†††††††††††††††††† †††††††††††††††††† ††††††††† ††††††††† Contact:† D. Linn Wiley
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Ontario, CA, July 16, 2003-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank, announced record results for the second quarter of 2003.† This included record deposits, record loans, record assets and record earnings.† It was the 45th consecutive quarter of record earnings for the Company.
CVB Financial Corp. reported net income of $12.5 million for the second quarter ending June 30, 2003.† This represents an increase of $900,000, or 7.58%, when compared with the $11.6 million in net income reported for the second quarter of 2002.† Diluted earnings per share were $0.28 for the second quarter of 2003.† This is up $0.02, or 7.69%, when compared with earnings per share of $0.26 for the second quarter of 2002.† Earnings results for the second quarter of 2003 produced a return on beginning equity of 18.87%, a return on average equity of 18.43% and a return on average assets of 1.48%.† The efficiency ratio for the second quarter was 48.23%.
Net income for the six months ending June 30, 2003 was $25.2 million.† This represents an increase of $1.3 million, or 5.29%, when compared with net earnings of $24.0 million for the first half of 2002.† Diluted earnings per share were $0.57.† This was up $0.03, or 5.56%, from diluted earnings per share of $0.54 for the same period last year.† Net income for the first half of 2003 produced a return on beginning equity of 19.58%, a return on average equity of 18.82% and a return on average assets of 1.57%.† The efficiency ratio for the first half was 47.36%.
During the first six months of 2002, the Company realized a net gain after taxes of $1.8 million from the sale of securities.† This increased earnings from $22.2 million from operations to the $24.0 million total for the six-month period.† In the first six months of this year, the net gain after taxes from securities sales was $477,000.† This increased net income from $24.7 million from operations to a total of $25.2 million for the first six months ended June 30, 2003.† Net income from operations for the first six months of 2003 of $24.7 million was up $2.5 million, or 11.26%, over the net income from operations for the first six months of 2002 of $22.2 million.
At June 30, 2003, total assets were $3.52 billion.† This represents an increase of $656.7 million, or 22.97%, over the $2.86 billion in total assets reported on June 30, 2002.† Total deposits rose to $2.41 billion.† This is up $295.7 million, or 14.00%, from $2.11 billion last year.† Gross loans and leases grew to $1.50 billion as of June 30, 2003.† This is an increase of $238.5 million, or 18.85%, from $1.27 billion in gross loans and leases on June 30, 2002.† The Wealth Management Group has approximately $1.0 billion in assets under administration.
CVB Financial Corp reported non-performing assets of $1.1 million as of June 30, 2003.† This represents a ratio of non-performing assets to total assets of 0.03%, and it represents 0.07% of gross loans and leases.† The allowance for loan and lease losses was $20.8 million as of June 30, 2003.† This represents 1.38% of gross loans and leases, and it compares with 1.88% on June 30, 2002.† Non-performing loans and leases were 5.41% of the allowance for loan and lease losses.
Citizens Business Bank is the largest financial institution headquartered in the Inland Empire Region of Southern California.† It serves 26 cities with 33 business financial centers in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California. Itís subsidiary, Golden West Financial Services, provides vehicle leasing, equipment leasing and real estate loan services.† Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF.
This document may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from the projected.† For a discussion of factors that could cause actual results to differ, please see the publicly available Securities and Exchange Commission filings of CVB Financial Corp., including its Annual Report on Form 10-K for the year ended December 31, 2002, and particularly the discussion on risk factors within that document.