Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 12

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 12
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 to their retirement accounts through our 401(k) and profit-sharing plan. For 2024, employer contributions to our 401(k) plan amounted to 4% of each eligible associate's qualifying compensation. In this connection, 92% of our associates also made their own individual participant contributions to our 401(k) plan during 2024. In addition, during 2024, we paid a minimum hourly wage to associates throughout Citizens Business Bank of $20.00 per hour, which exceeds the highest minimum wage required to be paid in any of the locales where our corporate or banking centers are located. We are proud to report that our median employee compensation for 2024 was $93,917.

Furthermore, as noted above, Citizens Business Bank provides comprehensive medical, dental, vision, life and disability insurance and other benefits to our associates. Citizens Business Bank contributes approximately 70% of the cost of employee medical insurance for our lowest-cost health benefit plan.

Employee Performance and Retention

In view of our significant investments in recruitment and training, we place a high premium on retaining our valued associates and managers, and we have created several programs to recognize and reward associates who distinguish themselves through their performance. Citizens Business Bank provides a Citizens Experience Service Award and Recognition Program that resulted in 983 nominations of associates who were recognized for exemplifying our Five Core Values during the course of

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2024, representing a 39% increase in nominations over 2023. In addition, the Company has a long-held tradition of an annual awards program that recognizes outstanding employment tenure, work commitment and job performance. In 2024, we held our annual awards ceremony at our Company’s holiday party in December, and we publicly recognized 143 associates who earned special tenure-based awards and 39 associates who stood out for their dedication to our high standards of performance. Furthermore, in 2022, Citizens Business Bank started a “Borba Scholarship” program, named for our founder, George Borba, Sr., which awards college scholarships to qualifying college student dependents of our associates. In 2024, we awarded college scholarships to 42 selected college student dependents of our associates, in amounts up to $2,500 per recipient.

Citizens Business Bank has designed specific elements of its associate compensation programs with a view toward improving our employee retention. One key element in this regard is our restricted stock and stock option grant program, which provides equity awards to selected associates that vest over periods typically ranging from three to five years. These equity awards are