CVB Financial (CVBF)
Market Price (11/6/2026): $22.875 | Market Cap: $4.0 BilSector: Financials | Industry: Regional Banks
CVB Financial (CVBF)
Market Price (11/6/2026): $22.875Market Cap: $4.0 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, Dividend Yield is 2.9%, FCF Yield is 15% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 101%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 100% Low stock price volatilityVol 12M is 23% Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 17% Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Regional Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more. | Trading close to highsDist 52W High is -2.2%, Dist 3Y High is -2.2% Weak multi-year price returns2Y Excs Rtn is -7.4%, 3Y Excs Rtn is -18% | Key risksCVBF key risks include [1] a heavy loan concentration in the California commercial real estate market. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.3%, Dividend Yield is 2.9%, FCF Yield is 15% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -16% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 101%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 100% |
| Low stock price volatilityVol 12M is 23% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 17% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and Regional Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more. |
| Trading close to highsDist 52W High is -2.2%, Dist 3Y High is -2.2% |
| Weak multi-year price returns2Y Excs Rtn is -7.4%, 3Y Excs Rtn is -18% |
| Key risksCVBF key risks include [1] a heavy loan concentration in the California commercial real estate market. |
Qualitative Assessment
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CVB Financial (CVBF) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Performance: CVB Financial reported diluted earnings per share (EPS) of $0.44 for fiscal Q3 2026 (ended September 30, 2026), surpassing analyst estimates of $0.40-$0.41 per share, and recorded net income of $78.1 million. Revenue for the quarter also exceeded expectations, reaching $195.6 million against an estimate of $192.8 million.
2. Successful Acquisition Integration and Profitability Targets Exceeded: The company's fiscal Q3 2026 results demonstrated the full benefit of the Heritage Bank of Commerce acquisition, which was completed on April 17, 2026. Management reported that post-merger profitability goals were achieved earlier than anticipated, with an adjusted return on average assets reaching 1.59%, exceeding the 2027 target of 150 basis points. Diluted EPS grew 16% year-over-year, outperforming the 13% growth target associated with the acquisition.
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CVB Financial (CVBF) stock has gained about 5% since 7/31/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Performance: CVB Financial reported diluted earnings per share (EPS) of $0.44 for fiscal Q3 2026 (ended September 30, 2026), surpassing analyst estimates of $0.40-$0.41 per share, and recorded net income of $78.1 million. Revenue for the quarter also exceeded expectations, reaching $195.6 million against an estimate of $192.8 million.
2. Successful Acquisition Integration and Profitability Targets Exceeded: The company's fiscal Q3 2026 results demonstrated the full benefit of the Heritage Bank of Commerce acquisition, which was completed on April 17, 2026. Management reported that post-merger profitability goals were achieved earlier than anticipated, with an adjusted return on average assets reaching 1.59%, exceeding the 2027 target of 150 basis points. Diluted EPS grew 16% year-over-year, outperforming the 13% growth target associated with the acquisition.
3. Net Interest Margin Expansion: CVB Financial achieved an expanded net interest margin (NIM) of 3.89% in fiscal Q3 2026, a significant increase from 3.33% in the comparable prior year quarter. This expansion was supported by a rise in the average loan portfolio yield to 5.66% in fiscal Q3 2026 from 5.53% in fiscal Q2 2026, with new loan origination yields approaching 6.25%. A substantial portion of non-interest-bearing deposits, constituting 53.5% of total deposits, further contributed to a favorable cost of funds.
4. Shareholder Returns Through Repurchases and Consistent Dividends: The company actively returned capital to shareholders, repurchasing 775,000 shares for approximately $17.5 million during fiscal Q3 2026, and a total of 1.8 million shares for approximately $40 million between June 18 and October 19, 2026. Additionally, CVB Financial declared its 148th consecutive quarterly cash dividend of $0.20 per share for fiscal Q3 2026, payable in October 2026, signaling ongoing financial stability.
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Stock Movement Drivers
Fundamental Drivers
The 3.1% change in CVBF stock from 7/31/2026 to 11/5/2026 was primarily driven by a 29.3% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 22.17 | 22.86 | 3.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 521 | 574 | 10.2% |
| Net Income Margin (%) | 40.2% | 36.0% | -10.2% |
| P/E Multiple | 14.3 | 18.5 | 29.3% |
| Shares Outstanding (Mil) | 135 | 167 | -19.3% |
| Cumulative Contribution | 3.1% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| CVBF | 3.1% | |
| Market (SPY) | -1.9% | 25.9% |
| Sector (XLF) | 1.0% | 60.8% |
Fundamental Drivers
The 14.3% change in CVBF stock from 4/30/2026 to 11/5/2026 was primarily driven by a 42.8% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.00 | 22.86 | 14.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 515 | 574 | 11.4% |
| Net Income Margin (%) | 40.6% | 36.0% | -11.2% |
| P/E Multiple | 12.9 | 18.5 | 42.8% |
| Shares Outstanding (Mil) | 135 | 167 | -19.0% |
| Cumulative Contribution | 14.3% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| CVBF | 14.3% | |
| Market (SPY) | 2.3% | 17.4% |
| Sector (XLF) | 10.7% | 55.8% |
Fundamental Drivers
The 29.4% change in CVBF stock from 10/31/2025 to 11/5/2026 was primarily driven by a 55.3% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.67 | 22.86 | 29.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 477 | 574 | 20.2% |
| Net Income Margin (%) | 42.7% | 36.0% | -15.5% |
| P/E Multiple | 11.9 | 18.5 | 55.3% |
| Shares Outstanding (Mil) | 137 | 167 | -18.0% |
| Cumulative Contribution | 29.4% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| CVBF | 29.4% | |
| Market (SPY) | 8.4% | 27.3% |
| Sector (XLF) | 11.1% | 55.7% |
Fundamental Drivers
The 65.7% change in CVBF stock from 10/31/2023 to 11/5/2026 was primarily driven by a 137.8% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.80 | 22.86 | 65.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 566 | 574 | 1.4% |
| Net Income Margin (%) | 43.4% | 36.0% | -17.0% |
| P/E Multiple | 7.8 | 18.5 | 137.8% |
| Shares Outstanding (Mil) | 138 | 167 | -17.2% |
| Cumulative Contribution | 65.7% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| CVBF | 65.7% | |
| Market (SPY) | 81.3% | 43.2% |
| Sector (XLF) | 85.5% | 61.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CVBF Return | 14% | 24% | -18% | 12% | -9% | 26% | 47% |
| Peers Return | 21% | -38% | -12% | -30% | -16% | -12% | -66% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| CVBF Win Rate | 50% | 50% | 33% | 58% | 42% | 64% | |
| Peers Win Rate | 60% | 50% | 50% | 33% | 56% | 59% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| CVBF Max Drawdown | -23% | -12% | -57% | -20% | -23% | -13% | |
| Peers Max Drawdown | -24% | -46% | -55% | -43% | -43% | -46% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: NEWT, ATLO, GBC, NARA, SHFS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | CVBF | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -18.8% | -18.8% |
| % Gain to Breakeven | 23.1% | 23.1% |
| Time to Breakeven | 81 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -55.1% | -6.7% |
| % Gain to Breakeven | 122.8% | 7.1% |
| Time to Breakeven | 545 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.8% | -33.7% |
| % Gain to Breakeven | 40.5% | 50.9% |
| Time to Breakeven | 48 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.0% | -19.2% |
| % Gain to Breakeven | 16.3% | 23.8% |
| Time to Breakeven | 24 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -17.9% | -12.2% |
| % Gain to Breakeven | 21.8% | 13.9% |
| Time to Breakeven | 53 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -10.5% | -6.8% |
| % Gain to Breakeven | 11.8% | 7.3% |
| Time to Breakeven | 21 days | 15 days |
In The Past
CVB Financial's stock fell -18.8% during the 2025 US Tariff Shock. Such a loss loss requires a 23.1% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CVBF | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -55.1% | -6.7% |
| % Gain to Breakeven | 122.8% | 7.1% |
| Time to Breakeven | 545 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -28.8% | -33.7% |
| % Gain to Breakeven | 40.5% | 50.9% |
| Time to Breakeven | 48 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -25.3% | -17.9% |
| % Gain to Breakeven | 33.8% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.1% | -15.4% |
| % Gain to Breakeven | 25.1% | 18.2% |
| Time to Breakeven | 588 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -47.1% | -53.4% |
| % Gain to Breakeven | 89.0% | 114.4% |
| Time to Breakeven | 318 days | 1085 days |
In The Past
CVB Financial's stock fell -18.8% during the 2025 US Tariff Shock. Such a loss loss requires a 23.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About CVB Financial (CVBF)
CVB Financial Corp. (CVBF) operates as the bank holding company for Citizens Business Bank, providing a full range of banking and financial services. The company's primary business involves accepting various types of deposits from both individuals and businesses, and then deploying those funds through a diverse portfolio of lending products and specialized financial services. This model allows it to support the financial needs of its target markets while generating revenue through interest income and service fees.
The company's main products and services encompass a broad spectrum of deposit accounts, including checking, savings, money market, and certificates of deposit for personal and business use. Its lending portfolio is extensive, featuring commercial lines of credit, working capital financing, commercial real estate and construction loans, and specialized agriculture loans for dairy farms and livestock operations. CVBF also offers lease financing for municipal governments and a suite of consumer products like auto financing, credit cards, and home mortgages. Beyond lending and deposits, the bank provides treasury management systems, merchant card processing, payroll services, and remote deposit capture, alongside trust and investment management services through its CitizensTrust Division.
CVB Financial primarily serves small to mid-sized businesses and individuals. A significant portion of its client base also includes wholesale dairy farms, cattle feeders, livestock raisers, farmers, and municipal governments. The company's operations are concentrated geographically within California, where it maintains a robust network of banking centers and offices across key regions such as the Inland Empire, Los Angeles County, Orange County, San Diego County, the Central Valley, and Sacramento area, reflecting its deep regional market focus.
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A regional Wells Fargo, but concentrated on small to mid-sized businesses throughout California.
Like U.S. Bank, if it only operated and served businesses and individuals exclusively in California.
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- Deposit Accounts: Offers a range of checking, savings, money market, and time certificates of deposit products for both business and personal use.
- Lending Products: Provides diverse financing options including commercial, agriculture, municipal lease, real estate, construction, and consumer loans such as auto, mortgage, and credit cards.
- Treasury Management & Business Services: Delivers specialized services for businesses including cash flow monitoring, merchant card processing, payroll, remote deposit capture, and electronic fund transfers.
- Trust & Investment Services: Through its CitizensTrust Division, offers fiduciary services, mutual funds, annuities, 401(k) plans, and individual investment accounts.
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CVB Financial Corp. (CVBF) serves a diverse base of customers, which can be categorized as follows:
- Small to mid-sized businesses: The company offers a comprehensive suite of services tailored for businesses, including checking, savings, money market, and time certificates of deposit accounts. Its commercial lending products comprise lines of credit, working capital financing, accounts receivable lending, letters of credit, agriculture loans (for wholesale dairy farm operations, cattle feeders, livestock raisers, and farmers), and commercial real estate and construction loans. Additionally, CVBF provides specialized business services such as treasury management systems, merchant card processing, armored pick-up and delivery, payroll services, remote deposit capture, and electronic funds transfers.
- Individuals: For individual customers, CVBF provides personal checking, savings, money market, and time certificates of deposit products. Consumer financing options include automobile leasing and financing, lines of credit, credit cards, home mortgages, and home equity loans and lines of credit. Through its CitizensTrust Division, it also offers individual investment accounts.
- Municipal governments: The company provides lease financing services specifically for municipal government entities.
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David A. Brager President and Chief Executive Officer
David A. Brager was selected as Chief Executive Officer of Citizens Business Bank in March 2020, bringing over 35 years of banking experience to the role. His extensive background includes management, commercial lending, business planning, sales, and operations. Prior to his promotion, he served as Executive Vice President of the Sales Division, overseeing all Business Financial Centers across the bank's California footprint. He joined Citizens Business Bank in 2003 as Manager of the Fresno Business Financial Center.
E. Allen Nicholson Executive Vice President, Chief Financial Officer
E. Allen Nicholson serves as the Executive Vice President and Chief Financial Officer for CVB Financial Corp. and Citizens Business Bank, with over 25 years of financial leadership experience. He began his career as a certified public accountant and auditor with Coopers & Lybrand LLP. For 13 years, he held various finance roles at Mellon Financial and BNY Mellon, concluding as CFO of Mellon 1st Business Bank and BNY Mellon Wealth Management's National Banking Business Line. Mellon 1st Business Bank was subsequently sold to U.S. Bank Corp. Mr. Nicholson also served as CFO of 1st Enterprise Bank, a de novo bank that grew to approximately $800 million in assets, which was acquired by CU Bancorp. Before joining CVB Financial Corp. in June 2016, he was Executive Vice President and Chief Financial Officer of Pacific Premier Bank and its holding company, Pacific Premier Bancorp Inc.
David C. Harvey Executive Vice President, Chief Operating Officer
David C. Harvey serves as Executive Vice President and Chief Operating Officer of Citizens Business Bank. He started at Citizens Business Bank in January 2010.
David F. Farnsworth Executive Vice President, Chief Credit Officer
David F. Farnsworth holds the position of Executive Vice President and Chief Credit Officer. He is responsible for overseeing the bank's credit operations.
Richard H. Wohl Executive Vice President, General Counsel
Richard H. Wohl is the Executive Vice President and General Counsel. In this role, he provides legal guidance and oversees the company's legal affairs.
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The key risks to CVB Financial (CVBF) are primarily related to its growth trajectory, the broader economic environment, and its concentrated market exposure.
- Slower Long-Term Revenue and Net Interest Income Growth: CVB Financial faces an intense competitive environment in lending and deposits, which puts persistent pressure on its net interest margins. This competition has contributed to sluggish long-term revenue growth, with a compounded annual growth rate of 2.3% over the last five years, and a 2% annualized growth rate in net interest income during the same period. These growth rates are notably below the broader banking industry.
- Macroeconomic Headwinds and Increased Credit Stress: The company is susceptible to macroeconomic challenges, including projected low real GDP growth and a potential rise in unemployment. Such an economic slowdown could lead to increased credit stress and impact the quality of the bank's loan portfolios.
- Concentrated Exposure to California Commercial Real Estate: As a California-focused regional bank, CVB Financial has a concentrated exposure to California commercial real estate. This concentration can be a significant risk, particularly in light of recent scrutiny within the regional banking sector regarding hidden balance sheet risks and commercial real estate exposures.
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The clear emerging threats for CVB Financial (CVBF) stem from the ongoing digital disruption in the financial services industry. This includes:
- Fintech Companies: The rise of agile financial technology companies offering specialized services such as digital-first lending platforms for small to mid-sized businesses, peer-to-peer lending, online-only challenger banks, and advanced treasury management solutions. These firms can often provide more streamlined, lower-cost, or highly specialized alternatives to traditional banking products, potentially drawing away segments of CVBF's commercial and individual customer base in California.
- Big Technology Companies Entering Financial Services: Large technology companies (e.g., Apple, Google, Amazon) are increasingly expanding their offerings into areas like payments, consumer lending, and even deposit-like services. With their vast user bases, technological capabilities, and focus on user experience, these companies pose a competitive threat, particularly for individual and smaller business clients seeking convenient digital financial solutions.
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CVB Financial Corp. (CVBF) offers a range of banking and financial services primarily within California. The addressable markets for its main products and services in this region are as follows:
- Commercial Lending Products (including lines of credit, working capital financing, accounts receivable lending, and letters of credit): The total principal amount of commercial loans originated by finance lenders in California in 2021 was $214.2 billion.
- Agriculture Loans: California is the top agriculture-producing state in the nation, with agricultural exports exceeding $25 billion annually. In 2021, agriculture contributed approximately 3% to California's $3.4 trillion Gross Domestic Product (GDP). While a specific overall agricultural lending market size for California is not readily available, these figures indicate a substantial addressable market for agricultural financing within the state.
- Lease Financing Services for Municipal Governments: Null
- Commercial Real Estate and Construction Loans: The market size of the Real Estate Loans & Collateralized Debt industry in California is projected to be $62.3 billion in 2026. In 2023, commercial real estate contributed approximately $48.3 billion to California's economy.
- Consumer Financing Products:
- Automobile leasing and financing: Nearly 8 million Californians hold auto loans, with an average outstanding balance of $24,900 per borrower, indicating a total outstanding auto loan debt of approximately $199.2 billion in California. For context, the entire U.S. auto loan market size is projected to be $709.13 billion in 2026.
- Home Mortgages: California represents the largest market for home loans in the United States, accounting for roughly 14% of the overall U.S. market. The median home sale price in California was $744,000 in September 2025. In 2024, United Wholesale Mortgage, a leading lender, funded $28.4 billion in home loans within California.
- Credit Cards: Null
- Personal Loans (including lines of credit, home equity loans and lines of credit): Californians held approximately $30 billion in personal loan debt by late 2024.
- Trust Services (including fiduciary services, mutual funds, annuities, 401(k) plans, and individual investment accounts) / Wealth Management: The global wealth management market was valued at $1.25 trillion in 2020 and is projected to reach $3.43 trillion by 2030. North America held the largest share of the global wealth management market in 2023, accounting for over 36% of the revenue. While a specific market size for California is not available, the state's significant economic scale and population indicate a substantial portion of this North American market.
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CVB Financial Corp. (CVBF) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and favorable financial trends. These key drivers include:
- Strategic Acquisitions: A significant driver of future revenue growth is the pending merger with Heritage Bank of Commerce, which is anticipated to close in the second quarter of 2026. This acquisition is a core component of CVB Financial's growth strategy.
- Loan Growth: The company anticipates continued growth in its loan portfolio, with expectations that loan originations will outpace payoffs in the coming quarters. This is supported by strong loan pipelines and an increase in total loans across nearly all categories, as observed in late 2025.
- Net Interest Margin (NIM) Expansion: CVB Financial has demonstrated consistent growth in net interest income and an expansion of its net interest margin. The effective management of interest-earning assets and a decreasing cost of funds are expected to contribute to further NIM expansion and, consequently, increased net interest income.
- Organic Growth through DeNovo Expansion and Same-Store Sales: As part of its three-pronged growth strategy, CVB Financial is focusing on organic expansion through "DeNovo expansion" and "same-store sales growth." These initiatives aim to increase market share and customer relationships within existing and new geographic areas.
- Growth in Trust and Investment Services: The company's CitizensTrust Division, which provides fiduciary, mutual fund, annuity, 401(k) plans, and individual investment accounts, showed positive growth in income in the fourth quarter of 2025. This specialized service segment is expected to continue contributing to non-interest income growth.
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Share Repurchases
- On November 20, 2024, CVB Financial Corp.'s Board of Directors authorized a new program to repurchase up to 10,000,000 shares of its common stock, replacing the previous 2022 program which had approximately 4.3 million shares remaining.
- For the year ended December 31, 2025, CVB Financial repurchased 4,321,777 shares of common stock at an average price of $18.60, totaling $80.4 million.
- During the first half of 2025, the company repurchased 2,063,564 shares of common stock, at an average price of $18.15, for a total of $37.5 million.
Share Issuance
- In an all-stock transaction announced on December 17, 2025, CVB Financial Corp. entered into a definitive merger agreement to acquire Heritage Commerce Corp, valued at approximately $811 million. This will involve the issuance of 0.6500 shares of CVBF common stock for each Heritage Commerce Corp share, with CVBF shareholders expected to own approximately 77% of the combined company upon closing.
- An equity incentive plan, expiring in 2028, authorizes the issuance of up to 9,000,000 shares of common stock for eligible participants, including employees, officers, and directors.
Outbound Investments
- On December 17, 2025, CVB Financial Corp. announced an agreement to merge with Heritage Commerce Corp in an all-stock transaction valued at approximately $811 million, which is expected to close in the second quarter of 2026.
- Citizens Business Bank also made an acquisition in 2021.
Capital Expenditures
- CVB Financial's strategy includes "DeNovo expansion," indicating ongoing capital expenditures for opening new banking centers.
- A new Loan Production Office was opened in Temecula, California, in November 2025, which would involve related capital outlays.
- Software expense for the year ended December 31, 2025, grew by $1.8 million, or 12.1%, compared to 2024, reflecting technology-related investments.
Peer Outperformance in Regional Banks
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| CVBF | CVB Financial | 1.3% | 18.5x | 27.2% | 49.6% | 34.0% | — |
| FBP | First BanCorp | 2.9% | 10.7x | 33.9% | 101.1% | 117.2% | +83pp |
| BPOP | Popular | 2.8% | 10.3x | 41.4% | 144.6% | 117.1% | +83pp |
| OFG | OFG Bancorp | 4.5% | 9.7x | 30.7% | 73.5% | 113.0% | +79pp |
| FNB | F N B | 4.0% | 10.4x | 15.9% | 71.2% | 70.7% | +37pp |
| IBOC | International Bancshares | 2.2% | 10.3x | 1.5% | 57.4% | 69.1% | +35pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 33.1% | 75.7% | 125.1% | SPNT 168% · RGA 162% · RNR 141% |
| Investment Banking & Brokerage | 13 | -3.9% | 89.1% | 93.1% | IBKR 305% · SNEX 152% · GS 141% |
| Diversified Banks | 12 | 30.0% | 140.4% | 90.3% | CM 144% · RY 129% · JPM 127% |
| Life & Health Insurance | 20 | 14.3% | 52.3% | 75.4% | JXN 514% · UNM 224% · FG 188% |
| Property & Casualty Insurance | 42 | 18.9% | 76.8% | 66.8% | TRV 178% · PGR 172% · ACGL 168% |
| Multi-Sector Holdings | 3 | 10.1% | 53.8% | 59.4% | BRK-B 99% · VOYA 59% · JEF 37% |
| Multi-line Insurance | 9 | 9.5% | 71.4% | 59.4% | AIZ 105% · GNW 104% · L 98% |
| Regional Banks ← | 263 | 30.0% | 87.5% | 46.7% | CBC 268% · FCNCA 176% · NIC 136% |
| Insurance Brokers | 15 | 5.5% | 13.4% | 33.4% | LIFE 287% · ARX 89% · WTW 56% |
| Financial Exchanges & Data | 15 | 20.6% | 37.2% | 27.9% | CBOE 183% · VIRT 131% · CME 71% |
| Asset Management & Custody Banks | 83 | -5.9% | 22.8% | 12.3% | VCTR 210% · AAMI 207% · WT 205% |
| Consumer Finance | 30 | 2.9% | 81.0% | 8.1% | ENVA 330% · FCFS 130% · ECPG 111% |
| Commercial & Residential Mortgage Finance | 14 | -46.5% | 36.8% | 2.5% | FNMA 327% · FMCC 293% · ACT 158% |
| Diversified Financial Services | 4 | -1.6% | 20.1% | -1.1% | FRHC 153% · EQH 71% |
| Specialized Finance | 3 | 15.8% | 31.5% | -19.7% | HASI -20% · CACC -24% |
| Transaction & Payment Processing Services | 17 | 19.3% | 9.1% | -29.4% | V 103% · MA 94% · CPAY 83% |
| Mortgage REITs | 35 | -18.0% | -6.1% | -37.2% | RITM 36% · DX 17% · AGNC 10% |
| Diversified Capital Markets | 20 | -47.1% | -8.5% | -70.1% | LPLA 83% · TW 38% · RIOT -53% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can CVB Financial Stock Really Go? | 10/17/2025 | |
| Why CVB Financial Stock Moved: CVBF Stock Has Lost 14% Since 2022 Fiscal End, Primarily Due To Unfavorable Change In Revenues | 08/08/2025 | |
| CVB Financial (CVBF) Valuation Ratios Comparison | 08/08/2025 | |
| CVBF Dip Buy Analysis | 07/10/2025 | |
| Time To Buy CVB Financial Stock? | 02/28/2025 | |
| CVB Financial (CVBF) Operating Cash Flow Comparison | 02/17/2025 | |
| CVB Financial (CVBF) Net Income Comparison | 02/15/2025 | |
| Fundamental Metrics: ... | 06/19/2024 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 16.87 |
| Mkt Cap | 0.3 |
| Rev LTM | 203 |
| Op Inc LTM | - |
| FCF LTM | 14 |
| FCF 3Y Avg | 17 |
| CFO LTM | 17 |
| CFO 3Y Avg | 19 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.2% |
| Rev Chg 3Y Avg | 8.1% |
| Rev Chg Q | 18.5% |
| QoQ Delta Rev Chg LTM | 4.3% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 19.4% |
| CFO/Rev 3Y Avg | 30.2% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 27.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single segment | 515 | 476 | 547 | 553 | 462 |
| Total | 515 | 476 | 547 | 553 | 462 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Centers | 140 | 135 | 133 | 142 | 139 |
| Other | 14 | 22 | 12 | -6 | -19 |
| Treasury | -3 | 6 | -0 | -1 | 2 |
| Total | 151 | 163 | 144 | 135 | 121 |
| $ Mil | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Centers | 7,236 | 7,025 | 6,459 | 6,006 | 5,407 |
| Other | 561 | 575 | 804 | 753 | 709 |
| Dairy & livestock and agribusiness | 474 | 474 | |||
| Eliminations | -2,937 | -2,650 | -2,319 | ||
| Treasury | 3,345 | 3,269 | 2,867 | ||
| Total | 8,271 | 8,074 | 7,671 | 7,378 | 6,665 |
Price Behavior
| Market Price | $22.86 | |
| Market Cap ($ Bil) | 3.8 | |
| First Trading Date | 03/17/1992 | |
| Distance from 52W High | -2.2% | |
| 50 Days | 200 Days | |
| DMA Price | $22.22 | $20.90 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 2.9% | 9.4% |
| 3M | 1YR | |
| Volatility | 18.7% | 22.9% |
| Downside Capture | 5.02 | 35.35 |
| Upside Capture | 30.07 | 62.37 |
| Correlation (S&P 500) | 6.3% | 25.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.23 | 0.05 | 0.22 | 0.18 | 0.45 | 0.88 |
| Up Beta | -3.16 | -1.25 | 0.25 | -0.20 | 0.50 | 0.92 |
| Down Beta | -0.39 | -0.37 | -0.39 | -0.11 | 0.15 | 0.73 |
| Up Capture | 37% | 46% | 39% | 46% | 54% | 77% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 20 | 28 | 60 | 127 | 354 |
| Down Capture | -33% | 22% | 34% | 28% | 51% | 98% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 23 | 36 | 64 | 119 | 385 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVBF | |
|---|---|---|---|---|
| CVBF | 28.9% | 22.9% | 1.02 | - |
| Sector ETF (XLF) | 11.1% | 15.2% | 0.47 | 55.8% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 27.3% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | -1.4% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -31.0% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | 44.2% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 4.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVBF | |
|---|---|---|---|---|
| CVBF | 7.1% | 32.4% | 0.25 | - |
| Sector ETF (XLF) | 9.1% | 18.4% | 0.36 | 56.7% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 38.8% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | -2.1% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 4.6% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 42.8% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 11.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CVBF | |
|---|---|---|---|---|
| CVBF | 6.9% | 32.2% | 0.28 | - |
| Sector ETF (XLF) | 13.3% | 22.1% | 0.54 | 67.3% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 48.2% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | -6.6% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 13.0% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 45.0% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 9.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | 3.6% | 1.3% | |
| 7/23/2026 | 0.5% | 2.7% | 1.3% |
| 4/23/2026 | -0.8% | -0.6% | -0.2% |
| 1/22/2026 | -4.3% | -5.9% | -5.9% |
| 10/23/2025 | 0.2% | -0.3% | 1.3% |
| 7/24/2025 | -5.6% | -10.3% | -8.0% |
| 4/24/2025 | 0.7% | -1.3% | 1.0% |
| 1/23/2025 | 0.1% | 1.9% | -4.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 10 | 13 |
| # Negative | 10 | 14 | 10 |
| Median Positive | 1.1% | 3.3% | 3.4% |
| Median Negative | -2.2% | -2.0% | -5.4% |
| Max Positive | 7.3% | 10.5% | 22.1% |
| Max Negative | -5.6% | -11.7% | -17.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2026 | 3.6% | 1.3% | |
| 7/23/2026 | 0.5% | 2.7% | 1.3% |
| 4/23/2026 | -0.8% | -0.6% | -0.2% |
| 1/22/2026 | -4.3% | -5.9% | -5.9% |
| 10/23/2025 | 0.2% | -0.3% | 1.3% |
| 7/24/2025 | -5.6% | -10.3% | -8.0% |
| 4/24/2025 | 0.7% | -1.3% | 1.0% |
| 1/23/2025 | 0.1% | 1.9% | -4.9% |
| 10/24/2024 | 3.2% | 3.9% | 22.1% |
| 7/25/2024 | 1.6% | -2.0% | -12.0% |
| 4/25/2024 | -3.4% | -2.0% | -4.8% |
| 1/25/2024 | -2.0% | -10.2% | -7.3% |
| 10/26/2023 | 7.3% | 6.6% | 19.2% |
| 7/27/2023 | 4.8% | 10.5% | 1.0% |
| 4/27/2023 | 0.4% | -11.7% | -17.1% |
| 1/26/2023 | 0.2% | 6.1% | 1.3% |
| 10/20/2022 | 0.2% | -0.7% | -0.3% |
| 7/21/2022 | 3.3% | 4.8% | 9.7% |
| 4/21/2022 | 1.6% | -1.2% | -0.6% |
| 1/27/2022 | -0.8% | 1.0% | 5.8% |
| 10/21/2021 | -1.4% | -3.5% | 3.4% |
| 7/22/2021 | -2.3% | -2.1% | 1.1% |
| 4/22/2021 | -1.1% | -0.1% | 3.9% |
| 1/28/2021 | -2.7% | 2.0% | 10.1% |
| SUMMARY STATS | |||
| # Positive | 14 | 10 | 13 |
| # Negative | 10 | 14 | 10 |
| Median Positive | 1.1% | 3.3% | 3.4% |
| Median Negative | -2.2% | -2.0% | -5.4% |
| Max Positive | 7.3% | 10.5% | 22.1% |
| Max Negative | -5.6% | -11.7% | -17.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/01/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Insider Activity
Updated 10/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Maddox, Mike | Direct | Buy | 8312026 | 22.03 | 10,000 | 220,300 | 289,430 | Form | |
| 2 | Harvey, David C | EVP Chief Operating Officer | Direct | Sell | 8052026 | 22.94 | 40,000 | 917,680 | 2,251,734 | Form |
| 3 | O, Brien Raymond V Iii | Direct | Buy | 7282026 | 22.77 | 20,000 | 455,300 | 1,952,782 | Form | |
| 4 | Borba, George A JR | Indirectly through Partnership | Buy | 5222026 | 20.45 | 48,894 | 999,985 | 18,308,761 | Form | |
| 5 | Borba, George A JR | Indirectly through Partnership | Buy | 5192026 | 19.85 | 25,187 | 500,000 | 16,800,483 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Maddox, Mike | Direct | Buy | 8312026 | 22.03 | 10,000 | 220,300 | 289,430 | Form | |
| 2 | Harvey, David C | EVP Chief Operating Officer | Direct | Sell | 8052026 | 22.94 | 40,000 | 917,680 | 2,251,734 | Form |
| 3 | O, Brien Raymond V Iii | Direct | Buy | 7282026 | 22.77 | 20,000 | 455,300 | 1,952,782 | Form | |
| 4 | Borba, George A JR | Indirectly through Partnership | Buy | 5222026 | 20.45 | 48,894 | 999,985 | 18,308,761 | Form | |
| 5 | Borba, George A JR | Indirectly through Partnership | Buy | 5192026 | 19.85 | 25,187 | 500,000 | 16,800,483 | Form | |
| 6 | Borba, George A JR | Indirectly through Partnership | Buy | 5152026 | 19.92 | 25,097 | 499,982 | 16,358,373 | Form | |
| 7 | Borba, George A JR | Indirectly through Partnership | Buy | 5122026 | 19.90 | 50,242 | 999,987 | 15,843,584 | Form | |
| 8 | Borba, George A JR | Indirectly through Partnership | Buy | 11142025 | 18.45 | 27,094 | 499,995 | 13,762,736 | Form |
Investor Activity (13F)
Updated Nov 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
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| The Banker |
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| Bank Director |
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| S&P Global Market Intelligence |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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