CVB Financial’s Heritage Deal Projected 13.2% EPS Accretion in 2027

CVB Financial Corp.’s 2025 merger agreement with Heritage Commerce projected 13.2% earnings-per-share accretion in 2027, a transaction forecast distinct from the company’s reported quarterly EPS growth.

The all-stock agreement, announced Dec. 17, 2025, was valued at about $811 million based on CVB Financial’s closing share price the previous day. The deal closed April 17, 2026, when Heritage Bank of Commerce merged into Citizens Business Bank.

The quarter ended Sept. 30 was the first full calendar quarter to include Heritage’s operations. CVB Financial recorded $78.1 million in net earnings, or 44 cents per diluted share, compared with $52.6 million and 38 cents a year earlier. Diluted EPS rose 15.8%. The company’s third-quarter profit results also reflected the full-quarter contribution from Heritage.

The 13.2% figure refers to projected EPS accretion from the merger, not a forecast of 13.2% annual EPS growth or a reported 2027 result.

Net interest income reached $179.1 million, up $63.5 million from a year earlier. The tax-equivalent net interest margin was 3.89%, compared with 3.33% in the third quarter of 2025 and 3.72% in the second quarter of 2026. Heritage’s full-quarter contribution accounted for much of the increase.

Heritage-related acquisition expenses were $8.1 million, down from $31.4 million in the second quarter. Noninterest expense totaled $90.5 million, compared with $114.4 million in that quarter.