For Immediate Release
Contact: D. Linn Wiley, President and Chief Executive Officer
CVB Financial Reports Record Earnings
Ontario, California: April 19, 2000. CVB Financial Corp. (AMEX/CVB) and its subsidiary, Citizens Business Bank, achieved record results for the first quarter of 2000. It was the 32nd quarter of record earnings for the Company.
Net earnings for the first quarter ending March 31, 2000, were $7.9 million. This represents an increase of $1.6 million, or 25.40%, over net earnings of $6.3 million for the same period of 1999. Basic earnings per share were $0.32 per share for the first three months of 2000, compared to $0.26 per share for the same period last year. The annualized return on beginning equity was 22.32%, and the annualized return on average assets was 1.58%.
Gross revenues (net interest income plus non-interest income) were $27.9 million for the first quarter of 2000. This is up $2.0 million, or 7.8%, when compared with gross revenues of $25.9 million for the first quarter of 1999. Net interest income of $23.2 million reflects an increase of $1.8 million, or 8.4%, over net interest income of $21.4 million reported for the first quarter of 1999. Fee income accounted for 16.8% of gross revenues for the first quarter of 2000.
Total assets were $2.02 billion as of March 31, 2000. This represents an increase of $179.2 million, or 9.75%, when compared with total assets of $1.84 billion at March 31, 1999. Deposits were $1.46 billion at the end of the first quarter. Gross loans and leases of $945.5 million were up $105.8 million, or 12.6%, when compared with gross loans of $839.6 million at March 31, 1999.
The Board of Directors also announced a $0.12 cash dividend to shareholders following the Board of Directors meeting on March 15, 2000. This represents the 42nd consecutive quarterly cash dividend paid by the Company.
CVB Financial Corp. operates Citizens Business Bank, the largest bank headquartered in Southern California’s Inland Empire region. Shares of CVB Financial Corp. common stock are listed on the American Stock Exchange under the ticker symbol of CVB.