CVB Financial Corp. Reports Earnings for the Fourth Quarter and the Year Ended 2025

Fourth Quarter 2025 

• Net Earnings of $55.0 million, or $0.40 per share
• Return on Average Assets of 1.40%
• Net Interest Margin of 3.49%
  

Full Year 2025

• Net Earnings of $209.3 million, or $1.52 per share
• Return on Average Assets of 1.36%
• Return on Average Tangible Common Equity of 14.28%
  

Ontario, CA, Jan. 21, 2026 (GLOBE NEWSWIRE) -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank, National Association (the “Company”), announced earnings for the quarter and the year ended December 31, 2025.

CVB Financial Corp. reported net income of $55.0 million for the quarter ended December 31, 2025, compared with $52.6 million for the third quarter of 2025 and $50.9 million for the fourth quarter of 2024. Diluted earnings per share were $0.40 for the fourth quarter, compared to $0.38 for the prior quarter and $0.36 for the same period last year.

For the fourth quarter of 2025, annualized return on average equity (“ROAE”) was 9.48%, annualized return on average tangible common equity (“ROATCE”) was 14.41%, and annualized return on average assets (“ROAA”) was 1.40%.

For the year ended December 31, 2025, the Company reported net income of $209.3 million, compared with $200.7 million for the year ended December 31, 2024. Diluted earnings per share were $1.52 for the year ended December 31, 2025, compared to $1.44 for the year ended December 31, 2024. For the year ended December 31, 2025, ROAA was 1.36% and ROATCE was 14.28%, which compares to a 1.24% ROAA and 14.95% ROATCE for 2024.

David Brager, President and Chief Executive Officer of Citizens Business Bank, commented, “Citizens Business Bank’s performance in the fourth quarter demonstrates our continued financial strength and focus on our vision of serving the comprehensive financial needs of small to medium sized businesses and their owners. Our consistent financial performance is highlighted by our 195 consecutive quarters, or more than 48 years, of profitability, and our 145 consecutive quarters of paying cash dividends. I would like to thank our customers and associates for their continuing commitment and loyalty.”

Highlights for the Fourth Quarter of 2025

• Pre-provision / pretax income increased to $71.9 million, from $70.0 million in the third quarter of 2025
• Positive operating leverage of 2% compared to prior quarter and 6% compared to the fourth quarter of 2024
• Net interest income of $123 million increased by $7 million, or 6.1% from the third quarter of 2025
• Net interest margin expanded to 3.49% from 3.33% for the third quarter of 2025
• Loans grew by $228 million from the end of the third quarter 2025
• Average total deposits & customer repurchase agreements increased by $110 million from the prior quarter
• Efficiency ratio of 44.4%, excluding acquisition expense and increase in off-balance sheet reserves
• $2.5 million recapture of allowance for credit loss, net recoveries of $325,000 during the quarter
• $20.5 million decrease in NPA and $25.5 million decrease in classified loans compared to prior quarter
  
  

Highlights for the Full Year 2025

• 5.5% growth in Earning Per Share and 4.3% growth in Net Income
• Net interest margin of 3.36%, compared to 3.09% for 2024
• Cost of funds of 1.03%, compared to 1.32% for 2024
• Net interest income increased by $13 million, or 2.9%
• Efficiency ratio of 45.3% after excluding expense for acquisition and increased reserves for off-balance sheet
• Loans grew by $163 million, or 2% compared to December 31, 2024
• Average total deposits & customer repurchase agreements increased by 1%, compared to 2024
• Repurchased 4.3 million shares of common stock in 2025

INCOME STATEMENT HIGHLIGHTS

	Three Months Ended												Year Ended December 31,
	December 31, 2025				September 30, 2025				December 31, 2024				2025				2024				2023
	(Dollars in thousands, except per share amounts)
Net interest income	$	122,658			$	115,577			$	110,418			$	460,287			$	447,347			$	487,990
(Recapture of) provision for credit losses		(2,500	)			1,000				3,000				(3,500	)			3,000				(2,000	)
Noninterest income		11,193				13,006				13,103				55,171				54,474				59,330
Noninterest expense		61,988				58,576				58,480				237,265				233,583				229,886
Income taxes		19,319				16,421				17,183				72,395				70,522				93,999
Net earnings	$	55,044			$	52,586			$	50,858			$	209,298			$	200,716			$	221,435
Earnings per common share:
Basic	$	0.40			$	0.38			$	0.36			$	1.52			$	1.44			$	1.59
Diluted	$	0.40			$	0.38			$	0.36			$	1.52			$	1.44			$	1.59
NIM		3.49	%			3.33	%			3.18	%			3.36	%			3.09	%			3.31	%
ROAA		1.40	%			1.35	%			1.30	%			1.36	%			1.24	%			1.35	%
ROAE		9.48	%			9.19	%			9.14	%			9.26	%			9.35	%			11.03	%
ROATCE		14.41	%			14.11	%			14.31	%			14.28	%			14.95	%			18.48	%
Efficiency ratio		46.31	%			45.56	%			47.34	%			46.03	%			46.55	%			42.00	%

Net Interest Income

Net interest income was $122.7 million for the fourth quarter of 2025, representing a $7.1 million, or 6.13%, increase from the third quarter of 2025, and a $12.2 million, or 11.09%, increase from the fourth quarter of 2024. Interest income increased by $5.9 million, or 3.91%, from the third quarter of 2025, while interest expense decreased by $1.2 million, or 3.52%, to $33.3 million in the fourth quarter of 2025. The quarter over quarter growth in net interest income resulted from a $152.5 million increase in average earning assets, primarily due to a $144.8 million increase in average loans, and a 16 basis point increase in the net interest margin. The increase in net interest income compared to the fourth quarter of 2024 was due primarily to a 31 basis point increase in the net interest margin, from 3.18% to 3.49%.

Net interest income of $460.3 million for the year ended December 31, 2025, increased $12.9 million, or 2.89%, compared to the same period of 2024. Interest income decreased by $36.8 million, while interest expense decreased by $49.8 million from 2024. The decrease in interest income from 2024 was primarily due to a $798 million decrease in average earning assets, associated with the Bank's strategy in the later half of 2024 to de-leverage the balance sheet, as well as a two basis point decrease in the earning asset yield. The $49.8 million decrease in interest expense was primarily due to a $48.7 million decrease in interest expense on borrowings. Average borrowings declined by $1 billion year over year, as a result of the strategy to de-leverage the balance sheet during the second half of 2024.

Net Interest Margin

Our tax equivalent net interest margin was 3.49% for the fourth quarter of 2025, compared to 3.33% for the third quarter of 2025 and 3.18% for the fourth quarter of 2024. The 16 basis points increase in our net interest margin compared to the third quarter of 2025, was the result of an 11 basis points increase in our interest-earning assets yield, while our cost of funds decreased four basis points. The 11 basis points increase in our interest-earning asset yield was primarily due to a 22 basis points increase in our loan yield. The loan yield for the fourth quarter of 2025 was impacted by the collection of $3.2 million of interest on a nonperforming loan that was paid off in full during the quarter. Our cost of funds decreased in the fourth quarter to 1.01%, from 1.05% in the third quarter of 2025. The decrease in our cost of funds from the prior quarter was the result of a four basis point decrease in our cost of deposits to 0.82%, from 0.86%. In addition, the cost of customer repurchase agreements decreased to 1.76% in the fourth quarter from 2.00% for the third quarter of 2025.

Net interest margin for the fourth quarter of 2025 increased by 31 basis points compared to the fourth quarter of 2024, based on the impact of both a 19 basis point increase in the earning asset yield and a 12 basis point decrease in cost of funds. The increase in earning asset yield was primarily due to a 32 basis point increase in loan yields. Cost of funds was 1.01% for the fourth quarter of 2025, compared to 1.13% in the same quarter of last year, as the cost of deposits decreased by 11 basis points.

Earning Assets and Deposits

On average, earning assets increased by $152.5 million compared to the third quarter of 2025 and increased $63.4 million when compared to the fourth quarter of 2024. The $152.5 million quarter-over-quarter increase in earning assets resulted from a $144.8 million increase in average loans and a $110.8 million increase in investment securities, offset by a $121.5 million decrease in average funds held at the Federal Reserve. Compared to the fourth quarter of 2024, the average funds held at the Federal Reserve increased by $29.8 million and average investment securities increased by $10.2 million. The average balance on noninterest-bearing deposits decreased by $122 million, or 1.71%, from the third quarter of 2025 and by $114.6 million, or 1.61% from the year ago quarter. The average balance on interest-bearing deposits and customer repurchase agreements increased by $232.2 million from the prior quarter and by $127.0 million from the fourth quarter of 2024. On average, noninterest-bearing deposits were 57.92% of total deposits during the most recent quarter, compared to 59.28% for the third quarter of 2025 and 58.74% for the fourth quarter of 2024.

SELECTED FINANCIAL HIGHLIGHTS

	Three Months Ended
	December 31, 2025									September 30, 2025									December 31, 2024
	(Dollars in thousands)
Yield on average investment securities (TE)	2.69%									2.66%									2.58%
Yield on average loans	5.47%									5.25%									5.15%
Yield on average earning assets (TE)	4.43%									4.32%									4.24%
Cost of deposits	0.82%									0.86%									0.93%
Cost of funds	1.01%									1.05%									1.13%
Net interest margin (TE)	3.49%									3.33%									3.18%
Average Earning Asset Mix	Avg				% of Total					Avg				% of Total					Avg				% of Total
Total investment securities	$	4,946,732				35.27	%			$	4,835,928				34.86	%			$	4,936,514				35.36	%
Interest-earning deposits with other institutions		528,211				3.77	%				646,979				4.66	%				485,103				3.47	%
Loans		8,517,188				60.73	%				8,372,383				60.35	%				8,522,587				61.04	%
Total interest-earning assets		14,025,812									13,873,302									13,962,216

	Year Ended December 31,
	2025									2024									2023
	(Dollars in thousands)
Yield on average investment securities (TE)	2.65%									2.65%									2.52%
Yield on average loans	5.29%									5.26%									5.04%
Yield on average earning assets (TE)	4.33%									4.35%									4.10%
Cost of deposits	0.85%									0.88%									0.41%
Cost of funds	1.03%									1.32%									0.83%
Net interest margin (TE)	3.36%									3.09%									3.31%
Average Earning Asset Mix	Avg				% of Total					Avg				% of Total					Avg				% of Total
Total investment securities	$	4,884,669				35.51	%			$	5,144,555				35.35	%			$	5,579,488				37.63	%
Interest-earning deposits with other institutions		420,504				3.06	%				720,428				4.95	%				331,156				2.23	%
Loans		8,427,967				61.27	%				8,670,420				59.58	%				8,893,335				59.97	%
Total interest-earning assets		13,755,101									14,553,415									14,829,057

Provision for Credit Losses

There was a $2.5 million recapture of credit losses in the fourth quarter of 2025, compared to a $1 million provision for credit losses in the third quarter of 2025 and a $3 million recapture of credit losses in the fourth quarter of 2024.

For the year ended December 31, 2025, we recorded a $3.5 million recapture of credit losses, compared to a $3 million recapture of credit losses for 2024.

Noninterest Income

Noninterest income was $11.2 million for the fourth quarter of 2025, compared with $13.0 million for the third quarter of 2025, and $13.1 million for the fourth quarter of 2024. During the fourth quarter of 2025, we recognized a $2.8 million loss on sale of available-for-sale ("AFS") investments. The third quarter of 2025 included income from a $6.0 million legal settlement, that was offset by $8.1 million in losses on the sale of AFS investments. Bank-owned life insurance ("BOLI") income for the fourth quarter decreased by $1.1 million, compared to prior quarter. Trust and investment services income grew by $200,000, or 4.0% and by $519,000, or 14.8% over the third quarter and fourth quarter of 2024, respectively.

For the year ended December 31, 2025, noninterest income was $55.2 million, compared to $54.5 million for 2024. Noninterest income in 2025 included $10.8 million in losses on the sale of AFS investments, a $6.0 million legal settlement, and a $2.3 million gain on OREO, while 2024 included a total pre-tax gain of $25.9 million from the sale-leaseback of four locations partially offset by a $28.1 million pre-tax loss on the sale of AFS investments. Trust and investment services income grew by $1.3 million, or 9.5%.

Noninterest Expense

Noninterest expense for the fourth quarter of 2025 was $62.0 million, compared to $58.6 million for the third quarter of 2025 and $58.5 million for the fourth quarter of 2024. The $3.4 million quarter over quarter increase in noninterest expense includes a $500,000 increase in provision for unfunded loan commitments and $1.6 million in acquisition related expenses incurred in the fourth quarter of 2025. Excluding these expenses, noninterest expense increased from the third quarter by $1.4 million, or 2.3%. Salaries and employee benefits increased by $1.2 million, as bonus and benefit expense increased during the fourth quarter. As a percentage of average assets, noninterest expense was 1.57% for the fourth quarter of 2025, 1.50% for the third quarter of 2025, and 1.49% for the fourth quarter of 2024. The efficiency ratio was 46.3% for the fourth quarter of 2025, 45.6% for the third quarter of 2025, and 47.3% for the fourth quarter of 2024. Excluding acquisition related expenses and increase in provision for unfunded loan commitment, the efficiency ratio for the fourth quarter of 2025 was 44.4%

Noninterest expense of $237.3 million for the year ended December 31, 2025 was $3.7 million, or 1.58% higher than the prior year. After excluding acquisition related expenses and increase in provision for unfunded loan commitments in 2025, noninterest expense was lower than 2024 by $1.1 million. Professional service expense decreased from 2024 by $1.2 million, while software expense grew from 2024 by $1.8 million, or 12.1%.

Income Taxes

Our effective tax rate for the quarter ended December 31, 2025 was 25.98%, compared with 23.80% for the third quarter of 2025, and 25.25% for the fourth quarter of 2024. Investments in tax credits contributed to the year-to-date effective tax rate of 25.7%. Our estimated annual effective tax rate can vary depending upon the level of tax-advantaged income from municipal securities and BOLI, as well as available tax credits.

BALANCE SHEET HIGHLIGHTS

Assets

The Company reported total assets of $15.63 billion at December 31, 2025. This represented a decrease of $35.2 million, or 0.22%, from total assets of $15.67 billion at September 30, 2025. The decrease in assets included an $363.2 million decrease in interest-earning balances due from the Federal Reserve, offset by a $76.2 million increase in investment securities, and a $228.3 million increase in total loans.

Total assets increased by $477.4 million, or 3.15%, from total assets of $15.15 billion at December 31, 2024. The increase in assets included a $218.1 million increase in interest-earning balances due from the Federal Reserve, a $162.8 million increase in total loans, and a $31.7 million increase in investment securities.

Investment Securities

Total investment securities were $4.95 billion at December 31, 2025, an increase of $76.2 million, or 1.56% from $4.88 billion at September 30, 2025, and an increase of $31.7 million, or 0.64%, from $4.92 billion at December 31, 2024.

At December 31, 2025, investment securities held-to-maturity (“HTM”) totaled $2.27 billion, a decrease of $27.5 million, or 1.20% from September 30, 2025, and a decrease of $109.3 million, or 4.59% from December 31, 2024.

At December 31, 2025, investment securities available-for-sale (“AFS”) totaled $2.68 billion, inclusive of a pre-tax net unrealized loss of $307.8 million. AFS securities increased by $103.7 million, or 4.02% from September 30, 2025, and increased by $141.0 million, or 5.54% from $2.54 million at December 31, 2024. The pre-tax unrealized loss decreased by $26.0 million from the end of the September 30, 2025, while decreasing $139.9 million from December 31, 2024.

Loans

Total loans and leases, at amortized cost, of $8.70 billion at December 31, 2025 increased by $228.3 million, or 2.69%, from September 30, 2025. The quarter-over quarter increase in loans included increases of $138.6 million in dairy & livestock and agribusiness loans, $39.1 million in commercial real estate loans, $34.5 million in commercial and industrial loans, $16.1 million in Small Business Administration ("SBA") loans, and $7.8 million in construction loans, partially offset by decreases of $4.3 million in single-family residential ("SFR") mortgage loans, $1.8 million in municipal lease finance receivables, and $1.6 million in consumer and other loans.

Total loans and leases, at amortized cost, increased by $162.8 million, or 1.91%, from December 31, 2024. The year-over-year increase includes increases of $66.9 million in commercial real estate loans, $48.5 million in commercial and industrial loans, $21.7 million in construction loans, $12.6 million in SFR mortgage loans, $11.7 million in dairy and livestock and agribusiness loans, $9.4 million in SBA loans, $2.3 million in consumer loans, offset by decreases of $6.6 million in municipal lease finance receivables, and $3 million in other loans.

Asset Quality

During the fourth quarter of 2025, we experienced credit charge-offs of $106,000 and total recoveries of $431,000, resulting in net recoveries of $325,000 compared to net recoveries of $333,000 in the prior quarter. For the year ended 2025, we experienced net recoveries of $539,000. Allowance for credit losses represented 0.89% of gross loans at December 31, 2025 compared to 0.94% at September 30, 2025.The allowance for credit losses (“ACL”) totaled $77.2 million at December 31, 2025, compared to $79.3 million at September 30, 2025 and $80.1 million at December 31, 2024. At December 31, 2025, the ACL as a percentage of total loans and leases outstanding was 0.89%. This compares to 0.94% at September 30, 2025 and 0.94% at December 31, 2024.

Nonperforming loans, defined as nonaccrual loans, including modified loans on nonaccrual, plus loans 90 days past due and accruing interest, and nonperforming assets, defined as nonperforming plus OREO, are highlighted below.

Nonperforming Assets and Delinquency Trends		December 31, 2025				September 30, 2025				December 31, 2024
		(Dollars in thousands)
Nonperforming loans
Commercial real estate		$	4,186			$	23,707			$	25,866
SBA			21				3,952				1,529
Commercial and industrial			478				145				340
Dairy & livestock and agribusiness			-				-				60
Total		$	4,685			$	27,804			$	27,795
% of Total loans			0.05	%			0.33	%			0.33	%
OREO
Commercial real estate		$	163			$	661			$	18,656
SFR mortgage			-				-				647
Total		$	163			$	661			$	19,303
Total nonperforming assets		$	4,848			$	28,465			$	47,098
% of Nonperforming assets to total assets			0.03	%			0.18	%			0.31	%
Past due 30-89 days (accruing)
Commercial real estate		$	2,887			$	43			$	-
SBA			30				42				88
Commercial and industrial			261				-				399
Total		$	3,178			$	85			$	487
% of Total loans			0.04	%			0.00	%			0.01	%
Total nonperforming, OREO, and past due		$	8,026			$	28,550			$	47,585
Classified Loans		$	52,701			$	78,180			$	89,549

The $23.1 million decrease in nonperforming loans from September 30, 2025 was primarily due to a $19.6 million commercial real estate nonperforming loan payoff and a $3.4 million SBA loan payoff.

Classified loans are loans that are graded “substandard” or worse. Classified loans decreased $25.5 million quarter-over-quarter, primarily due to three commercial real estate loans paid off totaling $25.6 million.

Deposits & Customer Repurchase Agreements

Deposits of $12.07 billion and customer repurchase agreements of $490.6 million totaled $12.56 billion at December 31, 2025. This represented a net decrease of $12.9 million compared to $12.58 billion at September 30, 2025. Total deposits and customer repurchase agreements increased by $352.3 million, or 2.89%, compared to December 31, 2024.

Noninterest-bearing deposits were $6.80 billion at December 31, 2025, a decrease of $444.3 million, or 6.13%, when compared to $7.24 billion at September 30, 2025. Noninterest-bearing deposits decreased by $236.4 million, or 3.36%, when compared to $7.04 billion at December 31, 2024. At December 31, 2025, noninterest-bearing deposits were 56.33% of total deposits, compared to 59.76% at September 30, 2025, and 58.90% at December 31, 2024.

Borrowings

As of December 31, 2025, September 30, 2025, and December 31, 2024, total borrowings consisted of $500 million of Federal Home Loan Bank ("FHLB") advances. The FHLB advances include $300 million, at an average cost of 4.73%, maturing in May of 2026, and $200 million, at a cost of 4.27% maturing in May of 2027.

Capital

The Company’s total equity was $2.30 billion at December 31, 2025. This represented an overall increase of $108.9 million from total equity of $2.19 billion at December 31, 2024. Increases to equity included $209.3 million in net earnings and a $84.4 million increase in other comprehensive income that was partially offset by $110.3 million in cash dividends. For the year ended 2025, we repurchased, under our stock repurchase plan, 4,321,777 shares of common stock, at an average repurchase price of $18.60, totaling $80.4 million. Our tangible book value per share at December 31, 2025 was $11.24.

Our capital ratios under the revised capital framework referred to as Basel III remain well above regulatory standards.

					CVB Financial Corp. Consolidated
		Minimum Required Plus Capital Conservation Buffer			December 31, 2025			September 30, 2025			December 31, 2024
Tier 1 leverage capital ratio		4.0	%		11.6	%		11.8	%		11.5	%
Common equity Tier 1 capital ratio		7.0	%		15.9	%		16.3	%		16.2	%
Tier 1 risk-based capital ratio		8.5	%		15.9	%		16.3	%		16.2	%
Total risk-based capital ratio		10.5	%		16.7	%		17.1	%		17.1	%
Tangible common equity ratio					10.3	%		10.1	%		9.8	%

CitizensTrust
As of December 31, 2025, CitizensTrust had approximately $5.11 billion in assets under management and administration, including $3.75 billion in assets under management. Revenues were $4.0 million for the fourth quarter of 2025 and $15.0 million for the year ended December 31, 2025, compared to $3.5 million and $13.7 million, respectively, for the same periods of 2024. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

Corporate Overview

CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank, National Association. CVBF is one of the 10 largest bank holding companies headquartered in California with more than $15 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California.

Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

Conference Call
Management will hold a conference call at 7:30 a.m. PDT/10:30 a.m. EDT on Thursday, January 22, 2026, to discuss the Company’s fourth quarter 2025 financial results. The conference call can be accessed live by registering at: https://register-conf.media-server.com/register/BI0e4821389aa24c70bdd552e807b00aa8

The conference call will also be simultaneously webcast over the Internet; please visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab to access the call from the site. Please access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call and will be available on the website for approximately 12 months.

Safe Harbor

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. 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 obtain the necessary regulatory approvals, 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 on 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 ability to comply with federal and state employment laws and regulations; ongoing or unanticipated regulatory or legal proceedings or outcomes; ; risks associated with our pending merger with Heritage Commerce Corp (“Heritage”),  including completing the transaction on the terms set forth in our definitive agreement with Heritage, difficulties and delays in integrating Heritage’s business, key personnel and customers into our business and operations, and achieving anticipated synergies, cost savings 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 2024 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.

Non-GAAP Financial Measures — Certain financial information provided in this earnings release has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Investors and analysts should refer to the reconciliations included in this earnings release and should consider the Company’s non-GAAP measures in addition to, not as a substitute for or as superior to, measures prepared in accordance with GAAP. These non-GAAP measures may or may not be comparable to similarly titled measures used by other companies.

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
		December 31,  2025				September 30,  2025				December 31,  2024
Assets
Cash and due from banks		$	107,511			$	151,848			$	153,875
Interest-earning balances due from Federal Reserve			268,878				632,072				50,823
Total cash and cash equivalents			376,389				783,920				204,698
Interest-earning balances due from depository institutions			13,064				13,163				480
Investment securities available-for-sale			2,683,070				2,579,397				2,542,115
Investment securities held-to-maturity			2,270,391				2,297,909				2,379,668
Total investment securities			4,953,461				4,877,306				4,921,783
Investment in FHLB, FRB, and other stock			55,948				18,012				18,012
Loans and lease finance receivables			8,699,193				8,470,906				8,536,432
Allowance for credit losses			(77,161	)			(79,336	)			(80,122	)
Net loans and lease finance receivables			8,622,032				8,391,570				8,456,310
Premises and equipment, net			26,505				26,595				27,543
Bank owned life insurance ("BOLI")			325,299				323,881				316,248
Intangibles			5,774				6,654				9,967
Goodwill			765,822				765,822				765,822
Other assets			486,760				459,283				432,792
Total assets		$	15,631,054			$	15,666,206			$	15,153,655
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing		$	6,800,691			$	7,244,968			$	7,037,096
Investment checking			509,272				487,738				551,305
Savings and money market			4,185,244				3,809,768				3,786,387
Time deposits			576,775				581,765				573,593
Total deposits			12,071,982				12,124,239				11,948,381
Customer repurchase agreements			490,601				451,258				261,887
Other borrowings			500,000				500,000				500,000
Other liabilities			273,247				308,642				257,071
Total liabilities			13,335,830				13,384,139				12,967,339
Stockholders' Equity
Stockholders' equity			2,522,878				2,529,843				2,498,380
Accumulated other comprehensive loss, net of tax			(227,654	)			(247,776	)			(312,064	)
Total stockholders' equity			2,295,224				2,282,067				2,186,316
Total liabilities and stockholders' equity		$	15,631,054			$	15,666,206			$	15,153,655

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED AVERAGE BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
		Three Months Ended												Year Ended
		December 31, 2025				September 30, 2025				December 31, 2024					2025				2024
Assets
Cash and due from banks		$	144,568			$	150,152			$	152,966			$	150,929			$	160,018
Interest-earning balances due from Federal Reserve			513,797				635,331				484,038				412,210				710,308
Total cash and cash equivalents			658,365				785,483				637,004				563,139				870,326
Interest-earning balances due from depository institutions			14,414				11,648				1,065				8,294				10,120
Investment securities available-for-sale			2,661,115				2,522,720				2,542,649				2,557,402				2,716,581
Investment securities held-to-maturity			2,285,617				2,313,208				2,393,865				2,327,267				2,427,974
Total investment securities			4,946,732				4,835,928				4,936,514				4,884,669				5,144,555
Investment in FHLB, FRB, and other stock			33,681				18,012				18,012				21,961				18,012
Loans and lease finance receivables			8,517,188				8,372,383				8,522,587				8,427,967				8,670,420
Allowance for credit losses			(79,341	)			(78,161	)			(82,960	)			(78,964	)			(83,580	)
Net loans and lease finance receivables			8,437,847				8,294,222				8,439,627				8,349,003				8,586,840
Premises and equipment, net			26,775				26,679				29,959				26,958				39,191
Bank owned life insurance ("BOLI")			325,389				322,591				316,938				321,079				313,671
Intangibles			6,176				7,111				10,650				7,748				12,571
Goodwill			765,822				765,822				765,822				765,822				765,822
Other assets			433,774				430,894				406,898				427,941				378,490
Total assets		$	15,648,975			$	15,498,390			$	15,562,489			$	15,376,614			$	16,139,598
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing		$	7,001,471			$	7,123,511			$	7,116,050			$	7,045,960			$	7,144,129
Interest-bearing			5,087,709				4,893,214				4,998,424				4,901,353				4,779,181
Total deposits			12,089,180				12,016,725				12,114,474				11,947,313				11,923,310
Customer repurchase agreements			493,886				456,230				456,145				411,625				354,432
Other borrowings			500,000				500,005				500,000				505,261				1,515,725
Other liabilities			261,824				254,279				278,314				252,140				200,466
Total liabilities			13,344,890				13,227,239				13,348,933				13,116,339				13,993,933
Stockholders' Equity
Stockholders' equity			2,541,331				2,538,445				2,507,060				2,530,565				2,469,095
Accumulated other comprehensive loss, net of tax			(237,246	)			(267,294	)			(293,504	)			(270,290	)			(323,430	)
Total stockholders' equity			2,304,085				2,271,151				2,213,556				2,260,275				2,145,665
Total liabilities and stockholders' equity		$	15,648,975			$	15,498,390			$	15,562,489			$	15,376,614			$	16,139,598

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(Dollars in thousands, except per share amounts)
		Three Months Ended												Year Ended
		December 31,  2025				September 30,  2025				December 31,  2024					2025				2024
Interest income:
Loans and leases, including fees		$	117,415			$	110,825			$	110,277			$	446,156			$	455,755
Investment securities:
Investment securities available-for-sale			20,062				18,867				18,041				75,962				80,890
Investment securities held-to-maturity			12,649				12,812				13,020				51,368				53,151
Total investment income			32,711				31,679				31,061				127,330				134,041
Dividends from FHLB, FRB, and other stock			539				377				380				1,706				1,551
Interest-earning deposits with other institutions			5,314				7,231				5,881				18,109				38,765
Total interest income			155,979				150,112				147,599				593,301				630,112
Interest expense:
Deposits			25,047				26,096				28,317				101,294				105,483
Borrowings and customer repurchase agreements			8,007				8,109				8,291				30,317				76,709
Other			267				330				573				1,403				573
Total interest expense			33,321				34,535				37,181				133,014				182,765
Net interest income before provision for (recapture of) credit losses			122,658				115,577				110,418				460,287				447,347
(Recapture of) provision for credit losses			(2,500	)			1,000				(3,000	)			(3,500	)			(3,000	)
Net interest income after provision for (recapture of) credit losses			125,158				114,577				113,418				463,787				450,347
Noninterest income:
Service charges on deposit accounts			4,734				4,859				5,097				19,460				20,370
Trust and investment services			4,031				3,875				3,512				15,033				13,729
Loss on sale of AFS Investment Securities			(2,785	)			(8,185	)			(16,735	)			(10,970	)			(28,317	)
Gain on OREO, net			113				-				-				2,296				-
Gain on sale leaseback transactions			-				-				16,794				-				25,900
Other			5,100				12,457				4,435				29,352				22,792
Total noninterest income			11,193				13,006				13,103				55,171				54,474
Noninterest expense:
Salaries and employee benefits			37,105				35,876				35,998				144,457				144,472
Occupancy and equipment			5,892				5,823				5,866				23,819				23,407
Professional services			2,626				2,350				2,646				9,248				10,482
Computer software expense			4,167				4,350				3,921				17,148				15,301
Marketing and promotion			1,339				1,738				1,757				6,882				7,307
Amortization of intangible assets			881				1,003				1,163				4,193				5,324
Provision for (recapture of) unfunded loan commitments			1,000				500				-				2,000				(1,250	)
Acquisition related expenses			1,556				-				-				1,556				-
Other			7,422				6,936				7,129				27,962				28,540
Total noninterest expense			61,988				58,576				58,480				237,265				233,583
Earnings before income taxes			74,363				69,007				68,041				281,693				271,238
Income taxes			19,319				16,421				17,183				72,395				70,522
Net earnings		$	55,044			$	52,586			$	50,858			$	209,298			$	200,716
Basic earnings per common share		$	0.40			$	0.38			$	0.36			$	1.52			$	1.44
Diluted earnings per common share		$	0.40			$	0.38			$	0.36			$	1.52			$	1.44
Cash dividends declared per common share		$	0.20			$	0.20			$	0.20			$	0.80			$	0.80

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
	Three Months Ended												Year Ended
	December 31, 2025				September 30, 2025				December 31, 2024					2025				2024
Interest income - tax equivalent (TE)	$	156,007			$	150,626			$	148,128			$	593,413			$	632,248
Interest expense		33,321				34,535				37,181				133,014				182,765
Net interest income - (TE)	$	122,686			$	116,091			$	110,947			$	460,399			$	449,483
Return on average assets, annualized		1.40	%			1.35	%			1.30	%			1.36	%			1.24	%
Return on average equity, annualized		9.48	%			9.19	%			9.14	%			9.26	%			9.35	%
Efficiency ratio [1]		46.31	%			45.56	%			47.34	%			46.03	%			46.55	%
Noninterest expense to average assets, annualized		1.57	%			1.50	%			1.49	%			1.54	%			1.45	%
Yield on average loans		5.47	%			5.25	%			5.15	%			5.29	%			5.26	%
Yield on average earning assets (TE)		4.43	%			4.32	%			4.24	%			4.33	%			4.35	%
Cost of deposits		0.82	%			0.86	%			0.93	%			0.85	%			0.88	%
Cost of deposits and customer repurchase agreements		0.86	%			0.90	%			0.97	%			0.88	%			0.90	%
Cost of funds		1.01	%			1.05	%			1.13	%			1.03	%			1.32	%
Net interest margin (TE)		3.49	%			3.33	%			3.18	%			3.36	%			3.09	%
[1]  Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
Tangible Common Equity Ratio (TCE) [2]
CVB Financial Corp. Consolidated		10.25	%			10.14	%			9.81	%
Citizens Business Bank		10.09	%			10.00	%			9.64	%
[2]  (Capital - [GW+Intangibles])/(Total Assets - [GW+Intangibles])
Weighted average shares outstanding
Basic		135,525,188				136,830,737				138,661,665				136,757,254				138,414,598
Diluted		135,920,667				137,152,562				139,102,524				137,050,575				138,579,141
Dividends declared	$	27,180			$	27,548			$	27,978			$	110,284			$	111,859
Dividend payout ratio [3]		49.38	%			52.39	%			55.01	%			52.69	%			55.73	%
[3]  Dividends declared on common stock divided by net earnings.
Number of shares outstanding - (end of period)		135,551,799				137,509,649				139,689,686
Book value per share	$	16.93			$	16.60			$	15.65
Tangible book value per share	$	11.24			$	10.98			$	10.10

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
		Three Months Ended
		December 31,  2025				September 30,  2025				December 31,  2024
Nonperforming assets:
Nonaccrual loans		$	4,685			$	27,804			$	27,795
Other real estate owned ("OREO"), net			163				661				19,303
Total nonperforming assets		$	4,848			$	28,465			$	47,098
Loan modifications to borrowers experiencing financial difficulty		$	16,902			$	10,756			$	6,467
Percentage of nonperforming assets to total loans outstanding and OREO			0.06	%			0.34	%			0.55	%
Percentage of nonperforming assets to total assets			0.03	%			0.18	%			0.31	%
Allowance for credit losses to nonperforming assets			1591.60	%			278.71	%			170.12	%
		Three Months Ended												Year Ended
		December 31,  2025				September 30,  2025				December 31,  2024					2025				2024
Allowance for credit losses:
Beginning balance		$	79,336			$	78,003			$	82,942			$	80,122			$	86,842
Total charge-offs			(106	)			(67	)			(64	)			(642	)			(4,408	)
Total recoveries on loans previously charged-off			431				400				244				1,181				688
Net recoveries (charge-offs)			325				333				180				539				(3,720	)
(Recapture of) provision for credit losses			(2,500	)			1,000				(3,000	)			(3,500	)			(3,000	)
Allowance for credit losses at end of period		$	77,161			$	79,336			$	80,122			$	77,161			$	80,122
Net recoveries (charge-offs) to average loans			0.004	%			0.004	%			0.002	%			0.006	%			-0.043	%

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in millions)
Allowance for Credit Losses by Loan Type
		December 31, 2025								September 30, 2025								December 31, 2024
		Allowance For Credit Losses			Allowance as a % of Total Loans by Respective Loan Type					Allowance For Credit Losses			Allowance as a % of Total Loans by Respective Loan Type					Allowance For Credit Losses			Allowance as a % of Total Loans by Respective Loan Type
Commercial real estate		$	61.7			0.94%				$	65.4			1.00%				$	66.2			1.02%
Construction			0.6			1.57%					0.5			1.74%					0.3			1.94%
SBA			2.7			0.96%					2.6			0.97%					2.6			0.96%
Commercial and industrial			8.4			0.87%					6.6			0.71%					6.1			0.66%
Dairy & livestock and agribusiness			2.5			0.58%					2.8			0.95%					3.6			0.86%
Municipal lease finance receivables			0.3			0.42%					0.2			0.36%					0.2			0.31%
SFR mortgage			0.4			0.16%					0.5			0.17%					0.5			0.16%
Consumer and other loans			0.6			0.98%					0.7			1.13%					0.6			1.04%
Total		$	77.2			0.89%				$	79.3			0.94%				$	80.1			0.94%

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands, except per share amounts)
Quarterly Common Stock Price
			2025							2024								2023
Quarter End		High			Low				High				Low				High				Low
March 31,		$	21.71		$	18.22			$	20.45			$	15.95			$	25.98			$	16.34
June 30,		$	20.15		$	16.01			$	17.91			$	15.71			$	16.89			$	10.66
September 30,		$	21.34		$	18.12			$	20.29			$	16.08			$	19.66			$	12.89
December 31,		$	20.70		$	17.95			$	24.58			$	17.20			$	21.77			$	14.62
Quarterly Consolidated Statements of Earnings
					Q4				Q3				Q2				Q1				Q4
						2025				2025				2025				2025				2024
Interest income
Loans and leases, including fees					$	117,415			$	110,825			$	108,845			$	109,071			$	110,277
Investment securities and other						38,564				39,287				35,364				33,931				37,322
Total interest income						155,979				150,112				144,209				143,002				147,599
Interest expense
Deposits						25,047				26,096				24,829				25,322				28,317
Borrowings and customer repurchase agreements						8,007				8,109				7,401				6,800				8,291
Other						267				330				371				436				573
Total interest expense						33,321				34,535				32,601				32,558				37,181
Net interest income before provision for (recapture of) credit losses						122,658				115,577				111,608				110,444				110,418
(Recapture of) provision for credit losses						(2,500	)			1,000				-				(2,000	)			(3,000	)
Net interest income after provision for (recapture of) credit losses						125,158				114,577				111,608				112,444				113,418
Noninterest income						11,193				13,006				14,744				16,229				13,103
Noninterest expense						61,988				58,576				57,557				59,144				58,480
Earnings before income taxes						74,363				69,007				68,795				69,529				68,041
Income taxes						19,319				16,421				18,231				18,425				17,183
Net earnings					$	55,044			$	52,586			$	50,564			$	51,104			$	50,858
Effective tax rate						25.98	%			23.80	%			26.50	%			26.50	%			25.25	%
Basic earnings per common share					$	0.40			$	0.38			$	0.37			$	0.37			$	0.36
Diluted earnings per common share					$	0.40			$	0.38			$	0.37			$	0.36			$	0.36
Cash dividends declared per common share					$	0.20			$	0.20			$	0.20			$	0.20			$	0.20
Cash dividends declared					$	27,180			$	27,548			$	27,703			$	27,853			$	27,978

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands)
Loan Portfolio by Type
		December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
Commercial real estate		$	6,574,395			$	6,535,319			$	6,517,415			$	6,490,604			$	6,507,452
Construction			37,812				29,976				17,658				15,706				16,082
SBA			282,371				266,228				271,735				271,844				273,013
SBA - PPP			30				51				85				179				774
Commercial and industrial			973,631				939,174				912,427				942,301				925,178
Dairy & livestock and agribusiness			431,577				292,963				233,772				252,532				419,904
Municipal lease finance receivables			59,542				61,383				63,652				65,203				66,114
SFR mortgage			281,766				286,111				288,435				269,493				269,172
Consumer and other loans			58,069				59,701				53,322				55,770				58,743
Gross loans, at amortized cost			8,699,193				8,470,906				8,358,501				8,363,632				8,536,432
Allowance for credit losses			(77,161	)			(79,336	)			(78,003	)			(78,252	)			(80,122	)
Net loans		$	8,622,032			$	8,391,570			$	8,280,498			$	8,285,380			$	8,456,310
Deposit Composition by Type and Customer Repurchase Agreements
		December 31,  2025				September 30,  2025				June 30,  2025				March 31,  2025				December 31,  2024
Noninterest-bearing		$	6,800,691			$	7,244,968			$	7,247,128			$	7,184,267			$	7,037,096
Investment checking			509,272				487,738				483,793				533,220				551,305
Savings and money market			4,185,244				3,809,768				3,669,912				3,710,612				3,786,387
Time deposits			576,775				581,765				583,990				561,822				573,593
Total deposits			12,071,982				12,124,239				11,984,823				11,989,921				11,948,381
Customer repurchase agreements			490,601				451,258				404,154				276,163				261,887
Total deposits and customer repurchase agreements		$	12,562,583			$	12,575,497			$	12,388,977			$	12,266,084			$	12,210,268

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
(Dollars in thousands)
Nonperforming Assets and Delinquency Trends
		December 31, 2025				September 30, 2025				June 30, 2025				March 31, 2025				December 31, 2024
Nonperforming loans
Commercial real estate		$	4,186			$	23,707			$	24,379			$	24,379			$	25,866
SBA			21				3,952				1,265				1,024				1,529
Commercial and industrial			478				145				265				173				340
Dairy & livestock and agribusiness			-				-				60				60				60
Total		$	4,685			$	27,804			$	25,969			$	25,636			$	27,795
% of Total loans			0.05	%			0.33	%			0.31	%			0.31	%			0.33	%
Past due 30-89 days (accruing)
Commercial real estate		$	2,887			$	43			$	-			$	-			$	-
SBA			30				42				3,419				718				88
Commercial and industrial			261				-				-				-				399
Total		$	3,178			$	85			$	3,419			$	718			$	487
% of Total loans			0.04	%			0.00	%			0.04	%			0.01	%			0.01	%
OREO
Commercial real estate		$	163			$	661			$	661			$	495			$	18,656
SFR mortgage			-				-				-				-				647
Total		$	163			$	661			$	661			$	495			$	19,303
Total nonperforming, past due, and OREO		$	8,026			$	28,550			$	30,049			$	26,849			$	47,585
% of Total loans			0.09	%			0.34	%			0.36	%			0.32	%			0.56	%

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
Regulatory Capital Ratios
		Minimum Required			CVB Financial Corp. Consolidated
Capital Ratios		Plus Capital Conservation Buffer			December 31, 2025			September 30, 2025			December 31, 2024
Tier 1 leverage capital ratio		4.0%			11.6%			11.8%			11.5%
Common equity Tier 1 capital ratio		7.0%			15.9%			16.3%			16.2%
Tier 1 risk-based capital ratio		8.5%			15.9%			16.3%			16.2%
Total risk-based capital ratio		10.5%			16.7%			17.1%			17.1%
Tangible common equity ratio					10.3%			10.1%			9.8%

Tangible Book Value Reconciliations (Non-GAAP)
The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of tangible book value to the Company stockholders' equity computed in accordance with GAAP, as well as a calculation of tangible book value per share.
		December 31, 2025				September 30, 2025				December 31, 2024
		(Dollars in thousands, except per share amounts)
Stockholders' equity		$	2,295,224			$	2,282,067			$	2,186,316
Less: Goodwill			(765,822	)			(765,822	)			(765,822	)
Less: Intangible assets			(5,774	)			(6,654	)			(9,967	)
Tangible book value		$	1,523,628			$	1,509,591			$	1,410,527
Common shares issued and outstanding			135,551,799				137,509,649				139,689,686
Tangible book value per share		$	11.24			$	10.98			$	10.10

Return on Average Tangible Common Equity Reconciliations (Non-GAAP)
The return on average tangible common equity is a non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance. The following is a reconciliation of net income, adjusted for tax-effected amortization of intangibles, to net income computed in accordance with GAAP; a reconciliation of average tangible common equity to the Company's average stockholders' equity computed in accordance with GAAP; as well as a calculation of return on average tangible common equity.
		Three Months Ended												Year Ended
		December 31, 2025				September 30, 2025				December 31, 2024					2025				2024
		(Dollars in thousands)
Net Income		$	55,044			$	52,586			$	50,858			$	209,298			$	200,716
Add: Amortization of intangible assets			881				1,003				1,163				4,193				5,324
Less: Tax effect of amortization of intangible assets (1)			(260	)			(297	)			(344	)			(1,240	)			(1,574	)
Tangible net income		$	55,665			$	53,292			$	51,677			$	212,251			$	204,466
Average stockholders' equity		$	2,304,085			$	2,271,151			$	2,213,556			$	2,260,275			$	2,145,665
Less: Average goodwill			(765,822	)			(765,822	)			(765,822	)			(765,822	)			(765,822	)
Less: Average intangible assets			(6,176	)			(7,111	)			(10,650	)			(7,748	)			(12,571	)
Average tangible common equity		$	1,532,087			$	1,498,218			$	1,437,084			$	1,486,705			$	1,367,272
Return on average equity, annualized (2)			9.48	%			9.19	%			9.14	%			9.26	%			9.35	%
Return on average tangible common equity, annualized (2)			14.41	%			14.11	%			14.31	%			14.28	%			14.95	%
(1) Tax effected at respective statutory rates.
(2) Annualized where applicable.

Contact: David A. Brager
President and Chief
Executive Officer
(909) 980-4030

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