2017
ANNUAL REPORT
PERFORMANCE
SCORECARD
$104.4
Million
Net Income
163
Consecutive
Quarters of
Profitability
113
Consecutive
Quarters of Cash
Dividends Paid
Highest in CVBF History
Over 40 Years
Over 28 Years
Ranked
TOP 5
Bank in the U.S.
Bank Director, 2017
Five-Star
Superior Rating
BauerFinancial, 2017
Super Premier
Performing Bank
Findley Reports, 2017
Four Consecutive Years
35 Consecutive Quarters
Over 22 Years
CONTENTS
2017 in Review
Vision and Mission
Board of Directors
Our Story
Financial Highlights
Valued Customers
Services
4
6
7
8
9
13
27
Community Commitment
30
Leadership Team
Financial Summary
32
35
Locations
40
Corporate Information
42
333
TO OUR SHAREHOLDERS,
CUSTOMERS, AND ASSOCIATES
2017 was a historic year for our Bank. We achieved record earnings of $104.4 million, delivered
our 163rd consecutive quarter of profitability, and paid our 113th consecutive quarterly cash dividend
to shareholders. Citizens Business Bank now consists of 51 banking centers, three trust office
locations, and over $8.2 billion in total assets. We also own two 50,000 square foot buildings in the
greater Ontario area, a mere two miles apart. These buildings house administration and all support
departments including Credit, Human Resources, Marketing, Centralized Operations, Technology, and
more. The close proximity of these buildings promotes efficiency and teamwork.
Looking back at the previous 12 months, the Bank was once again recognized by Forbes as one of the
Best Banks in America and was named a Top 5 Bank for the fourth consecutive year by Bank Director.
BauerFinancial also awarded us a Five-Star rating for the 35th consecutive quarter.
The Bank reported record earnings of $104.4 million. Total assets increased $196.9 million from 2016,
while total loans grew $435.6 million. Total deposits and customer repurchase agreements increased
by $187.9 million. Credit quality and profit margins also improved year-over-year.
In terms of expansion, we completed the acquisition of Valley Business Bank in March of 2017. Valley
Business Bank provided over $400 million in new assets and significant additional opportunities for
future growth in the Fresno, Visalia, and Tulare markets. New locations were opened in San Diego and
Stockton to expand our geographic presence. We also added a new Director to our Board. Rodrigo
Guerra, Jr. joined CVBF in July 2017. His business acumen and legal expertise has already provided
valuable insight and will help continue our tradition of excellence.
4
In early 2018, we announced an agreement to acquire Community Bank, headquartered in
Pasadena, California. Community Bank was founded in 1945 and has over $3.7 billion in total
assets. Community Bank has a similar business and community banking model with a strong
corporate culture focused on outstanding customer service. We are excited to join forces with a
successful business bank which provides an opportunity to increase our market share in existing
locations and to expand our geographic footprint. We anticipate this merger to be completed in
the third quarter of 2018.
Our goals and aspirations for 2018 are many, but we remain focused on reinforcing our five core
values: financial strength, superior people, customer focus, cost effective operation, and having
fun. On behalf of our Board of Directors, we thank our customers for their ongoing loyalty, our
associates for their dedication and hard work, and our shareholders for their continued support.
Christopher D. Myers
President and Chief Executive Officer
CVB Financial Corp.
Citizens Business Bank
Raymond V. O’Brien III
Chairman of the Board
CVB Financial Corp.
5
VISION
Citizens Business Bank will strive to become the premier financial services company
operating throughout the state of California, serving the comprehensive financial needs
of successful small to medium-sized businesses and their owners.
MISSION
The mission of Citizens Business Bank is to achieve superior performance and rank in
the top ten percent of all financial institutions in the nation in return on equity and return
on assets. This will be achieved by delivering the finest in financial products and services
through relationship banking commitments with businesses and professionals in the
Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County,
Santa Barbara County, and the Central Valley area of California. It will be supported by
an unqualified commitment to our five core values of financial strength, superior people,
customer focus, cost-effective operation, and having fun.
6
BOARD OF DIRECTORS
Our continued strength, stability, and success as a financial services company could not be
achieved without the leadership, support, and guidance from our Board of Directors. Their
combined experience, knowledge, and commitment allow us to meet the needs of the businesses
we serve and their owners throughout California.
Raymond V. O’Brien III
Chairman
George A. Borba
Vice Chairman
Christopher D. Myers
President & Chief Executive Officer
Kristina M. Leslie
Director
Stephen A. Del Guercio
Director
Hal W. Oswalt
Director
Anna Kan
Director
Rodrigo Guerra, Jr.
Director
7 7
OUR STORY
The Bank opened in August of 1974, with a visionary
dairy farmer, George A. Borba Sr., and a group of local
business leaders, family members, and friends who cared
deeply about their community and had a clear vision of
how they wanted to make an impact: helping business
owners discover, build upon, and enhance the value of
their companies.
Early on, we took a customer-first approach to doing
business. But it wasn’t just about putting our customers
first. It was about creating long-lasting, genuinely enriching
business relationships. To this day, many of our customers
have banked with us for more than thirty years. We believe
that means something.
Long-term relationships are the foundation of any
successful business. We strive to build more and more of
these relationships by treating our customers the way we
would want to be treated. Our customers’ success is our
success. We want our business customers to grow and
prosper, and we find meaning in our ability to enable and
enhance their entrepreneurial opportunities.
Today, our customer commitment, growth-oriented focus
and vision remain unchanged. We put our customers first.
We help our customers grow and prosper. We strive to
build long-standing relationships.
Along the way, we changed our name from Chino Valley
Bank to Citizens Business Bank and have grown to over
$8 billion in assets, with over 50 banking locations, and
three trust offices serving the Inland Empire, Los Angeles
County, Orange County, San Diego County, Ventura
County, Santa Barbara County, and the Central Valley
area of California.
8
FINANCIAL
HIGHLIGHTS
At year end, we reported our 163rd consecutive quarter of profitability and paid our
113th consecutive quarterly cash dividend to shareholders. Our focus on improving
key financial metrics, including profitability and asset quality, is paramount.
9
9 9
$8,073,707
$8,270,586
$7,671,200
$7,377,920
$6,664,967
$4,830,631
$4,395,064
$4,016,937
$3,817,067
$3,546,231
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Total Assets
(Dollars in thousands)
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Total Loans
(Dollars in thousands)
Net of deferred loan fees and discounts
$3,846,436
$3,673,541
$3,250,174
$2,866,365
$2,562,980
$7,100,626
$6,912,708
$6,607,964
$6,168,285
$5,533,882
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Noninterest
Bearing Deposits
(Dollars in thousands)
10
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Total Deposits
(Dollars in thousands)
Includes customer repurchase agreements
$37,374
$36,053
$34,002
$33,636
$33,675
$104,021
$101,429
$99,145
$104,411
$95,608
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Noninterest Income
(Dollars in thousands)
Excludes gain on sale of loans, securities, branches, and gain
on eminent domain, as well as FDIC loss sharing asset changes.
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Net Earnings
(Dollars in thousands)
47.21%
46.25%
46.72%
44.27%
43.84%
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Efficiency Ratio*
*Noninterest expense, excluding debt termination expense, divided by net
interest income before provision for loan losses plus noninterest income.
11
$59,483
$51,849
$51,040
$42,356
$40,469
$0.98
$0.93
$0.94 $0.95
$0.91
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Dividends
Declared
(Dollars in thousands)
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Diluted Earnings
Per Share
$1,069,266
$990,862
$923,399
$878,109
$771,887
3
1
0
2
4
1
0
2
5
1
0
2
6
1
0
2
7
1
0
2
Shareholders’ Equity
(Dollars in thousands)
12
VALUED
CUSTOMERS
Our unwavering commitment to personal service and the success of each and
every customer remains unchanged. We put our customers first by providing
outstanding service and building long-term relationships. We take the time to
understand the opportunities and challenges our customers face to help them
thrive in today’s complex environment.
“We thank our customers for being a
part of this annual report and for their
continued business.”
131313
Gino Roncelli
Founder and Chairman of the Board
Riley K. Cole
Chief Executive Officer
Christopher Cole
President and Chief Operating Officer
Roncelli Plastics, located in Monrovia, California, specializes in precision fabrication, CNC machining, die cutting,
rapid prototyping, and clean room assembly of plastic and non-metallic components. Committed to investing in
the most efficient manufacturing technologies and outstanding people, Roncelli Plastics is dedicated to delivering
the best quality components in the industry. Their diverse team of experienced engineers, machinists, inspectors,
supervisors, and managers focus on delivering exceptional customer service alongside precision production of
plastic components for every customer.
14
14
Left to right: Riley K. Cole, Gino Roncelli, and Christopher Cole
Customer Since
1986
“Citizens Business Bank has been our trusted banking partner for over 30 years. We value the personal,
attentive, and dedicated service that they provide. With their broad understanding of our business, we have the
peace of mind knowing that if anything out of the ordinary happens, we will get a call from our Relationship
Manager. We use their Treasury Management Services to help prevent fraud and maximize cash flow. We count
on the stability and reliability of the Bank. Whether it is a Service Representative or the CEO, we know that we
will get quality service with a personal touch.”
15 15
Gale Banks
Chief Executive Officer
Elizabeth Bruny
Director of Business Operations
Gale Banks Engineering, also known as Banks Power, is a premier designer and manufacturer of power enhancing
products for diesel and gas powered light trucks, motorhomes, and sport utility vehicles. Since the 1960s, their
futuristic high-performance engines have broken new ground, set world records, and won world championships.
Gale Banks Engineering’s fundamental principles combine old-fashioned business ethics and service with
leading technology, elegantly engineered products, superior construction, scientifically proven performance, and
competitive pricing.
16
16
Customer Since
2001
Left to right: Elizabeth Bruny and Gale Banks
“Citizens Business Bank makes every client feel like their business matters. The customer focused service and
consistent communication we receive at all levels of the Bank demonstrates their dedication to our success.
When we started another company, the Bank made the process seamless and we were able to get up and
running in a timely manner. Through solutions such as Positive Pay and Business Online Banking, the Bank
provides our companies the ability to be efficient and help to minimize risk. For over 17 years, Citizens Business
Bank has remained actively engaged in our business and understands our future goals. The growth of the Bank
is a sign that together, we will achieve mutual success.”
17 17
Rich Dyt
Managing Partner
Jacquie Dyt
Partner
Moonshine Dairy was established in 1997 as a privately held company located in Crows Landing, California. They
are a family-owned and operated dairy with over 2,000 dairy cows. They pride themselves on organization and
efficiency with an emphasis on sanitation. Moonshine Dairy strives to constantly improve production by focusing
on innovation and the well-being of their livestock. This has led to the ongoing success of their Dairy.
18
18
Customer Since
1997
Left to right: Jacquie and Rich Dyt
“Customer service is the highest priority for our Dairy. Everyone in the Bank’s Dairy and Livestock Group is very
responsive. As our Dairy grew, Citizens Business Bank provided Asset Based Financing to support our expansion.
We also use Business Online Banking to manage our daily finances. Our relationship with Citizens Business Bank
goes back decades with our family. The Bank provides valuable insight and always has the best interest of our
Dairy and long-term success.”
19 19
Charles Nichols
Founder and Chief Executive Officer
Richard Deen
Vice President and Senior Purchasing Agent
Valarie Deen
Vice President and Chief Financial Officer
Margaret Cabot
Treasurer and Operations Manager
Nichols Lumber & Hardware Co. is a leading supplier of lumber, hardware, and building products in Southern
California and is headquartered in Baldwin Park. Family-owned and operated, Nichols Lumber & Hardware Co.
was established in 1958 and earned a superior reputation by consistently delivering high quality products with
exceptional customer support.
20
20
Left to right: Richard Deen, Margaret Cabot, Valarie Deen, and Charles Nichols
Customer Since
1999
“Flexibility is critical for our competitive industry. Citizens Business Bank provides innovative solutions, where
other banks were unable to adjust to meet our needs. We work closely with the Bank to finance new projects
through customized Commercial Lending. The Bank has been a great partner for over 19 years. Our Relationship
Manager understands our operations and is very proactive in meeting our needs. The open communication and
dedicated service we receive is imperative to our long-term financial goals.”
21 21
Rich Fisher
President and Chief Executive Officer
Pacific Design Technologies, Inc., located in Goleta, California, is a leading contract, design, and manufacturing
company. They specialize in the development of advanced thermal management solutions for space, defense, and
commercial aerospace applications. Founded in 2000, Pacific Design Technologies, Inc. has a highly experienced
staff of engineers, designers, technicians, and administrative support. They are the only company in the world
with an active pump operating on another planet through the Mars Curiosity Rover.
22
22
Customer Since
2015
“We selected Citizens Business Bank because they took the time to get to know our business, our people, and
the goals of our company. The willingness and ability of the Bank to put together customized financial solutions
based on our needs confirmed our decision to put our trust in them. Currently, we use their Commercial
Lending services, which allows us to facilitate our fast paced growth. We use Business Online Banking to
manage our daily organizational finances and operation. Whenever we are considering any financial decisions,
we discuss it with our Relationship Manager first. The Bank provides us a full financial review prior to execution,
which gives us confidence to achieve our goals.”
2323
Greg McDermott
President
Mike McDermott
Chief Financial Officer
Bryan Burrow
Chief Operations Officer
Steven McDermott, Philip McDermott, and
Kevin McDermott
Sierra School Equipment is family-owned, customer-focused, and has built a strong reputation as a company
dedicated to the highest level of quality and satisfaction. Founded in Bakersfield, California in 1957, they offer a
wide variety of superior educational and contract office furniture, equipment, auditorium seating, lockers, and
tables. They take great pride in knowledgeable selling, servicing, and installation of the products they offer to
their customers.
24
24
Left to right: Kevin McDermott, Bryan Burrow, Greg McDermott, Philip McDermott, Steven McDermott, and Mike McDermott
Customer Since
2001
“Relationships drive business. Our Relationship Manager with Citizens Business Bank is readily available
when any need arises. They have dedicated service professionals who know our business and are willing to
step up for us when it counts. Over the years, we have expanded our banking relationship to include Wealth
Management services from CitizensTrust, a working capital Line of Credit, and Treasury Management Services
which provide the flexibility and functionality we need. Citizens Business Bank has the financial strength to
accommodate our growth, understands our business, and provides proactive and excellent service.”
2525
26
SERVICES
At Citizens Business Bank, we take the time to understand our customers’
financial objectives. Working closely with our customers each step of the way,
we find the right solutions to help reach their goals. Every industry is different,
with unique needs and goals. We have the financial expertise, successful track
record, and powerful products and services to meet the needs of successful
businesses in a wide range of industries.
Industrial
Manufacturing
Wholesalers
Distributors
Professionals
Dairy & Livestock
Agriculture
Government
Title & Escrow
Property Management
Medical, Dental & Health
Energy
Real Estate
Not-for-Profit
Community Benefit Organizations
272727
BUSINESS BANKING
FRAUD PREVENTION
DATA MANAGEMENT
INTERNATIONAL
Check Positive Pay
Payee Positive Pay
Reverse Positive Pay
ACH Positive Pay
CardValet®
Safe Deposit Box
Business Online Banking
eStatements
Image Services
Electronic Data Interchange
Account Reconciliation
Information Reporting
Disbursement Reporting
$
Letter of Credit
Foreign Exchange Services
Documentary Collections
LIQUIDITY
RECEIVABLES
PAYABLES
Remote Deposit Capture
Electronic Debit Origination
Merchant Services
Lockbox
Image Cash Letter
Cash Vault Services
Business Bill Pay
Debit Card
Electronic Credit Origination
Wire Transfer
Business Credit Card
Tax Payment Services
Commercial Card
Business Checking
Investment Checking
Analysis Business Checking
Business Savings
Premium Money Market
Certificate of Deposit
Zero Balance Account
CDARS®
Attorney Client Trust
Sweep Manager Account*
*
PERSONAL BANKING
CHECKING
DEPOSIT
ONLINE, CARD & MORE
Personal Checking
55 Checking
Investment Checking
Preferred Choice Checking
Premium Money Market
Personal Savings
Minor Trust Savings
Certificate of Deposit
Individual Retirement Account
Health Savings Account
CDARS®
Online Banking & Bill Pay
Mobile Banking/Mobile App
Popmoney®
Debit Card
Moneypass®
Credit Card
CardValet®
Safe Deposit Box
CDARS is a registered service mark of Promontory Interfinancial Network, LLC. Popmoney is a registered trademark of Fiserv, Inc.
MoneyPass is a registered trademark of Elan Financial Services. CardValet is a registered trademark of Fiserv, Inc.
28
Member FDIC
Not FDIC InsuredNot Bank GuaranteedMay Lose Value LENDING
COMMERCIAL
SPECIALTY
PERSONAL
Real Estate
Commercial
Construction
Equipment
Revolving Lines of Credit
Asset-Based
Dairy & Livestock
Agricultural
Small Business Administration
Home Purchase
Home Refinance
Home Equity Line of Credit
Equal Housing Lender
NMLS# 417441
INVESTING
CITIZENSTRUST WEALTH MANAGEMENT
Asset Management
Charitable Services
Estate Planning
Citizens Business Bank is not a registered broker/dealer.
Trust and Wealth Management are provided by CitizensTrust Wealth Management.
CITIZENSTRUST INVESTMENT SERVICES*
Business & Succession Planning
Financial Planning
Personal Investing
Retirement Planning
Securities and advisory services offered through LPL Financial, a registered investment advisor, Member
FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.
Citizens Business Bank and CitizensTrust Investment Services are not registered
broker/dealers and are not affiliated with LPL Financial.
*
29
Not FDIC InsuredNot Bank GuaranteedMay Lose Value COMMUNITY COMMITMENT
We are dedicated to making a positive impact in the communities we serve throughout Southern
and Central California. We help strengthen those communities by delivering superior financial
services, providing focused corporate giving, and encouraging associate volunteerism.
Walk to End Alzheimers
Community Donations
Back-to-School Backpacks
Rose Queen Coronation
OC Charity Golf Classic
LA Charity Golf Classic
30
Over the years, Citizens Business Bank has supported over 300 local organizations. Helping our
friends, our colleagues, and our neighbors leads to the mutual success, growth, and stability of
the communities, businesses, and customers we serve.
Principal for a Day
Financial Education
SERVICE COMMITMENT
Citizens Experience
The Citizens Experience program recognizes associates that
go above and beyond in delivering superior customer service
each and every day. Our founder, George A. Borba, Sr., strongly
believed outstanding customer service was the key to our
ongoing success. As part of the Citizens Experience program,
the prestigious Borba Cup is awarded annually to an associate
who exemplifies our core values and demonstrates a deep
commitment to high quality customer service. For 2017, the
Borba Cup was awarded to Lucy Rua, Lead Banking Specialist
at the Fullerton Business Financial Center.
Lucy Rua
Lead Banking Specialist
Fullerton Business
Financial Center
3131
EXECUTIVE LEADERSHIP
With an average banking experience of more than 34 years, our Executive and Senior Leadership
team is comprised of experienced individuals with a wide range of industry knowledge. Each of our
executives play an integral role in the overall success of Citizens Business Bank.
Christopher D. Myers
President
Chief Executive Officer
E. Allen Nicholson
Executive Vice President
Chief Financial Officer
David A. Brager
Executive Vice President
Sales Division
David C. Harvey
Executive Vice President
Chief Operations Officer
David F. Farnsworth
Executive Vice President
Chief Credit Officer
R. Daniel Banis
Executive Vice President
CitizensTrust
Yamynn De Angelis
Executive Vice President
Chief Risk Officer
Ted J. Dondanville
Executive Vice President
San Fernando Valley Region &
Senior Lender
Hector G. Gutierrez, Esq.
Executive Vice President
Deputy Chief Credit Officer
Richard H. Wohl
Executive Vice President
General Counsel
Elsa I. Zavala
Executive Vice President
Chief Information Security Officer
G. Larry Zivelonghi
Executive Vice President
Dairy & Livestock Industries
32
32
SENIOR LEADERSHIP
David M. Krebs
Senior Vice President
Human Resources
James E. Mead
Senior Vice President
Inland Empire Region
Michael B. Mulcahy
Senior Vice President
Los Angeles Region
Timothy B. Noone
Senior Vice President
Mark C. Richardson
Senior Vice President
San Gabriel Valley Region &
Real Estate Banking Group
David S. Stong
Senior Vice President
San Diego Region
Specialty Banking Group
Michael D. Stain
Senior Vice President
Central Valley Region
Donald R. Toussaint
Executive Vice President
Robert E. Zeltner
Senior Vice President
Santa Barbara & Ventura Region
Orange County Region
3333
34
FINANCIAL
SUMMARY
353535
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share amounts)
DECEMBER 31,
2017
2016
Assets
Cash and due from banks
$119,841
$119,445
Interest-earning balances due from Federal Reserve
Total cash and cash equivalents
Interest-earning balances due from depository institutions
Investment securities available-for-sale, at fair value
(with amortized cost of $2,078,131 at December 31, 2017,
24,536
144,377
17,952
2,188
121,633
47,848
and $2,255,874 at December 31, 2016)
2,080,985
2,270,466
Investment securities held-to-maturity
(with fair value of $819,215 at December 31, 2017,
and $897,374 at December 31, 2016)
Total investment securities
Investment in stock of Federal Home Loan Bank (FHLB)
829,890
2,910,875
17,688
911,676
3,182,142
17,688
Loans and lease finance receivables
4,830,631
4,395,064
Allowance for loan losses
(59,585)
(61,540)
Net loans and lease finance receivables
4,771,046
4,333,524
Premises and equipment, net
Bank owned life insurance (BOLI)
Accrued interest receivable
Intangibles
Goodwill
Other real estate owned (OREO)
Income taxes
Asset held-for-sale
Other assets
Total assets
36
46,166
146,486
22,704
6,838
116,564
4,527
40,046
-
25,317
42,086
134,785
22,259
5,010
89,533
4,527
45,429
3,411
23,832
$8,270,586
$8,073,707
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing
Interest-bearing
Total deposits
DECEMBER 31,
2017
2016
$3,846,436
$3,673,541
2,700,417
2,636,139
6,546,853
6,309,680
Customer repurchase agreements
553,773
603,028
Other borrowings
Deferred compensation
Junior subordinated debentures
Payable for securities purchased
Other liabilities
Total liabilities
Commitments and Contingencies
Stockholders’ Equity
-
18,223
25,774
-
56,697
53,000
12,361
25,774
23,777
55,225
7,201,320
7,082,845
Common stock, authorized, 225,000,000 shares without par;
issued and outstanding 110,184,922 at December 31, 2017,
and 108,251,981 at December 31, 2016
Retained earnings
Accumulated other comprehensive income, net of tax
Total stockholders’ equity
573,453
494,361
1,452
1,069,266
531 ,1 92
449,499
10, 1 7 1
990,862
Total liabilities and stockholders’ equity
$8,270,586
$8,073,707
37
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS AND
COMPREHENSIVE INCOME
(Dollars in thousands, except per share amounts)
FOR THE YEAR ENDED DECEMBER 31,
2017
2016
$214,126
$192,992
Interest income:
Loans and leases, including fees
Investment securities:
Investment securities available-for-sale
Investment securities held-to-maturity
Total investment income
Dividends from FHLB stock
Interest-earning deposits with other institutions
and federal funds sold
Total interest income
Interest expense:
Deposits
Borrowings and customer repurchase agreements
Junior subordinated debentures
Total interest expense
49,778
21,015
70,793
1,375
932
287,226
6,044
1,579
673
8,296
Net interest income before recapture of provision for loan losses
278,930
Recapture of provision for loan losses
(8,500)
Net interest income after recapture of provision for loan losses
287,430
Noninterest income:
Service charges on deposit accounts
Trust and investment services
Bankcard services
BOLI income
Gain on sale of loans
Other
Total noninterest income
15,809
9,845
3,406
3,420
-
9,638
42,118
38
47,702
20,227
67,929
2,224
1,905
265,050
5,957
1,478
541
7,976
257,074
(6,400)
263,474
15,066
9,595
2,921
2,612
1,101
4,257
35,552
Noninterest expense:
Salaries and employee benefits
Occupancy and equipment
Professional services
Software licenses and maintenance
Marketing and promotion
Recapture of provision for unfunded loan commitments
Debt termination expense
Acquisition related expenses
Impairment loss on asset held-for-sale
Legal settlement
Other
Total noninterest expense
Earnings before income taxes
Income taxes
Net earnings
FOR THE YEAR ENDED DECEMBER 31,
2017
87,065
16,756
5,940
6,385
4,839
(400)
-
2,251
-
-
17,917
140,753
188,795
84,384
$104,411
2016
82,630
15,641
5,054
5,465
5,027
(450)
1 6
1,897
2,558
1,500
17,402
136,740
162,286
60,857
$101,429
Other comprehensive loss:
Unrealized loss on securities arising during the period,
before tax
$(14,629)
$(17,966)
Less: Reclassification adjustment for net (gain) loss on
securities included in net income
Other comprehensive loss, before tax
Less: Income tax benefit related to items of other
comprehensive loss
Other comprehensive loss, net of tax
Comprehensive income
Basic earnings per common share
Diluted earnings per common share
Cash dividends declared per common share
(402)
(15,031)
6,312
(8,719)
$95,692
$0.95
$0.95
$0.54
(548)
(18,514)
7,776
(10,738)
$90,691
$0.94
$0.94
$0.48
39
LOCATIONS
Citizens Business Bank has 43 business financial centers and eight commercial banking centers
serving the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura
County, Santa Barbara County, and the Central Valley area of California.
Business Financial Centers
LOS ANGELES COUNTY
SAN BERNARDINO COUNTY
RIVERSIDE COUNTY
Apple Valley
760.961.6900
Chino
909.627.7316
Fontana
909.350.8080
Ontario Airport
909.980.1080
San Bernardino
909.381.5561
San Bernardino (Tri-City)
909.888.6363
ORANGE COUNTY
Brea
714.996.8150
Fullerton
714.773.0600
Laguna Beach
949.494.9474
Laguna Hills (Spectrum)
949.581.4444
Laguna Niguel
949.249.0740
Orange (Katella)
714.288.5203
Orange (Plaza)
714.288.5300
Santa Ana
714.967.7222
Corona
951.734.6120
Riverside
951.683.2112
SAN DIEGO COUNTY
San Diego (Carmel Valley)
858.847.6500
San Diego (Downtown)
858.350.8650
VENTURA COUNTY
Camarillo
805.482.7600
Ventura
805.477.7600
Westlake Village
805.557.7600
KERN COUNTY
Bakersfield (Downtown)
661.281.0300
Bakersfield (Rosedale)
661.589.9040
Bakersfield (Stockdale)
661.281.0325
Delano
661.725.8888
Arcadia
626.445.7350
Covina
626.915.8931
El Segundo
310.322.2222
Glendale
818.550.0400
La Cañada Flintridge
818.952.6085
Lancaster
661.723.2000
Manhattan Beach
310.802.4015
Monrovia
626.303.4661
Pasadena
626.405.4915
Pomona
909.629.4151
San Gabriel
626.286.3166
San Marino
626.281.0083
South El Monte
626.442.4470
South Pasadena
626.403.5900
40
TULARE COUNTY
Tulare
559.687.3350
Visalia
559.622.9000
FRESNO COUNTY
Fresno
559.261.0222
MADERA COUNTY
Madera
559.664.9222
Commercial Banking Centers
Burbank
818.843.0707
Los Angeles
213.542.3760
Newport Beach
949.440.5200
San Fernando Valley (Encino)
818.905.5760
Santa Barbara
805.324.5920
South Bay (Torrance)
310.217.6000
Upland
909.946.6921
Oxnard
805.485.7600
CitizensTrust
Loan Production Office
Newport Beach
949.440.5200
Ontario
909.980.1080
Pasadena
626.405.4915
North Valley (Stockton)
209.470.4228
Visit cbbank.com/locations for more information.
41
CORPORATE INFORMATION
Transfer Agent
Computershare
250 Royall Street
Canton, MA 02021
866.280.0564
computershare.com/investor
NASDAQ Listing
CVB Financial Corp. stock is listed on the NASDAQ under the symbol of CVBF. The securities
listed consist of one class of common stock.
As of December 31, 2017, there were 110,184,922 shares of common stock outstanding to
approximately 13,565 shareholders.
Stockholder Information
Stockholders may obtain, without charge, Form 10-K of CVB Financial Corp. on written request to
Myrna DiSanto, Corporate Secretary.
Mailing Address
CVB Financial Corp.
P. O. Box 51000
Ontario, CA 91761
Street Address
701 N Haven Avenue, Suite 350
Ontario, CA 91764
909.980.4030
Phone: 877.422.2265
Fax: 909.481.2130
cbbank.com
Copies of this annual report and interim reports are available upon written request, or by visiting
our website at cbbank.com/investors.
Equal Housing Lender
Member FDIC
42
701 N Haven Avenue | Ontario, CA 91764 | 909.980.4030 | cbbank.com