2023 SUMMARY ANNUAL REPORT
#12 Top 50 Public Banks
S&P Global Market Intelligence, 2023
#1 Best Bank
in America1
Forbes, 2023
Five-Star Superior Rating
BauerFinancial, 2023
Super Premier Performing Bank
Findley Reports, 2023
America’s Greatest
Workplaces for Women 2024
Newsweek, 2024
BBB+
Strong Rating Outlook
Fitch Ratings, 2023
$221.4 Million
Net Earnings
Second Highest in Company History
187 Consecutive
Quarters of Profitability
Over 46 Years
137 Consecutive
Quarters of Cash Dividends Paid
Over 34 Years
1CVB Financial Corp. is the holding company for Citizens Business Bank
Since 1974, Citizens Business Bank has been creating banking relationships by
focusing on our customers 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. 49 years later, Citizens
Business Bank has grown to approximately $16 billion in assets with over 60
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
way we would want to be treated. In fact, many of our customers have banked with
us for decades.
Our unwavering commitment to our Five Core Values of Financial Strength, Superior
People, Customer Focus, Cost-Effective Operation, and Having Fun is the reason
we are consistently recognized as one of the top-performing banks in the nation.
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 throughout 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.
Citizens Business Bank 2023 | 3
4 | Citizens Business Bank 2023
Table of Contents
Board of Directors
2023 in Review
Financial Highlights
Valued Customers
Services
Community Commitment
Leadership Team
Financial Summary
Locations
Corporate Information
6
7
9
13
27
32
36
39
44
46
Citizens Business Bank 2023 | 5
Board of Directors
Hal W. Oswalt
Chairman
George A. Borba
David A. Brager
Raymond V. O’Brien III
Vice Chairman
President
Chief Executive Officer
Director
Stephen A. Del Guercio
Director
Anna Kan
Director
Jane Olvera Majors
Kimberly Sheehy
Director
Director
6 | Citizens Business Bank 2023
To our Shareholders, Customers, and Associates
2023 in Review
During 2023, Citizens Business Bank has not only remained safe and sound, but also produced earnings
that were the second highest in the company’s history, despite the difficult operating environment
and well-known challenges in the regional banking sector. Net earnings were $221.4 million for the
year ended 2023, compared with $235.4 million for the year ended 2022. The reduction in our net
earnings was due primarily to higher borrowing costs and a one-time FDIC special assessment
recorded during the fourth quarter of 2023 to replenish the federal deposit insurance fund.
We continue to be among the industry leaders with respect to expense control, as our efficiency
ratio for the full year 2023 was 42%. For the year ended December 31, 2023, return on average assets
(ROAA) was 1.35% and return on average tangible common equity (ROATCE) was 18.48%, which
compares to a 1.39% ROAA and 18.85% ROATCE for 2022. This also put us in the top quartile for
performance on these two metrics relative to our peer financial institutions for 2023.
We reported our 187th consecutive quarter of profitability and paid our 137th consecutive quarterly
cash dividend to our shareholders. In 2023, S&P Global Market Intelligence ranked CVB Financial
Corp. as the #3 Best-Performing U.S. Public Bank, and we continue our designation as a “Super
Premier” Performing Bank by The Findley Reports, our Five-Star Superior rating from BauerFinancial,
and our BBB+ rating from Fitch Ratings.
Our Bank has operated in California for 49 years, serving our customers through good and tough
times. We have continued to support our customers and communities during periods involving
significant financial disruptions, including the unprecedented interest rate hikes in the early 1980s,
the Great Recession 15 years ago, and the COVID-19 pandemic. Most importantly, we are a regional
and community bank made up of customer-focused, relationship-driven bankers, which means we
have historically enjoyed a stable base of long-term and loyal customers. 77% of our customer deposit
relationships have banked with us for 3 years or more, while 45% have banked with us for over 10 years.
Our strong financial position has allowed our Bank to continue to support the communities we serve.
In 2023, Citizens Business Bank contributed approximately $1.65 million in donations to a variety
of charitable organizations supporting individuals and businesses in our communities. Our Annual
Charity Golf Tournaments raised a combined total of $205,000 in 2023 for community benefit
organizations in Orange County and Los Angeles County.
Continued on next page
Citizens Business Bank 2023 | 7
Continued
As we enter 2024, we look forward to celebrating our Bank’s 50th anniversary. Founded in August
1974, our Bank has accomplished more than our founders could have imagined over the last five
decades, and we remain committed to our strategy of banking the best small and medium-sized
businesses and their owners. We work hard to earn and maintain the trust of our customers and
business partners. On behalf of our Board of Directors, we thank our associates for their hard work
and dedication, our customers for their business and ongoing loyalty, and our shareholders for their
continued support and trust.
Hal W. Oswalt
Chairman of the Board
David A. Brager
President and Chief Executive Officer
8 | Citizens Business Bank 2023
Financial Highlights
At year end, we reported our 187th consecutive
quarter of profitability and paid our 137th consecutive
quarterly cash dividend to shareholders. We will
continue to focus on improving key financial metrics,
including profitability and asset quality.
Citizens Business Bank 2023 | 9
Citizens Business Bank 2023 | 9 Total Assets
(Dollars in Billions)
2023
2022
2021
2020
2019
Total Deposits1
(Dollars in Billions)
$9.1
$11.3
$16.0
$11.7
2019 2020 2021 2022 2023
1Includes customer repurchase agreements.
$111.6
$2.0
$2.1
$1.48
$1.59
$100.9
2019 20 21 22 23
2019 20 21 22 23
2019 20 21 22 23
Dividends
Declared
(Dollars in Millions)
Shareholders’
Equity
(Dollars in Billions)
Diluted Earnings
Per Share
10 | Citizens Business Bank 2023
$7.2
$48.6
$5.2
$59.3
$8.9
$7.6
2019 20 21 22 23
2019 20 21 22 23
2019 20 21 22 23
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
40.16%
41.40%
41.09%
38.98%
42.00%
2019 2020 2021 2022 2023
3 Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
Net Earnings
(Dollars in Millions)
2023
2022
2021
2020
2019
$221.4
$207.8
Citizens Business Bank 2023 | 11
12 | Citizens Business Bank 2023
12 | Citizens Business Bank 2023 Valued Customers
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 49 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 superior financial solutions to help guide
their business to success.
Citizens Business Bank 2023 | 13
Citizens Business Bank 2023 | 13 Intertex Companies
Valued Customer Since 2015
Intertex General Contractors was founded in 1982 out of Valencia, California, as a construction
business focused on commercial and industrial construction management. Dale Donohoe,
CEO, later formed Intertex Property Advisors as a property management business to focus
on the development and management of retail, industrial, and office properties. Today, both
companies are known by the name Intertex Companies.
Finding a long-term banking partner was an unexpected challenge for Intertex. “The bank
we started with in 1982 got rid of middle market banking, so we left. Then, the next bank we
moved to went out of business,” explains Dale. In 2015, Dale reached out to Citizens Business
Bank to let them know his latest bank had just announced that it was also discontinuing
middle market banking, and Intertex Companies was in search of a new banking partner.
After the ordeal of moving from bank to bank, Dale was looking for a financial services
company with a history of strength that could handle Intertex’s banking needs well into
the future. He chose Citizens Business Bank for its record as a top-performing bank and its
primary focus on relationship banking.
The partnership between Intertex Companies and Citizens Business Bank has been going
strong for nearly a decade, and Dale is pleased with the results and the personalized service
he has received. “The team knows us, knows our business, and knows me.” Commercial
Lending for real estate development has enabled Intertex Companies to expand their
footprint throughout California. A Working Capital Line of Credit provides Dale’s team with
the short-term financing necessary to help keep operations running smoothly. “There’s no
surprises in our day-to-day banking, and that’s perfect,” says Dale. “Everything is handled
like it’s supposed to, and there’s never been an issue, which is important. It’s reassuring to
know I don’t have to worry about my bank.”
Pictured: Darcey Oldhafer, President, Intertex Property Advisors, Dale Donohoe, CEO,
and Bob Lyon, President, Intertex General Contractors
“Citizens Business Bank
has taken care of us.”
Citizens Business Bank 2023 | 15 “We get the big bank products, while still
getting the small bank service.”
16 | Citizens Business Bank 2023
Xponential Fitness
Valued Customer Since 2017
Anthony Geisler created Xponential Fitness in 2017 with the intent to grow the brand into
a global fitness company. Xponential’s success has been remarkable in the last five years,
and Anthony expects the company to double in size in the next five years. As the largest
boutique fitness company in the world, Xponential Fitness consists of 11 boutique health
and wellness brands across 23 countries. They open a new store every 15 hours, adding to
more than 3,000 total locations.
Anthony has maintained a banking relationship with Citizens Business Bank since his
company’s inception, and he is appreciative of the personalized service he frequently
receives. “It’s normal for Bryan Reese, our Relationship Manager, to stop by our office just to
check in,” comments Anthony. “I feel like we have an in-house banker. We like the hometown,
small-business local feel of Citizens Business Bank. We get that from our Relationship
Manager.” Xponential Fitness uses a full suite of Treasury Management solutions, including
Remote Deposit Capture for conveniently depositing checks and Positive Pay services
that help Anthony’s team prevent check fraud.
When Xponential is looking to open a new Line of Credit, Anthony has reassurance that he
can call his Relationship Manager any time to initiate the process. Citizens Business Bank
has been there for Anthony and Xponential every step of the way, from providing financial
services that have supported Xponential’s acquisitions, to meeting their specific banking
needs when the private company went public in 2021. With ongoing support from the Bank,
Xponential Fitness plans to continue their impressive growth well into the future.
Pictured: Anthony Geisler, Founder & CEO
Citizens Business Bank 2023 | 17
Citizens Business Bank 2023 | 17
Oak Creek Dairy
Valued Customer Since 2019
The De Hoog family has been operating dairy farms in California since the 1950s. Their
wholesale dairy farm business originally started in Artesia, California before relocating to a
38-acre facility in Chino, California. In 2019, Joe De Hoog, partner in Michael De Hoog Dairy,
LP now doing business as Oak Creek Dairy, had grown weary of the large bank they used
for their day-to-day operations, which was winding down its involvement in agriculture.
Joe, along with his wife Joy, were looking for a banking partner that understood their
industry and was familiar with all of the financial services required for a dairy farm business,
while assisting in their ongoing growth.
The De Hoog family met with Citizens Business Bank’s Dairy & Livestock Industries Group in
2018 to discuss the future of their dairy farm, beginning a new business banking relationship
in early 2019. A 1031 Exchange for the De Hoog’s facility in Chino allowed the family to
purchase a 700-acre dairy farm in Merced, California, in addition to leasing another 650
acres nearby. “The team is knowledgeable about costs and needs in the dairy industry,”
says Joe. “They explained to us that a lot can happen on a new dairy, and their team worked
with us to prepare for the unexpected.” Oak Creek Dairy began implementing services
that were specifically tailored to a newly opened and growing dairy farm, starting with an
increased Line of Credit. “Without their advice,” adds Joe, “we’d be struggling.”
Today, Oak Creek Dairy encompasses 865 acres of farmland with more than 6,000 animals
under their care, including 3,300 mature cows. The dairy farm relies on a Dairy Operating
Line of Credit, Equipment Term Loans, and Online Banking to keep their day-to-day
operations running smoothly. As the De Hoog family continues to grow their dairy business,
they plan to work closely with the Dairy & Livestock Industries Group for all of their business
banking needs.
Pictured: Joe De Hoog, Managing Partner, and wife, Joy De Hoog
18 | Citizens Business Bank 2023
“Every time I go to the Dairy &
Livestock Industries Group, it’s been a
positive experience.”
Citizens Business Bank 2023 | 19
Citizens Business Bank 2023 | 19 “Our Relationship Manager was instrumental in
“Our Relationship Manager was instrumental
helping us put things together.”
in helping us put things together.”
Greg’s Petroleum Service
Valued Customer Since 2009
Greg’s Petroleum Service opened in 1961 when Ron Mariani’s father-in-law, Harold “Greg”
Gregory, purchased an oil distributor in Delano, California. Ron Mariani, President & CEO,
started working for the company as a fuel truck driver in 1979, before eventually buying
the business himself after his father-in-law retired in 1990. In the decades that followed, the
company experienced significant growth under Ron’s leadership. Today, Greg’s Petroleum
Service consists of four segments: the fuel delivery business, a dedicated lubricants supplier,
a cardlock program for fleet fueling, and the retail gasoline business.
In 2009, Citizens Business Bank acquired Greg’s Petroleum Service’s long-time bank.
“We were suddenly a customer of Citizens Business Bank,” says Ron. “We read up on
the Bank, and I asked around because I was unfamiliar with the company. I kept hearing,
‘You’re in great hands. Stick with them.’ So, we did. And it continued to grow into a great
relationship.” Ron’s first goal after moving over to Citizens Business Bank was to renew
all of his companies’ Lines of Credit. He worked closely with his Relationship Manager to
successfully obtain the renewals.
When Ron was ready to expand to a new facility in Bakersfield, California, he reached out
to the Bank again to secure Commercial Real Estate Financing. “Our Relationship Manager
really helps us when we are doing a difficult, complicated loan,” mentions Ron. “They were
instrumental in helping us put things together.” Acquisition Financing allowed Greg’s
Petroleum Service to purchase another oil company in order to grow their geographic
footprint. An Asset-Based Line of Credit and Equipment Financing were vital to their
ability to keep operations running smoothly. As Greg’s Petroleum Service continues their
growth, Ron plans to continue going to Citizens Business Bank for their long-term banking
and lending needs.
Pictured: Ron Mariani, President & CEO, and Greg Mariani, General Manager
Citizens Business Bank 2023 | 21 Akash Management
Valued Customer Since 2011
Akash Management LLC was formed in 2014 to oversee operations of local franchise
restaurants such as Carl’s Jr., Pieology Pizzeria, Wingstop, and others. Later that same
year, Amir Siddiqi, Owner & CEO, was already looking to expand the business. Amir had
established a relationship with Citizens Business Bank in 2011 when he helped his friend
obtain a loan for their restaurant. When the time came to open accounts for his own
business, Amir recalled his positive experience and reached out to his contact at the Bank.
“We met with the Relationship Manager, and he asked us all the right questions to help us
build our business model,” says Amir. With just five restaurants under their control in 2014,
Akash Management obtained Commercial Real Estate Financing for their continued
growth and expansion. Amir’s venture quickly saw success, and the business grew to
over 150 restaurants in under two years. Akash Management works with other banks
too, which gives Amir perspective on his relationship with Citizens Business Bank. “At
Citizens Business Bank, I can text or call our Relationship Manager and even the CEO just
to congratulate one another on a big win. No other bank I know comes close to that. They
really value relationships.”
Today, Akash Management operates more than 250 restaurants along the West Coast.
They use a full suite of Treasury Management services for each of their locations, which
helps to efficiently manage cash flow and prevent fraud. Akash Management also maintains
Commercial Financing for their continued expansion and acquisition of new restaurants.
“The Bank knows you,” explains Amir. “They understand how we operate and how our
business will look in six months. They’re investing with us.”
Pictured: Amir Siddiqi, Owner & CEO, and Jazmyn Carpenter, Accounting Manager
“The Bank treats you as a business partner and
understands what you do.”
Citizens Business Bank 2023 | 23 “It feels like Citizens Business Bank
is in the customer’s corner.
They go to bat for us.”
24 | Citizens Business Bank 2023
M.D. Atkinson Company, Inc.
Valued Customer Since 2000
Headquartered in Bakersfield, California, M.D. Atkinson Company, Inc. serves as a third-
party fee manager for property management. They manage properties throughout
Southern California and Central California for clients in office, retail, commercial, industrial,
residential, and homeowners associations. M.D. Atkinson was founded in 1982 and has been
a valued partner of Citizens Business Bank for more than 20 years. “I’ve known the CEO,
Dave Brager, since he was a Regional Manager for the Central Valley,” says Melvin Atkinson,
President & CEO of M.D. Atkinson. “Any time there’s an issue, Dave is on it.”
In 2018, M.D. Atkinson purchased their largest competitor, a property management
company. “The acquisition was a complex transition to get control of,” explains Mel, “but
behind the scenes, our Relationship Manager, Scott Begin, made it extremely simple
to transition the banking services. I was shocked at how smooth the process was.” As
the company continues to grow, Mel’s team relies on Citizens Business Bank to provide
customized financial solutions to fit their unique needs. M.D. Atkinson has implemented
Treasury Management services, such as Remote Deposit Capture that enables the team
to conveniently deposit incoming checks from the comfort of their offices. “We collect rent
for lots of different clients, and we need the flexibility,” states Mel.
M.D. Atkinson is also a customer of Citizens Business Bank’s Specialty Banking Group,
where they have established Property Management accounts for services tailored to their
industry. The business regularly opens trust accounts for a significant number of clients,
and Mel had sought a way to make the process less time-consuming. “Our Relationship
Manager got involved and made that a much smoother situation. They’ve been instrumental
in streamlining the process,” says Mel. “The cooperation and customer service are what
stands out the most to me.”
Pictured: Melvin Atkinson, President & CEO
Citizens Business Bank 2023 | 25
Citizens Business Bank 2023 | 25 26 | Citizens Business Bank 2023
26 | Citizens Business Bank 2023
Services
We’re in the business of helping our customers build
their business. We achieve this by taking 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 2023 | 27
Citizens Business Bank 2023 | 27 Banking
Business
Accounts
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
Check Positive Pay
Reverse Positive Pay
CardValet®
Safe Deposit Box
Positive Pay Payee Match
ACH Positive Pay
Payables
Bill Pay
Debit Card
Wire Transfer
Credit Card
Samsung Pay
Apple Pay®
Commercial Card
Zelle® for Small Business
ACH Origination
Tax Payment Services
Google Pay™
$
Receivables
Remote Deposit Capture
Bill Pay Consolidation
Image Cash Letter
Smart Safe Advanced Credit
ACH Origination
Merchant Services
Data Management
Lockbox
Cash Vault Services
Mobile Deposit
Business Online Banking
Mobile Banking
Disbursement Reporting
Information Reporting
E-Statements
Image Services
Personal
Online & Cards
Online Banking
Bill Pay
Mobile Banking
Mobile Deposit
E-Statements
Checking
Personal Checking
55 Checking
Accounts
Business Insights
Account Reconcilement
Electronic Data Interchange
Debit Card
Credit Card
Samsung Pay
Apple Pay®
Personal Financial Management (PFM)
Google Pay™
Safe Deposit Box
CardValet®
Zelle®
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 IntraFi Network LLC.
CardValet is a registered trademark of Fiserv, Inc.
Zelle and the Zelle related marks are wholly owned by Early Warning
Services, LLC and are used herein under license.
Apple Pay is a registered trademark of Apple Inc.
Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd.
Google Pay is a trademark of Google LLC.
28 | Citizens Business Bank 2023
Lending
Business
Revolving Lines
of Credit
Commercial Real
Estate Lending
Dairy & Livestock
Asset-Based Lending
Term Lending
Equipment Financing
Agricultural Lending
Construction Lending
Small Business
Administration
C-PACE Financing
Municipal Financing
Personal
Citizens Home Lending
Auto Financing
Home Purchase
Home Refinance
Home Equity Line of Credit
Equal Housing Lender | Member FDIC | NMLS# 417441
Citizens Business Bank 2023 | 29
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
Citizens Business Bank is not a registered broker/dealer. Trust and Wealth Management services are provided by CitizensTrust Wealth Management.
2
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
Citizens Business Bank provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the
Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The
Financial Institution is not a current client of LPL for brokerage or advisory services.
Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.
30 | Citizens Business Bank 2023
Industry Expertise
Every industry is different, with unique needs and goals. Our financial expertise and successful track
record enable us to specialize in providing powerful financial solutions for a wide range of industries.
Industrial & Manufacturing
Property Management
Title & Escrow
Agriculture
Nonprofit
Professional Services
Medical
Labor Management
Fiduciary Services
Dairy & Livestock
International Services
Government
Citizens Business Bank 2023 | 31
32 | Citizens Business Bank 2023
32 | Citizens Business Bank 2023
Community Commitment
At Citizens Business Bank, we are passionate about our
communities, and it shows. Each year, our associates
dedicate thousands of hours of their own time to local
organizations and charitable causes in the communities
we live and serve.
We are committed to 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.
$1.65 Million
Total Amount
Donated in 2023
Citizens Business Bank 2023 | 33
Citizens Business Bank 2023 | 33
Clearinghouse CDFI
B BOLD(ER) Internship Program
The purpose of the Clearinghouse Community Development Financial Institution (CCDFI) B BOLD(ER) Internship
Program is to invest in tomorrow’s leaders. Clearinghouse CDFI college interns benefit from exposure to a
professional setting, access to positive role models, and receiving real-life job skills that help build a solid foundation
for future success. Citizens Business Bank was the Legacy funder for the B BOLD(ER) Internship Program, providing
capacity-building resources to develop and launch the program, and hosted the program’s first onsite intern in
2022. The program offers paid internships and scholarships to low-to-moderate income college students. The
Bank hosted another intern in 2023 and has already agreed to host a third onsite intern during the summer of
2024. College students participate in a combination of virtual workshops presented by subject-matter experts
and on-site experiences. Workshop topics include career exploration/preparedness, financial wellness, community
development, and office skills. Tasks may include research, outreach, marketing, affordable homeownership work,
networking, loan servicing, Community Reinvestment Act documentation, and more. In addition, interns interact
with dozens of professionals to begin their network. The internship may be eligible for academic credit depending
on the academic program’s internship criteria.
Youth Business Alliance
Financial Sports Program
Financial education is a preventative measure that can lead to more responsible financial management,
helping young people make wiser decisions about debt, savings, credit, and investing. Like football, successful
financial management requires strategy, discipline, and endurance. In 2023, Citizens Business Bank continued
its partnership with Youth Business Alliance to grow the Financial Sports Program, teaching personal financial
management principles to low-to-moderate income youth. The Financial Sports Program is presented as an
interactive, educational video game designed to help students test their knowledge of personal finance in a
fun, competitive, learning environment using football. The program continues to receive enthusiastic positive
feedback from students and school administrators as an effective learning model.
Mission Community Services
Corporation
(MCSC) Kern Women’s Business Center
California Hispanic Chamber of
Commerce
(CHCC) Programa Hispano
MCSC hosts the Women’s Business Center in Kern
The CHCC and its network of over 100 chambers
County by helping women, low-income, minority, and
and associations represent the interest of California’s
nonprofit businesses gain the knowledge they need
815,000 Hispanic-owned businesses. Through its
to start and run successful businesses. They offer
advocacy, education, and empowerment programs,
business start-up classes, monthly workshops, and
the CHCC brings California’s small business
free business consulting with special assistance for
community’s issues and needs to the forefront of
women, low-income, minority, veterans, and nonprofit
the California and National economic agendas.
businesses. The Bank provided $10,000 in funding
The Bank provided $10,000 in funding to support
to support MCSC’s small business opportunities for
the California Hispanic Regional SBDC - Programa
potential entrepreneurs and small business owners
Hispano. Bank associates also volunteered, providing
to become self-sustaining, successful contributors to
in-person and virtual small business and financial
their communities. Bank associates also volunteered
education workshops in 2023.
to provide small business and financial education
workshops to the participants.
34 | Citizens Business Bank 2023
Big Brothers Big Sisters
Workplace Mentoring Program
Inland SoCal United Way
211 Careers Program
The Bank is building the next-generation workforce
Entering its fourth year of collaboration, the Bank
supporting Big Brothers Big Sisters (BBBS) of Orange
continues to partner with Inland SoCal United Way
County and the Inland Empire by providing low-
(ISCUW) and its 211 Careers Program to assist low-
to-moderate income college students a Workplace
to-moderate income individuals to enter or re-enter
Mentoring Program. Focused on developing financial
the workforce by providing one-on-one resume
literacy skills, increasing soft skills, and supporting
reviews along with mock interview sessions. The
college/career readiness, Bank executive officers
Bank provided $32,500 in donations in 2023 in
and managers volunteer to educate, teach, and
support of this critical program to residents in the
coach college students about banking and the
Inland Empire. Some of the participants have been
financial services industry during an eight-month
previously involved in the criminal justice system
program. Various volunteer associates from the Bank
and require special attention to help them return
coordinated their schedules to provide individual
to the workforce. Each month, the Bank makes
mentoring to each of the low-to-moderate income
ten sessions available to ISCUW, with two Bank
youth. This unique program enables students to
volunteers per session to help address ISCUW’s
be given one-on-one attention with a mentor who
clients’ individual needs. Citizens Business Bank
provides professional support. Two Bank associates
associates participated in over 450 hours of
were recognized by BBBS as Mentors of the Year for
volunteer service under this program.
their outstanding service throughout 2023.
Community Service Employment Training
(CSET) Biz Hub
The Bank provided a $15,000 donation to support CSET’s micro and small business development program, Biz
Hub, and a new Workforce and Business Lab for CSET’s Navigation Center. The Biz Hub program is a unique
hybrid program to help low-income Tulare County entrepreneurs achieve their dreams by providing business
development assistance, financial literacy education, coaching, micro-loans, and resource navigation services in
several languages. The Business Lab also assists low-income individuals with workforce development needs and
will prepare them to gain job opportunities and become self-sufficient. The Workforce and Business Lab provides
computers, presentation equipment, and office supplies for job seekers to create resumes and participate in
workshops taught by CSET’s professional Career Coaches, preparing them to re-enter the workforce.
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
2023, the Borba Cup was awarded to Francisco Estrada, Assistant Vice
President and Service Manager for the Camarillo Business Financial Center.
Citizens Business Bank 2023 | 35
Leadership Team
With an average banking experience of more than 36 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 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
President
Chief Executive Officer
E. Allen Nicholson
Executive Vice President
Chief Financial Officer
David C. Harvey
Executive Vice President
Chief Operating Officer
David F. Farnsworth
Executive Vice President
Chief Credit Officer
Richard H. Wohl
Executive Vice President
General Counsel
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
G. Larry Zivelonghi
Executive Vice President
Dairy & Livestock Industries
36 | Citizens Business Bank 2023
Jeffrey S. Boyer
Senior Vice President
Los Angeles Region-North
Michael K. Currie
Senior Vice President
Information Technology
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
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
Rudy I. Ramirez
Senior Vice President
Information Security
Mark C. Richardson
Senior Vice President
Real Estate Banking
LaVon Short
Senior Vice President
Treasury Management
and 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 2023 | 37
38 | Citizens Business Bank 2023
38 | Citizens Business Bank 2023 Financial Summary
Citizens Business Bank 2023 | 39
Citizens Business Bank 2023 | 39 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 $3,398,942 at December 31, 2023,
December 31,
2023
2022
$ 171,396
$ 158,236
109,889
281,285
8,216
45,225
203,461
9,553
and $3,755,297 at December 31, 2022)
2,956,125
3,255,211
Investment securities held-to-maturity (with fair value
of $2,082,881 at December 31, 2023, and $2,155,587
at December 31, 2022)
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
Income taxes
Other assets
2,464,610
5,420,735
18,012
8,904,910
(86,842)
8,818,068
44,709
308,706
48,994
15,291
765,822
163,968
127,187
2,554,301
5,809,512
27,627
9,079,392
(85,117)
8,994,275
46,698
255,528
46,692
21,742
765,822
186,684
108,946
Total assets
$ 16,020,993
$ 16,476,540
40 | Citizens Business Bank 2023
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing
Interest-bearing
Total deposits
Customer repurchase agreements
Other borrowings
Deferred compensation
Accrued interest payable
Other liabilities
Total liabilities
Commitments and Contingencies
Stockholders’ Equity
December 31,
2023
2022
$ 7,206,175
$ 8,164,364
4,227,467
4,671,881
11,433,642
12,836,245
271,642
2,070,000
22,335
23,268
122,134
565,431
995,000
22,092
433
108,822
13,943,021
14,528,023
Common stock, authorized, 225,000,000 shares without par;
issued and outstanding 139,344,981 at December 31, 2023,
and 139,818,703 at December 31, 2022
Retained earnings
Accumulated other comprehensive (loss) income, net of tax
Total stockholders’ equity
1,288,899
1,112,642
(323,569)
2,077,972
1,300,466
1,002,847
(354,796)
1,948,517
Total liabilities and stockholders’ equity
$ 16,020,993
$ 16,476,540
Citizens Business Bank 2023 | 41
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
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 sale of building, net
Other
Total noninterest income
Year Ended December 31,
2023
2022
$ 448,295
$ 389,192
83,563
54,750
138,313
1,861
17,861
606,330
51,535
66,805
118,340
487,990
2,000
485,990
20,219
12,556
1,627
12,751
-
12,177
59,330
68,508
49,048
117,556
1,207
6,713
514,668
6,830
2,325
9,155
505,513
10,600
494,913
21,382
11,518
1,470
5,356
2,717
7,546
49,989
42 | Citizens Business Bank 2023
Noninterest expense:
Salaries and employee benefits
Occupancy and equipment
Professional services
Computer software expense
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,
2023
2022
139,191
22,109
9,082
14,051
6,756
(500)
6,452
-
32,745
229,886
315,434
93,999
131,596
22,737
9,362
13,503
6,296
-
7,566
6,013
19,482
216,555
328,347
92,922
$ 221,435
$ 235,425
$ 1.59
$ 1.67
$ 1.59
$ 1.67
Cash dividends declared per common share
$ 0.80
$ 0.77
Citizens Business Bank 2023 | 43
Locations
Los Angeles County
Arcadia
626.445.7350
Beach Cities (El Segundo)
310.802.4015
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
Monrovia
626.303.4661
Pasadena
626.405.4915
Pomona
909.629.4151
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 County
Riverside County
Apple Valley
760.961.6900
Chino
909.627.7316
Fontana
909.350.8080
Ontario Airport
909.980.1080
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
44 | Citizens Business Bank 2023
Redlands
909.307.8100
San Bernardino (Tri-City)
909.888.6363
Upland
909.946.6921
Corona
951.734.6120
Riverside
951.683.2112
San Diego County
San Diego (Carmel Valley)
858.847.6500
San Diego (Downtown)
858.350.8650
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
Ventura County
Santa Barbara County
Camarillo
805.482.7600
Oxnard
805.485.7600
Ventura
805.477.7600
Westlake Village
805.557.7600
Santa Barbara
805.324.5920
Kern County
Tulare County
Fresno County
Bakersfield (Downtown)
661.281.0300
Bakersfield (Rosedale)
661.589.9040
Bakersfield (Stockdale)
661.281.0325
Delano
661.725.8888
Porterville
559.306.1300
Tulare
559.687.3350
Visalia
559.622.9000
Fresno
559.261.0222
Kingsburg
559.802.1070
Stanislaus County
San Joaquin County
Modesto
209.353.2399
Lodi
209.334.7400
Stockton
209.851.3740
Madera County
Yolo County
Sutter County
Madera
559.664.9222
West Sacramento
916.830.3560
Yuba City
530.674.8900
CitizensTrust
Newport Beach
949.440.5231
Ontario
909.483.4392
Pasadena
626.564.6263
Visit cbbank.com/locations for more information
Citizens Business Bank 2023 | 45
Corporate Information
Transfer Agent
Computershare
150 Royall Street, Suite 101
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.
There were approximately 139,374,072 shares of common stock outstanding with 1,916
registered shareholders of record as of February, 9, 2024.
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
cbbank.com
Equal Housing Lender | Member FDIC | NMLS# 417441
46 | Citizens Business Bank 2023
701 N Haven Avenue | Ontario, CA 91764 | 909.980.4030 | cbbank.com