
Director
Tim Stephens
George A. Borba
Vice Chairman
Jane Olvera Majors
Director
Raymond V. O'Brien III
Director
Kimberly Sheehy
Director
CVB Financial Corp. (CVBF) 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. Our performance in the third
Director
Leadership Team
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.
We welcome a new Director, Tim Stephens, who joined the Board of Directors for both CVB Financial Corp. and Citizens Business Bank on November 1, 2025. His extensive experience in financial services, information technology, risk management, and regulatory compliance will be a tremendous asset as we continue to grow and serve our customers. Mr. Stephens' addition increases the number of board members for CVB Financial Corp. and Citizens Business Bank from eight to nine.
On November 5, 2025, Citizens Business Bank announced the opening of a new Loan Production Office in Temecula, California, led by a team of seasoned banking professionals. This strategic expansion strengthens our presence in the rapidly growing Temecula-Murrieta region of Riverside County and enhances our coverage across Southern California, bridging the gap between the San Diego and Riverside markets.
In September, S&P Global Market Intelligence ranked CVB Financial Corp. as one of the top three large U.S. banks by deposit franchise. CVB Financial Corp. took the second position overall in the rankings and ranked first for average noninterest-bearing deposits to total deposits out of the 149 banks that were analyzed. In establishing their rankings, S&P Global Market Intelligence looked at eight metrics related to deposits for banks and thrifts with total assets above $10 billion as of June 30, 2025.
CitizensTrust, our wealth management division that provides trust, investment, and brokerage-related services, as well as financial, estate, and business succession planning, had approximately $5.2 billion in assets under management and
David A. Brager
President and CEO
David C. Harvey
EVP, Chief Operating Officer
Richard H. Wohl
EVP, General Counsel
Yamynn De Angelis
EVP, Chief Risk Officer
Hector G. Gutierrez, Esq.
EVP, Deputy Chief Credit Officer
Daniel Limon
EVP, Banking Division
Timothy B. Noone
EVP, Specialty Banking
G. Larry Zivelonghi
EVP, Dairy & Livestock Industries
Michael K. Currie
SVP, Chief Information Officer
Donald E. Evenson
SVP, Chief Investment Officer
Rudy I. Ramirez SVP, Chief Information Security Officer
Walter J. Smiechewicz
SVP, Chief Audit Executive
Robert E. Zeltner SVP, Orange County & San Diego Regions
E. Allen Nicholson
EVP, Chief Financial Officer
David F. Farnsworth
EVP, Chief Credit Officer
R. Daniel Banis
EVP, CitizensTrust
Ted J. Dondanville
EVP, Specialty Lending Group
Joyce Y. Kwon
EVP, Director of Human Resources
Susan M. Mlot
EVP, Head of Operations
LaVon M. Short
EVP, Director of Treasury
Management and Marketing
Jeffrey S. Boyer
SVP, Los Angeles/Kern County
Gilbert W. Estrada
SVP, Inland Empire Region
Michael B. Mulcahy
SVP, Los Angeles/Central Coast
Mark C. Richardson
SVP, Real Estate Banking
Michael D. Stain
SVP, Central Valley Region
administration, including $3.7 billion in assets under management, at quarter end1.
Shares of CVB Financial Corp. common stock are listed on Nasdaq under the ticker symbol "CVBF". If you are new to CVB Financial Corp. and would like more information about Citizens Business Bank, our principal financial services subsidiary, please visit us on our website at cbbank.com. Additional information about CVB Financial Corp. is available on our Citizens Business Bank website under the "Investors" tab1.
On behalf of our Board of Directors and our hard-working associates, we want to thank our customers and shareholders for their continued loyalty and support.
President & Chief Executive O cer
CVB Financial Corp., Citizens Business Bank
144CONSECUTIVE QUARTERS OF CASH DIVIDENDS PAID
194CONSECUTIVE QUARTERS OF PROFITABILITY
$52.6 million
NET INCOME
as of 9.30.25
Financials
Top 50 Public BanksS&P Global Market Intelligence, 2024
Super Premier Performing BankFindley Reports, 2025
Five-Star Superior RatingBauerFinancial, 2025
America's Best BanksForbes, 2025
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 3 trust office locations serving California.
Not Insured by FDIC or Any Other Government Agency | Not Bank Guaranteed |
Not Bank Deposits or Obligations | May Lose Value |
1
Condensed Consolidated Balance Sheets Condensed Consolidated Statements of Earnings
29,821
22,312
-52,133
115,577
1,000
$ 114,929
$
4,859
3,875
684
3,267
(8,185)
-8,506
13,006
18,867
12,812
31,679
377
7,231
150,112
20,178
13,284
33,462
375
16,986
165,752
26,096
8,109
330
34,535
$ 110,825
113,619
5,120
3,565
355
3,499
(11,582)
9,106
2,771
12,834
35,876
5,823
2,350
4,350
1,738
1,003
500
6,936
58,576
69,007
16,421
52,586
$
36,647
6,204
2,855
3,906
1,964
1,286
(750)
6,723
58,835
67,618
16,394
51,224
Interest income:
Loans and leases, including fees Investment securities:
Investment securities available-for-sale Investment securities held-to-maturity Total investment income
Dividends from FHLB stock
Interest-earning deposits with other institutions Total interest income
Interest expense:
Deposits
Borrowings and customer repurchase agreements Other
Total interest expense
Net interest income before provision for (recapture of) credit losses
Provision for (recapture of) credit losses
Net interest income after provision for (recapture of) credit losses
Noninterest income:
Service charges on deposit accounts Trust and investment services Bankcard services
BOLI income
Loss on sale of AFS investment securities Gain on sale of leaseback transactions Other
Total noninterest income Noninterest expense:
Salaries and employee benefits Occupancy and equipment Professional services
Computer software expense Marketing and promotion Amortization of intangible assets
Provision for (recapture of) unfunded loan commitments Other
Total noninterest expense Earnings before income taxes Income taxes
Net earnings
114,577
113,619
-
(Dollars in thousands, except share amounts) (Unaudited)
September 30,
2025
December 31,
2024
(Dollars in thousands, except per share amounts) (Unaudited)
Three Months Ended September 30, 2025 2024
Assets | $ 153,875 50,823 204,698 480 2,542,115 2,379,668 4,921,783 18,012 8,536,432 (80,122) 8,456,310 27,543 316,248 45,716 9,967 765,822 171,178 215,898 $15,153,655 $7,037,096 4,911,285 11,948,381 261,887 500,000 22,909 5,047 229,115 12,967,339 1,296,881 1,201,499 (312,064) 2,186,316 $15,153,655 | |
Cash and due from banks | $ 151,848 | |
Interest-earning balances due from Federal Reserve | 632,072 | |
Total cash and cash equivalents | 783,920 | |
Interest-earning balances due from depository institutions | 13,163 | |
Investment securities available-for-sale, at fair value (with | ||
amortized cost of $2,902,365 at September 30, 2025, | ||
and $2,997,047 at December 31, 2024) | 2,579,397 | |
Investment securities held-to-maturity (with fair value of | ||
$1,935,898 at September 30, 2025, and $1,954,345 | ||
at December 31, 2024) | 2,297,909 | |
Total investment securities | 4,877,306 | |
Investment in stock of Federal Home Loan Bank (FHLB) | 18,012 | |
Loans and lease finance receivables | 8,470,906 | |
Allowance for credit losses | (79,336) | |
Net loans and lease finance receivables | 8,391,570 | |
Premises and equipment, net | 26,595 | |
Bank owned life insurance (BOLI) | 323,881 | |
Accrued interest receivable | 42,785 | |
Intangibles | 6,654 | |
Goodwill | 765,822 | |
Income taxes | 162,569 | |
Other assets | 253,929 | |
Total assets | $ 15,666,206 | |
Liabilities and Stockholders' Equity | ||
Liabilities: | ||
Deposits: | ||
Noninterest-bearing | $7,244,968 | |
Interest-bearing | 4,879,271 | |
Total deposits | 12,124,239 | |
Customer repurchase agreements | 451,258 | |
Other borrowings | 500,000 | |
Deferred compensation | 21,994 | |
Accrued interest payable | 4,643 | |
Other liabilities | 282,005 | |
Total liabilities | 13,384,139 | |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without | ||
par; issued and outstanding 137,509,649 at September | ||
30, 2025, and 139,690,086 at December 31, 2024 | 1,257,194 | |
Retained earnings | 1,272,649 | |
Accumulated other comprehensive loss, net of tax | (247,776) | |
Total stockholders' equity | 2,282,067 | |
Total liabilities and stockholders' equity | $ 15,666,206 |
Basic earnings per common share $ 0.38 $ 0.37
Diluted earnings per common share $ 0.38 $ 0.37
CVB Financial Corp. Citizens Business Bank Corporate Headquarters
909.980.4030 | cbbank.com Equal Housing Lender | Member FDIC