For Immediate Release Contact: D. Linn Wiley

President & Chief Executive Officer

(909) 980-4030


CVB Financial Corp. Reports Record First Quarter


ONTARIO, CA, April 16, 2003CVB Financial Corp. (NASDAQ: CVBF), today announced record results for the first quarter of 2003. This is the 44th consecutive quarter of record results for the Company when compared with the same results for the prior year.


Net income for the first quarter of 2003 was $12.7 million. This represents an increase of $386,800, or 3.14%, over net income of $12.3 million reported for the first quarter of 2002. Net income of $0.29 per diluted share rose $0.01, or 3.57%, above the $0.28 per diluted share for 2002.


These earnings results produced a return on beginning equity of 19.83%, a return on average equity of 19.25% and a return on average assets of 1.67%. The efficiency ratio for the first quarter was 46.52%.


Net income from operations for the first quarter of 2003 was $12.2 million. This represented an increase of $1.7 million, or 16.20%, when compared with net income from operations of $10.5 million for the first quarter of 2002.


During the first quarter of 2002, the Company realized a net gain after taxes of $1.8 million from the sale of securities. This increased earnings from $10.5 million from operations to the $12.3 million total for the quarter ended March 31, 2002. In the first quarter of this year, the net gain after taxes from securities sales was $460,000. This increased net income from $12.2 million from operations to a total of $12.7 million for the first quarter ended March 31, 2003.


Total assets were a record $3.4 billion as of March 31, 2003. This is an increase of $811.2 million, or 31.38%, when compared with total assets of $2.6 billion on March 31, 2002. Total deposits of $2.3 billion were up $429.1 million, or 22.69%, over the total deposits of $1.9 billion at the same time last year. Gross loans and leases grew to $1.5 billion. They rose $301.7 million, or 26.1%, from $1.2 billion in 2002. The Wealth Management Group has nearly $1 billion in assets under administration.


We are extremely pleased with the positive growth trends and earnings results which we achieved during the first quarter, said Linn Wiley, President and Chief Executive Officer of CVB Financial Corp. We are also optimistic about the prospects for the balance of the year.


CVB Financial Corp. reported $1.1 million in non-performing assets. This represents a ratio of non-performing assets to total assets of 0.03% as of March 31, 2003. In addition, the allowance for loan and lease losses of $21.6 million represented 1.48% of gross loans and leases, and 1,949.15% of non-performing loans. This compares with an allowance for loan and lease losses of $21.1 million on March 31, 2002, which represented 1.50% of gross loans and leases and 1,572.66% of non-performing loans.


CVB Financial Corp. is the holding company for Citizens Business Bank. The 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.


Citizens Business Bank announced the opening of its 33rd business financial center in Fresno on March 10, 2003. This represents their second business financial center in the Central Valley. It complements their Central Valley initiative to build a franchise of five to seven business financial centers between Bakersfield and Fresno.


Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF. For investor information on CVB Financial Corp. visit our Citizens Business Bank website at and click on the CVB Stock tab.


Safe Harbor

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.