CVB completes $845M Heritage acquisition; Q1 earnings flat as credit provision offsets margin gains

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~1 min read

Key Changes

• high

  Heritage Commerce acquisition closed April 17, adding $3.6B loans and $4.8B deposits via 41M share issuance ($845M value). Balance sheet expands ~40%, with integration costs and dilution impact starting Q2 2026.

  MD&A: Heritage Acquisition verify on EDGAR →
• high

  Credit provision swung $5M year-over-year: $3M provision in Q1 2026 vs. $2M recapture in Q1 2025, driven by $3.2M specific reserve increase for one commercial borrower. Projected loss rates stable at 0.93%.

  MD&A: Credit Losses verify on EDGAR →
• high

  Net interest margin expanded 13 basis points to 3.44% from 3.31%, reflecting seven-basis-point yield improvement and five-basis-point deposit cost reduction. Efficiency ratio improved to 45.84% from 46.69%.

  MD&A: Net Interest Margin verify on EDGAR →