Declared Dividend • Jun 29
First quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 9th July 2026 Payment date: 23rd July 2026 Dividend yield will be 3.7%, which is lower than the industry average of 4.8%. Sustainability & Growth The dividend has increased by an average of 5.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Annonce • Jun 25
CVB Financial Corp. Announces Cash Dividend for the Second Quarter of 2026, Payable on or About July 23, 2026 CVB Financial Corp. announced $0.20 per share cash dividend with respect to the second quarter of 2026. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on June 24, 2026. The quarterly dividend will be payable on or about July 23, 2026, to shareholders of record as of July 9, 2026. Recent Insider Transactions • May 28
Independent Chairman of the Board recently bought €862k worth of stock On the 22nd of May, George Borba bought around 49k shares on-market at roughly €17.63 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. George has been a buyer over the last 12 months, purchasing a net total of €3.9m worth in shares. Annonce • May 27
Cvb Financial Corp. and Citizens Business Bank, National Association Announces Retirement of Richard Wohl as Executive Vice President and General Counsel, Effective June 5, 2026 On May 20, 2026, CVB Financial Corp. (the “Company”) received notice that Richard Wohl will retire from his role as Executive Vice President and General Counsel of the Company and its principal subsidiary, Citizens Business Bank, National Association, effective on June 5, 2026. In recognition of Mr. Wohl’s sustained and exemplary service to the Company as its General Counsel, which service commenced in October 2011, the Compensation Committee of the Company’s Board of Directors has provided for the early acceleration of vesting, effective on June 5, 2026, of the following equity awards granted to Mr. Wohl under the Company’s 2018 Equity Incentive Plan: (i) an award of 3,074 shares of restricted stock which would have otherwise vested in January 2027, (ii) an award of 5,816 shares of restricted stock which would have otherwise vested in two equal increments in January 2027 and January 2028, and (iii) an award of 9,014 shares of restricted stock which would have otherwise vested in three equal increments in January 2027, January 2028 and January 2029. Recent Insider Transactions • May 20
Independent Vice Chairman of the Board recently bought €853k worth of stock On the 12th of May, George Borba bought around 50k shares on-market at roughly €16.98 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. George has been a buyer over the last 12 months, purchasing a net total of €2.6m worth in shares. Annonce • Mar 19
CVB Financial Corp. Announces Quarterly Cash Dividend for First Quarter of 2026, Payable on or About April 15, 2026 CVB Financial Corp. announced a twenty cent ($0.20) per share cash dividend with respect to the first quarter of 2026. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on March 18, 2026. The quarterly dividend will be payable on or about April 15, 2026, to shareholders of record as of April 01, 2026. Annonce • Dec 18
CVB Financial Corp. (NasdaqGS:CVBF) entered into a definitive agreement to acquire Heritage Commerce Corp (NasdaqGS:HTBK) for approximately $810 million. CVB Financial Corp. (NasdaqGS:CVBF) entered into a definitive agreement to acquire Heritage Commerce Corp (NasdaqGS:HTBK) for approximately $810 million on December 17, 2025. Under the terms of the agreement, HTBK shareholders will receive 0.6500 shares of CVBF common stock for each HTBK share. Heritage Commerce Corp will merge with and into the CVB Financial Corp., with the CVB continuing as the surviving corporation. Upon closing, CVBF shareholders will own approximately 77% and HTBK shareholders will own approximately 23% of the combined company. David Brager will retain his role as Chief Executive Officer of Citizens and Clay Jones, President and Chief Executive Officer of Heritage, will join Citizens as President of the combined organization. Two of Heritage’s current directors will join the Citizens’ Board of Directors.
The transaction is subject to customary regulatory approvals, Heritage and Citizens shareholder approvals, and other closing conditions. The merger has been unanimously approved by the respective Boards of Directors of both companies. The expected completion of the transaction is in the second quarter of 2026. The transaction is expected to be immediately accretive to Citizens’ earnings per share.
JPMorgan Chase & Co. acted as financial advisor for CVB Financial Corp. Craig Miller, Veronica Lah, David Herbst, Jeff Mannisto, Chris Wanger, Brandon Reilly, Michel Narganes, Andrew Satenberg, and Hope Adams of Manatt, Phelps & Phillips, LLP acted as legal advisor for CVB Financial Corp. Piper Sandler & Co. acted as financial advisor and Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor for Heritage Commerce Corp. Annonce • Dec 13
CVB Financial Corp. Announces Cash Dividend with Respect to the Fourth Quarter of 2025, Payable on or About January 13, 2026 CVB Financial Corp. announced a twenty cent ($0.20) per share cash dividend with respect to the fourth quarter of 2025. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on December 12, 2025. The quarterly dividend will be payable on or about January 13, 2026 to shareholders of record as of December 29, 2025. Annonce • Sep 18
CVB Financial Corp. Announces Cash Dividend for the Third Quarter of 2025, Payable on or About October 16, 2025 CVB Financial Corp. announced a twenty cent ($0.20) per share cash dividend with respect to the third quarter of 2025. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on September 17, 2025. The quarterly dividend will be payable on or about October 16, 2025 to shareholders of record as of October 1, 2025. Annonce • Jul 24
CVB Financial Corp. Provides Net Charge-Offs for the Second Quarter Ended June 30, 2025 CVB Financial Corp. provided Net charge-offs for the second quarter ended June 30, 2025. Net charge-offs were $249,00 against $31,000 a year ago. Annonce • Jun 30
CVB Financial Corp.(NasdaqGS:CVBF) dropped from Russell 2000 Dynamic Index CVB Financial Corp.(NasdaqGS:CVBF) dropped from Russell 2000 Dynamic Index Annonce • Jun 26
CVB Financial Corp. Announces Quarterly Cash Dividend, Payable on or About July 24, 2025 CVB Financial Corp. announced a $0.20 per share cash dividend with respect to the second quarter of 2025. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on June 25, 2025. The quarterly dividend will be payable on or about July 24, 2025 to shareholders of record as of July 10, 2025. Annonce • Apr 11
CVB Financial Corp., Annual General Meeting, May 21, 2025 CVB Financial Corp., Annual General Meeting, May 21, 2025. Location: cvb financial corp. corporate headquarters, 701 north haven avenue, ca 91764., ontario Canada Annonce • Mar 20
CVB Financial Corp. Announces Dividend for the First Quarter of 2025, Payable on or About April 16, 2025 CVB Financial Corp. announced a twenty cent ($0.20) per share cash dividend with respect to the first quarter of 2025. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on March 19, 2025. The quarterly dividend will be payable on or about April 16, 2025 to shareholders of record as of April 2, 2025. Annonce • Dec 17
CVB Financial Corp. Approves Quarterly Cash Dividend for the Fourth Quarter of 2024, Payable on or About January 15, 2025 CVB Financial Corp. announced a twenty cents ($0.20) per share cash dividend with respect to the fourth quarter of 2024. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on December 16, 2024. The quarterly dividend will be payable on or about January 15, 2025 to shareholders of record as of December 31, 2024. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €21.00, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 33% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €39.59 per share. Annonce • Oct 28
Cvb Financial Corp. and Citizens Business Bank Announces Executive Changes, Effective November 22, 2024 On October 21, 2024, Francene LaPoint, Chief Accounting Officer of CVB Financial Corp. and its wholly-owned subsidiary, Citizens Business Bank, gave notice of her intention to resign from the Company for another opportunity, effective November 22, 2024. Ms. LaPoint’s departure is not the result of a disagreement with the Company on any matter related to the Company’s financial statements, operations, policies or practices or any issues regarding accounting policies or practices. Ms. LaPoint will remain with the Company through November 22, 2024 to help ensure an orderly transition to her successor. Ms. LaPoint was appointed as the Company’s Chief Accounting Officer in May 2021 after serving as the Company’s Controller since January 2012. E. Allen Nicholson, the Company’s current Executive Vice President and Chief Financial Officer and the Company’s principal financial officer, will also serve as the Company’s principal accounting officer following the effective date of Ms. LaPoint’s resignation on an interim basis until a qualified successor is appointed. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: US$0.37 (vs US$0.41 in 3Q 2023) Third quarter 2024 results: EPS: US$0.37 (down from US$0.41 in 3Q 2023). Revenue: US$126.5m (down 6.8% from 3Q 2023). Net income: US$51.2m (down 11% from 3Q 2023). Profit margin: 41% (down from 42% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 1% per year. Declared Dividend • Sep 23
Second quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 30th September 2024 Payment date: 14th October 2024 Dividend yield will be 4.6%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Annonce • Sep 17
CVB Financial Corp. Announces Quarterly Cash Dividend, Payable on or About October 14, 2024 CVB Financial Corp. announced a twenty cent ($0.20) per share cash dividend with respect to the third quarter of 2024. This dividend was
approved at the Company’s regularly scheduled Board of Directors meeting held on September 16, 2024. The quarterly dividend will be payable on or about October 14, 2024 to shareholders of record as of September 30, 2024. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: US$0.36 (vs US$0.40 in 2Q 2023) Second quarter 2024 results: EPS: US$0.36 (down from US$0.40 in 2Q 2023). Revenue: US$125.3m (down 4.3% from 2Q 2023). Net income: US$50.0m (down 9.7% from 2Q 2023). Profit margin: 40% (down from 42% in 2Q 2023). Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 4% per year. Declared Dividend • Jul 01
First quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 11th July 2024 Payment date: 25th July 2024 Dividend yield will be 4.8%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Annonce • Jun 27
CVB Financial Corp. Announces Quarterly Cash Dividend, Payable on or About July 25, 2024 CVB Financial Corp. announced a twenty cent ($0.20) per share cash dividend with respect to the second quarter of 2024. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on June 26, 2024. The quarterly dividend will be payable on or about July 25, 2024 to shareholders of record as of July 11, 2024. Recent Insider Transactions • Jun 19
Independent Vice Chairman of the Board recently bought €579k worth of stock On the 17th of June, George Borba bought around 39k shares on-market at roughly €14.91 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. George has been a buyer over the last 12 months, purchasing a net total of €11m worth in shares. New Risk • Apr 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$0.35 (vs US$0.42 in 1Q 2023) First quarter 2024 results: EPS: US$0.35 (down from US$0.42 in 1Q 2023). Revenue: US$126.6m (down 7.9% from 1Q 2023). Net income: US$48.6m (down 17% from 1Q 2023). Profit margin: 38% (down from 43% in 1Q 2023). Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Annonce • Apr 02
CVB Financial Corp., Annual General Meeting, May 15, 2024 CVB Financial Corp., Annual General Meeting, May 15, 2024, at 08:00 Pacific Daylight. Location: 701 North Haven Avenue Ontario Canada Agenda: To consider Election of Directors; to consider Advisory Compensation Vote; to consider Ratification of Appointment of KPMG LLP as independent registered public accountants for 2024; and to consider any other matters. Declared Dividend • Mar 25
Fourth quarter dividend of US$0.20 announced Shareholders will receive a dividend of US$0.20. Ex-date: 2nd April 2024 Payment date: 17th April 2024 Dividend yield will be 4.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (50% payout ratio) and is expected to be covered in 3 years' time (53% forecast payout ratio). The dividend has increased by an average of 7.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 1.7% over the next 2 years. However, it would need to fall by 44% to increase the payout ratio to a potentially unsustainable range. Annonce • Mar 21
CVB Financial Corp. Announces Cash Dividend with Respect to the First Quarter of 2024, Payable on April 17, 2024 CVB Financial Corp. announced a twenty cent ($0.20) per share cash dividend with respect to the first quarter of 2024. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on March 20, 2024. The quarterly dividend will be payable on or about April 17, 2024 to shareholders of record as of April 3, 2024. Reported Earnings • Mar 03
Full year 2023 earnings released: EPS: US$1.59 (vs US$1.68 in FY 2022) Full year 2023 results: EPS: US$1.59 (down from US$1.68 in FY 2022). Revenue: US$544.4m (flat on FY 2022). Net income: US$219.9m (down 6.0% from FY 2022). Profit margin: 40% (down from 43% in FY 2022). Net interest margin (NIM): 3.31% (up from 3.30% in FY 2022). Cost-to-income ratio: 42.0% (up from 39.0% in FY 2022). Non-performing loans: 0.24% (up from 0.05% in FY 2022). Revenue is forecast to stay flat during the next 2 years compared to a 2.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. Independent Director Kim Sheehy was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Feb 08
Independent Vice Chairman of the Board recently bought €930k worth of stock On the 6th of February, George Borba bought around 60k shares on-market at roughly €15.61 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. George has been a buyer over the last 12 months, purchasing a net total of €10m worth in shares. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$1.60 (vs US$1.68 in FY 2022) Full year 2023 results: EPS: US$1.60 (down from US$1.68 in FY 2022). Revenue: US$545.3m (flat on FY 2022). Net income: US$221.4m (down 5.3% from FY 2022). Profit margin: 41% (down from 43% in FY 2022). Revenue is forecast to grow 1.8% p.a. on average during the next 2 years, compared to a 1.9% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 28
Upcoming dividend of US$0.20 per share at 3.9% yield Eligible shareholders must have bought the stock before 04 January 2024. Payment date: 22 January 2024. Payout ratio is a comfortable 47% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of German dividend payers (5.1%). Lower than average of industry peers (6.2%). Annonce • Dec 21
CVB Financial Corp. Announces Cash Dividend for the Fourth Quarter of 2023, Payable on or About January 22, 2024 CVB Financial Corp. announced a $0.20 per share cash dividend with respect to the fourth quarter of 2023. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on December 20, 2023. The quarterly dividend will be payable on or about January 22, 2024 to shareholders of record as of January 5, 2024. New Risk • Dec 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Nov 05
Independent Vice Chairman of the Board recently bought €4.7m worth of stock On the 2nd of November, George Borba bought around 309k shares on-market at roughly €15.21 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. George has been a buyer over the last 12 months, purchasing a net total of €9.3m worth in shares. New Risk • Oct 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: US$0.42 (vs US$0.46 in 3Q 2022) Third quarter 2023 results: EPS: US$0.42 (down from US$0.46 in 3Q 2022). Revenue: US$135.7m (down 3.9% from 3Q 2022). Net income: US$57.9m (down 9.8% from 3Q 2022). Profit margin: 43% (down from 46% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 26
Upcoming dividend of US$0.20 per share at 4.8% yield Eligible shareholders must have bought the stock before 03 October 2023. Payment date: 19 October 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 4.8%. Within top quartile of German dividend payers (4.8%). Lower than average of industry peers (6.1%). Annonce • Sep 21
CVB Financial Corp. Announces Cash Dividend for the Third Quarter of 2023, Payable on or About October 19, 2023 CVB Financial Corp. announced $0.20 per share cash dividend with respect to the third quarter of 2023. This dividend was approved at the Company's regularly scheduled Board of Directors meeting held on September 20, 2023. The quarterly dividend will be payable on or about October 19, 2023 to shareholders of record as of October 4, 2023. Recent Insider Transactions • Aug 11
Independent Vice Chairman of the Board recently bought €4.6m worth of stock On the 8th of August, George Borba bought around 258k shares on-market at roughly €17.70 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was George's only on-market trade for the last 12 months. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: US$0.40 (vs US$0.42 in 2Q 2022) Second quarter 2023 results: EPS: US$0.40 (down from US$0.42 in 2Q 2022). Revenue: US$131.7m (down 1.0% from 2Q 2022). Net income: US$55.8m (down 4.9% from 2Q 2022). Profit margin: 42% (down from 44% in 2Q 2022). Revenue is forecast to stay flat during the next 2 years compared to a 4.0% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €15.00, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 7x in the Banks industry in Europe. Total returns to shareholders of 9.6% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €27.86 per share. Upcoming Dividend • Jun 28
Upcoming dividend of US$0.20 per share at 5.9% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 20 July 2023. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 5.9%. Within top quartile of German dividend payers (4.8%). In line with average of industry peers (6.2%). Annonce • Jun 22
CVB Financial Corp. Declares Quarterly Dividend, Payable on or About July 20, 2023 CVB Financial Corp. announced a twenty cent ($0.20) per share cash dividend with respect to the second quarter of 2023. This dividend was approved at the Company’s regularly scheduled Board of Directors meeting held on June 21, 2023. The quarterly dividend will be payable on or about July 20, 2023 to shareholders of record as of July 6, 2023. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €13.80, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 7x in the Banks industry in Europe. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • May 04
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €11.10, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 7x in the Banks industry in Europe. Total loss to shareholders of 30% over the past three years. Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: US$0.43 (vs US$0.31 in 1Q 2022) First quarter 2023 results: EPS: US$0.43 (up from US$0.31 in 1Q 2022). Revenue: US$137.4m (up 14% from 1Q 2022). Net income: US$59.3m (up 31% from 1Q 2022). Profit margin: 43% (up from 37% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.2% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to €16.80, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Banks industry in Europe. Total returns to shareholders of 10% over the past three years. Reported Earnings • Mar 06
Full year 2022 earnings released: EPS: US$1.68 (vs US$1.57 in FY 2021) Full year 2022 results: EPS: US$1.68 (up from US$1.57 in FY 2021). Revenue: US$541.3m (up 12% from FY 2021). Net income: US$233.9m (up 11% from FY 2021). Profit margin: 43% (in line with FY 2021). Net interest margin (NIM): 3.30% (up from 2.97% in FY 2021). Cost-to-income ratio: 39.0% (down from 41.1% in FY 2021). Non-performing loans: 0.05% (down from 0.09% in FY 2021). Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 26
Full year 2022 earnings released: EPS: US$1.67 (vs US$1.57 in FY 2021) Full year 2022 results: EPS: US$1.67 (up from US$1.57 in FY 2021). Revenue: US$544.9m (up 13% from FY 2021). Net income: US$235.4m (up 11% from FY 2021). Profit margin: 43% (in line with FY 2021). Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 6% per year. Annonce • Dec 15
CVB Financial Corp. Announces Dividend for the Fourth Quarter of 2022, Payable on or About January 13, 2023 CVB Financial Corp. announced $0.20 per share cash dividend with respect to the fourth quarter of 2022. This dividend was approved at the company's regularly scheduled Board of Directors meeting held on December 14, 2022. The quarterly dividend will be payable on or about January 13, 2023 to shareholders of record as of December 29, 2022. Annonce • Nov 05
Boards of Directors of CVB Financial Corp. and Citizens Business Bank Announces the Passing of Rodrigo Guerra, Jr., Director Boards of Directors of CVB Financial Corp. and Citizens Business Bank announced the passing of Rodrigo Guerra, Jr., director. Mr. Guerra joined Boards in 2017, he most recently served as Chair of CVBF’s Nominating and Corporate Governance Committee, and as a member of CVBF’s Audit and Compensation Committees, while also serving as a member of CBB’s Balance Sheet Management, Risk Management and Trust Services Committees. Prior to joining their Boards, Mr. Guerra was a longtime partner at the prominent law firm of Skadden, Arps, Slate, Meagher & Flom, LLP, where he represented leading companies and investment banks in a broad range of corporate and financial transactions. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: US$0.47 (vs US$0.37 in 3Q 2021) Third quarter 2022 results: EPS: US$0.47 (up from US$0.37 in 3Q 2021). Revenue: US$142.9m (up 21% from 3Q 2021). Net income: US$64.6m (up 31% from 3Q 2021). Profit margin: 45% (up from 42% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Banks industry in Europe. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 27
Upcoming dividend of US$0.20 per share Eligible shareholders must have bought the stock before 04 October 2022. Payment date: 20 October 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of German dividend payers (5.3%). Lower than average of industry peers (6.6%). Annonce • Sep 22
CVB Financial Corp. Announces Cash Dividend for the Third Quarter of 2022, Payable on or About October 20, 2022 CVB Financial Corp. announced 20 cents ($0.20) per share cash dividend with respect to the third quarter of 2022. This amounts to a quarterly dividend increase of 1 cent ($0.01) per share, compared to the $0.19 per share dividend for the second quarter of 2022, and represents the Company’s 132nd consecutive quarterly cash dividend. This dividend increase was approved at the Company’s regularly scheduled Board of Directors meeting held on September 21, 2022. The quarterly dividend will be payable on or about October 20, 2022 to shareholders of record as of October 5, 2022. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: US$0.42 (vs US$0.38 in 2Q 2021) Second quarter 2022 results: EPS: US$0.42 (up from US$0.38 in 2Q 2021). Net income: US$59.1m (up 16% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 22
Upcoming dividend of US$0.19 per share Eligible shareholders must have bought the stock before 29 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of German dividend payers (4.4%). Lower than average of industry peers (6.6%). Recent Insider Transactions • May 25
Independent Director recently sold €159k worth of stock On the 23rd of May, Anna Kan sold around 7k shares on-market at roughly €22.65 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €302k more than they bought in the last 12 months. Annonce • May 19
Cvb Financial Corp. Announces Executive Changes CVB Financial Corp. announced that Raymond V. O'Brien III has decided to step aside as Chairman of the Boards of CVBF and CBB, effective following the end of his current term as Chairman at CVBF's and CBB's respective annual meetings on May 18, 2022. Mr. O'Brien will continue to serve as a director of CVBF and CBB, and he was elected as Chair of CBB's Board Credit Committee at CBB's annual organizational meeting immediately following the annual meeting. The Company also announced that the Board of Directors has elected current director Hal W. Oswalt as Chairman of the Boards of CVBF and CBB. Mr. Oswalt will assume this role immediately. Mr. Oswalt has been a director of CVBF and CBB since 2014. He is a veteran of the U.S. Banking industry having served as CEO, Director and President of several community banks as well as President and Managing Director of two different national financial consulting firms. He will continue to serve as Chair of CVBF's Compensation Committee. Reported Earnings • May 12
First quarter 2022 earnings released: EPS: US$0.31 (vs US$0.47 in 1Q 2021) First quarter 2022 results: EPS: US$0.31 (down from US$0.47 in 1Q 2021). Revenue: US$121.1m (down 9.1% from 1Q 2021). Net income: US$45.3m (down 29% from 1Q 2021). Profit margin: 37% (down from 48% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is forecast to grow 17%, compared to a 15% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Recent Insider Transactions • Apr 28
Independent Director recently sold €143k worth of stock On the 27th of April, Kristina Leslie sold around 6k shares on-market at roughly €22.37 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Apr 22
First quarter 2022 earnings released: EPS: US$0.32 (vs US$0.47 in 1Q 2021) First quarter 2022 results: EPS: US$0.32 (down from US$0.47 in 1Q 2021). Revenue: US$121.1m (down 9.1% from 1Q 2021). Net income: US$45.6m (down 28% from 1Q 2021). Profit margin: 38% (down from 48% in 1Q 2021). The decrease in margin was primarily driven by lower revenue. Over the next year, revenue is forecast to grow 12%, compared to a 8.2% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Annonce • Apr 21
CVB Financial Corp. Announces Impairment Results for the First Quarter Ended March 31, 2022 CVB Financial Corp. announced impairment results for the first quarter ended March 31, 2022. For the quarter, the company reported net charge-offs of $5,000 against $2,387,000 a year ago. Reported Earnings • Mar 05
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.57 (up from US$1.30 in FY 2020). Revenue: US$483.5m (up 10.0% from FY 2020). Net income: US$211.6m (up 20% from FY 2020). Profit margin: 44% (up from 40% in FY 2020). The increase in margin was driven by higher revenue. Net interest margin (NIM): 2.97% (down from 3.59% in FY 2020). Cost-to-income ratio: 41.1% (down from 41.4% in FY 2020). Non-performing loans: 0.09% (down from 0.17% in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 4.4%, compared to a 9.0% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 4% per year. Annonce • Feb 26
CVB Financial Corp., Annual General Meeting, May 18, 2022 CVB Financial Corp., Annual General Meeting, May 18, 2022. Agenda: To consider election of director; and to consider other business. Annonce • Feb 25
CVB Financial Corp. and Citizens Business Bank Announces Board Retirements CVB Financial Corp. (CVBF), the holding company for Citizens Business Bank, announced that two of its directors, Kristina M. Leslie and Marshall V. Laitsch, have notified the Company of their intentions to retire from CVBF’s and CBB’s respective Boards of Directors (the “Boards”). Ms. Leslie and Mr. Laitsch have stated that they intend to serve out their current terms on the Boards but will not stand for reelection at CVBF’s annual shareholder meeting scheduled to take place on May 18, 2022, when their current terms as directors will expire. Reported Earnings • Jan 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$1.57 (up from US$1.30 in FY 2020). Revenue: US$487.4m (up 11% from FY 2020). Net income: US$212.5m (up 20% from FY 2020). Profit margin: 44% (up from 40% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.7%, compared to a 11% growth forecast for the banks industry in Germany. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 2% per year. Annonce • Jan 27
CVB Financial Corp. Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2021 CVB Financial Corp. reported net charge-offs for the fourth quarter ended December 31, 2021. For the quarter, the company reported net charge-offs of $345,000 against $177,000 a year ago. Executive Departure • Nov 29
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 29
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 28
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 28
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 28
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 28
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 28
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 28
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 28
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 28
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 28
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years. Executive Departure • Nov 27
President of Citizens Business Bank Brian Mauntel has left the company On the 19th of November, Brian Mauntel's tenure as President of Citizens Business Bank ended after less than a year in the role. As of September 2021, Brian still personally held 10.00k shares (€176k worth at the time). Brian is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 5.50 years.