2019 ANNUAL REPORT
BEST BANK IN AMERICA
on Forbes America’s Best Banks
$207.8
Million
Net Income
171
Consecutive
Quarters of
Profitability
121
Consecutive
Quarters
of Cash
Dividends
Paid
Highest in Company History
Over 42 Years
Over 30 Years
“W”
Winning
Company
Corporate
Partner
of the Year
Five-Star
“Superior”
Rating
2020 Women on Boards
Hope through
Housing Foundation
BauerFinancial
Citizens Business Bank 2019 | 1
Since 1974, Citizens Business Bank has been creating banking relationships by
focusing on our customer and helping them achieve more for their business,
their employees, and the communities they serve. Our founder, George A.
Borba Sr., was an enterprising dairy farmer and small business owner from
Southern California. George saw a need to support other business owners
in his community by helping them preserve and enhance the value of their
companies. He shared his vision with a group of local business leaders who
cared deeply about their community, and together they set out to design a
new banking experience.
Chino Valley Bank was established in August of 1974. 45 years later, Citizens
Business Bank has grown to $11.3 billion in assets with 58 banking locations
and 3 trust offices throughout California. We changed our name to Citizens
Business Bank along the way, but we still hold true to our original vision.
We are proud to be in the position to assist entrepreneurs with opportunities
to foster and grow their businesses. Our customers’ success is our success.
We are able to build long-standing relationships with each customer by
treating them the same way we would want to be treated. In fact, many of our
customers have banked with us for decades. Our unwavering commitment
to personal service is the reason we are consistently recognized as one of
the top-performing banks in the nation.
2 | Citizens Business Bank 2019
Board of Directors
2019 in Review
Financial Highlights
Valued Customers
Services
Community Commitment
Leadership Team
Financial Summary
Locations
Corporate Information
4
5
7
11
23
28
32
35
40
42
Citizens Business Bank 2019 | 3
Board of Directors
Raymond V. O’Brien III
Chairman
David A. Brager
Chief Executive Officer
George A. Borba
Vice Chairman
Kristina M. Leslie
Director
Stephen A. Del Guercio
Director
Hal W. Oswalt
Director
Anna Kan
Director
Rodrigo Guerra Jr.
Director
Marshall V. Laitsch
Director
4 | Citizens Business Bank 2019
4 | Citizens Business Bank 2019 To our Shareholders, Customers, and Associates
As we go to press with our 2019 Annual Report this year, the entire world and our nation is being affected
by the COVID-19 pandemic. While all of us are at this point still coming to grips in dealing with this issue, it
is clear that the impact on many industries, including the financial services sector, will be felt in a significant
way in 2020.
However, whatever uncertainties will come along in 2020, it is still worth pointing out that 2019 was an
exceptional year for Citizens Business Bank. We produced record earnings of $207.8 million, a 37% increase
over 2018. Also, we recorded our 171st consecutive quarter of profitability and our 121st consecutive quarter
of paying a cash dividend to our shareholders.
In addition, during 2019, we completed our integration of the former Community Bank Centers and
systems while receiving accolades from those that follow the banking industry. Bank Director Magazine
ranked this merger as the fifth most transformative bank deal in the nation, and the Orange County
Chapter of the Association for Corporate Growth recognized CVB Financial Corp. with the Spotlight Deal
of the Year Award.
Notably, we were ranked as the #1 Bank in America by Forbes 2020 Best Banks in America for the second
time in five years. S&P Global ranked us as one of the Best-Performing Banks in the Nation for the year.
Fitch Ratings upgraded CVB Financial Corp. from a BBB rating to a BBB+ rating. And BauerFinancial
awarded the Bank its Five-Star Superior rating. We once again maintained The Findley Reports designation
as a “Super Premier” Performing Bank.
In July 2019, the Bank announced the retirement of Christopher D. Myers as the President & CEO of CVB
Financial Corp. and Citizens Business Bank. His retirement became effective March 15, 2020. The Board of
Directors would like to thank Chris for his 13-plus years leading Citizens Business Bank. The Bank has
accomplished many milestones during his tenure, and he will be missed.
In February, the Bank announced the appointment of David A. Brager as CEO of CVB Financial Corp. and
Citizens Business Bank, effective March 16, 2020. Dave has been with Citizens Business Bank for the past
17 years, with the past nine years as Executive Vice President overseeing the Sales Division of the Bank.
We are the 9th largest bank headquartered in California. As Citizens Business Bank looks toward the future,
we will continue to prioritize our customers first with continued emphasis on high-quality service and
customized banking solutions. Our strategy will remain the same as we deliver on 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 and trust. We believe that
these attributes will be even more important to our Bank as we collectively face the uncertain financial and
business environment created by the evolving COVID-19 pandemic. Please stay safe and healthy, and
remember that our Bank continues to be financially sound and has been a stable and prudent business
partner over a variety of circumstances and economic cycles during the past 45 years.
Raymond V. O’Brien III
Chairman of the Board
David A. Brager
Chief Executive Officer
Citizens Business Bank 2019 | 5
Our 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.
Our 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 | Citizens Business Bank 2019
FINANCIAL HIGHLIGHTS
Citizens Business Bank produced record earnings for 2019. At year
end, we reported our 171st consecutive quarter of profitability and
paid our 121st consecutive quarterly cash dividend to shareholders.
We will continue to focus on improving key financial metrics,
including profitability and asset quality.
Citizens Business Bank 2019 | 7
Citizens Business Bank 2019 | 7 Total Assets
(Dollars in Billions)
2019
2018
2017
2016
2015
$11.3
$7.7
$100.9
$1.48
$2.0
$0.93
$51.0
$0.9
2015 16 17 18 19
2015 16 17 18 19
2015 16 17 18 19
Dividends
Declared
(Dollars in Millions)
Shareholders’
Equity
(Dollars in Billions)
Diluted Earnings
Per Share
Total Deposits1
(Dollars in Billions)
$6.6
$9.1
2015 2016 2017 2018 2019
1Includes customer repurchase agreements.
8 | Citizens Business Bank 2019
$5.2
$7.6
$48.6
$3.3
$33.7
$4.0
2015 16 17 18 19
2015 16 17 18 19
2015 16 17 18 19
Noninterest
Bearing Deposits
(Dollars in Billions)
Noninterest
Income 2
(Dollars in Millions)
Total Loans
(Dollars in Billions)
2 Excludes gain on sale of loans, securities, branches, and gain on eminent domain, as well as FDIC loss sharing asset changes.
Efficiency Ratio 3
46.72%
43.84%
45.83%
40.16%
2016 2017 2018 2019
3 Noninterest expense, excluding debt termination expense, divided by net interest income before provision for loan losses
plus noninterest income.
Net Earnings
(Dollars in Millions)
2019
2018
2017
2016
2015
$99.1
$207.8
Citizens Business Bank 2019 | 9
10 | Citizens Business Bank 2019
10 | Citizens Business Bank 2019 VALUED CUSTOMERS
Our customers are always our top priority. We strive to build long-
term relationships by providing businesses and professionals
with the personal service of a small bank, while delivering all the
capabilities of a big bank. Our customer-focused model helps
our customers achieve their financial goals. Our approach to
relationship banking continues to captivate new and old customers
alike, many of whom have banked with us for decades.
Citizens Business Bank 2019 | 11
Citizens Business Bank 2019 | 11 VALUED CUSTOMER SINCE 2010
Sequoia Surgery Center
Dean Levitan, MD
Alex Lechtman, MD, FACS
Running the only multi-specialty surgery center in the county is no easy
feat. Sequoia Surgery Center started in 1994 as a partnership of 12 private
physicians and their local hospital in Visalia, CA. The staff sees over 5,000
cases a year, and between managing a medical facility and serving the
community, Dr. Levitan and Dr. Lechtman still find the time to meet with
patients. The doctors pride themselves on ensuring that visitors to their
surgery center experience the extra measure of personal touch that can be
so difficult for big hospitals to provide; the same level of customer care that
they look for in a financial services company.
“Citizens Business Bank
has always taken care of us.”
More than a decade ago, Dr. Levitan and Dr. Lechtman began searching for a new bank that could handle
their ambitious expansion plans for Sequoia Surgery Center. “We’re actively involved in the local community,
so we appreciate a bank with a local presence,” says Dr. Levitan, President of Real Estate & Chief of Medical
Staff, “as opposed to the big guys.” Dr. Lechtman, President of Sequoia Surgery Center, knew that the
center could use the expertise and personal touch of a local bank, but was also aware that the scope of
their expansion plans called for a bank with considerable lending capabilities.
12 | Citizens Business Bank 2019
Citizens Business Bank has been their sole source of financing and financial services over the 10-year
banking relationship. “We rely on them for everything from Payroll for more than 50 staff members, to
the Real Estate Loans that have made it possible for us to not only renovate our center, but expand as a
business.” The doctors knew they had made the right choice when they discovered several years ago that
their facility was in need of urgent structural renovations. “The other banks we were looking at would not
have had sufficient capital for a loan of that size,” comments Dr. Levitan.
Today, the team at Citizens Business Bank is trusted to attend Sequoia Surgery Center board meetings
where they provide the doctors with advice and consultation for future growth opportunities. Dr. Lechtman
shares that, “Citizens Business Bank has always been there. We completed a major repair that we otherwise
couldn’t have without Citizens Business Bank, and we’ve managed to remain profitable. They’ve made
things easy for us.”
Citizens Business Bank 2019 | 13
Brad Turner, Vice President & General Manager, concluded it would benefit their long-term strategy to
invest some of their funds outside of the business. “After we generated a significant amount of cash, we
tried to work with a multi-national bank,” says Brad. “It was impersonal, administrative bureaucracy. They
didn’t have the time for us.” After a lengthy search for a more suitable financial services company and
guidance from their Citizens Business Bank Relationship Manager, Datatronics found the solutions they
needed with CitizensTrust, a division of Citizens Business Bank.
Advisors from CitizensTrust worked closely with Brad and his team to help plan for the company’s future.
CitizensTrust started with a customized Wealth Management plan that included a viable investment
strategy. Pleased by the investing experience they had with CitizensTrust, Brad considered implementing
banking services to support their transition to a completely digital banking process. Brad set up Citizens
14 | Citizens Business Bank 2019
VALUED CUSTOMER SINCE 1997
Datatronics
Brad Turner, Vice President & General Manager
Datatronics makes complex electromagnet components for lifesaving
medical devices, missiles and defense equipment, and high-tech spacecraft
and aircraft. As operations have expanded since Datatronics opened
the doors in 1989, management has directed efforts to capitalize on the
growing high reliability and military marketplace. As a result of these
efforts, Datatronics created an enviable financial position.
“We can see that we are important to the
Bank. They have our best interest in mind.”
Sweep Manager to help protect and grow the company’s assets, and he spoke to their Relationship
Manager about Business Wire Transfer and Fraud Solutions for secure and convenient transactions.
“Citizens Business Bank gives us prompt and personal attention. We are very happy with our banking and
investing relationship,” says Brad. Partnerships like these are shining examples of the level of service the
Bank strives for with every valued customer.
Citizens Business Bank 2019 | 15
VALUED CUSTOMER SINCE 1997
Occidental College
Amos Himmelstein, Vice President & Chief Operating Officer
Teresa Williams, Assistant Controller/General Ledger
Barbara Valiente, Associate Vice President of Finance/Controller
Lupe Salmeron, Assistant Controller/Disbursements
Nestled in the heart of Los Angeles, CA is a liberal arts college with a storied
history. Occidental College, one of the top liberal arts colleges in the country,
has produced a diverse list of influential and impactful alumni. Founded
in 1887, Occidental combines the cultural and intellectual resources of a
global city, providing a springboard for putting theory into practice and
ideas into action. As their campus and curriculum have evolved through the
years, so too has their need for more advanced financial services.
“Love, love, love Remote Deposit Capture
for processing checks from donors!”
Occidental College has successfully implemented an array of products and services over the course
of their long-term banking relationship with Citizens Business Bank, each one tailored to their unique
financial needs. The school routinely collects tuition for about 2,000 students, and they handle a
regular influx of donation checks from their generous alumni. Amos Himmelstein, Vice President & Chief
Operating Officer, has found comfort in relying on the financial solutions offered by the Bank. Amos and
16 | Citizens Business Bank 2019
his team realize the enormous value of the Bank’s Treasury Management solutions, specifically Remote
Deposit Capture, Zero Balance Accounts, and Automated Clearing House (ACH) payment services,
which are crucial to paying their vendors and processing donation checks. “We appreciate the reliability
and prompt service,” comments Barbara Valiente, Associate Vice President of Finance/Controller.
When asked which services they find the most beneficial, Barbara answers confidently that Check
Positive Pay and ACH Positive Pay are at the top of their list. Protecting customers from fraud is one of
the Bank’s highest priorities, and the team at Occidental is on board with the right products to help keep
their assets – and their school’s reputation – safe. “Positive Pay helps us ensure we are protecting the
College from fraud,” explains Barbara. As banking technology continues to advance, Citizens Business
Bank will continue to develop alongside it to help protect our customers like Occidental College.
Citizens Business Bank 2019 | 17
“Citizens Business Bank has a good
understanding of our business.”
The Teunissens started operations with 300 cows on an 80-acre dairy farm, but less than two years later
they had hit a roadblock to growth: their bank. Frank and Leslie determined that the lender they were
using was not working for them. “They couldn’t see our vision of growth,” says Leslie. Another dairy
farmer and Citizens Business Bank customer suggested that the Teunissens look back to their roots in
Chino, CA and consider a bank with a good reputation among the Dairy & Livestock Industry. They were
eager to expand operations, and so they met with Citizens Business Bank’s Dairy & Livestock Group to
go over their growth plans. The Teunissens took out Dairy Herd Lines of Credit and Dairy Feed Lines
of Credit to get their business off the ground. Real Estate Term Loans and Equipment Financing were
18 | Citizens Business Bank 2019
VALUED CUSTOMER SINCE 1997
Teunissen Dairy
Leslie Teunissen, Owner
Frank Teunissen, Owner
Brooke Teunissen
Breelayne Naher
Bridgette Van Lith
Frank and Leslie Teunissen had originally planned to stay in their hometown
of Chino, CA to build a dairy farm while raising their family. However,
increasing land prices and rising costs made it difficult for them to achieve
their dream. So, in 1995, the family left California for Idaho, where affordable
farmland was abundant and production costs were more profitable.
crucial to expanding their operations and facilities. “Larry Zivelonghi, the Dairy & Livestock Industries
Group Manager, is intuitive on what we need even before we know it. He has a good understanding of
what it takes and can forecast our needs,” says Frank.
Today, Teunissen Dairy covers approximately 1,500 acres of farmland across several facilities in Idaho and
Oregon. Frank and Leslie’s decision to choose Citizens Business Bank as their partner has proven to be
rewarding for Teunissen Dairy. Currently, their farm has ten times the number of milking cows than when
they first moved to Idaho, which is far more than their family could handle alone. Roles have changed.
“It used to be, we did most of the work,” says Frank. “Today, we’re the ones managing the great team of
workers we have,” Leslie adds. As their farm has grown, so have their financing needs. “The Bank stuck
with us through it all, they believed in us, even when it has been volatile and other dairies were closing,”
says Leslie. The Teunissens, like so many other Bank customers, found success through hard work and
support from a solid banking relationship.
Citizens Business Bank 2019 | 19
“We’re staged for growth,
thanks to Citizens Business Bank.”
Relationships at Citizens Business Bank are not about selling products and services, but working together
with our customers to help them successfully build their businesses. Considerable expansion plans
over the last decade have made Garry realize that Western Metropolitan Industries would require more
extensive banking services. “Up until recently, the Bank never really heard from me,” says Garry. Luckily,
Garry has an experienced banking team he can call on when the need arises. “Citizens Business Bank
is doing a good job of maintaining that local flavor,” says Garry. “My Relationship Manager is the local
contact for day-to-day banking, and if I need a 9-1-1, I get fast, prompt, sincere, thorough, and courteous
service from the Regional Manager. They know business.”
20 | Citizens Business Bank 2019
VALUED PARTNER SINCE 2011
Western Metropolitan
Industries
Garry Fishman, President
Garry Fishman, President of Western Metropolitan Industries, is
an independent owner of 11 stores within the Johnstone Supply
Cooperative, a national wholesale distributor to the Heating,
Ventilation, Air Conditioning, and Refrigeration industry. Garry started
his first independently owned and operated branch 35 years ago in
Ventura, CA, and has been building the company ever since.
As his business expands, Garry has worked closely with his Relationship Manager to secure multiple
Commercial Real Estate Loans, which helped his company open new stores across Southern California.
To mitigate operational and financial risk, the Bank equipped Western Metropolitan Industries with a full
suite of Treasury Management products, including Automated Clearing House (ACH) Origination and
Armored Car services.
Garry called in a “9-1-1” when he set his sights on purchasing three additional Johnstone Supply stores.
“Acquisition of a business is a different experience than buying real estate. The Bank’s experts got involved
and explained the lay of the land. They had our back,” says Garry. A Term Loan was essential to adding
those stores to his network. “We’re busier than we’ve ever been. I have bankers barking at my heels. Many
other financial institutions have contacted me for a meeting, but I partner with Citizens Business Bank
because of the total relationship.”
Citizens Business Bank 2019 | 21
22 | Citizens Business Bank 2019
22 | Citizens Business Bank 2019 SERVICES
The Power of
Relationship Banking
Our founders believed in the power of building long-lasting and
genuine relationships with our customers. This belief is what
still drives our success today. In fact, our financial experts devote
considerable time to learning about our customers and their business
goals. When we get to know our customers, we are able to offer them
the solutions they need to successfully grow their business.
Throughout the years, we have learned that a one-size-fits-all
approach to banking rarely produces the best result. Every business
has their own unique set of needs. In response, we have assembled
an extensive array of banking, lending, and investment services for a
wide range of industries. This way we are able to determine the best
path for our customers. We offer a personalized banking experience
tailored to their individual business needs.
Citizens Business Bank 2019 | 23
Citizens Business Bank 2019 | 23 Business Banking
LIQUIDITY
Business Checking
Premium Money Market
Attorney Client Trust
Investment Checking
Certificate of Deposit
Business Sweep1
Analysis Business Plan
Zero Balance Account
Business Savings
CDARS®
FRAUD
PREVENTION
Positive Pay Check
Reverse Positive Pay Check
CardValet®
Positive Pay Payee Match
Positive Pay ACH
Safe Deposit Box
PAYABLES
Bill Pay
Debit Card
Wire Transfer
Credit Card
Commercial Card
Apple Pay®
ACH Origination
Tax Payment Services
RECEIVABLES
ACH Origination
Merchant Services
Lockbox
Smart Safe Advanced Credit
Image Cash Letter
Remote Deposit Capture
Bill Pay Consolidation
Cash Vault Services
DATA
MANAGEMENT
eStatements
Image Services
Business Online Banking
Disbursement Reporting
Mobile Banking
Account Reconcilement
Electronic Data Interchange
Mobile Deposit
Information Reporting
1
Personal Banking
ONLINE &
CARDS
Online Banking & Bill Pay
Mobile Banking/Mobile App
Debit Card
Moneypass®
Credit Card
CardValet®
Popmoney®
CHECKING
Personal Checking
Investment Checking
55 Checking
Preferred Choice Checking
DEPOSIT
Premium Money Market
CDARS®
Individual Retirement Account
Personal Savings
Certificate of Deposit
Health Savings Account
Minor Trust Savings
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 Fiserv, Inc.
CardValet is a registered trademark of Fiserv, Inc.
Member FDIC
24 | Citizens Business Bank 2019
Not FDIC InsuredNot Bank GuaranteedMay Lose ValueNot Insured by Any Government AgencyNot a Bank Deposit or Obligation of the Bank Business Lending
REVOLVING LINES
OF CREDIT
COMMERCIAL REAL
ESTATE LENDING
TERM LENDING
SMALL BUSINESS
ADMINISTRATION
EQUIPMENT
FINANCING
Personal Lending
CONSTRUCTION
LENDING
AGRICULTURAL
LENDING
ASSET-BASED
LENDING
DAIRY &
LIVESTOCK
HOME PURCHASE
HOME REFINANCE
HOME EQUITY LINE OF CREDIT
AUTO FINANCING
Equal Housing Lender | NMLS# 417441
Member FDIC
Citizens Business Bank 2019 | 25
Investing
3
For more than 100 years, business owners and families in California have
depended on the conscientious and disciplined wealth management
strategies and seasoned experience available from CitizensTrust.
CITIZENSTRUST
WEALTH MANAGEMENT1
Asset Management
Charitable Services
Estate Planning
CITIZENSTRUST
INVESTMENT SERVICES2
Business & Succession Planning
Financial Planning
Personal Investing
Retirement Planning
1
2
Citizens Business Bank is not a registered broker/dealer. Trust and Wealth Management are provided by CitizensTrust Wealth Management.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC).
Insurance products are offered through LPL or its licensed affiliates. Citizens Business Bank and CitizensTrust Investment Services are not registered as a
broker-dealer or investment advisor. Registered representatives of LPL offer products and services using CitizensTrust Investment Services, and may also
be employees of Citizens Business Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and
not affiliates of, Citizens Business Bank or CitizensTrust Investment Services. Securities and insurance offered through LPL or its affiliates are:
26 | Citizens Business Bank 2019
Not FDIC InsuredNot Bank GuaranteedMay Lose ValueNot Insured by Any Government AgencyNot a Bank Deposit or Obligation of the Bank Industry Expertise
Every industry is different, with unique needs and goals. At Citizens Business Bank, we have the
financial expertise, successful track record, and powerful products and services for a wide range
of industries, including Industrial & Manufacturing, Title & Escrow, Government, Nonprofit, Medical,
Agriculture, and so much more.
INDUSTRIAL &
MANUFACTURING
PROPERTY
MANAGEMENT
TITLE & ESCROW
AGRICULTURE
NONPROFIT
MEDICAL
FIDUCIARY SERVICES
INTERNATIONAL
SERVICES
PROFESSIONAL
SERVICES
LABOR
MANAGEMENT
DAIRY &
LIVESTOCK
GOVERNMENT
Member FDIC
Citizens Business Bank 2019 | 27
Community
Commitment
Making a Positive Difference
Citizens Business Bank has been serving the people
and businesses of California since our founding
45 years ago. Along the way we’ve learned a lot,
and our Bank has grown exponentially, but we will
never forget our roots in community banking. To
us, a community goes beyond the group of people
who happen to share a hometown. We believe that
community is about improving the quality of life for
our neighbors.
102nd Rose Queen®
Coronation
Presenting Sponsor
Orange County Charity Golf Classic
$80,000 raised
Hope through Housing
Corporate Partner of the Year
Los Angeles Charity Golf Classic
$55,000 raised
28 | Citizens Business Bank 2019
At Citizens Business Bank, we are passionate about
the communities we serve, and it shows. We are com-
mitted to strengthening our communities by offering
superior financial services, establishing partnerships
with local organizations, and consistently encour-
aging volunteerism at every level of the Bank. Each
year, our associates dedicate thousands of hours of
their own time to local organizations and charitable
causes. Our goal is to make a positive difference in
the places we live and work, so current generations
can experience a higher quality of life, and future
generations can inherit a better world.
Citizens Business Bank 2019 | 29
JVS SoCal
BankWork$
We support JVS SoCal, in partnership
with BankWork$, to offer career training
programs to prepare unemployed indi-
viduals and young adults in low-income
communities for employment in the
banking industry.
The Citizens Experience is the difference between simply meeting our
customers’ needs and ensuring we have exceeded their expectations.
It is our way of recognizing the associates who go above and beyond
to deliver exceptional service. 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 2019, the Borba
Cup was awarded to Maria Sierra, Vice
President & Regional Service Manager.
30 | Citizens Business Bank 2019
WHW
Citizens Business Bank announced a partnership in
2019 with WHW as part of a commitment to assist
job seekers in finding employment success. The
partnership has benefited local unemployed and
underemployed individuals, helping them to make
great first impressions with potential employers.
We organized a bank-wide donation drive to gather
everything from suits, dresses, and jewelry, to new
beauty products, shampoo, and toothbrushes. At
the end of the drive, the final count of donated
clothing filled 125 45-gallon bags. Associates
also volunteered to use their experience and
career knowledge to lead Employment Readiness
Workshops to help candidates build the skills
needed to successfully market themselves to
employers and conduct an effective job search.
Hope through Housing Foundation | National CORE
Our associates want to improve the quality of life for our neighbors. We accomplish this by joining
together with Hope through Housing to finance local low and moderate-income apartments.
Associates volunteer to lead after-school programs on financial education. We also contribute
to Women of Hope, a Hope through Housing program. Throughout
the year, volunteers from the Bank help children and teens from
low-income families to overcome the obstacles preventing them
from reaching their full potential. Our volunteers also guide
local disadvantaged youth to opportunities for lasting
success with career development classes. Our dedication
to breaking the cycle of generational poverty has
inspired Hope through Housing to name us their 2019
Corporate Partner of the Year.
Citizens Business Bank 2019 | 31
LEADERSHIP TEAM
With an average banking experience of more than 34 years, Citizens Business Bank’s leaders form the
foundations of success for the entire company. As individuals, each member of the leadership team
contributes distinct perspectives and decades of unmatched business and financial experience to the
Bank. As a team, they’re at the forefront of driving organizational growth, and their focus is on the long-
term success of the Bank, our customers, our associates, and the communities we serve.
David A. Brager
Chief Executive Officer
E. Allen Nicholson
Executive Vice President
Chief Financial Officer
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
Senior Lender
Hector G. Gutierrez, Esq.
Executive Vice President
Deputy Chief Credit Officer
Timothy B. Noone
Executive Vice President
Specialty Banking
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 | Citizens Business Bank 2019
Jeffrey S. Boyer
Senior Vice President
Los Angeles Region-North
Gilbert W. Estrada
Senior Vice President
Inland Empire Region
Donald E. Evenson
Senior Vice President
Chief Investment Officer
CitizensTrust
Richard M. Favor
Senior Vice President
Central Coast Region
Deborah G. Gallagher
Senior Vice President
Small Business Administration
David R. Klatt
Senior Vice President
Chief Information Officer
Joyce Y. Kwon
Senior Vice President
Director of Human Resources
Daniel Limon
Senior Vice President
Real Estate Banking
Michael B. Mulcahy
Senior Vice President
Los Angeles Region-Metro
Mark C. Richardson
Senior Vice President
Real Estate Banking
LaVon Short
Senior Vice President
Sales and Marketing
David S. Stong
Senior Vice President
San Diego Region
Michael D. Stain
Senior Vice President
Central Valley Region
Robert E. Zeltner
Senior Vice President
Orange County Region
Citizens Business Bank 2019 | 33
34 | Citizens Business Bank 2019
34 | Citizens Business Bank 2019 FINANCIAL SUMMARY
Citizens Business Bank 2019 | 35
Citizens Business Bank 2019 | 35 CONSOLIDATED BALANCE SHEETS
CVB FINANCIAL CORP. AND SUBSIDIARIES
(Dollars in thousands, except share amounts)
DECEMBER 31,
2019
2018
Assets
Cash and due from banks
$ 158,310
$ 144,008
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 $1,718,357 at December 31, 2019, and
27,208
185,518
2,931
19,940
163,948
7,670
$1,757,666 at December 31, 2018)
1,740,257
1,734,085
Investment securities held-to-maturity (with fair value of
$678,948 at December 31, 2019, and $721,537 at
December 31, 2018)
Total investment securities
Investment in stock of Federal Home Loan Bank (FHLB)
Loans and lease finance receivables
Allowance for loan losses
Net loans and lease finance receivables
Premises and equipment, net
Bank owned life insurance (BOLI)
Accrued interest receivable
Intangibles
Goodwill
Other real estate owned (OREO)
Income taxes
Other assets
674,452
2,414,709
17,688
7,564,577
(68,660)
7,495,917
53,978
226,281
28,122
42,986
663,707
4,889
35,587
110,137
744,440
2,478,525
17,688
7,764,611
(63,613)
7,700,998
58,193
220,758
30,649
53,784
666,539
420
62,174
67,807
Total assets
$ 11,282,450
$ 11,529,153
36 | Citizens Business Bank 2019
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing
Interest-bearing
Total deposits
Customer repurchase agreements
Other borrowings
Deferred compensation
Junior subordinated debentures
Other liabilities
Total liabilities
Commitments and Contingencies
Stockholders’ Equity
DECEMBER 31,
2019
2018
$ 5,245,517
$ 5,204,787
3,459,411
8,704,928
428,659
-
22,666
25,774
106,325
3,622,703
8,827,490
442,255
280,000
20,033
25,774
82,411
9,288,352
9,677,963
Common stock, authorized, 225,000,000 shares without par;
issued and outstanding 140,102,480 at December 31, 2019, and
140,000,017 at December 31, 2018
1,298,792
1,293,669
Retained earnings
Accumulated other comprehensive income (loss), net of tax
682,692
12,614
575,805
(18,284)
Total stockholders’ equity
1,994,098
1,851,190
Total liabilities and stockholders’ equity
$ 11,282,450
$ 11,529,153
Citizens Business Bank 2019 | 37
CONSOLIDATED STATEMENTS OF EARNINGS
CVB FINANCIAL CORP. AND SUBSIDIARIES
(Dollars in thousands, except per share amounts)
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
YEAR ENDED DECEMBER 31,
2019
2018
$ 397,628
$ 293,284
39,330
17,388
56,718
1,235
2,269
45,988
18,901
64,889
2,045
1,642
Total interest income
457,850
361,860
Interest expense:
Deposits
Borrowings and customer repurchase agreements
Junior subordinated debentures
Total interest expense
Net interest income before provision for loan losses
Provision for loan losses
Net interest income after provision for loan losses
Noninterest income:
Service charges on deposit accounts
Trust and investment services
Bankcard services
BOLI income
Gain on OREO, net
Gain on sale of building, net
Gain on eminent domain condemnation, net
Other
Total noninterest income
17,120
3,959
999
22,078
435,772
5,000
430,772
20,010
9,525
3,163
5,798
129
4,776
5,685
9,956
59,042
9,825
2,067
923
12,815
349,045
1,500
347,545
17,070
8,774
3,485
4,018
3,546
-
-
6,588
43,481
38 | Citizens Business Bank 2019
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
Amortization of intangible assets
Acquisition related expenses
Other
Total noninterest expense
Earnings before income taxes
Income taxes
Net earnings
Basic earnings per common share
Diluted earnings per common share
YEAR ENDED DECEMBER 31,
2019
2018
119,475
21,289
7,752
9,826
5,890
-
10,798
6,447
17,263
198,740
291,074
83,247
100,601
20,841
6,477
8,655
5,302
(250)
5,254
16,404
16,627
179,911
211,115
59,112
$ 207,827
$ 152,003
$ 1.48
$ 1.25
$ 1.48
$ 1.24
Cash dividends declared per common share
$ 0.72
$ 0.56
Citizens Business Bank 2019 | 39
LOCATIONS
Citizens Business Bank has 58 Business Financial 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.
LOS ANGELES COUNTY
Arcadia
626.445.7350
Burbank Airport
818.295.3200
Burbank (Toluca Lake)
818.843.0707
Century City
310.436.3480
Commerce
323.832.1820
Covina
626.915.8931
El Segundo
310.322.2222
Glendale
818.550.0400
San Marino
626.281.0083
Santa Clarita
661.295.2840
Santa Fe Springs
562.903.8120
South Bay (Torrance)
310.217.6000
South El Monte
626.442.4470
South Pasadena
626.403.5900
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 Fernando Valley (Encino)
818.905.5760
San Gabriel
626.286.3166
San Bernardino (Tri-City)
909.888.6363
Upland
909.946.6921
SAN BERNARDINO COUNTY
Apple Valley
760.961.6900
Chino
909.627.7316
Fontana
909.350.8080
Ontario Airport
909.980.1080
Redlands
909.307.8100
San Bernardino
909.381.5561
RIVERSIDE COUNTY
Corona
951.734.6120
Riverside
951.683.2112
40 | Citizens Business Bank 2019
ORANGE COUNTY
Brea
714.996.8150
Fullerton
714.773.0600
Huntington Beach
714.622.6060
Laguna Beach
949.494.9474
Orange (Plaza)
714.288.5300
Santa Ana
714.967.7222
Laguna Hills (Spectrum)
949.581.4444
Laguna Niguel
949.249.0740
Newport Beach
949.440.5200
Orange (Katella)
714.288.5203
SAN DIEGO COUNTY
VENTURA COUNTY
San Diego (Carmel Valley)
858.847.6500
San Diego (Downtown)
858.350.8650
Camarillo
805.482.7600
Oxnard
805.485.7600
Ventura
805.477.7600
Westlake Village
805.557.7600
SANTA BARBARA
COUNTY
Santa Barbara
805.324.5920
KERN COUNTY
Bakersfield (Downtown)
661.281.0300
Bakersfield (Rosedale)
661.589.9040
Bakersfield (Stockdale)
661.281.0325
Delano
661.725.8888
TULARE COUNTY
MADERA COUNTY
Tulare
559.687.3350
Visalia
559.622.9000
Madera
559.664.9222
SAN JOAQUIN
COUNTY
Stockton
209.851.3740
FRESNO COUNTY
Fresno
559.261.0222
LOAN PRODUCTION
OFFICE
Modesto Dairy & Livestock
209.576.2402
CITIZENSTRUST
Newport Beach
949.440.5231
Ontario
909.483.4342
Pasadena
626.564.6263
Visit
cbbank.com/locations
for more information
Citizens Business Bank 2019 | 41
CORPORATE INFORMATION
Transfer Agent
Computershare
462 South 4th Street, Suite 1600
Louisville, KY 40202
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, 2019, there were 140,102,480 shares of common stock outstanding to
approximately 12,655 shareholders.
Stockholder Information
Stockholders may obtain, without charge, Form 10-K of CVB Financial Corp. on written
request to Michelle Edu, Assistant 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 | NMLS# 417441 | Member FDIC
42 | Citizens Business Bank 2019
701 N Haven Avenue | Ontario, CA 91764 | 909.980.4030 | cbbank.com