2020 ANNUAL REPORT
#1
Best Bank
in America¹
2nd Consecutive Year
$177.2
Million
Annual Net
Earnings
175
Consecutive
Quarters of
Profitability
125
Consecutive
Quarters of Cash
Dividends Paid
Citizens Business Bank 2020 | 1
1CVB Financial Corp. is the holding company for Citizens Business Bank
©2021 Forbes Media LLC. Used with permission
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. 46 years later, Citizens Business
Bank has grown to $14.4 billion in assets with 57 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 2020
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.
Table of Contents
Board of Directors
2020 in Review
Financial Highlights
Valued Partners
Services
Community Commitment
Leadership Team
Financial Summary
Locations
Corporate Information
4
5
7
11
25
30
34
37
42
44
Citizens Business Bank 2020 | 3
Board of Directors
Raymond V.
O’Brien III
Chairman
David A.
Brager
Chief Executive Officer
George A.
Borba
Vice Chairman
Stephen A.
Del Guercio
Director
Rodrigo
Guerra Jr.
Director
Anna
Kan
Director
Marshall V.
Laitsch
Director
Kristina M.
Leslie
Director
Jane
Olvera
Director
Hal W.
Oswalt
Director
4 | Citizens Business Bank 2020
4 | Citizens Business Bank 2020 To our Shareholders, Customers, and Associates
2020 in Review
2020 was a year of uncertainty and understandable apprehension, but also one of strength and
accomplishment for CVBF and Citizens Business Bank. We have had to adapt, along with many of our
customers, to a changing and challenging business landscape in order to accommodate the numerous
unforeseen circumstances, new rules, regulations, and government orders brought about by COVID-19. The
worldwide pandemic, the accompanying stay-at-home orders and business shut-downs, and a near-zero
interest rate environment, all combined to create a challenging operating environment for many financial
institutions and their customers. However, and now more than a year into the COVID-19 pandemic, Citizens
Business Bank remains a fundamentally safe, sound, and secure financial services company. As the world
and our nation deal with the COVID-19 pandemic, we continue to deploy our substantial resources to stand
by our valued customers and to provide support to the many California communities we serve. Our Bank
remains well positioned to succeed with strong capital levels, consistent earnings, solid credit quality, and
excellent liquidity. Total assets at December 31, 2020 increased by $3.14 billion, or 27.80%, from total assets
of $11.28 billion at December 31, 2019. Interest-earning assets increased by $3.20 billion, or 31.88%, when
compared with $10.03 billion at December 31, 2019. Net earnings were $177.2 million for the year ended
2020, compared with $207.8 million for the year ended 2019, due primarily to the near-zero interest rates
and prudent additions to our loan loss reserves. We maintained our enviable record of success by marking
our 175th consecutive quarter of profitability and our 125th consecutive quarter of paying a cash dividend
to our shareholders.
Our strong financial position has allowed our Bank to provide support to many of the customers and
communities most impacted by COVID-19. We originated more than 4,000 Paycheck Protection Program
loans in 2020, totaling over $1.1 billion, and we participated in the Federal Reserve’s Main Street Lending
program. To support the communities that need our help the most, we provided nearly $1,100,000 to local
nonprofit organizations in Southern and Central California. Also, at an individual level, our associates
demonstrated their personal support and involvement as well by contributing their own money to local
food banks in a month-long virtual food drive that we conducted during the month of November.
We enter 2021 ranked as the #1 Bank in America by Forbes 2021 Best Banks in America for the second
consecutive year and for the third time in the past five years, and we are especially pleased to have earned
this honor in both good and difficult times. Furthermore, we have maintained our BBB+ rating from Fitch
Ratings, our Five-Star Superior rating from BauerFinancial, and The Findley Reports designation as a “Super
Premier” Performing Bank.
Continued on next page
Citizens Business Bank 2020 | 5
To our Shareholders, Customers, and Associates
In closing, we are proud of our accomplishments in 2020, as we successfully navigated through the
COVID-19 pandemic, and we believe we are well positioned for future growth as 2021 unfolds. We remain
committed to growing the Bank in a balanced way, utilizing all three of our growth initiatives: increasing
same-store sales, opening de novo centers, and seeking strategic and financially sound acquisitions. Our
strategy will remain the same as we seek to continue to 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. Please stay safe
and healthy, and rest assured that our Bank is committed to remaining financially sound and a stable and
prudent business partner over a variety of circumstances and economic cycles, just as we have done
throughout the course of our past 46 years in business.
Raymond V. O’Brien III
Chairman of the Board
David A. Brager
Chief Executive Officer
6 | Citizens Business Bank 2020
Financial Highlights
At year end, we reported our 175th consecutive quarter of
profitability and paid our 125th consecutive quarterly cash
dividend to shareholders. We will continue to focus on improving
key financial metrics, including profitability and asset quality.
Citizens Business Bank 2020 | 7
Citizens Business Bank 2020 | 7 Total Assets
(Dollars in Billions)
2020
2019
2018
2017
2016
$14.4
$8.1
$97.7
$2.0
$1.30
$0.94
$51.8
$1.0
2016 17 18 19 20
2016 17 18 19 20
2016 17 18 19 20
Dividends
Declared
(Dollars in Millions)
Shareholders’
Equity
(Dollars in Billions)
Diluted Earnings
Per Share
Total Deposits1
(Dollars in Billions)
$6.9
$12.2
2016 2017 2018 2019 2020
1Includes customer repurchase agreements.
8 | Citizens Business Bank 2020
$7.5
$48.2
$8.3
$3.7
$34.2
$4.3
2016 17 18 19 20
2016 17 18 19 20
2016 17 18 19 20
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.
Efficiency Ratio 3
46.72%
43.84%
45.83%
40.16%
41.40%
2016 2017 2018 2019 2020
3 Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
Net Earnings
(Dollars in Millions)
2020
2019
2018
2017
2016
$177.2
$101.4
Citizens Business Bank 2020 | 9
10 | Citizens Business Bank 2020
10 | Citizens Business Bank 2020 Valued Partners
Our founders understood that building long-lasting, genuine
relationships with our customers would lead to successful outcomes
for the customer and the Bank. For over 46 years, we have focused
on the power of relationship banking to help set us apart from
other financial services companies. We strive to build long-term
relationships by getting to personally know our customers and
providing consistent superior financial solutions to help guide their
business to success.
Citizens Business Bank 2020 | 11
Citizens Business Bank 2020 | 11 Bolton & Company
Steve Brockmeyer, Chief Executive Officer and President
Julie Bowman, Chief Financial Officer
Bolton & Company is one of the largest independent full-service insurance brokers
in California. For their Chief Executive Officer and President, Steve Brockmeyer,
the business is about building and maintaining relationships. Founded in 1931,
Bolton & Company had partnered with a local community bank for years, until a
large national bank acquired it and the service noticeably changed. “We lost that
smaller, personal feel with the acquisition,” explains Steve.
In 2008, Steve embraced the opportunity to return to a bank with the capabilities and relationship-
focused approach that aligned with Bolton & Company’s own values. “We are focused on running our
business,” says Julie Bowman, Chief Financial Officer. “If something happens and we need help, we call
our Citizens Business Bank Relationship Manager. It’s just the fact that we can call a person and not a
bank, and speak with someone we can trust.” Steve adds, “A big part of it is the personal connection.
When I go into the Bank, everyone knows who I am. They all come out and greet me.”
“They made us feel like their only customer.
The service really is that good.”
12 | Citizens Business Bank 2020
Valued Customer Since 2008
When Bolton & Company planned to relocate their offices in 2010, Steve knew they would need a Line
of Credit and Commercial Real Estate Loan to make tenant improvements, so he placed a call. “Our
Relationship Manager was on it. They made us feel like their only customer. The service really is that
good,” says Steve. In addition to the myriad of financial services they utilize, Bolton & Company also
depends on the Wealth Management team at CitizensTrust to help coordinate their Employee Stock
Ownership Plan, which gives their employees ownership interest in the company. “There’s a lot of money
moving around, and to know we have the people and Citizens Business Bank looking out for it all is
reassuring. I even recently moved my personal banking over and it’s been amazing.”
“A big part of it is the personal connection.”
Citizens Business Bank 2020 | 13
Valued Customer Since 2016
Buccola Landscape Services and Citizens Business Bank share the same commitment to personal service
that reinforces long-lasting business relationships. “They’re a bigger bank with a small bank feel,” says
Dennis. “When I walk in, people come out from their offices to greet me. It’s a feeling where I belong.
That’s a big value for me.” Dennis has relied on the Bank for Commercial Real Estate Financing to
further grow his business, and Deposit Accounts for business and personal use.
In 2019, the Bank helped finance a new facility for Buccola Landscape Services. “Pre-establishing Lines
of Credit and having them available when we need them is really important. I called my Relationship
14 | Citizens Business Bank 2020
Buccola Landscape Services
Dennis Buccola, President
Dennis Buccola, President of Buccola Landscape Services, started in landscaping
by working summers at his father’s business in the 1970s. By the early 1980s, he saw
an opportunity to start his own landscaping company, and within a few years his
business was thriving. Dennis and his father’s companies eventually merged to form
Buccola Landscape Services as they’re known today, which includes Pacific Coast
Nursery, the landscape business, and B Management Services, Inc., a management
company to oversee it all. Dennis credits a focus on long-term customer loyalty and
employee dedication as a major factor in their continuing success.
“What stands out most is the confidence that Citizens
Business Bank has in me as an operator of the business.”
Manager about borrowing a large amount, and he had enough information to know that the decision
could be made quickly.” As Dennis continues to build his family of businesses, he knows he has support
from a solid banking relationship to keep everything running smoothly.
Citizens Business Bank 2020 | 15
Valued Customer Since 2007
“The Bank advocated for us to get started
and helped set up a platform for future growth.”
When Jeff and Kiki first assumed the management of the company, the siblings were unsure how they
might be viewed as new business owners. “Citizens Business Bank was ready to give my brother and I
a chance,” says Kiki. “Our parents had already proved themselves with the Bank and our company. The
Bank advocated for us to get started and helped set up a platform for future growth.” One of Jeff’s first
actions as President of C.D. Lyon, Inc. was to request a Line of Credit with the Bank. The business went
16 | Citizens Business Bank 2020
C.D. Lyon, Inc.
Jeff Lyon, President
Kiki Lyon, Vice President
In 1983, the Lyon family formed C.D. Lyon, Inc. as a construction company
specializing in heavy industrial and energy projects. After many years of success,
their clients also started to look to C.D. Lyon, Inc. for ongoing maintenance services
well after the construction projects were complete. In 2007, the Lyons opened a
banking relationship with Citizens Business Bank, which grew even stronger in
2011 after Jeff Lyon and Kiki Lyon took over their parents’ company.
on to add Remote Deposit Capture services to process incoming checks from their customers, and
Automated Clearing House (ACH) for making electronic payments.
“Not long ago, we were finalizing a Commercial Real Estate Loan,” says Kiki. “Due to our schedules we
weren’t able to make it to the bank during their office hours. Our Relationship Manager had a notary here
at our office first thing in the morning, before we had even arrived.” Jeff adds, “The Citizens Business
Bank team is great! We’re truly happy with our working relationship, both personally and professionally.
We also appreciate Citizens Business Bank helping us navigate the hard pandemic times through advice
and loans.”
Citizens Business Bank 2020 | 17
Valued Customer Since 2007
“Citizens Business Bank is always willing
to go beyond what a normal bank does.”
“We want to keep our group local, keep our employees local. We don’t want to outsource,” explains Dr.
Rahul Nayyar, Chief Medical Officer and Chief Operating Officer. Dr. Manmohan Nayyar selected their
prior bank in 2007 by finding a local company that put an emphasis on relationship banking. When
Citizens Business Bank purchased their primary bank in 2009, the Choice Physicians Network team were
so pleased with the Bank team, services, and products that they started referring their new doctors to
18 | Citizens Business Bank 2020
Choice Physicians Network
Manmohan Nayyar, MD, Founder and President
Margherita Leone, Controller
Rahul Nayyar, MD, Chief Medical Officer and Chief Operating Officer
Dr. Manmohan Nayyar has run Choice Medical Group/Horizon Valley Medical
Group/Choice Physicians Network in Apple Valley, California for more than 30
years. With the support of his sons, Dr. Samir Nayyar and Dr. Rahul Nayyar, they
saw an urgent need in the region for improved access to healthcare. Today, with
over 30 physicians and 100 specialists on staff, Choice Medical Group/Choice
Physicians Network covers more than 40,000 lives as the largest medical group in
the High Desert and Central California.
Citizens Business Bank as well. “We couldn’t grow at our current pace if it wasn’t for Citizens Business
Bank pushing it along,” says Rahul. “The difference I have seen is Citizens Business Bank is always willing to
go beyond what a normal bank does,” says Margherita Leone, Controller. “Our experience has been an easy-
going relationship, never any hesitation. We formed a friendship, rather than a normal business relationship.”
In 2019, the doctors started a relationship with CitizensTrust Wealth Management to accommodate
their long-term planning. “The Bank goes the extra mile,” says Rahul. “CitizensTrust answered all of our
questions. Your advisors are knowledgeable and really explain everything, very transparent. They want
to help and guide you. I even moved my personal accounts to the Bank, and they’ve been aware and
sensitive of our busy schedules as doctors.”
Citizens Business Bank 2020 | 19
“There is no way a big bank could respond
the way Citizens Business Bank did.”
David and his team found reassurance with the high level of customer service they received and the
Bank’s proactive approach to customer needs. David shares his perspective, “Is a good waiter the one
that pours you water when you want water? No, they’re the ones anticipating your needs and are already
pouring water for you.” Building genuine relationships with our customers helps us learn the products
and services that are best suited to their business.
Citizens Business Bank regularly hosts small business luncheons to show appreciation to customers
and provide an added avenue to share feedback and their experiences directly with the Bank’s
20 | Citizens Business Bank 2020
Valued Customer Since 1999
Parkview Community Hospital
Medical Center
David Batista, MHA, Chief Executive Officer
Julie Curtis, MSN, RN, CENP, Chief Nursing Officer
Parkview Community Hospital Medical Center has been a valued customer of Citizens
Business Bank since 1999. When Doctors Hospital of Riverside acquired Parkview
Community Hospital in 2019, it was an easy decision for David Batista, the new Chief
Executive Officer, to keep the 20-year banking relationship in place.
leaders. “I was impressed to see the CEO of a bank in an open forum interacting with businesses in the
community,” says David after attending a luncheon. “He listened to their concerns and took the time to
learn about challenges they face in today’s business environment.”
In a similar way, Parkview Community Hospital Medical Center actively works to build relationships within
their community. Treasury Management Services and Deposit Accounts are just a few of the Bank
services that the hospital utilizes to support their mission of providing high-quality, patient-centered
healthcare services to the diverse population they serve. “Our hospital relies on being able to bill insurance
companies and agencies, which creates a significant source of cash flow for us,” explains David. “During
the acquisition of Parkview Community Hospital, our Relationship Manager worked tirelessly to ensure
that funds were moved without interruption. Her efforts helped to make the ownership transition as
seamless as possible. There is no way a big bank could respond the way Citizens Business Bank did.”
Citizens Business Bank 2020 | 21
“The Bank is there when you need it.”
They met with their local bank in Washington, but left after learning that the small institution was
incapable of meeting the significant financial needs of Countryside Dairy, LLC. Mike and Deanne began
looking at the other options for supporting the growth of their dairy business, and all signs pointed back
to Southern California.
Mike’s brother was a long-time customer of Citizens Business Bank and he provided a glowing
recommendation for the Bank’s Dairy & Livestock Group. “Citizens Business Bank has a great reputation in
22 | Citizens Business Bank 2020
Valued Customer Since 2008 Countryside Dairy, LLC
Mike Schoneveld, Owner
Deanne Schoneveld, Owner
In 1996, Mike and Deanne Schoneveld packed up their dairy in Chino, California,
in search of new opportunities. The Schonevelds moved to Ferndale, Washington,
where they established a new dairy farm and began to successfully grow their
operations. By 2008, Mike and Deanne were looking to expand the Countryside Dairy
ranch, facilities, and herd simultaneously, which would be a considerable undertaking.
the dairy and livestock industry. The Bank understands dairy,” says Mike Schoneveld. Deanne adds, “From time
to time in the dairy business, needs arise. The Bank is there when you need it. I know we have a good partner.”
For the Schonevelds, a Revolving Operating Line of Credit is absolutely vital because many dairies
require increased availability of funds at certain times of the year. “Real Estate Loans have been essential
to purchase neighboring land. Our dairy has 750 acres now, triple the land from when we first moved to
Washington,” says Mike. They also utilize the Bank’s Fraud Protection services for extra peace of mind.
“Every now and then we get a call from the Bank asking to review a check we wrote or to sign off on a
large amount. No matter who I talk to, it’s a family atmosphere, very friendly,” says Deanne.
Citizens Business Bank 2020 | 23
24 | Citizens Business Bank 2020
24 | Citizens Business Bank 2020 Services
Every business has their own unique set of needs, which is why
a one-size-fits-all approach to banking rarely produces the best
results. We take the time to learn about our customers, their
businesses, and their long-term goals. Then, we identify the most
relevant banking, lending, and investing solutions that would best fit
their unique needs. Our approach allows us to offer our customers
a customized banking experience tailored to their individual needs.
Citizens Business Bank 2020 | 25
Citizens Business Bank 2020 | 25 Business Banking
Liquidity
Business Checking
Business Savings
Zero Balance Account
Attorney Client Trust
Investment Checking
Premium Money Market
CDARS®
Business Sweep1
Analysis Business Plan
Certificate of Deposit
Fraud Prevention
Positive Pay Check
Reverse Positive Pay Check
CardValet®
Safe Deposit Box
Positive Pay Payee Match
Positive Pay ACH
Payables
Bill Pay
Debit Card
$
Receivables
ACH Origination
Wire Transfer
Credit Card
Commercial Card
Tax Payment Services
Apple Pay®
Remote Deposit Capture
Merchant Services
Lockbox
Cash Vault Services
ACH Origination
Bill Pay Consolidation
Image Cash Letter
Smart Safe Advanced Credit
Data Management
Business Online Banking
Mobile Banking
Disbursement Reporting
Information Reporting
eStatements
Image Services
Mobile Deposit
Account Reconcilement
Electronic Data Interchange
Personal Banking
Online & Cards
Online Banking and Bill Pay
Mobile Banking/Mobile App
Debit Card
Moneypass®
Credit Card
CardValet®
Popmoney®
Checking
Personal Checking
55 Checking
Deposit
Investment Checking
Preferred Choice Checking
Premium Money Market
CDARS®
Personal Savings
Minor Trust Savings
Certificate of Deposit
Individual Retirement Account
Health Savings Account
Equal Housing Lender | Member FDIC | NMLS# 417441
1
Not Insured by FDIC or Any Other Government Agency
Not Bank Guaranteed
Not Bank Deposits or Obligations
May Lose Value
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.
26 | Citizens Business Bank 2020
Business Lending
Revolving Lines
of Credit
Commercial Real
Estate Lending
Dairy & Livestock
Asset-Based Lending
Term Lending
Equipment Financing
Agricultural Lending
Construction Lending
Small Business
Administration
Personal Lending
Citizens Home Lending
Home Purchase
Home Refinance
Home Equity Line of Credit
Auto Financing
Equal Housing Lender | Member FDIC | NMLS# 417441
Citizens Business Bank 2020 | 27
Investing
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 services 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:
Not Insured by FDIC or Any Other Government Agency
Not Bank Guaranteed
Not Bank Deposits or Obligations
May Lose Value
28 | Citizens Business Bank 2020
Industry Expertise
At Citizens Business Bank, we have the financial expertise and a wide array of products and
services for a wide range of industries. Our teams specialize in providing financial solutions
relevant to our customers’ business needs.
Industrial & Manufacturing
Property Management
Title & Escrow
Agriculture
Nonprofit
Professional Services
Medical
Labor Management
Fiduciary Services
Dairy & Livestock
International Services
Government
Citizens Business Bank 2020 | 29
Community
Commitment
At Citizens Business Bank, we are passionate
about the communities we serve, and it
shows. Each year, our associates dedicate
thousands of hours of their own time to
local organizations and charitable causes
in their communities. We are committed to
Second Harvest Food Bank Orange County
strengthening our communities by offering
superior financial
services, establishing
partnerships with local organizations, and
consistently encouraging volunteerism at
every level of the Bank. 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.
Miracles for Kids
Chaffey College Foundation
Inland Empire United Way
Foothill Family Shelter
Feeding America Riverside | San Bernardino
30 | Citizens Business Bank 2020
Community Action Partnership of Kern
The Mission at Kern County
Big Brothers Big Sisters of Central California
Vocational Improvement Program
Dress for Success Bakersfield
Union Station Homeless Services
Fontana Resources at Work
Central California Food Bank
Citizens Business Bank 2020 | 31
Virtual Food Drive
In 2020, food banks throughout California lacked much-needed supplies and were pushed
to capacity. To support the communities we serve, the Bank made a $50,000 donation to
six local food banks and held a virtual food drive for our associates to make contributions.
We raised $11,500, more than triple our original goal, which helped provide over 34,500
meals to the families that need it most.
Nonprofit Resilient Leaders and
Capacity Building Program
Citizens Business Bank partnered with University of Southern California Civic Engagement
to create and fund the inaugural Nonprofit Resilient Leaders and Capacity Building Program.
We supported the launch with a $20,000 grant to provide community-based nonprofit
leaders with operational information, strategies, and tools that directly support the expansion
and long-term viability of their nonprofit organizations. The inaugural class, consisting of
representatives from 56 nonprofits, learned strategies to strengthen the services they provide
to their community and methods to develop their own capacity as leaders.
Big Brothers Big Sisters of Orange
County and the Inland Empire
Through the Big Brothers Big Sisters program, Bank associates volunteered to mentor low-
income and moderate-income (LMI) youth to help them develop financial literacy, increase
soft skills, and support their college and career readiness. Volunteers worked one-on-one
with the LMI students to educate and coach them about banking and the financial industry
over the course of the eight-month program.
32 | Citizens Business Bank 2020
Hope through Housing Foundation
At the start of the pandemic, low-income
seniors were left with few options for food
and essential goods. Citizens Business Bank
reached out to Hope through Housing
Foundation to see how we could assist.
More than 90 Bank associates worked
together over three days to assemble and
donate 600 care bags filled with essential
items and food. Along with a $15,000
donation, the care bags were provided
to the nonprofit’s COVID-19 Emergency
Response and Resilience Fund to assist
with the low-income affordable housing
communities’ residents.
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 2020, the Borba
Cup was awarded to Mary Fraser, Vice
President and Service Manager.
Citizens Business Bank 2020 | 33
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
unique business and financial experience to the Bank. As a
David A. Brager
Chief Executive Officer
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.
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
Banking Division
Hector G. Gutierrez, Esq.
Executive Vice President
Deputy Chief Credit Officer
Susan M. Mlot
Executive Vice President
Operations
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
34 | Citizens Business Bank 2020
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
CitizensTrust
Richard M. Favor
Senior Vice President
Central Coast Region
Deborah G. Gallagher
Senior Vice President
Small Business Administration
Derrick I. Hong
Senior Vice President
Internal Audit
David R. Klatt
Senior Vice President
Information Technology
Joyce Y. Kwon
Senior Vice President
Human Resources
Daniel Limon
Senior Vice President
Specialty Lending
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 Support & Marketing
Michael D. Stain
Senior Vice President
Central Valley Region
David S. Stong
Senior Vice President
San Diego Region
Robert E. Zeltner
Senior Vice President
Orange County Region
Citizens Business Bank 2020 | 35
36 | Citizens Business Bank 2020
36 | Citizens Business Bank 2020 Financial Summary
Citizens Business Bank 2020 | 37
Citizens Business Bank 2020 | 37 Consolidated Balance Sheets
CVB Financial Corp. and Subsidiaries
(Dollars in thousands, except share amounts)
Assets
Cash and due from banks
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 $2,344,174 at December 31, 2020,
December 31,
2020
2019
$ 122,305
$ 158,310
1,835,855
1,958,160
43,563
27,208
185,518
2,931
and $1,718,357 at December 31, 2019)
2,398,923
1,740,257
Investment securities held-to-maturity
(with fair value of $604,223 at December 31, 2020, and
$678,948 at December 31, 2019)
Total investment securities
Investment in stock of Federal Home Loan Bank (FHLB)
Loans and lease finance receivables
Allowance for credit 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
Total assets
578,626
2,977,549
17,688
8,348,808
(93,692)
8,255,116
51,144
226,818
31,306
33,634
663,707
3,392
29,540
127,697
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
$ 14,419,314
$ 11,282,450
38 | Citizens Business Bank 2020
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing
Interest-bearing
Total deposits
Customer repurchase agreements
Other borrowings
Deferred compensation
Junior subordinated debentures
Payable for securities purchased
Other liabilities
Total liabilities
Commitments and Contingencies
December 31,
2020
2019
$ 7,455,387
$ 5,245,517
4,281,114
11,736,501
439,406
5,000
21,611
25,774
60,113
3,459,411
8,704,928
428,659
-
22,666
25,774
-
122,919
106,325
12,411,324
9,288,352
Stockholders’ Equity
Common stock, authorized, 225,000,000 shares without par;
issued and outstanding 135,600,501 at December 31, 2020, and
140,102,480 at December 31, 2019
1,211,780
1,298,792
Retained earnings
Accumulated other comprehensive income, net of tax
Total stockholders’ equity
760,861
35,349
682,692
12,614
2,007,990
1,994,098
Total liabilities and stockholders’ equity
$ 14,419,314
$ 11,282,450
Citizens Business Bank 2020 | 39
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
Total interest income
Interest expense:
Deposits
Borrowings and customer repurchase agreements
Junior subordinated debentures
Total interest expense
Net interest income before provision for credit losses
Provision for credit losses
Net interest income after provision for credit 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
Year Ended December 31,
2020
2019
$ 377,402
$ 397,628
36,052
14,223
50,275
978
1,682
430,337
12,602
1,131
551
14,284
416,053
23,500
392,553
39,330
17,388
56,718
1,235
2,269
457,850
17,120
3,959
999
22,078
435,772
5,000
430,772
16,561
20,010
9,978
1,886
8,100
388
1,680
-
11,277
49,870
9,525
3,163
5,798
129
4,776
5,685
9,956
59,042
40 | Citizens Business Bank 2020
Noninterest expense:
Salaries and employee benefits
Occupancy and equipment
Professional services
Computer software expense
Marketing and promotion
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,
2020
2019
119,759
119,475
20,622
9,460
11,302
4,488
9,352
-
17,920
192,903
249,520
72,361
20,457
7,752
10,658
5,890
10,798
6,447
17,263
198,740
291,074
83,247
$ 177,159
$ 207,827
$ 1.30
$ 1.48
$ 1.30
$ 1.48
Cash dividends declared per common share
$ 0.72
$ 0.72
Citizens Business Bank 2020 | 41
Locations
Citizens Business Bank has 57 Business Financial Centers serving the Inland Empire, Los Angeles
County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central
San Fernando Valley (Encino)
818.905.5760
San Gabriel
626.286.3166
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
San Bernardino (Tri-City)
909.888.6363
Upland
909.946.6921
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
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 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
42 | Citizens Business Bank 2020
Orange County
Brea
714.996.8150
Fullerton
714.773.0600
Huntington Beach
714.622.6060
Laguna Beach
949.494.9474
Laguna Hills (Spectrum)
949.581.4444
Laguna Niguel
949.249.0740
Newport Beach
949.440.5200
Orange (Katella)
714.288.5203
Orange (Plaza)
714.288.5300
Santa Ana
714.967.7222
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
Kern County
Santa Barbara
805.324.5920
Bakersfield (Rosedale)
661.589.9040
Delano
661.725.8888
Bakersfield (Downtown)
661.281.0300
Bakersfield (Stockdale)
661.281.0325
Madera County
Tulare County
Madera
559.664.9222
Tulare
559.687.3350
Visalia
559.622.9000
Fresno County
San Joaquin County
Stanislaus County
Fresno
559.261.0222
Stockton
209.851.3740
Modesto Loan Production Office
209.494.8292
CitizensTrust
Newport Beach
949.440.5231
Ontario
909.483.4392
Pasadena
626.564.6263
Visit
cbbank.com/locations
for more information
Citizens Business Bank 2020 | 43
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, 2020, there were 135,600,501 shares of common stock outstanding to
approximately 13,053 shareholders.
Stockholder Information
Stockholders may obtain, without charge, Form 10-K of CVB Financial Corp., copies of
this annual report, and interim reports by visiting our website at investors.cbbank.com
Mailing Address
CVB Financial Corp.
P O Box 5 1 0 0 0
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
Equal Housing Lender | Member FDIC | NMLS# 417441
44 | Citizens Business Bank 2020
701 N Haven Avenue | Ontario, CA 91764 | 909.980.4030 | cbbank.com