Here are 1-2 brief analogies for CVB Financial (CVBF):

• Think of it as a California-focused U.S. Bank, primarily serving businesses and professionals.
• It's like Wells Fargo's business banking services, but concentrated specifically on the California market.

• Commercial Loans: Provides financing to businesses for various purposes, including real estate acquisition, equipment purchases, and working capital.
• Deposit Services: Offers a range of checking, savings, money market, and certificate of deposit accounts for both businesses and individuals.
• Treasury Management Services: Delivers cash management solutions such as wire transfers, ACH services, remote deposit capture, and online banking for corporate clients.
• Wealth Management & Trust Services: Provides investment management, estate planning, and trust administration services to high-net-worth individuals and businesses.

CVB Financial (symbol: CVBF) operates primarily through its subsidiary, Citizens Business Bank, which is a financial institution serving businesses and individuals. As a bank, it does not typically have "major customers" in the sense of a few dominant corporate clients that account for a significant portion of its revenue. Instead, its customer base is diversified across various segments.

The company primarily sells to individuals and businesses, and its customers can be categorized as follows:

1. Businesses (Small to Medium-sized): This is CVBF's core customer segment, encompassing a wide range of commercial, industrial, and agribusiness enterprises. The bank provides these customers with commercial loans, lines of credit, treasury management services, and various deposit products.
2. Commercial Real Estate Investors and Developers: A significant portion of Citizens Business Bank's lending portfolio is directed towards commercial real estate. This category includes investors, developers, and property owners seeking financing for acquisition, construction, or refinancing of commercial properties.
3. Individuals/Consumers: While the bank has a strong business focus, it also serves individuals with a full range of traditional banking services, including checking and savings accounts, money market accounts, personal loans, and wealth management services. These individuals are often business owners, executives, or employees associated with the businesses the bank serves.

David A. Brager President and Chief Executive Officer

David Brager was selected as Chief Executive Officer of Citizens Business Bank in March 2020. He has over 35 years of banking experience, including extensive background in management, commercial lending, business planning, sales, and operations. Brager joined Citizens Business Bank in 2003 as a Vice President, where he was recruited to establish and manage the Fresno Business Financial Center. He later served as Senior Vice President and Regional Manager, and then Executive Vice President of the Sales Division, overseeing all Business Financial Centers. Before his tenure with CVB Financial, he worked for over seven years at Westamerica Bank.

E. Allen Nicholson Executive Vice President and Chief Financial Officer

E. Allen Nicholson has 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, Nicholson held various finance roles at Mellon Financial and its successor, BNY Mellon, ultimately serving as the Chief Financial Officer of Mellon 1st Business Bank and Chief Financial Officer of BNY Mellon Wealth Management's National Banking Business Line.

George A. Borba, Jr. Vice-Chairman of the Board

George A. Borba, Jr. has been a member of CVB Financial's Board since 2012. A dairy farmer, Mr. Borba became a partner in George Borba & Son Dairy in 1990. He is currently President of Belonave Dairy and 5 Mile Ranch LLC. Previously, he served as President and CFO of Bellanave Dairy Corp. and Partner and CFO of West Kern Dairy, which collectively represent one of California's larger dairy operations.

Hal W. Oswalt Chairman of the Board

Hal W. Oswalt was appointed Chairman of the Board in May 2022 and has served as a director of CVB Financial Corp. and Citizens Business Bank since January 2014. He has 16 years of experience as a commercial banker in Oklahoma, where he served as President, CEO, and Director of various community banks. Mr. Oswalt has also managed consulting projects across the United States, Europe, Asia, and Australia.

Key Risks to CVB Financial (CVBF)

1. Concentration in Commercial Real Estate (CRE) Loans and Geographic Concentration in California: CVB Financial has a high exposure to commercial real estate, with 76% of its loan portfolio in this segment. This makes the company particularly vulnerable to a downturn or major correction in the commercial real estate market, especially within its primary operating region of Southern and Central California. Economic, political, and market conditions in this concentrated geographic area directly impact CVBF's business, and a deterioration could lead to increased problem assets and declining collateral values.
2. Interest Rate Risk: As a financial institution, CVB Financial's profitability is significantly influenced by interest rate differentials. Fluctuations in interest rates, specifically the difference between rates earned on interest-bearing assets and rates paid on interest-bearing liabilities, can materially affect the company's net interest income and overall financial performance.
3. Credit Risk and Asset Quality: Loans represent the largest component of CVB Financial's assets, and the risk of loss associated with borrower or counterparty default is a significant concern. A deterioration in economic conditions could lead to an increase in problem assets and foreclosures, negatively impacting the company's financial condition and results of operations.

Clear Emerging Threats for CVB Financial (CVBF):

1. Competition from Digital-First Banks (Neobanks/Challenger Banks): These institutions offer a significantly different user experience, often with lower fees and superior digital interfaces, attracting customers (both consumers and small to medium-sized businesses) who prioritize convenience and technology over traditional branch banking. This directly challenges CVBF's ability to attract and retain deposits and loan customers, particularly younger demographics and tech-savvy businesses within its operating regions.

2. Big Tech Companies Expanding into Financial Services: Large technology companies such as Apple (e.g., Apple Card, Apple Pay Later), Google, and Amazon are increasingly offering their own financial products and services. Leveraging their vast customer bases, data insights, and strong brand loyalty, these companies can divert payments, lending, and other financial activities away from traditional banks like CVBF, diminishing their role as primary financial providers.

3. Rise of Embedded Finance: The trend of non-financial companies integrating financial services directly into their core platforms (e.g., Shopify offering loans to merchants, Uber providing financial tools to drivers). This allows businesses and consumers to access banking-like services seamlessly within the platforms they already use, potentially disintermediating traditional banks like CVBF by reducing the need for direct banking relationships for specific financial needs.

Expected Drivers of Future Revenue Growth for CVB Financial (CVBF)

Over the next 2-3 years, CVB Financial (CVBF) is expected to drive future revenue growth through several key initiatives and market dynamics:

1. Sustained Loan Growth: The company anticipates continued loan growth, supported by robust loan origination activity and strong pipelines. In the third quarter of 2025, loan originations were approximately 55% higher than in the third quarter of 2024, with management maintaining an outlook for low single-digit loan growth. This growth is also expected to be buoyed by strategic team expansion and anticipated changes in commercial real estate prices.
2. Net Interest Income and Margin Stability/Expansion: CVB Financial expects its net interest margin (NIM) to remain stable and potentially improve. The bank's net interest income increased by $4 million quarter-over-quarter in Q3 2025, with NIM improving to 3.33% from 3.31%. Stabilized deposit costs and the expectation that future Federal Reserve rate cuts will lead to decreases in money market rates are also anticipated to contribute positively to net interest income.
3. Strategic Market Expansion and Customer Acquisition: CVBF is actively expanding its presence in Southern California, including opening new de novo offices and hiring experienced banking teams, such as a team of four bankers from City National Bank in the Temecula/Murrieta area. Additionally, the company has launched a new digital banking platform to enhance customer experience and attract tech-savvy clients. Strategic acquisitions are also identified as a means to expand into underserved areas and contribute to growth.
4. Consistent Deposit Growth and Stable Funding: Continued growth in total deposits and customer repurchase agreements provides a stable and low-cost funding base for the bank's lending activities. Total deposits and customer repurchase agreements rose to $12.6 billion in Q3 2025, an increase of $170 million from Q2 2025. A significant portion of these are non-maturity deposits, which represent 92% of total deposits, offering a reliable funding source.

Share Repurchases

• In November 2024, CVB Financial Corp. authorized a new share repurchase program for up to 10,000,000 shares of its common stock, replacing the previous 2022 program which had 4,300,059 shares remaining. This program is valued at $200 million.
• In February 2022, CVB Financial Corp. authorized a share repurchase program for up to 10,000,000 shares, which included an initial accelerated share repurchase agreement involving $70,000,000 of the company's common stock.
• During the second quarter of 2025, the company completed a significant share repurchase, buying back 2,063,564 shares for US$37.5 million under its existing buyback program.

Share Issuance

• In the third quarter of 2021, a share repurchase program was terminated to comply with Regulation M, related to the announced acquisition of Suncrest Bank, which involved the prospective issuance of CVB Financial's common stock as part of the merger consideration.