PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q

 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 000-10140

CVB FINANCIAL CORP.

(Exact name of registrant as specified in its charter)


California		95-3629339
(State or other jurisdiction of Incorporation or organization)		(I.R.S. Employer Identification No.)

701 North Haven Ave., Suite 350
Ontario, California		91764
(Address of principal executive offices)		(Zip Code)

	(909) 980-4030
	(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, No Par Value	CVBF	The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, accelerated filer, non-accelerated filer or smaller reporting company, or emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):


Large accelerated filer		Accelerated filer	
Non-accelerated filer		Smaller reporting company	
Emerging growth company	

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No 

Number of shares of common stock of the registrant: 176,455,196 outstanding as of May 1, 2026.

TABLE OF CONTENTS


FORWARD-LOOKING STATEMENTS		3
PART I –	FINANCIAL INFORMATION (UNAUDITED)	4
ITEM 1.	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	4
	CONDENSED CONSOLIDATED BALANCE SHEETS	4
	CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME	5
	CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY	6
	CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS	7
	NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	9
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	38
	CRITICAL ACCOUNTING POLICIES	38
	OVERVIEW	39
	ANALYSIS OF THE RESULTS OF OPERATIONS	41
	ANALYSIS OF FINANCIAL CONDITION	48
	ASSET/LIABILITY AND MARKET RISK MANAGEMENT	60
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	63
ITEM 4.	CONTROLS AND PROCEDURES	63
PART II –	OTHER INFORMATION	64
ITEM 1.	LEGAL PROCEEDINGS	64
ITEM 1A.	RISK FACTORS	64
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	65
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	65
ITEM 4.	MINE SAFETY DISCLOSURES	65
ITEM 5.	OTHER INFORMATION	65
ITEM 6.	EXHIBITS	66
SIGNATURES		67

Forward-Looking Statements

Certain statements set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “will likely result”, “aims”, “anticipates”, “believes”, “could”, “estimates”, “expects”, “hopes”, “intends”, “may”, “plans”, “projects”, “seeks”, “should”, “will,” “strategy”, “possibility”, and variations of these words and similar expressions help to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results or performance to differ materially from those projected. These forward-looking statements are based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company, including, without limitation, plans, strategies, goals and statements about the Company’s outlook regarding revenue and asset growth, financial performance and profitability, capital and liquidity levels, loan and deposit levels, growth and retention, yields and returns, loan diversification and credit management, stockholder value creation, tax rates, the impact of business, economic, or political developments, the impact of monetary, fiscal and trade policies, and the impact of acquisitions we have made or may make, including our recent acquisition of Heritage Commerce Corp and its principal banking subsidiary, Heritage Bank of Commerce (collectively, “Heritage”). Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company, and there can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors in addition to those set forth below could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements.

General risks and uncertainties include, but are not limited to, the following: the strength of the United States economy and the strength of the local economies in which we conduct business; the effects of, and changes in, immigration, trade, tariff, monetary, and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation/deflation, interest rate, market, and monetary fluctuations; the effect of acquisitions we have made or may make, including, without limitation, the failure to achieve the expected revenue growth and/or expense savings from such acquisitions, and/or the failure to effectively integrate an acquisition target, key personnel and customers into our operations; the timely development of competitive new products and services, and the acceptance of these products and services by potential and existing customers; the impact of changes in financial services policies, laws, and regulations, including those concerning banking, taxes, securities and insurance, and the application thereof by regulatory agencies; the effectiveness of our risk management framework and quantitative models; changes in the level of our nonperforming assets and charge-offs; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the U.S. Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible credit related impairments or declines in the fair value of loans and securities held by us; possible impairment charges to goodwill, including any impairment that may result from increased volatility in our stock price; changes in consumer or business spending, borrowing and savings habits; the effects of our lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; periodic fluctuations in commercial or residential real estate prices or values; our ability to attract or retain deposits (including low cost deposits) or to access government or private lending facilities and other sources of liquidity; the possibility that we may reduce or discontinue the payment of dividends on our common stock; changes in the financial performance and/or condition of our borrowers or depositors; changes in the competitive environment among financial and bank holding companies and other financial service providers; technological changes in banking and financial services; systemic or non-systemic bank failures or crises; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism, and/or military conflicts, which could impact business and economic conditions in the United States and abroad; catastrophic events or natural disasters, including earthquakes, drought, climate change or extreme weather events that may affect our assets, communications or computer services, customers, employees or third party vendors; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our asset credit quality, business operations and employees, as well as the impact on general economic and financial market conditions; cybersecurity threats and fraud and the costs of defending against them, including the costs of compliance with legislation or regulations to combat fraud and cybersecurity threats; our ability to recruit and retain key executives, board members and other employees, and our compliance with federal, state and local employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; risks associated with our recently completed merger with Heritage, including difficulties and delays in integrating or retaining Heritage’s business, key personnel and customers, and achieving anticipated synergies, cost savings enhanced geographic coverage and other benefits from the transaction; and our ability to manage the risks involved in the foregoing.

Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's 2025 Annual Report on Form 10-K filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov).

The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements, except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings, equity or shareholder returns, are for illustrative purposes only, are not forecasts, and actual results may differ.

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)


	March 31,			December 31,
	2026			2025
Assets
Cash and due from banks	$	138,613		$	107,511
Interest-earning balances due from Federal Reserve		313,773			268,878
Total cash and cash equivalents		452,386			376,389
Interest-earning balances due from depository institutions		4,937			13,064
Investment securities available-for-sale, at fair value (with amortized cost of $2,895,569 at March 31, 2026, and $2,982,228 at December 31, 2025)		2,589,119			2,683,070
Investment securities held-to-maturity (with fair value of $1,892,313 at March 31, 2026, and $1,925,492 at December 31, 2025)		2,248,038			2,270,391
Total investment securities		4,837,157			4,953,461
Investment in FHLB, FRB, and other stock		55,948			55,948
Loans and lease finance receivables		8,643,316			8,699,193
Allowance for credit losses		(80,170	)		(77,161	)
Net loans and lease finance receivables		8,563,146			8,622,032
Premises and equipment, net		26,858			26,505
Bank owned life insurance (“BOLI”)		328,457			325,299
Accrued interest receivable		44,125			46,723
Intangibles		4,924			5,774
Goodwill		765,822			765,822
Income tax asset		165,262			174,169
Other assets		258,558			265,868
Total assets	$	15,507,580		$	15,631,054

Liabilities:
Deposits:
Noninterest-bearing	$	7,100,507		$	6,800,691
Interest-bearing		4,844,717			5,271,291
Total deposits		11,945,224			12,071,982
Customer repurchase agreements		494,257			490,601
Federal Home Loan Bank advances and other borrowings		500,000			500,000
Deferred compensation		23,425			22,318
Accrued interest payable		4,253			4,770
Other liabilities		219,140			246,159
Total liabilities		13,186,299			13,335,830

Stockholders' Equity
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 135,791,180 at March 31, 2026, and 135,551,799 at December 31, 2025		1,221,938			1,222,365
Retained earnings		1,324,318			1,300,513
Accumulated other comprehensive loss, net		(224,975	)		(227,654	)
Total stockholders' equity		2,321,281			2,295,224
Total liabilities and stockholders' equity	$	15,507,580		$	15,631,054

See accompanying notes to the unaudited condensed consolidated financial statements.

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS AND COMPREHENSIVE INCOME

(Dollars in thousands, except per share amounts)

(Unaudited)


	Three Months Ended
	March 31,
	2026			2025
Interest income:
Loans and leases, including fees	$	113,272		$	109,071
Investment securities:
Investment securities available-for-sale		19,400			18,734
Investment securities held-to-maturity		12,466			13,021
Total investment income		31,866			31,755
Dividends from FHLB, FRB, and other stock		1,311			379
Interest-earning deposits with other institutions		2,661			1,797
Total interest income		149,110			143,002
Interest expense:
Deposits		23,052			25,322
Borrowings and customer repurchase agreements		7,972			6,800
Other		246			436
Total interest expense		31,270			32,558
Net interest income before provision for (recapture of) credit losses		117,840			110,444
Provision for (recapture of) credit losses		3,000			(2,000	)
Net interest income after provision for (recapture of) credit losses		114,840			112,444
Noninterest income:
Service charges on deposit accounts		4,817			4,908
Trust and investment services		3,724			3,411
Bankcard services		667			630
BOLI income		3,139			2,831
Gain on OREO, net		—			2,183
Other		1,932			2,266
Total noninterest income		14,279			16,229
Noninterest expense:
Salaries and employee benefits		37,461			36,477
Occupancy and equipment		6,075			5,998
Professional services		2,518			2,081
Computer software expense		4,303			4,221
Marketing and promotion		2,061			1,988
Amortization of intangible assets		850			1,155
Provision for unfunded loan commitments		500			500
Acquisition related expenses		1,129			—
Other		5,671			6,724
Total noninterest expense		60,568			59,144
Earnings before income taxes		68,551			69,529
Income tax expense		17,549			18,425
Net earnings	$	51,002		$	51,104

Other comprehensive income:
Unrealized gain on securities arising during the period, before tax	$	3,777		$	49,360
Less: Income tax expense related to items of other comprehensive income		(1,098	)		(14,596	)
Other comprehensive income, net of tax		2,679			34,764
Comprehensive income	$	53,681		$	85,868

Basic earnings per common share	$	0.38		$	0.37
Diluted earnings per common share	$	0.38		$	0.36

See accompanying notes to the unaudited condensed consolidated financial statements.

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Dollars in thousands, except share data)

(Unaudited)


	Common Shares Outstanding			Common Stock			Retained Earnings			Accumulated Other Comprehensive Loss			Total
Balance, January 1, 2026		135,551,799		$	1,222,365		$	1,300,513		$	(227,654	)	$	2,295,224
Exercise of stock options		26,450			477			—			—			477
Shares issued and compensation expense, pursuant to stock-based compensation plan, net of stock surrendered and cancelled		212,931			(904	)		—			—			(904	)
Cash dividends declared on common stock ($0.20 per share)		—			—			(27,197	)		—			(27,197	)
Net earnings		—			—			51,002			—			51,002
Other comprehensive income		—			—			—			2,679			2,679
Balance, March 31, 2026		135,791,180		$	1,221,938		$	1,324,318		$	(224,975	)	$	2,321,281

Balance, January 1, 2025		139,690,086		$	1,296,881		$	1,201,499		$	(312,064	)	$	2,186,316
Repurchase of common stock		(954,313	)		(18,687	)		—			—			(18,687	)
Exercise of stock options		14,950			252			—			—			252
Shares issued and compensation expense, pursuant to stock-based compensation plan, net of stock surrendered and cancelled		338,889			2,523			—			—			2,523
Cash dividends declared on common stock ($0.20 per share)		—			—			(27,853	)		—			(27,853	)
Net earnings		—			—			51,104			—			51,104
Other comprehensive income		—			—			—			34,764			34,764
Balance, March 31, 2025		139,089,612		$	1,280,969		$	1,224,750		$	(277,300	)	$	2,228,419

See accompanying notes to the unaudited condensed consolidated financial statements.

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2026			2025
Cash Flows from Operating Activities
Interest and dividends received	$	153,559		$	148,887
Service charges and other fees received		11,091			10,966
Interest paid		(31,787	)		(33,242	)
Net cash paid to vendors, employees and others		(68,104	)		(84,709	)
Income taxes paid, net		(2,368	)		(24	)
Net cash provided by operating activities		62,391			41,878
Cash Flows from Investing Activities
Net change in interest-earning balances from depository institutions		8,127			(2,971	)
Proceeds from repayment and maturity of investment securities available-for-sale		90,559			65,507
Proceeds from repayment and maturity of investment securities held-to-maturity		20,488			19,169
Purchases of investment securities held-to-maturity		(1,114	)		(1,700	)
Net increase in equity investments		(6,924	)		(1,679	)
Net decrease in loan and lease finance receivables		56,430			173,174
Purchase of premises and equipment		(1,145	)		(679	)
Proceeds from BOLI death benefit		—			901
Proceeds from sales of OREO		—			21,348
Net cash provided by investing activities		166,421			273,070
Cash Flows from Financing Activities
Net (decrease) increase in other deposits		(94,468	)		53,311
Net decrease in time deposits		(32,290	)		(11,771	)
Net increase in customer repurchase agreements		3,656			14,276
Cash dividends on common stock		(27,110	)		(27,938	)
Repurchase of common stock and restricted stock		(3,080	)		(18,687	)
Proceeds from exercise of stock options		477			252
Net cash (used in) provided by financing activities		(152,815	)		9,443
Net increase in cash and cash equivalents		75,997			324,391
Cash and cash equivalents, beginning of period		376,389			204,698
Cash and cash equivalents, end of period	$	452,386		$	529,089

See accompanying notes to the unaudited condensed consolidated financial statements.

CVB FINANCIAL CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(Dollars in thousands)

(Unaudited)


	Three Months Ended
	March 31,
	2026			2025
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities
Net earnings	$	51,002		$	51,104
Adjustments to reconcile net earnings to net cash provided by operating activities:
Gain on sale of other real estate owned		—			(2,045	)
Increase in BOLI		(3,139	)		(2,831	)
Net amortization of premiums and discounts on investment securities		3,908			3,878
Accretion of discount for acquired loans, net		(569	)		(674	)
Provision for (recapture of) credit losses		3,000			(2,000	)
Provision for unfunded loan commitments		500			500
Stock-based compensation		2,176			2,523
Depreciation and amortization, net		4,530			4,820
Change in other assets and liabilities		983			(13,397	)
Total adjustments		11,389			(9,226	)
Net cash provided by operating activities	$	62,391		$	41,878

Supplemental Disclosure of Non-cash Investing Activities
Transfer of loans to other real estate owned	$	43		$	495

See accompanying notes to the unaudited condensed consolidated financial statements.

CVB FINANCIAL CORP. AND SUBSIDIARIES

Description

Adoption Timing

Impact on Financial Statements

ASU 2025-08, Financial Instruments — Credit Losses (Topic 326): Purchased Loans

In November 2025, the FASB issued ASU 2025-08, which expands the use of the gross-up approach in Accounting Standards Codification (“ASC”) 326, Credit Losses, to all “purchased seasoned loans.” The ASU defines purchased seasoned loans as loans that are not purchased credit deteriorated (“PCD”) financial assets. All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. Early adoption is permitted.

January 1,
2026

The Company elected to early adopt this ASU, effective January 1, 2026, on a prospective basis. This new guidance will be applied to the the accounting for the acquisition of Heritage Commerce Corp, which was completed in the second quarter of 2026. The Company is currently evaluating the impact of this adoption. For additional details related to the acquisition, see Note 15 – Subsequent Events of the notes to this Quarterly Report on Form 10-Q.

(Unaudited)

1. BUSINESS

The condensed consolidated financial statements include CVB Financial Corp. (referred to herein on an unconsolidated basis as “CVB” and on a consolidated basis as “we”, “our” or the “Company”) and its wholly owned subsidiary: Citizens Business Bank, National Association (the “Bank” or “CBB”), after elimination of all intercompany transactions and balances. The Company has one inactive subsidiary, Chino Valley Bancorp.

The Company’s primary operations are related to traditional banking activities. This includes the acceptance of deposits and the lending and investing of money through the operations of the Bank. The Bank also provides trust and investment-related services to customers through its CitizensTrust Division. The Bank’s customers consist primarily of small to mid-sized businesses and individuals located throughout California. As of March 31, 2026, the Bank operated 62 banking centers, one loan production office in Temecula, CA, and three trust office locations. The Company is headquartered in the city of Ontario, California.

2. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results anticipated for another interim period or the full year ending December 31, 2026. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, accounting policies and financial notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the “2025 Form 10-K”), filed with the SEC. A summary of the significant accounting policies consistently applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows.

Reclassification — Certain amounts in the prior periods’ unaudited condensed consolidated financial statements and related footnote disclosures have been reclassified to conform to the current presentation with no impact on previously reported net income or stockholders’ equity.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Except as discussed below, our accounting policies are described in Note 3 – Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our 2025 Form 10-K. As of March 31, 2026, there were no significant changes to accounting policies from those disclosed in our audited consolidated financial statements included in our 2025 Form 10-K.

Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for credit losses. Other significant estimates, which may be subject to change, include fair value determinations and disclosures, impairment of investments, goodwill and loans, as well as valuation of deferred tax assets.

Business Segments — We regularly assess our strategic plans, operations, reporting structures and financial information provided to the Chief Executive Officer, our chief operating decision maker ("CODM"), to identify our reportable segments. At March 31, 2026 and since September 30, 2018, we have operated as one reportable segment. Changes to our reportable segments are expected to be infrequent.

The factors considered in making this determination included the nature of products and services offered, geographic regions in which we operate, the applicable regulatory environment, and the materiality of discrete financial information reviewed by our CODM. Through our network of banking centers, we provide relationship-based banking products, services and solutions for small to mid-sized companies, real estate investors, non-profit organizations, professionals and other individuals. Our products include loans for commercial businesses, commercial real estate, multi-family, construction, land, dairy & livestock and agribusiness, consumer and government-guaranteed small business loans. We also provide business deposit products and treasury cash management services, as well as deposit products to the owners and employees of the businesses we serve. Our operations are throughout the state of California.

The Company has determined that all of its banking divisions meet the aggregation criteria of Accounting Standards Updates (“ASU”) 2023-07, Segment Reporting, as its current operating model is structured whereby banking divisions serve a similar base of primarily commercial clients utilizing a company-wide offering of similar products and services managed through similar processes and platforms, and therefore operates one line of business that is collectively reviewed by the CODM. The CODM regularly assesses performance of the aggregated single reporting segment and decides how to allocate resources based on net income calculated on the same basis as net income reported in the Company's consolidated statements of earnings and comprehensive income. The CODM is also regularly provided with expense information at a level consistent with that disclosed in the Company's consolidated statements of earnings and comprehensive income. No additional qualitative segment disclosures are required based on this assessment.

Adoption of New Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted


Standard	Description	Adoption Timing	Impact on Financial Statements
ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	In November, 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40 Disaggregation of Income Statement Expenses. This ASU requires disaggregated disclosure of income statement expenses for public business entities. This ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures in tabular format within the footnotes to the financial statements. The prescribed categories include employee compensation, depreciation, and intangible asset amortization. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim periods in fiscal years beginning after December 15, 2027. This ASU is to be applied on a prospective basis, though early adoption and retrospective application are permitted.	December 31, 2027	The Company is currently evaluating the impact of this ASU and does not expect its adoption to have a material impact on the Company’s consolidated financial statements.

ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	In November 2025, the FASB issued ASU 2025-09, which amends certain aspects of hedge accounting guidance to better align with an entity's risk management activities and reflect those strategies in the financial statements. This ASU intended to enhance or clarify the guidance under ASC 815 in the following areas: (1) Expanding the hedged risks permitted to be aggregated in a group of individual forecasted transactions, thereby enabling entities to apply hedge accounting to potentially broader portfolios of forecasted transactions; (2) Enabling hedge accounting to forecasted interest payments on choose-your-rate debt and address existing diversity in practice; (3) Expanding hedge accounting for forecasted purchases and sales of nonfinancial assets subject to certain criteria; (4) Accommodating differences in the loan and swap markets that resulted from reference rate reform, eliminating the requirement for the net written option test in certain instances; (5) Eliminating the recognition and presentation mismatch related to dual hedge strategies. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2026. Early adoption is permitted.	December 31, 2027	The Company is currently evaluating the impact of this ASU and does not expect its adoption to have a material impact on the Company’s consolidated financial statements.

ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements	In December 2025, the FASB issued ASU 2025-11, which clarifies interim disclosure requirements and creates a comprehensive list of interim disclosures required under U.S. GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end. This ASU is effective for interim reporting periods within annual reporting periods beginning after 15 December 2027. Early adoption is permitted.	January 1, 2028	The Company is currently evaluating the impact of this ASU and does not expect its adoption to have a material impact on the Company’s consolidated financial statements.

4. INVESTMENT SECURITIES

The amortized cost and estimated fair value of available-for-sale (“AFS”) and held-to-maturity (“HTM”) investment securities are summarized below. Fair value is generally determined based on quoted prices for similar assets in active markets or quoted prices for identical assets in markets that are not active. Estimated fair values were obtained from an independent pricing service utilizing observable market data.


	March 31, 2026
	Amortized Cost			Gross Unrealized Holding Gain		Gross Unrealized Holding Loss			Fair Value		Total Percent
	(Dollars in thousands)
Investment securities available-for-sale:
Government agency/GSE	$	35,348		$	—	$	(1	)	$	35,347		1.37	%
Mortgage-backed securities		2,030,225			2,048		(202,191	)		1,830,082		70.68	%
CMO/REMIC		768,690			802		(110,135	)		659,357		25.47	%
Municipal bonds		21,416			22		(879	)		20,559		0.79	%
Collateralized loan obligations		42,000			—		(31	)		41,969		1.62	%
Other securities		1,805			—		—			1,805		0.07	%
Unallocated portfolio layer fair value basis adjustments (1)		(3,915	)		3,915		—			—		0.00	%
Total available-for-sale securities	$	2,895,569		$	6,787	$	(313,237	)	$	2,589,119		100.00	%

Investment securities held-to-maturity:
Government agency/GSE	$	494,435		$	—	$	(84,150	)	$	410,285		21.99	%
Mortgage-backed securities		546,830			—		(85,688	)		461,142		24.32	%
CMO/REMIC		746,292			—		(155,950	)		590,342		33.20	%
Municipal bonds		441,682			869		(30,806	)		411,745		19.65	%
Other securities (2)		18,799			—		—			18,799		0.84	%
Total held-to-maturity securities	$	2,248,038		$	869	$	(356,594	)	$	1,892,313		100.00	%


	December 31, 2025
	Amortized Cost			Gross Unrealized Holding Gain		Gross Unrealized Holding Loss			Fair Value		Total Percent
	(Dollars in thousands)
Investment securities available-for-sale:
Government agency/GSE	$	35,348		$	17	$	(81	)	$	35,284		1.32	%
Mortgage-backed securities		2,089,155			2,199		(203,700	)		1,887,654		70.35	%
CMO/REMIC		800,896			2,314		(108,060	)		695,150		25.91	%
Municipal bonds		21,787			27		(524	)		21,290		0.79	%
Collateralized loan obligations		42,000			—		—			42,000		1.57	%
Other securities		1,692			—		—			1,692		0.06	%
Unallocated portfolio layer fair value basis adjustments (1)		(8,650	)		8,650		—			—		0.00	%
Total available-for-sale securities	$	2,982,228		$	13,207	$	(312,365	)	$	2,683,070		100.00	%

Investment securities held-to-maturity:
Government agency/GSE	$	498,513		$	—	$	(82,741	)	$	415,772		21.96	%
Mortgage-backed securities		557,860			25		(84,512	)		473,373		24.57	%
CMO/REMIC		751,639			—		(152,417	)		599,222		33.10	%
Municipal bonds		444,694			1,572		(26,826	)		419,440		19.59	%
Other securities (2)		17,685			—		—			17,685		0.78	%
Total held-to-maturity securities	$	2,270,391		$	1,597	$	(346,496	)	$	1,925,492		100.00	%

(1)

Represents the amount of portfolio layer method basis adjustments related to AFS mortgage-backed securities (“MBS”) securities hedged in a closed portfolio. Under GAAP, these basis adjustments are not allocated to individual securities, however the amounts impact the unrealized gains or losses of the hedged AFS securities. Refer to Note 9 for additional information.

(2)

Represents Commercial Property Assessed Clean Energy ("C-PACE") bonds.

The following table provides information about the amount of interest income earned on investment securities which is fully taxable, and interest income on investment securities which is exempt from regular federal income tax.


	Three Months Ended
	March 31,
	2026		2025
	(Dollars in thousands)
Investment securities available-for-sale:
Taxable	$	19,255	$	18,590
Tax-advantaged		145		144
Total interest income from available-for-sale securities		19,400		18,734
Investment securities held-to-maturity:
Taxable		10,171		10,659
Tax-advantaged		2,295		2,362
Total interest income from held-to-maturity securities		12,466		13,021
Total interest income from investment securities	$	31,866	$	31,755

Approximately 89% of the total investment securities portfolio at March 31, 2026 represents securities issued by the U.S. government or U.S. government-sponsored enterprises, with the implied guarantee of payment of principal and interest. The remaining securities are predominately AA or better general-obligation municipal bonds. The allowance for credit losses for HTM investment securities under the CECL model was zero at March 31, 2026 and December 31, 2025.

The following table presents the Company’s AFS and HTM investment securities, by investment category, in an unrealized loss position for which an allowance for credit losses has not been recorded as of March 31, 2026 and December 31, 2025.


	March 31, 2026
	Less Than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Holding Losses			Fair Value		Gross Unrealized Holding Losses			Fair Value		Gross Unrealized Holding Losses
	(Dollars in thousands)
Investment securities available-for-sale:
Government agency/GSE	$	29,807	$	(1	)	$	—	$	—		$	29,807	$	(1	)
Mortgage-backed securities		1,090		(1	)		1,516,759		(202,190	)		1,517,849		(202,191	)
CMO/REMIC		97,793		(174	)		336,632		(109,961	)		434,425		(110,135	)
Municipal bonds		2,715		(30	)		16,892		(849	)		19,607		(879	)
Collateralized loan obligations		41,969		(31	)		—		—			41,969		(31	)
Total available-for-sale securities	$	173,374	$	(237	)	$	1,870,283	$	(313,000	)	$	2,043,657	$	(313,237	)

Investment securities held-to-maturity:
Government agency/GSE	$	—	$	—		$	410,285	$	(84,150	)	$	410,285	$	(84,150	)
Mortgage-backed securities		17,243		(12	)		443,899		(85,676	)		461,142		(85,688	)
CMO/REMIC		—		—			590,342		(155,950	)		590,342		(155,950	)
Municipal bonds		31,817		(205	)		317,674		(30,601	)		349,491		(30,806	)
Total held-to-maturity securities	$	49,060	$	(217	)	$	1,762,200	$	(356,377	)	$	1,811,260	$	(356,594	)


	December 31, 2025
	Less Than 12 Months					12 Months or Longer					Total
	Fair Value		Gross Unrealized Holding Losses			Fair Value		Gross Unrealized Holding Losses			Fair Value		Gross Unrealized Holding Losses
	(Dollars in thousands)
Investment securities available-for-sale:
Government agency/GSE	$	5,919	$	(81	)	$	—	$	—		$	5,919	$	(81	)
Mortgage-backed securities		32,579		(71	)		1,586,803		(203,629	)		1,619,382		(203,700	)
CMO/REMIC		—		—			344,865		(108,060	)		344,865		(108,060	)
Municipal bonds		—		—			17,600		(524	)		17,600		(524	)
Total available-for-sale securities	$	38,498	$	(152	)	$	1,949,268	$	(312,213	)	$	1,987,766	$	(312,365	)

Investment securities held-to-maturity:
Government agency/GSE	$	—	$	—		$	415,772	$	(82,741	)	$	415,772	$	(82,741	)
Mortgage-backed securities		—		—			455,255		(84,512	)		455,255		(84,512	)
CMO/REMIC		—		—			599,222		(152,417	)		599,222		(152,417	)
Municipal bonds		3,690		(11	)		321,723		(26,815	)		325,413		(26,826	)
Total held-to-maturity securities	$	3,690	$	(11	)	$	1,791,972	$	(346,485	)	$	1,795,662	$	(346,496	)

At March 31, 2026, investment securities with carrying values of $2.74 billion were pledged to secure various types of deposits, including $964.8 million of public funds. In addition, investment securities with carrying values of $1.95 billion were pledged to secure $572.7 million for repurchase agreements, $1.32 billion for unused borrowing capacity, and approximately $56.3 million for other purposes as required or permitted by law.

At December 31, 2025, investment securities with carrying values of $2.74 billion were pledged to secure various types of deposits, including $942.0 million of public funds. In addition, investment securities with carrying values of $2.0 billion were pledged to secure $548.6 million for repurchase agreements, $1.35 billion for unused borrowing capacity, and approximately $57.0 million for other purposes as required or permitted by law.

The amortized cost and fair value of debt securities at March 31, 2026, by contractual maturity, are shown in the following table. Although mortgage-backed securities and CMO/REMIC securities have weighted average remaining contractual maturities of approximately 25 years, expected maturities will differ from contractual maturities because borrowers may have the right to prepay such obligations without penalty. Mortgage-backed securities and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds.


	March 31, 2026
	Available-for-sale				Held-to-maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
			(Dollars in thousands)
Due in one year or less	$	42,472	$	40,943	$	5,576	$	5,566
Due after one year through five years		15,019		18,705		112,286		105,894
Due after five years through ten years		11,761		11,055		343,763		300,217
Due after ten years		2,826,317		2,518,416		1,786,413		1,480,636
Total investment securities	$	2,895,569	$	2,589,119	$	2,248,038	$	1,892,313

Investment in Federal Home Loan Bank and Federal Reserve Bank of San Francisco Stock

The Bank is a member of the Federal Home Loan Bank (“FHLB”), and members are required to own a certain amount of FHLB stock based on the level of borrowings and other factors. The Bank is a also member of the Federal Reserve Bank of San Francisco (“FRB”) System and is required to subscribe a certain amount of FRB stock based on the Bank's capital and surplus. The investments in FHLB and FRB stock are carried at cost and are periodically evaluated for impairment based on, among other things, the capital adequacy and overall financial condition of the FHLB and FRB. No impairment losses were recorded as of March 31, 2026.

5. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

The following table provides a summary of total loans and lease finance receivables by type.


	March 31, 2026			December 31, 2025
	(Dollars in thousands)
Commercial real estate	$	6,631,238		$	6,574,395
Construction		59,329			37,812
SBA		291,702			282,401
Commercial and industrial		952,260			973,631
Dairy & livestock and agribusiness		314,838			431,577
Municipal lease finance receivables		57,453			59,542
SFR mortgage		278,214			281,766
Consumer and other loans		58,282			58,069
Total loans, at amortized cost		8,643,316			8,699,193
Less: Allowance for credit losses		(80,170	)		(77,161	)
Total loans and lease finance receivables, net	$	8,563,146		$	8,622,032

As of March 31, 2026, 80.63% of the Company’s total loan portfolio consisted of real estate loans, with commercial real estate loans representing 76.7% of total loans. The Company’s real estate loans and construction loans are secured by real properties primarily located in California. As of March 31, 2026, $428.8 million, or 6.47% of the total commercial real estate loans included loans secured by farmland, compared to $424.5 million, or 6.46%, at December 31, 2025. The loans secured by farmland included $123.5 million for loans secured by dairy & livestock land and $305.3 million for loans secured by agricultural land at March 31, 2026, compared to $119.0 million for loans secured by dairy & livestock land and $305.5 million for loans secured by agricultural land at December 31, 2025. As of March 31, 2026, dairy & livestock and agribusiness loans of $314.8 million were comprised of $272.1 million of dairy & livestock loans and $42.7 million of agribusiness loans, compared to $431.6 million comprised of $386.1 million of dairy & livestock loans and $45.5 million of agribusiness loans December 31, 2025.

At March 31, 2026 and December 31, 2025, loans totaling $6.47 billion and $6.47 billion, respectively, were pledged to secure available lines of credit from the FHLB and the Federal Reserve Bank.

There were no outstanding loans held-for-sale as of March 31, 2026 and December 31, 2025.

Credit Quality Indicators

We monitor credit quality by evaluating various risk attributes and utilize such information in our evaluation of the appropriateness of the allowance for credit losses. Internal credit risk ratings, within our loan risk rating system, are the credit quality indicators that we most closely monitor.

An important element of our approach to credit risk management is our loan risk rating system. The originating officer assigns each loan an initial risk rating, which is reviewed and confirmed or changed, as appropriate, by credit management. Approvals are made based upon the amount of inherent credit risk specific to the transaction and are reviewed for appropriateness by senior line and credit management personnel. Credits are monitored by line and credit management personnel for deterioration or improvement in a borrower’s financial condition, which would impact the ability of the borrower to perform under the contract. Risk ratings are adjusted as necessary.

Loans are risk rated into the following categories: Pass, Special Mention, Substandard, Doubtful and Loss. Each of these groups is assessed for the proper amount to be used in determining the adequacy of our allowance for losses. These categories can be described as follows:

Pass — These loans, including loans on the Bank’s internal watch list, range from minimal credit risk to lower than average, but still acceptable, credit risk. Watch list loans usually require more than normal management attention. Loans on the watch list may involve borrowers with adverse financial trends, higher debt/equity ratios, or weaker liquidity positions, but not to the degree of being considered a defined weakness or problem loan where risk of loss may be apparent.

Special Mention — Loans assigned to this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification.

Substandard — Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected.

Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or the liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable.

Loss — Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this asset with insignificant value even though partial recovery may be affected in the future.

The following tables summarize loans by type and origination year, according to our internal risk ratings as of the dates presented.


	Origination Year												Revolving loans amortized		Revolving loans converted to
March 31, 2026	2026		2025		2024		2023		2022		Prior		cost basis		term loans		Total
	(Dollars in thousands)
Commercial real estate loans:
Risk Rating:
Pass	$	231,262	$	594,619	$	240,744	$	371,646	$	1,107,013	$	3,508,573	$	264,662	$	34,515	$	6,353,034
Special Mention		—		4,246		5,276		8,308		60,360		143,763		12,604		8,741		243,298
Substandard		—		393		8,831		6,174		7,217		10,340		1,951		—		34,906
Doubtful & Loss		—		—		—		—		—		—		—		—		—

CVB FINANCIAL CORP 10-Q