2024 Summary Annual Report
Photography courtesy of Nasdaq, Inc.
Celebrating 50 Years
CVB Financial Corp. had the honor of ringing the Nasdaq Closing Bell on November 6, 2024.
The Board of Directors and Executive Leadership were in attendance to celebrate
our 50th anniversary. George A. Borba Jr., Vice Chairman of the Board, led the
ceremony in recognition of 50 years of helping our customers reach success.
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. 50 years later, Citizens Business Bank has grown
to more than $15 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 they 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.
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.
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.
Our Mission
Our Story
Our Vision
2 | Citizens Business Bank 2024
Citizens Business Bank 2024 | 3
Super Premier
Performing Bank
Findley Reports, 2024
BBB+
Strong Rating Outlook
Fitch Ratings, 2025
Five-Star Superior Rating
BauerFinancial, 2024
$200.7
Million
Net
Earnings
Quarters of
Profitability
Over 47 Years
191
Consecutive
Quarters of Cash
Dividends Paid
Over 35 Years
141
Consecutive
America’s Best Banks1
Forbes, 2025
Business Angel
of the Year
Los Angeles Business Journal, 2024
Top 50
Public Banks
S&P Global Market Intelligence, 2024
1CVB Financial Corp. is the holding company for Citizens Business Bank
Citizens Business Bank 2024 | 3
Corporate Information
2024 in Review
Financial Highlights
Board of Directors
Financial Summary
Valued Customers
Services
Community Commitment
Leadership Team
Locations
6
7
9
13
27
32
36
38
42
44
Table of Contents
Citizens Business Bank 2024 | 5
Board of Directors
George A. Borba Jr.
Vice Chairman
Raymond V. O’Brien III
Director
Stephen A. Del Guercio
Director
David A. Brager
President
Chief Executive Officer
Jane Olvera Majors
Director
Hal W. Oswalt
Chairman
Anna Kan
Director
Kimberly Sheehy
Director
6 | Citizens Business Bank 2024
Citizens Business Bank 2024 | 7
To our Shareholders, Customers, and Associates
Continued on next page
2024 in Review
Citizens Business Bank celebrated our 50th anniversary in 2024 and, since inception, we have grown
to more than $15 billion in assets, with 3 trust offices and over 60 banking locations throughout
California. We were honored to have our Board of Directors invited by Nasdaq to ring the closing
bell in celebration of our 50 years of success in business banking. We celebrate our 50-year record
of creating long-lasting and trusted banking relationships by focusing on our customers’ needs and
helping them achieve their goals for their businesses, their employees, and the communities we
mutually serve.
We reported our 191st consecutive quarter of profitability and paid our 141st consecutive quarterly
cash dividend to our shareholders. Net earnings were $200.7 million for the year ended December
31, 2024, compared with $221.4 million for the year ended December 31, 2023. For the year ended
December 31, 2024, return on average assets (ROAA) was 1.24% and return on average tangible
common equity (ROATCE) was 14.95%, compared to 1.35% ROAA and 18.48% ROATCE for 2023.
We reported total assets of $15.2 billion at December 31, 2024, compared to total assets of $16.02
billion at December 31, 2023, primarily due to our pay-down of external debt. During the 4th quarter
of 2024, our Board of Directors authorized a new 10 million share repurchase program.
We continue to partner with the best privately held and family-owned businesses throughout
California. Our reputation as one of the top-performing banks in the nation is reinforced by the
accolades we continue to receive, year after year. In 2024, our Bank was again ranked on S&P Global
Market Intelligence’s Top 50 Public Banks and Forbes’ Best Banks in America lists. We also continued
to earn 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 strong financial position allows us to continue our support of the numerous communities we
serve. Recently, we donated $200,000 divided equally among four relief agencies working on the
front lines to assist people affected by the devastating wildfires that occurred in Los Angeles County.
We are also one of the banks participating in the California Department of Financial Protection
& Innovation (DFPI) relief efforts to assist those impacted by the fires. In total, during 2024, we
8 | Citizens Business Bank 2024
Hal W. Oswalt
Chairman of the Board
David A. Brager
President and Chief Executive Officer
Continued
supported our communities with approximately $2.1 million in donations to a variety of charitable
organization supporting individuals and businesses. Our two Annual Charity Golf Tournaments raised
a combined total of $207,500 in 2024 for community benefit organizations in Orange County and
Los Angeles County.
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.
Citizens Business Bank 2024 | 9
At year end, we reported our 191st consecutive
quarter of profitability and paid our 141st consecutive
quarterly cash dividend to shareholders. Our focus on
improving key financial metrics, including profitability
and asset quality, is paramount.
Citizens Business Bank 2024 | 9
Financial Highlights
10 | Citizens Business Bank 2024
2024
2023
2022
2021
2020
2024
2023
2022
2021
2020
$14.4
Total Assets
(Dollars in Billions)
$15.2
2020 2021 2022 2023 2024
(Dollars in Billions)
Total Deposits1
1Includes customer repurchase agreements.
$12.2
$12.2
(Dollars in Billions)
Total Loans
$8.3
$8.5
Financial Highlights
10 | Citizens Business Bank 2024
Citizens Business Bank 2024 | 11
Net Earnings
2020 2021 2022 2023 2024
2020 2021 2022 2023 2024
2024
2023
2022
2021
2020
Noninterest
Income
2
(Dollars in Millions)
Noninterest
Bearing Deposits
(Dollars in Millions)
(Dollars in Billions)
2Excludes gain on sale of loans, securities, sale
leaseback, branches, and gain on eminent domain
$7.5
$56.9
$48.2
$177.2
$7.0
$200.7
41.40%
2020 2021 2022 2023 2024
Efficiency Ratio
3
38.98%
46.55%
3 Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
41.09%
42.00%
Citizens Business Bank 2024 | 11
12 | Citizens Business Bank 2024
Shareholders’ Equity
(Dollars in Billions)
Dividends Declared
(Dollars in Millions)
Diluted Earnings Per Share
$97.7
$2.2
$2.0
$1.30
$1.44
$111.9
Financial Highlights
2024
2023
2022
2021
2020
2024
2023
2022
2021
2020
2024
2023
2022
2021
2020
12 | Citizens Business Bank 2024
Citizens Business Bank 2024 | 13
Our founders understood that building long-lasting,
genuine relationships with our customers would lead to
successful outcomes for the customer and the Bank. For
50 years, we have focused on the power of relationship
banking to help set us apart from other financial services
companies. We serve a diverse range of industries,
from dairy farms and manufacturers to professional
services and public administration. Many of our banking
relationships have been going strong for decades.
Valued Customers
Citizens Business Bank 2024 | 13
Apex Imaging Services was founded in 1949 as a painting company for the petroleum industry.
Over the years, the business expanded into general contracting for retail, restaurant, grocery,
and petrol clients. Now in their 75th year of business, Apex Imaging Services has a nationwide
presence for multi-site remodels and rollouts in the retail, banking, grocery, restaurant, and
convenience store industries. As Hal Hargrave, Chief Executive Officer & Owner, explains it,
“We’re not a general contractor anymore. We’re a national solutions company.”
Apex Imaging Services first entered into a banking relationship with Citizens Business Bank in
1985. They amicably parted ways in 1994 but returned to Citizens Business Bank after the large
national bank they were using had continually failed to meet their needs. “We were looking to
grow, but the big bank had us pigeonholed, telling us we weren’t positioned for growth,” says
Hal. Dan Cardona, Chief Operating Officer, adds, “We understand the value of the relationship
14 | Citizens Business Bank 2024
banking model and the power of personal service, because of our own similar focus on building
relationships with our clients.” This alignment of values led Apex to return to the partnership
with Citizens Business Bank in 2010. Apex Imaging Services immediately began to scale their
business, and they have seen a 20% year-over-year growth in a 10-year period.
When asked which Bank services have stood out the most, Hal responded, “Daily cash
management, Online Banking, and Lines of Credit – all are critical to our business.” Apex Imaging
Services received a Paycheck Protection Program (PPP) Loan, which helped to keep employees
on payroll during the COVID-19 pandemic. Their focus on personal interactions and building
relationships led the Apex team to secure Equipment Financing for streamlining their travel and
facilitating face-to-face meetings with clients across the country. “The Bank has grown with us
and adapted along with us,” says Hal, “and they’ve really worked with us so well.”
Citizens Business Bank 2024 | 15
Apex Imaging Services
Valued Customer Since 1985
“We continue to be impressed with
the customer service, every day.”
Pictured: Hal Hargrave, Chief Executive Officer & Owner, Kathleen Hargrave, President &
Owner, Michele Stratton, Chief Financial Officer, Dan Cardona, Chief Operating Officer
Bakman Enterprises has been operating in California’s Central Valley for more than 75 years. In
1948, Bakman Water Company was formed to meet the need for local water systems in new
housing developments within the Fresno community. Over the years, the company has grown
and diversified to include commercial real estate development, multi-family properties, and
commercial retail centers. Today, Bakman Enterprises consists of a diverse group of thriving
businesses, and Bakman Water Company has expanded to cover more than four square miles
in the Southeast Fresno area.
Shay Bakman, Vice President and the fourth generation of the Bakman family to be involved in
the business, is focused on growing Bakman Enterprises with the support of Citizens Business
Bank. When Bakman Enterprises was expanding their commercial real estate development
business, they reached out to their Relationship Manager to help with Commercial Real Estate
Financing for a new shopping center. “Our Relationship Manager provides answers. When she
Bakman Enterprises
Valued Customer Since 2005
“The Bank has always taken care of us
and met our needs.”
Pictured:
Shay Bakman, Vice President, Tim Bakman, President
16 | Citizens Business Bank 2024
can’t provide an answer, she doesn’t give us some 1-800 number. She calls for us,” explains Shay.
“She provides quick assistance under tight deadlines.”
“The Bank has great products to help us protect our money and grow our money,” says Shay.
Like many other businesses, Bakman Enterprises has seen an alarming increase in the number
of their mailed checks being stolen and rewritten by fraudsters. In response, Bakman Enterprises
implemented Check Positive Pay to significantly reduce the risk of check fraud. “We are just
starting with Positive Pay,” says Shay, “and it has already been a good recommendation.” Other
services, such as Remote Deposit Capture and Business Online Banking, make daily banking
more convenient for Shay’s team. Shay is also impressed with the level of service provided by
CitizensTrust, “the Wealth Management team has been great, kept us informed, and explained
everything to us in layman’s terms.”
Citizens Business Bank 2024 | 17
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The Orange Coast Title Family of Companies and Citizens Business Bank both began operation in
1974. In the 50 years since then, both companies have steadily grown, expanding their customer
base, product offerings, and footprint in Southern California. Today, Orange Coast Title Family of
Companies is a full-service title agency that serves Southern California. With a focus on growth
in the last ten years, the company now has offices throughout the Western United States, with
some national capabilities as well.
In 1990, the then-CEO of Chino Valley Bank personally met with Orange Coast Title management
to discuss a new banking relationship. The two companies formed a long-term business
relationship that same day, and it still holds strong more than 30 years later. “Trust is the most
important part of our partnership,” says Mike Marconi, President & Chief Operating Officer.
“Whether on a wire transfer or a request for banking needs, we trust that the Citizens Business
18 | Citizens Business Bank 2024
Citizens Business Bank 2024 | 19
Bank team will have a look at whatever we say. They know how our services work and they take
care to handle any problems we might have.”
Mike and his team have a direct connection with their Relationship Manager, knowing they can
reach out at any time. “If we absolutely need to send a wire transfer right away, we call our
Relationship Manager,” says Mike. “We bank with her and her team to make that happen.” All of
the individual companies under Orange Coast Title require varying levels of banking products
and services. This has led to opening multiple Demand Deposit Accounts and Money Market
Accounts to meet each of their unique needs. For their day-to-day banking needs, the companies
use a wide range of Treasury Management products, including Check Positive Pay, Positive
Pay Payee Match, and ACH Positive Pay. Citizens Business Bank will continue to go above and
beyond to maintain the long-standing partnership with Orange Coast Title as both companies
maintain their growth well into the future.
Orange Coast Title Family of Companies
Valued Customer Since 1990
“It’s not just a transaction, it’s a partnership.
We have that with Citizens Business Bank.”
Pictured: Mike Marconi, President & Chief Operating Officer
Citizens Business Bank 2024 | 19
U.S. Continental, a private label manufacturer serving a broad variety of companies, has grown
to become the world’s largest manufacturer of leather and fabric care products. David Williams,
Chief Executive Officer, started the company together with his father more than 35 years ago,
beginning with a table at a local swap meet and expanding it into a global industry leader. Their
comprehensive facility in Corona, California includes a state-of-the-art laboratory, R&D, graphic
design, manufacturing, packaging, and distribution.
“I know another business owner that is using an entirely online bank, and that relationship is
completely transactional,” says David. “That’s not the case with Citizens Business Bank. We have
more than a transactional relationship with the Bank, and I can call my Relationship Manager
to get results.” When one of his father’s entrepreneurial endeavors went through a bankruptcy,
David saw firsthand how crucial his father’s strong relationships with his attorney and accountant
20 | Citizens Business Bank 2024
U.S. Continental
Valued Customer Since 2001
“Citizens Business Bank
understands our business.”
Pictured: David Williams, Chief Executive Officer
were in helping him rebuild. That experience was on his mind when choosing a banking partner
and is what ultimately led his company to the Bank.
For more than 20 years, U.S. Continental has cultivated a strong relationship with Citizens
Business Bank. A Revolving Line of Credit gives David reassurance that funds are available
when U.S. Continental needs them and will help prepare for future growth. Owner-Occupied
Commercial Real Estate Financing supports the manufacturing facility, and Equipment Financing
helps to implement cutting-edge technology. They use a suite of Treasury Management services
and recently implemented Check Positive Pay for additional fraud protection. Citizens Business
Bank plans to continue working together with U.S. Continental as they expand their presence
across the globe.
Citizens Business Bank 2024 | 21
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In 1957, Robert Kennard formed Kennard Design Group, which would grow to become one of
the largest African American-owned architectural practices in the country. KDG Construction
Consulting was founded in 1980 by Robert’s daughter, Lydia Kennard, as an offshoot of the
Kennard Design Group. Today, Lydia is at the helm of KDG Construction Consulting, which
provides construction and project management services to public and institutional clients
throughout California and the Western United States.
“As a fourth generation entrepreneur, it’s in my DNA,” says Lydia Kennard, President & Chief
Executive Officer. By 2011, KDG Construction Consulting had seen explosive growth, and Lydia
soon found that the large national bank they were using was no longer a good fit. “Those big
banks are not set up to handle mid-market companies like ours,” states Lydia, “and they fall
KDG Construction Consulting
Valued Customer Since 2014
“Lots of different types of products that
allow us to grow our business platforms.”
Pictured: Lydia Kennard, President & Chief Executive Officer
22 | Citizens Business Bank 2024
Citizens Business Bank 2024 | 23
short of our banking needs.” She was searching for a new financial services company that valued
personal service and had the capabilities to meet their unique business needs.
In 2014, KDG Construction Consulting looked to Citizens Business Bank as a long-term business
partner to help continue their growth. “I believe a bank should be a partner, and Citizens Business
Bank has been very responsive to our financial needs,” says Lydia. KDG has implemented Treasury
Management services to manage financial risk and handle daily cash flow. Commercial Real
Estate Financing was also essential to successfully completing a recent business acquisition.
Lines of Credit provide KDG with borrowing flexibility and access to capital. As KDG Construction
Consulting continues to grow, Lydia knows they have found success in the full banking relationship
with Citizens Business Bank.
Citizens Business Bank 2024 | 23
24 | Citizens Business Bank 2024
Denovo Dental Inc. is a pediatric dental manufacturing company that provides products to
dental practices across the globe. The company was founded by Richard Parker in 1988, with
a goal to be the dental industry’s most customer-centric company. Through the years, Denovo
Dental has built a respected name in their industry and are known for manufacturing a variety
of high-quality dental products, from space maintainers and customized crowns to pediatric
instruments and bands for fillings. Denovo Dental has maintained a full banking relationship
with Citizens Business Bank over three generations of the Parker family, with plans for the fourth
generation to one day enter the family business.
Today, Richard’s son, Joseph Parker, serves as President and continues to build the company
around relationships. Joseph’s own son is also involved in the business, and they speak highly
of their family’s experience with the Bank. “It’s about the convenience and the relationship. We
24 | Citizens Business Bank 2024
Citizens Business Bank 2024 | 25
have been a customer of Citizens Business Bank for more than twenty years and they have been
very helpful,” explains Joseph.
“When I walk into the Center and they know my name, it’s a great feeling,” says Joseph, “They
know who you are.” Denovo Dental regularly initiates Wire Transfers and ACH Transfers as
convenient methods of sending payments. The Bank provides Denovo Dental with a variety of
Treasury Management services to help make their everyday banking more manageable. Joseph
also relies on professionals from the CitizensTrust Wealth Management team to deliver hands-
on management of assets tailored to his company and his goals. We will continue to provide
solutions to help Denovo Dental grow as they expand their business and relationship with
Citizens Business Bank.
Denovo Dental
Valued Customer Since 2002
“We found Citizens Business Bank and have been a
customer ever since. We have a great partnership.”
Pictured:
Joseph T. Parker II, General Manager, Joseph T. Parker, President, Joseph T. Parker III
Citizens Business Bank 2024 | 25
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Citizens Business Bank 2024 | 27
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 2024 | 27
28 | Citizens Business Bank 2024
Fraud Prevention
Payables
Accounts
Receivables
Data Management
Check Positive Pay
Positive Pay Payee Match
Reverse Positive Pay
ACH Positive Pay
CardValet®
Safe Deposit Box
Bill Pay
Debit Card
ACH Origination
Wire Transfer
Credit Card
Tax Payment Services
Samsung Pay
Apple Pay®
Google Pay™
Commercial Card
Zelle® for Small Business
Online Banking
Bill Pay
Mobile Banking
Mobile Deposit
E-Statements
Debit Card
Credit Card
Personal Financial Management (PFM)
Safe Deposit Box
CardValet®
Samsung Pay
Apple Pay®
Google Pay™
Zelle®
Remote Deposit Capture
ACH Origination
Merchant Services
Bill Pay Consolidation
Lockbox
Instant Payments
Image Cash Letter
Cash Vault Services
Smart Safe Advanced Credit
Mobile Deposit
Business Online Banking
E-Statements
Image Services
Mobile Banking
Business Insights
Disbursement Reporting
Account Reconcilement
Information Reporting
Electronic Data Interchange
Premium Money Market
Personal Checking
Personal Savings
Minor Trust Savings
CDARS®
Certificate of Deposit
55 Checking
Preferred Choice Checking
Individual Retirement Account
Investment Checking
Health Savings Account
Accounts
Online & Cards
Business Checking
Investment Checking
Analysis Business Plan
Business Savings
Premium Money Market
Certificate of Deposit
Zero Balance Account
CDARS®
Attorney Client Trust
Business Sweep1
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.
$
Equal Housing Lender | Member FDIC | NMLS# 417441
Banking
Business
Personal
Not Insured by FDIC or Any Other Government Agency
Not Bank Guaranteed
Not Bank Deposits or Obligations
May Lose Value
1
Citizens Business Bank 2024 | 29
Business
Personal
Home Purchase
Home Refinance
Home Equity Line of Credit
Auto Financing
Equal Housing Lender | Member FDIC | NMLS# 417441
Revolving Lines
of Credit
Term Lending
Equipment Financing
Agricultural Lending
Construction Lending
Asset-Based Lending
Dairy & Livestock
Commercial Real
Estate Lending
Small Business
Administration
Lending
Citizens Home Lending
C-PACE Financing
Municipal Financing
Revolving Lines
of Credit
30 | Citizens Business Bank 2024
1
2
Asset Management
Charitable Services
Estate Planning
Citizens Business Bank is not a registered broker/dealer. Trust and Wealth Management services are provided by CitizensTrust Wealth Management.
CitizensTrust
Wealth Management1
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:
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.
CitizensTrust
Investment Services2
Business & Succession Planning
Financial Planning
Personal Investing
Retirement Planning
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.
Investing
Not Insured by FDIC or Any Other Government Agency
Not Bank Guaranteed
Not Bank Deposits or Obligations
May Lose Value
Citizens Business Bank 2024 | 31
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
Title & Escrow
Nonprofit
Medical
Fiduciary Services
Property Management
Government
Agriculture
Professional Services
Labor Management
Dairy & Livestock
International Services
Industry Expertise
32 | Citizens Business Bank 2024
Community Commitment
Citizens Business Bank is deeply engaged in Corporate Citizenship throughout the
communities we serve. We actively support hundreds of nonprofit organizations through
our lending, investment and donations, and volunteer service.
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.
Citizens Business Bank 2024 | 33
$2.1 Million Donated in 2024
Workforce Development
Our Bank supported organizations doing the vital work of providing workforce development and
education to students, adults, and disabled individuals, such as Anthesis, Junior Achievement of San
Diego County, PUENTE Learning Center, Community Development Technologies Center (CD Tech),
GRID Alternatives Inland Empire, Hollenbeck Police Activities League, Working Wardrobes, Housing &
Opportunity Foundation of Kern, Community Services Employment Training, Vocational Improvement
Program, Inc., Inland Empire Job Corps, and Proteus Inc.
Affordable Housing
We donated over $390,000 to support various housing organizations in support of affordable housing
solutions ranging from homeless shelters to homebuyer education to senior housing. A partial list of
organizations that received financial support include Covina Field of Valor, Habitat for Humanity Fresno,
Mary Erickson Community Housing, Rio Hondo Community Development Corporation, Southwest
Fresno Development Corporation, Habitat for Humanity San Bernardino Area, Inc., Inland Empire
Resource Center, Neighborhood Housing Services of the Inland Empire, Orange County Community
Housing Corporation, Salt + Light Works, Veterans Housing Alliance, Housing and Opportunity
Foundation of Kern County, Community Housing Council of Fresno, and Self-Help Enterprises.
Food Bank Support
Citizens Business Bank provided much-needed relief through donations to seven food banks located
throughout California. Featured organizations that received financial support include Feeding America
Riverside and San Bernardino Counties, The Salvation Army Tulare Corps – Del Oro Division, Union
Station Homeless Services, Los Angeles Regional Food Bank, Food Share of Ventura County, and
Community Action Partnership of Kern.
34 | Citizens Business Bank 2024
Vocational Improvement Program, Inc. Workforce Development
The mission of Vocational Improvement Program, Inc. is to maximize the potential of individuals with
disabilities. For the last few years, our Bank has provided support for its various programs, and in
2024 provided a grant for the ACE Program that provides a variety of opportunities for access to the
local community as wells as training opportunities that are geared toward education, independence,
and potential employment.
Inland Empire Job Corps Workforce Development
A new partnership was established in 2024 to continue the growth of the Pathways to Career
Success Program. The Inland Empire Job Corps Center, located in San Bernardino, California, provides
free career training and education for low income 16- through 24-year olds. Our Bank’s volunteers
provided in-person training on the interview process, discussing all aspects from how to dress for an
interview, how to answer typical interview questions to how to follow up after the interview. Many
of the volunteers were Human Resources associates or hiring managers, sharing their expertise and
real-life experience with young adults participating in Job Corps’ Business and Finance Transition
Program. After the training sessions, volunteers meet one-on-one with the participants to review
drafts of their resumes and conduct mock interviews. For most of the participants, this was the
first time they had prepared a resume or experienced the interview process. This new volunteer
opportunity generated over 100 CRA service hours for the Bank.
Arranque Empresarial Small Business/Economic Development
Arranque Empresarial is a nonprofit organization committed to advancing educational excellence
and economic empowerment in underserved communities. The organization’s mission is to foster
a culture of balance, wisdom, and creativity, ultimately promoting economic, social, and emotional
stability through collective support. Our Bank’s funding provided critical resources to low-to-
moderate income individuals and entrepreneurs in Tulare and Kern Counties. The programs primarily
benefit this demographic by equipping them with the knowledge, skills, and support necessary to
achieve economic self-sufficiency and success.
Access Plus Capital Small Business/Economic Development
Access Plus Capital continues to strengthen its role as a leading CDFI, driving economic mobility in
Tulare and Kern counties. In 2024, 42% of its total funding was deployed in these regions, directly
fueling small business growth in historically underserved communities. With a 96% repayment rate,
the organization demonstrates a strong track record of responsible lending and financial stewardship,
ensuring that investments translate into lasting economic impact. With the support of Citizens Business
Bank’s $5,000 grant, Access Plus Capital expanded its high-impact programs, offering technical
assistance, back-office support, and capital solutions that empower entrepreneurs. This investment
directly fueled initiatives—including workshops, one-on-one coaching, and ecosystem-building
efforts—that strengthen small business resilience and drive sustainable regional growth. As a trusted
CDFI, Access Plus Capital maximizes funding to dismantle systemic financial barriers, expand access to
capital, and create sustainable pathways to prosperity.
Proteus Inc. Workforce Development
The Bank provided $10,000 in grant funding to Proteus Inc. to support low-to-moderate income
individuals by providing employment, education, training, and community services to program
participants. The funding was used to help individuals obtain career training or educational vocational
school services, employment and training programs, as well as to support those in need of emergency
supportive services. Proteus Inc.’s mission is to provide educational workplace training, job placement,
and other supportive services to farm working families and diverse program participants, empowering
them to achieve self-sufficiency.
Citizens Business Bank 2024 | 35
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 2024, the Borba Cup was awarded to Peter Csaba, Vice
President and IT Technical Services Manager.
Self-Help Enterprises Affordable Housing
Self-Help Enterprises is a nationally recognized community development organization whose mission
is to work together with low-income families to build and sustain healthy homes and communities.
Since 1965, Self-Help Enterprises’ efforts have touched the lives of over 86,000 families. Our Bank
provided $11,000 in funding to support “The Gateway” program offering educational and counseling
services to equip low-income families with the tools and resources needed to meet financial and
sustainable homeownership goals. The program helps low-income individuals qualify for reduced
rates or mortgage insurance with some lenders, and supports USDA, CalHFA, City, and County
homebuyer assistance programs.
Mission Community Services Corporation
Kern Women’s Business Center Economic Development
Mission Community Services Corporation (MCSC) hosts the Women’s Business Center in Kern
County, providing the local business community with the knowledge they need to start and run
successful businesses, including non profit businesses. They offer business start-up classes, monthly
workshops, and free business consulting. Our Bank provided $5,000 in funding to support MCSC’s
potential entrepreneurs and small business owners to become self-sustaining, successful business
operators and contributors to their communities. Bank associates also volunteered to provide small
business and financial education workshops to the participants.
9/11 Day
9/11 Day is a 501(c)(3) nonprofit organization that hosts meal packs in 21 cities nationwide in observance
of the September 11 National Day of Service & Remembrance. Forty Citizens Business Bank associates
volunteered at the Los Angeles site to prep and pack meal boxes for low-to-moderate income
individuals and families. The Bank also donated $10,000 in support of 9/11 Day’s mission.
36 | Citizens Business Bank 2024
David F. Farnsworth
Executive Vice President
Chief Credit Officer
E. Allen Nicholson
Executive Vice President
Chief Financial Officer
David A. Brager
President
Chief Executive Officer
David C. Harvey
Executive Vice President
Chief Operating Officer
R. Daniel Banis
Executive Vice President
CitizensTrust
Timothy B. Noone
Executive Vice President
Specialty Banking
Yamynn De Angelis
Executive Vice President
Chief Risk Officer
Ted J. Dondanville
Executive Vice President
Banking Division
Richard H. Wohl
Executive Vice President
General Counsel
G. Larry Zivelonghi
Executive Vice President
Dairy & Livestock
Industries
Hector G. Gutierrez, Esq.
Executive Vice President
Deputy Chief Credit Officer
Susan M. Mlot
Executive Vice President
Operations
Joyce Y. Kwon
Executive Vice President
Human Resources
Daniel Limon
Executive Vice President
Specialty Lending
LaVon Short
Executive Vice President
Treasury Management
and Marketing
Leadership Team
With an average banking experience of more than 38 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.
Citizens Business Bank 2024 | 37
Michael B. Mulcahy
Senior Vice President
Los Angeles Region-Metro
Michael K. Currie
Senior Vice President
Information Technology
Deborah G. Gallagher
Senior Vice President
Small Business Administration
Jeffrey S. Boyer
Senior Vice President
Los Angeles Region-North
Gilbert W. Estrada
Senior Vice President
Inland Empire Region
Mark C. Richardson
Senior Vice President
Real Estate Banking
Donald E. Evenson
Senior Vice President
CitizensTrust
Richard M. Favor
Senior Vice President
Central Coast Region
David S. Stong
Senior Vice President
San Diego Region
Robert E. Zeltner
Senior Vice President
Orange County Region
Michael D. Stain
Senior Vice President
Central Valley Region
Walter Smiechewicz
Senior Vice President
Internal Audit
Rudy I. Ramirez
Senior Vice President
Information Security
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.
38 | Citizens Business Bank 2024
Assets
Cash and due from banks
$ 153,875
$ 171,396
Interest-earning balances due from Federal Reserve
50,823
109,889
Total cash and cash equivalents
204,698
281,285
Interest-earning balances due from depository institutions
480
8,216
Investment securities available-for-sale, at fair value
(with amortized cost of $2,997,047 at December 31, 2024,
and $3,398,942 at December 31, 2023)
2,542,115
2,956,125
Investment securities held-to-maturity (with fair value of
$1,954,345 at December 31, 2024, and $2,082,881
at December 31, 2023)
2,379,668
2,464,610
Total investment securities
4,921,783
5,420,735
Investment in stock of Federal Home Loan Bank (FHLB)
18,012
18,012
Loans and lease finance receivables
8,536,432
8,904,910
Allowance for credit losses
(80,122)
(86,842)
Net loans and lease finance receivables
8,456,310
8,818,068
Premises and equipment, net
27,543
44,709
Bank owned life insurance (BOLI)
316,248
308,706
Accrued interest receivable
45,716
48,994
Intangibles
9,967
15,291
Goodwill
765,822
765,822
Income taxes
171,178
163,968
Other assets
215,898
127,187
Total assets
$ 15,153,655
$ 16,020,993
Consolidated Balance Sheets
CVB Financial Corp. and Subsidiaries
(Dollars in thousands, except share amounts)
2023
2024
December 31,
Financial Summary
Citizens Business Bank 2024 | 39
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing
$ 7,037,096
$ 7,206,175
Interest-bearing
4,911,285
4,227,467
Total deposits
11,948,381
11,433,642
Customer repurchase agreements
261,887
271,642
Other borrowings
500,000
2,070,000
Deferred compensation
22,909
22,335
Accrued interest payable
5,047
23,268
Other liabilities
229,115
122,134
Total liabilities
12,967,339
13,943,021
Commitments and Contingencies
Stockholders’ Equity
Common stock, authorized, 225,000,000 shares without par; issued
and outstanding 139,690,086 at December 31, 2024, and
139,344,981 at December 31, 2023
1,296,881
1,288,899
Retained earnings
1,201,499
1,112,642
Accumulated other comprehensive loss, net of tax
(312,064)
(323,569)
Total stockholders’ equity
2,186,316
2,077,972
Total liabilities and stockholders’ equity
$ 15,153,655
$ 16,020,993
2023
2024
December 31,
40 | Citizens Business Bank 2024
Consolidated Statements of Earnings
CVB Financial Corp. and Subsidiaries
(Dollars in thousands, except per share amounts)
Interest income:
Loans and leases, including fees
$ 455,755
$ 448,295
Investment securities:
Investment securities available-for-sale
80,890
83,563
Investment securities held-to-maturity
53,151
54,750
Total investment income
134,041
138,313
Dividends from FHLB stock
1,551
1,861
Interest-earning deposits with other institutions
38,765
17,861
Total interest income
630,112
606,330
Interest expense:
Deposits
105,483
51,535
Borrowings and customer repurchase agreements
76,709
66,805
Other
573
-
Total interest expense
182,765
118,340
Net interest income before (recapture of) provision for credit losses
447,347
487,990
(Recapture of) provision for credit losses
(3,000)
2,000
Net interest income after (recapture of) provision for credit losses
450,347
485,990
Noninterest income:
Service charges on deposit accounts
20,370
20,219
Trust and investment services
13,729
12,556
Bankcard services
1,652
1,627
BOLI income
12,420
12,751
Loss on sale of investment securities
(28,317)
-
Gain on sale leaseback transactions
25,900
-
Other
8,720
12,177
Total noninterest income
54,474
59,330
2023
2024
Year Ended December 31,
Financial Summary
Citizens Business Bank 2024 | 41
Year Ended December 31,
Noninterest expense:
Salaries and employee benefits
144,472
139,191
Occupancy and equipment
23,407
22,109
Professional services
10,482
9,082
Computer software expense
15,301
14,051
Marketing and promotion
7,307
6,756
(Recapture of) provision for unfunded loan commitments
(1,250)
(500)
Amortization of intangible assets
5,324
6,452
Other
28,540
32,745
Total noninterest expense
233,583
229,886
Earnings before income taxes
271,238
315,434
Income taxes
70,522
93,999
Net earnings
$ 200,716
$ 221,435
Basic earnings per common share
$ 1.44
$ 1.59
Diluted earnings per common share
$ 1.44
$ 1.59
Cash dividends declared per common share
$ 0.80
$ 0.80
2023
2024
42 | Citizens Business Bank 2024
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
Los Angeles 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 (Tri-City)
909.888.6363
Upland
909.946.6921
San Bernardino County
Corona
951.734.6120
Riverside
951.683.2112
Riverside County
Locations
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
Orange County
San Diego (Carmel Valley)
858.847.6500
San Diego (Downtown)
858.350.8650
San Diego County
Citizens Business Bank 2024 | 43
Visit cbbank.com/locations for more information
Camarillo
805.482.7600
Oxnard
805.485.7600
Ventura
805.477.7600
Westlake Village
805.557.7600
Ventura County
Bakersfield (Downtown)
661.281.0300
Bakersfield (Rosedale)
661.589.9040
Bakersfield (Stockdale)
661.281.0325
Delano
661.725.8888
Kern County
Fresno County
Fresno
559.261.0222
Kingsburg
559.802.1070
Tulare County
Porterville
559.306.1300
Tulare
559.687.3350
Visalia
559.622.9000
Santa Barbara County
Santa Barbara
805.324.5920
Madera County
Madera
559.664.9222
San Joaquin County
Lodi
209.334.7400
Stockton
209.851.3740
Newport Beach
949.440.5231
Ontario
909.483.4392
Pasadena
626.564.6263
CitizensTrust
Stanislaus County
Modesto
209.353.2399
West Sacramento
916.830.3560
Yolo County
Yuba City
530.674.8900
Sutter County
44 | Citizens Business Bank 2024
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 139,617,917 shares of common stock outstanding with 1,831
registered shareholders of record as of February 24, 2025.
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.
PO Box 51000
Ontario, CA 91761
Street Address
701 N Haven Avenue, Suite 350
Ontario, CA 91764
909.980.4030
Phone: 877.422.2265
cbbank.com
Corporate Information
Equal Housing Lender | Member FDIC | NMLS# 417441
701 N Haven Avenue | Ontario, CA 91764 | 909.980.4030 | cbbank.com