CVB Financial (CVBF) investor relations material

Executive summary

• Reported net earnings of $51 million ($0.38 per share) for Q1 2026, nearly flat year-over-year, marking 196 consecutive profitable quarters and 146 consecutive quarters of cash dividends.

• Completed the strategic acquisition of Heritage Bank of Commerce (Heritage Commerce Corp) in April 2026, the largest in company history, expanding presence and leadership in California.

• Integration of Heritage is underway, with focus on acclimating new associates and leveraging expanded lending capacity.

• Net interest income rose 6.7% year-over-year to $117.8 million, driven by higher average earning assets and improved asset yields.

Financial highlights

• Net earnings of $51 million ($0.38 per share) compared to $55 million ($0.40) in Q4 2025 and $51.1 million ($0.36) in Q1 2025.

• Pre-tax, pre-provision income grew 6% year-over-year to $71.6 million.

• Net interest income was $117.8 million, up 7% year-over-year but down from $122.7 million in Q4 2025.

• Efficiency ratio improved to 45.84% from 46.69% a year ago.

• Tangible book value per share rose 9% year-over-year to $11.42.

Outlook and guidance

• Loan pipelines remain strong, with origination activity up 90% year-over-year and 15% sequentially.

• Management expects continued pressure on commercial real estate values and rising unemployment through 2026.

• Integration of Heritage is the primary focus, with capital management strategies (including buybacks) to be evaluated post-integration.

• Pro forma 2027 estimates project ROAA of 1.50%, ROATCE of 16.8%, and CET1 of 14.6%.

• Residential mortgage pools from Heritage expected to be off the balance sheet by quarter end.