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.

• 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.

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.

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.

The key risks to CVB Financial (CVBF) are primarily related to its growth trajectory, the broader economic environment, and its concentrated market exposure.

1. 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.
2. 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.
3. 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.

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.

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.

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.

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.