CVB Financial Corporation

CVBFState Commercial BanksNasdaq
Revenue (FY2025)$515.5M
Net margin40.6%
Revenue growth+2.7%
Dividend / share$0.8
Held by ETFs77
1 week+1.3%
1 month+2.4%
3 months-0.3%
6 months+11.9%
YTD+24.6%
1 year+22.3%
3 years*+17.6%
5 years*+6.8%
10 years*+6.8%

Total returns with dividends reinvested; * a year. Prices as of Oct 28, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

CVB Financial Corporation is worth $3.96B, about 15 times its fiscal 2025 earnings. Revenue grew 2.7% to $515.5M in fiscal 2025, with 40.6% kept as profit; over 5 years it has grown 2.0% a year. It pays a 3.55% dividend yield, and returned $696.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +22.3% over the past year with dividends reinvested and +6.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.2% in the 2020 crash (S&P 500: 33.7%) and 10.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.

The business in plain English

CVB Financial Corp. is the parent company of Citizens Business Bank, which opened in 1974 as Chino Valley Bank and is based in Ontario, California. It focuses on small- and medium-sized businesses and their owners. At December 31, 2025, it had 62 banking centers, one loan production office and three trust offices, all in California. That ties its results to the state's economy and property market. It reports a single business segment.

Like most banks, it makes most of its money from net interest income: the gap between the interest it collects on loans and securities and the interest it pays on deposits. In 2025 that was $460.3 million of $515.5 million in total revenue. The other $55.2 million was noninterest income, which includes fees from treasury management, merchant card processing and trust services. It makes commercial, real estate, construction and consumer loans, and it lends to dairy farms, cattle feeders and farmers. At year-end 2025 it held $8.62 billion in net loans and $12.07 billion in deposits.

In December 2025 the company agreed to absorb Heritage Commerce Corp in an all-stock deal, paying 0.65 CVB shares for each Heritage share. A filing dated April 21, 2026 reported a completed acquisition. Total assets reached $21.18 billion at June 30, 2026, up from $15.63 billion at the end of 2025.

Price history

The interactive chart needs JavaScript.

CVBF +22.3% over the year to Oct 28, 2026, total return with dividends reinvested.

Prices through Oct 28, 2026. Total return: the price with dividends reinvested.

Latest results

  • In Q2 FY2026 (ended Jun 30, 2026), revenue was $179.4M, up 42% from a year earlier, and net income was $48.3M (-4.6%).
  • For fiscal 2025, revenue was $515.5M (+2.7% year over year; +2.0% a year from FY2020 to FY2025) with a 40.6% net margin.

Financial health check

Revenue growth a year (FY2020–FY2025)+2.0% watch
Return on equity9.1% watch
Net income / revenue40.6% good
Deposits$16.29B
Fiscal yearRevenueNet incomeFree cash flow
FY2020$465.9M$177.2M—
FY2021$461.9M$212.5M—
FY2022$555.5M$235.4M—
FY2023$547.3M$221.4M—
FY2024$501.8M$200.7M—
FY2025$515.5M$209.3M—

Cash returned to shareholders

  • Over FY2021–FY2025: $159.8M in buybacks and $536.7M in dividends.
  • Regular dividends per share grew +2.1% a year over 5 years (FY2020–FY2025).
  • Dividends took 53% of earnings in the latest fiscal year.
  • Shares outstanding changed +29.9% from Oct 29, 2021 to Aug 3, 2026.
$0.482016$0.542017$0.562018$0.722019$0.722020$0.722021$0.772022$0.802023$0.802024$0.802025
$0.482016$0.542017$0.562018$0.722019$0.722020$0.722021$0.772022$0.802023$0.802024$0.802025
Dividends per share by fiscal year, from the 10-K filings, adjusted for stock splits.
Show as a table
Fiscal yearPer shareChange
FY2025$0.800.0%
FY2024$0.800.0%
FY2023$0.80+3.9%
FY2022$0.77+6.9%
FY2021$0.720.0%
FY2020$0.720.0%
FY2019$0.72+28.6%
FY2018$0.56+3.7%
FY2017$0.54+12.5%
FY2016$0.48

Valuation snapshot

Market value$3.96B
P/E ratio14.8
Dividend yield3.55%
As of Oct 28, 2026.

Rank among 1514 US companies

Market value at each year end

End of 2016: $2.48B$2.5B2016End of 2017: $2.60B$2.6B2017End of 2018: $2.84B$2.8B2018End of 2019: $3.02B$3.0B2019End of 2020: $2.64B$2.6B2020End of 2021: $2.90B$2.9B2021End of 2022: $3.60B$3.6B2022End of 2023: $2.81B$2.8B2023End of 2024: $2.99B$3.0B2024End of 2025: $2.54B$2.5B2025Oct 28, 2026: $3.96B$4.0BNow
End of 2021: $2.90B$2.9B2021End of 2022: $3.60B$3.6B2022End of 2023: $2.81B$2.8B2023End of 2024: $2.99B$3.0B2024End of 2025: $2.54B$2.5B2025Oct 28, 2026: $3.96B$4.0BNow

CVB Financial’s market value went from $2.48B at the end of 2016 to $3.96B on Oct 28, 2026, up 60%; since the end of 2025 it is up 56%.

Show as a table
Year endMarket valueChange
Oct 28, 2026$3.96B+55.8%
2025$2.54B-14.9%
2024$2.99B+6.3%
2023$2.81B-21.9%
2022$3.60B+24.1%
2021$2.90B+9.8%
2020$2.64B-12.6%
2019$3.02B+6.5%
2018$2.84B+9.4%
2017$2.60B+4.7%
2016$2.48B
The year-end close times the shares outstanding on the latest 10-K or 10-Q cover before it. Changes in market value include new shares issued and shares bought back, so they differ from the stock’s return.

Price behavior

Volatility (1 year)22.8%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-13.3%3 years: -30.2% · all history: -63.1%
Beta vs S&P 5000.48moves less than the market
Sharpe ratio (1 year)0.80return above cash per unit of risk
Since price data starts+5.4%a year over 21.3 years
Total over 5 years+39%10 years: +92%
52-week range$18.18 – $23.30
Last price $22.52 on Oct 28, 2026, 3.3% below the 52-week high · above its 200-day average ($21.10).
YTD1 yr3 yr5 yr10 yr
CVBF price data to Oct 28, 2026+24.6%+22.3%+17.6%+6.8%+6.8%
Multi-year figures are annualized total returns with dividends reinvested, computed from daily prices.
-19%200720%2008-24%20094%201020%20118%201270%2013-4%20149%201538%20165%2017-12%201810%2019-5%202014%202124%2022-18%202312%2024-9%202525%2026*
5%2017-12%201810%2019-5%202014%202124%2022-18%202312%2024-9%202525%2026*
Calendar-year total returns from price data, dividends reinvested (last 20 years; all in the table). * 2026 is year to date.
Show as a table
YearPrice data
2026 (to date)+24.6%
2025-9.5%
2024+11.9%
2023-18.4%
2022+24.0%
2021+13.6%
2020-5.2%
2019+10.2%
2018-12.0%
2017+5.1%
2016+38.5%
2015+8.7%
2014-3.7%
2013+70.0%
2012+8.0%
2011+19.6%
2010+4.4%
2009-23.6%
2008+19.9%
2007-18.9%
2006-9.3%
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
Lost 51.1% over that stretch · deepest drop along the way 59.7%, back to its old high 41.3 months after the low
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
Lost 23.7% over that stretch · deepest drop along the way 29.2%, back to its old high 1.6 months after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Gained 25.9% over that stretch · deepest drop along the way 10.7%, back to its old high 1.7 months after the low

Insider activity

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 6 open-market purchases ($3.7M) and 1 sales ($918K).

DateInsiderTypeValue
May 12, 2026George A Jr Borba Directorbuy$1000K
May 22, 2026George A Jr Borba Directorbuy$1000K
Aug 5, 2026David C Harvey EVP Chief Operating Officersell$918K
May 19, 2026George A Jr Borba Directorbuy$500K
May 14, 2026George A Jr Borba Directorbuy$500K

Who owns it

Large shareholders (13G filings)

STATE STREET CORPORATION5.9%Mar 31, 2026
Vanguard Portfolio Management5.86%Mar 31, 2026
FMR LLC5.5%Mar 31, 2026
Dimensional Fund Advisors LP5.1%Jun 30, 2025
Vanguard Capital Management5.02%Jun 30, 2026

ETFs with the most weight in CVBF

QABA First Trust NASDAQ ABA Community Bank Index Fund1.55%
PSCF Invesco S&P SmallCap Financials ETF0.71%
SVAL iShares US Small Cap Value Factor ETF0.44%
HEJD VictoryShares Hedged Equity Income ETF0.4%
AVSC Avantis U.S Small Cap Equity ETF0.35%
DES WisdomTree U.S. SmallCap Dividend Fund0.31%
FYC First Trust Small Cap Growth AlphaDEX Fund0.25%
VIOV Vanguard S&P Small-Cap 600 Value ETF0.24%
Held by 77 ETFs in our database.

What could go wrong

  1. Unusual exposure to dairy and farm loans. The bank lends to dairy farms, cattle feeders, livestock raisers and farmers. The company flags this as a unique credit risk: farm incomes can swing with commodity prices, feed costs and weather.
  2. Loans concentrated in California real estate. Most of its loans are backed by California property. A slump in the state's real estate markets could cut the value of that backing and raise losses, with no other states to offset them.
  3. Integrating Heritage Commerce could disappoint. Combining with Heritage could cost more or take longer than planned. Key staff could leave, the expected benefits may not appear, and Heritage's loans could prove worth less than assumed.
  4. Commercial property loans carry extra risk. Loans on owner-occupied and investor-owned commercial property tend to be large and depend on rents or business income. The company warns they may be riskier than its other loans.
  5. Deposits could leave or cost more. The bank funds loans mainly with low-cost deposits. If customers move money elsewhere, perhaps after trouble at other banks, it may have to pay more for funding, squeezing profits.
  6. Interest rates and paper losses on securities. Elevated interest rates have lowered the market value of its securities and loans. Those losses stay on paper unless it must sell to raise cash. Rate moves also change what it earns versus pays.

Recent events

  • Quarterly results released; Investor presentation or announcement
  • Quarterly results released; Investor presentation or announcement
  • Executive or board change
  • Other company announcement
  • Executive or board change
  • Shareholder vote results
  • Quarterly results released; Investor presentation or announcement
  • Acquisition or sale of assets completed; Executive or board change; Investor presentation or announcement
  • Investor presentation or announcement; Other company announcement
  • Shareholder vote results; Investor presentation or announcement

For income and retirement investors

CVB paid a dividend every year from 2020 to 2025. Dividends per share rose from $0.72 in 2020 to $0.80 in 2023, then stayed flat through 2025, an average gain of about 2.1% a year. The 2025 dividend used about 53% of earnings, and the yield was 3.55% as of October 28, 2026. The annual report warns that dividends could be reduced or stopped. Over 2021–2025 it paid $536.7 million in dividends and $159.8 million in buybacks (repurchases of its own shares), yet its share count rose 29.9% from October 2021 to August 2026, mainly from stock issued for Heritage.

The stock has fallen hard in crises. It dropped 59.7% in the 2008 financial crisis and took about 41 months to recover. It fell 29.2% in the 2020 COVID crash but recovered in under two months, and it gained 25.9% while the market fell in 2022. Single stocks carry more risk than diversified funds.

Questions investors ask

How does CVB Financial make money?

Mostly by lending. Like most banks, CVB earns net interest income, which is the gap between the interest it collects on loans and securities and the interest it pays on deposits. In 2025 that came to $460.3 million of $515.5 million in total revenue. The other $55.2 million was noninterest income, which includes fees from treasury management, merchant card processing and trust services. Its main customers are small- and medium-sized California businesses and their owners. Net income for 2025 was $209.3 million.

Does CVB Financial raise its dividend every year?

No. CVB paid $0.80 per share in each of 2023, 2024 and 2025, so it has no run of yearly increases. Over five years the dividend grew slowly, from $0.72 in 2020, or about 2.1% a year. In 2025 it paid out 53% of its earnings as dividends. The yield (the annual dividend as a share of the stock price) was 3.55% as of October 28, 2026. The company's 10-K annual report warns that it could cut or stop the dividend.

What happened with CVB Financial's merger with Heritage Commerce?

CVB agreed on December 17, 2025 to absorb Heritage Commerce Corp, and a filing dated April 21, 2026 reported a completed acquisition. It was an all-stock deal: the terms gave Heritage shareholders 0.65 CVB shares per share, leaving CVB holders with about 77% of the combined company. CVB projected about $22 billion in assets and more than 80 centers and offices. At June 30, 2026, total assets were $21.18 billion and deposits were $16.29 billion. Shares outstanding rose 29.9% between October 29, 2021 and August 3, 2026.

What are the biggest risks of owning CVB Financial stock?

Concentration is the biggest one. The 10-K annual report says its loans are mostly secured by California real estate, which leaves it exposed to a downturn in the state's property market. The report also says its dairy, livestock and farm lending carries unique credit risks. Swings in interest rates can squeeze net interest income, and the Heritage merger brings integration costs and the risk of losing staff. The stock fell 59.7% from September 24, 2008 to March 9, 2009, and took about 41 months to recover.

How has CVBF stock performed over the long term?

On a price basis, CVBF returned 6.8% a year over both five and ten years to October 28, 2026, and 22.3% over one year. Calendar-year results swing widely. The stock fell 18.4% in 2023 and 9.5% in 2025, then rose 24.6% in 2026 through October 28. On that date the shares traded at 14.8 times 2025 earnings, which is the price-to-earnings (P/E) ratio. The company's market value was about $3.96 billion.

Sources

  • SEC company facts (XBRL financial data), filed Aug 7, 2026 — SEC EDGAR
  • 10-K annual report, filed Feb 27, 2026 — SEC EDGAR
  • Prices: daily prices and dividends through Oct 28, 2026

For education only, not investment advice. Past performance does not predict future results.