CVBFCVB FINANCIAL CORP

State Commercial Banks

Revenue: —
Operating margin: —
EBITDA: $319M; 0.4% YoY
Market cap: $4.0B
Employees: 1,079
Net debt / EBITDA: -2.8×; −$904M net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$3M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
106% of net income
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
87% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
5% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.8× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.0B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Operating income	—	$300K	$314M	$314M	$314M	0.0%
Net income	$213M	$235M	$221M	$201M	$209M	4.3%
Operating cash flow	$195M	$274M	$296M	$250M	$221M	11%
Capex	$5M	$5M	$5M	$5M	$4M	21%
Stock-based comp	$5M	$8M	$9M	$10M	$6M	39%
Buybacks	$8M	$46M	$21M	$3M	$81M	2780%
Dividends	$98M	$104M	$112M	$112M	$111M	0.8%

Deal filings

Filed	Form	Acquirer	Price	Premium
May 8, 2018	DEFM14A	—	$56.00	26.47%

13D filers

Filed	Filer	Form	Stake	Intent
Feb 11, 2021	Marital Trust under The George Borba Family Trust	SC 13D	5.2%	Passive

Insider trading

Open-market buys, 12 mo: $4M · 7
Open-market sells, 12 mo: $918K · 1
Net: $3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$4M	116	153
FY2024	$3M	$3M	129	143
FY2023	$3M	$2M	115	127
FY2022	$3M	$4M	141	127
FY2021	$3M	$3M	114	137