CVB Financial Corp. reported significant financial growth in its latest quarterly filing, driven primarily by the acquisition of Heritage Commerce Corp. The company recorded net earnings of $48.3 million for the second quarter of 2026, translating to diluted earnings per share of $0.29, compared to $50.6 million, or $0.37 per share, in the same quarter of the previous year. For the first half of 2026, net earnings totaled $99.3 million, down from $101.7 million in the prior year. The annualized return on average equity for the second quarter was 6.41%, a decrease from 9.06% in the same period last year.
Total assets surged to $21.18 billion as of June 30, 2026, marking a 35.5% increase from $15.63 billion at the end of 2025. This growth was largely attributed to the Heritage acquisition, which added approximately $5.41 billion in assets. The company’s loan portfolio also expanded significantly, with total loans and leases reaching $12.02 billion, up 38.1% from $8.70 billion at the end of 2025. The increase included $3.10 billion in loans acquired from Heritage, alongside organic growth in various loan categories.
In terms of operational metrics, CVB Financial's net interest income for the second quarter was $162.4 million, a 45.5% increase from the previous year, driven by a $57.9 million rise in interest income. The net interest margin improved to 3.72%, up from 3.31% in the second quarter of 2025. Noninterest income also saw a 15.4% increase to $17.0 million, reflecting higher fees across various services, including trust and investment services. However, noninterest expenses rose sharply to $114.4 million, primarily due to acquisition-related costs and the integration of Heritage's operations.
The company’s allowance for credit losses increased to $126.7 million, or 1.05% of total loans, compared to $77.2 million, or 0.89%, at the end of 2025. This increase was largely due to the initial allowance established for loans acquired from Heritage. Despite the rise in nonperforming loans to $16.6 million, representing 0.14% of total loans, the overall asset quality metrics remained favorable.
Looking ahead, CVB Financial Corp. anticipates continued growth and integration of Heritage's operations, with a focus on optimizing its balance sheet and enhancing profitability. The company remains committed to managing its capital effectively, maintaining strong liquidity, and navigating the evolving economic landscape.
About CVB FINANCIAL CORP
CVB Financial Corp. is a bank holding company primarily operating Citizens Business Bank, a California-based community bank. It offers a wide range of banking, lending, treasury, and trust services to small- and medium-sized businesses, professionals, and individuals. The company emphasizes personalized service, financial strength, and regulatory compliance, serving California markets with a focus on customer relationships, diverse financial products, and community engagement.
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