Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 68

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 68
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 institutions. 

In addition, we offer a wide range of financial services and trust services through our CitizensTrust division. These services include fiduciary services, mutual funds, annuities, 401(k) plans and individual investment accounts. 

Business Segments 

We are a community bank with one reportable operating segment. See Note 3 — Summary of Significant Accounting Policies — Business Segments of the notes to the consolidated financial statements. 

Human Capital 

We employed 1,089 associates as of  December 31, 2024. This was a 1.6% decrease from 1,107 associates at December 31, 2023. Our Code of Personal and Business Conduct and Ethics (“Code”) addresses both business and social relationships that may present legal and ethical concerns and also sets forth a code of conduct to guide the members of the Board of Directors and associates. Our associates acknowledge annually they have read and understood their responsibility to conduct business in accordance with the highest ethical standards in order to merit and maintain the confidence and trust of our customers and the public in general. 

The Company promotes Five Core Values that we believe provides a continuing commitment and direction to our business activities and our underlying culture. These core values are fundamental to the Company’s performance and strategy. 

Our Five Core Values are: 

1) Financial Strength; 

2) Superior People; 

3) Customer Focus; 

4) Cost-Effective Operation; and 

5) Having Fun. 

The Company’s Citizens Experience Service Awards and Recognition Program resulted in 983 nominations of associates who were recognized for exemplifying our Five Core Values in 2024, representing a 39% increase over 2023. Of those nominations, 143 received service awards. In addition, the Company has a long held tradition of an annual awards program that recognizes outstanding job performance. Our 2024 annual awards ceremony recognized 40 associates, who stood out for their commitment to our high standards of performance. 

The Company is committed to supporting the physical and financial wellness of our associates and their families. We offer a comprehensive set of health insurance and retirement benefits, as well as wellness programs and resources. As of December 2024, 68% of our associates were enrolled in our medical insurance plans and 78% of our associates participated in at least one wellness activity during 2024. In addition, the Company makes an annual 401(k) retirement contribution to all eligible associates, which includes a profit sharing component. In 2024, the combined Company 401(k