Cvb Financial Corp (CVBF)

Price$22.62Cached quoteAs of 2026-09-05 08:00 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong banking economics are balanced by a demanding post-merger valuation.

At the observed market price, CVB trades at about 15.6 times trailing earnings and roughly 2.0 times June tangible book value, meaning net assets after goodwill and other intangibles. The annual dividend yield is about 3.6%. Those multiples are not bargain territory for a regional bank, although trailing earnings include heavy merger costs. Because the bank combines unusually cheap deposits and strong capital with integration uncertainty, the current valuation looks balanced rather than clearly cheap or expensive. MarketWatch+1

Big pictureProfits have stayed durable, but rates, credit costs, and deposit mix can still move earnings sharply.

The supplied SEC-derived history shows net income stayed between $177 million and $235 million from 2020 through 2025, while earnings per share rose from $1.30 to $1.52. Reported operating cash flow was positive every year in that span, although cash-flow statements are less informative for banks because deposits and securities move large amounts. In Q2 2026, net income was $48.3 million despite $31.4 million of acquisition expense, and net interest margin—the gap between interest earned and funding costs—widened to 3.72% from 3.31% a year earlier. Pasted text CVB Financial Corp.+1

Business strengthCheap deposits, high capital, and very low troubled assets provide meaningful protection against a weaker cycle.

At June 30, 52.8% of deposits paid no interest, helping keep deposit costs to 0.83%. Common equity Tier 1 capital—a key regulatory loss-absorbing cushion—was 14.7%, versus a 7.0% minimum including the required buffer. Nonperforming assets were only $16.8 million against $21.18 billion of assets, about 0.08%. The main caution is that classified loans rose $26.7 million during the quarter, mostly from loans brought in with Heritage, so integration is adding some credit risk. CVB Financial Corp.+1

What could change the storyThe merger must turn a much larger share count into higher earnings without weakening credit quality.

The Heritage deal issued 40.6 million CVB shares, increasing the share count by about 30% from the start of Q2. Management originally projected 13.2% earnings-per-share accretion in 2027, 7.7% tangible-book dilution and a roughly 2.5-year earn-back. That is the core bull case if cost savings arrive and credit remains clean. The bear case is slower synergy capture, weaker low-cost deposits or more acquired problem loans. A 15 million-share repurchase authorization can offset dilution, but only 241,034 shares were bought in Q2. SEC+2CVB Financial Corp.+2

AI: News

Merger costs hit earningsSecond-quarter earnings absorbed large merger costs while underlying interest margins improved and acquired credit risks surfaced.

On July 22, CVB reported Q2 net income of $48.3 million and diluted earnings per share of $0.29. The quarter included $31.4 million of acquisition expense and a $4.25 million provision for unfunded commitments, while net interest margin rose 0.28 percentage point to 3.72%. Nonperforming loans increased to $16.6 million from $6.1 million in Q1. Historical prices show the next session closed about 0.5% higher, but that timing alone does not prove earnings caused the move. CVB Financial Corp.+1

Heritage merger completedThe Heritage acquisition closed, expanding CVB statewide but creating a major integration and dilution test.

The all-stock Heritage Commerce merger closed April 17. CVB added roughly $3.4 billion of acquired loans and about $4.7 billion of deposits, taking assets above $20 billion and widening its California footprint. The transaction also created $450.7 million of goodwill and other intangible assets and ultimately added about 40.6 million CVB shares. The strategic payoff depends on the promised earnings lift and cost savings exceeding that dilution while maintaining the acquired loan book's credit quality. CVB Financial Corp.+2CVB Financial Corp.+2

Large buyback authorizedA new buyback authorization gives management room to shrink the enlarged share count after the merger.

On June 15, the board authorized repurchases of up to 15 million shares, replacing the prior program with 5.68 million shares still available. Against roughly 176 million shares outstanding after the Heritage deal, the new authorization equals about 8.5% of the share count. By June 30, however, only 241,034 shares had been repurchased under the new program. The authorization matters most if management actually buys shares at prices below long-term business value. CVB Financial Corp.+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$515.5M	$501.8M	$547.3M	$555.5M	$461.9M	$465.9M	$494.8M	$392.5M	$321.0M	$292.6M	$286.4M	$272.9M	$241.6M	$252.9M	$268.9M	$316.4M	$303.3M
Operating expenses	$237.3M	$233.6M	$229.9M	$216.6M	$189.8M	$192.9M	$198.7M	$179.9M	$140.8M	$136.7M	$140.7M	$126.2M	$114.0M	$138.2M	$141.0M	$168.5M	$133.6M
Operating income	$314.0M	$314.0M	$314.0M	$300,000	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	60.92%	62.57%	57.37%	0.05%	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA	$328.8M	$329.4M	$332.2M	$14.0M	—	—	—	—	—	—	—	—	—	—	—	—	—
EBITDA margin	63.78%	65.63%	60.69%	2.51%	—	—	—	—	—	—	—	—	—	—	—	—	—
Net income	$209.3M	$200.7M	$221.4M	$235.4M	$212.5M	$177.2M	$207.8M	$152.0M	$104.4M	$101.4M	$99.1M	$104.0M	$95.6M	$77.3M	$81.7M	$62.9M	$65.4M
Net profit margin	40.60%	40.00%	40.46%	42.38%	46.01%	38.02%	42.00%	38.72%	32.52%	34.66%	34.61%	38.11%	39.58%	30.56%	30.40%	19.89%	21.57%
Basic EPSper basic share	$1.52	$1.44	$1.59	$1.67	$1.57	$1.30	$1.48	$1.25	$0.95	$0.94	$0.93	$0.98	$0.91	$0.74	$0.77	$0.59	$0.56
Diluted EPSper diluted share	$1.52	$1.44	$1.59	$1.67	$1.56	$1.30	$1.48	$1.24	$0.95	$0.94	$0.93	$0.98	$0.91	$0.74	$0.77	$0.59	$0.56

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.58%of listed shares

BlackRock, Inc.25.69M shares · Jun 30, 2026

View holders

Top 20 reported holders of CVBF
Holder	% owned
BlackRock, Inc.	14.58%25.69M shares
STATE STREET CORP	5.96%10.51M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.76%10.16M shares
DIMENSIONAL FUND ADVISORS LP	5.70%10.05M shares
FMR LLC	5.58%9.83M shares
Borba George A Jr	≈4.44%7.83M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.28%7.55M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	3.62%6.38M shares
GEODE CAPITAL MANAGEMENT, LLC	2.54%4.48M shares
Parallel Advisors, LLC	2.00%3.53M shares
HoldCo Asset Management, LP	1.93%3.4M shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	1.74%3.06M shares
MORGAN STANLEY	1.63%2.88M shares
SILVERCREST ASSET MANAGEMENT GROUP LLC	1.24%2.18M shares
VICTORY CAPITAL MANAGEMENT INC	1.16%2.04M shares
NORTHERN TRUST CORP	1.13%1.99M shares
FULLER & THALER ASSET MANAGEMENT, INC.	1.12%1.97M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.11%1.96M shares
Bank of New York Mellon Corp	0.96%1.69M shares
GOLDMAN SACHS GROUP INC	0.90%1.59M shares

Percentages use 176.25M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys6$4.50M disclosed value

Sells (SEC code S)4$495.3K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 22, 2026Form 4	Borba George A JrDirector	BuyCommon Stock · indirect	48.9K	$20.45	$999.9K	895.2K
May 19, 2026Form 4	Borba George A JrDirector	BuyCommon Stock · indirect	25.2K	$19.85	$500.0K	846.3K
May 14, 2026Form 4	Borba George A JrDirector	BuyCommon Stock · indirect	25.1K	$19.92	$499.9K	821.1K
May 12, 2026Form 4	Borba George A JrDirector	BuyCommon Stock · indirect	50.2K	$19.90	$999.8K	796.0K
Nov 14, 2025Form 4	Borba George A JrDirector	BuyCommon Stock · indirect	27.1K	$18.45	$499.9K	745.8K

Review ownership filings at SEC.gov ↗

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Cvb Financial Corp (CVBF)

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