Why did CVB replace its prior 2024 repurchase program with a new 2026 program?

The filing does not explicitly state the reason for the replacement. However, the timing—June 15, 2026, follows the Heritage Commerce Corp. acquisition close on April 17, 2026—suggests the new authorization reflects updated capital management priorities and the significantly larger combined company balance sheet and equity base.

How much did CVB spend on buybacks in Q2 2026?

The company purchased 241,034 shares at an average price of $21.06 per share for a total cost of $5.1 million during the second quarter of 2026, all under the new 2026 Repurchase Program.

What is the authorization amount in dollars for the 15 million share program?

The filing authorizes 15 million shares but does not disclose a specific dollar cap. At Q2 2026 trading prices of $19–$23, the implied value would be approximately $315–$345 million, but this is not formally stated in the announcement.

Did the Heritage merger affect the buyback program?

Yes. The Heritage acquisition, completed April 17, 2026, added $840.2 million of common shares to CVB's equity and expanded total assets to $21.18 billion. The new 2026 program authorized on June 15 follows the merger systems integration completion and likely reflects refined capital management for the combined entity.

How much of the new 15 million share authorization remains unexercised after Q2?

After the purchase of 241,034 shares in Q2, the remaining authorization is approximately 14.76 million shares. However, the filing does not provide a remaining dollar authorization value.

What execution method did CVB use for its Q2 repurchases?

The filing does not specify whether CVB used Rule 10b-18 open-market purchases, a 10b5-1 plan, accelerated share repurchase, or another method. This detail is not disclosed in the earnings release or SEC filing.

CVBF 8-K Filed 2026-07-23 New authorization

CVB Financial authorizes new 15M-share repurchase program

Board approves share buyback replacing prior 2024 program; 241K shares purchased at $21.06 average in Q2

Authorization$99M

Authorization (shares)15.0M

MechanismNot specified

What the filing says

On June 15, 2026, CVB Financial Corp.'s Board of Directors approved a new share repurchase program authorizing the company to repurchase up to 15 million shares of common stock. This authorization entirely replaced the company's prior 2024 share repurchase program, representing a refresh of the buyback mandate following the company's completion of the Heritage Commerce Corp. acquisition on April 17, 2026.

During the second quarter of 2026, CVB executed its first purchases under the new program, acquiring 241,034 shares at an average price of $21.06 per share, for a total aggregate purchase price of $5.1 million. The filing did not specify the execution mechanism (Rule 10b-18, 10b5-1 plan, or other method) for these repurchases.

The authorization announcement came as CVB reported earnings for Q2 2026, which included 74 days of Heritage's operations post-merger, with net earnings of $48.3 million, or $0.29 per diluted share. Total stockholders' equity stood at $3.17 billion at quarter-end, up from $2.30 billion at year-end 2025, largely reflecting the $840.2 million in common shares issued and exchanged for the Heritage acquisition.

The 15 million share authorization represents a significant renewed commitment to share repurchases after the Heritage acquisition, which materially increased CVB's share count and capital base. At the Q2 2026 stock price range of approximately $19–$23 per share, the implied authorization value is roughly $315–$345 million, though the filing discloses only the share count. The Heritage merger boosted total assets to $21.18 billion and raised shares outstanding to 176.2 million at quarter-end (from 135.8 million at Q1 close), making the relative scale of this 15 million share buyback modest relative to the combined company's float. The Q2 repurchase activity ($5.1 million for 241K shares) suggests a methodical, low-volume execution approach in the post-merger integration period.

On June 15, 2026, the Board of Directors approved a program to repurchase up to 15,000,000 shares of CVB common stock (the "2026 Repurchase Program"). The 2026 Repurchase Program replaced in its entirety the Company's previous 2024 share repurchase program. During the second quarter of 2026, the Company purchased 241,034 shares under the 2026 Repurchase Program, at an average price of $21.06 per share for an aggregate purchase price of $5.1 million. — CVB FINANCIAL CORP 8-K filing · View on SEC EDGAR →

What this means

Frequently asked questions

Why did CVB replace its prior 2024 repurchase program with a new 2026 program?: The filing does not explicitly state the reason for the replacement. However, the timing—June 15, 2026, follows the Heritage Commerce Corp. acquisition close on April 17, 2026—suggests the new authorization reflects updated capital management priorities and the significantly larger combined company balance sheet and equity base.
How much did CVB spend on buybacks in Q2 2026?: The company purchased 241,034 shares at an average price of $21.06 per share for a total cost of $5.1 million during the second quarter of 2026, all under the new 2026 Repurchase Program.
What is the authorization amount in dollars for the 15 million share program?: The filing authorizes 15 million shares but does not disclose a specific dollar cap. At Q2 2026 trading prices of $19–$23, the implied value would be approximately $315–$345 million, but this is not formally stated in the announcement.
Did the Heritage merger affect the buyback program?: Yes. The Heritage acquisition, completed April 17, 2026, added $840.2 million of common shares to CVB's equity and expanded total assets to $21.18 billion. The new 2026 program authorized on June 15 follows the merger systems integration completion and likely reflects refined capital management for the combined entity.
How much of the new 15 million share authorization remains unexercised after Q2?: After the purchase of 241,034 shares in Q2, the remaining authorization is approximately 14.76 million shares. However, the filing does not provide a remaining dollar authorization value.
What execution method did CVB use for its Q2 repurchases?: The filing does not specify whether CVB used Rule 10b-18 open-market purchases, a 10b5-1 plan, accelerated share repurchase, or another method. This detail is not disclosed in the earnings release or SEC filing.

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Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.