Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 124

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 124
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 and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Cash Flow.” 

Issuer Purchases of Equity Securities 

On November 20, 2024, our Board of Directors approved a program to repurchase up to 10,000,000 shares (the “Maximum Amount”) of CVB common stock including by means of one or more Rule 10b5-1 plans or other appropriate buy-back arrangements, including open market purchases and private transactions, at times and at prices considered appropriate by us, depending upon prevailing market conditions and other corporate and legal considerations (“2024 Repurchase Program”). This 2024 Repurchase Program replaces in its entirety the Company's previous 2022 share repurchase program under which 4,300,059 shares remained available for repurchase and which has now been terminated. The 2024 Repurchase Program terminates on the earlier of the repurchase of the Maximum Amount or five years from the date of authorization. As of December 31, 2024, an aggregate of 10,000,000 shares remained available for repurchase under our 2024 Repurchase Program. The only shares repurchased during the fourth quarter of 2024 were shares repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of Company stock awards. 

    Period
     
    Total Number of Shares Purchased (1)

    Average Price Paid Per Share

    Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs

    Maximum Number of Shares Available for Repurchase Under the Plans or Programs

    October 1 - 31, 2024

    915

    $
    19.46

    —

    4,300,059

    November 1 - 30, 2024

    459

    $
    21.04

    —

    10,000,000

    December 1 - 31, 2024

    —

    $
    -

    —

    10,000,000

    Total

    1,374

    $
    19.99

    —

    10,000,000

(1)Shares repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of Company stock awards. 

35

The following Performance Graph and related information shall not be deemed “soliciting material” or be “filed” with the Securities