Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 245

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 245
---
 $
        1.59

        $
        1.67

15.	STOCK-BASED COMPENSATION PLANS In May 2018, the shareholders approved the 2018 Equity Plan which authorizes the issuance of up to 9,000,000 shares of CVB’s common stock for eligible participants, which include all of the Company’s employees, officers, and directors, and expires in 2028. The plan authorizes the issuance of a variety of types of equity awards, which include incentive stock options, non-qualified stock options, restricted stock awards (“RSAs”), restricted stock units (“RSUs”), and other stock-based awards, including performance-based restricted stock units ("PRSUs"). The 2018 Equity Plan replaced the 2008 Equity Incentive Plan. No further grants will be made under the 2008 Equity Incentive Plan, but shares may continue to be issued under such plan pursuant to grants previously made. As of December 31, 2024, we have 1,655,383 outstanding options, unvested RSAs, RSUs and PRSUs under our Equity Plans. Stock Options The Company expensed $477,000, $384,000, and $273,000, for the years ended December 31, 2024, 2023 and 2022, respectively. The estimated fair value of the options granted during 2024 and prior years was calculated using the Black-Scholes options pricing model. There were 95,000, 107,000 and 66,000 options granted during 2024, 2023 and 2022, respectively. 

124

The options will vest, in equal installments, over a five-year period. The fair value of each stock option granted in 2024, 2023 and 2022, was estimated on the date of grant using the following weighted-average assumptions.  

        Year Ended December 31,

        2024

        2023

        2022

        Dividend yield

        3.7
        %

        9.4
        %

        3.0
        %

        Volatility

        31.1
        %

        28.0
        %

        27.9
        %

        Risk-free interest rate

        4.2
        %

        3.7
        %

        1.2
        %

        Expected life
         
        10.