For Immediate Release
Contact: D. Linn Wiley
President and Chief Executive Officer
CVB Financial Corp. Reports Record First Quarter Operating Results
Ontario, CA, April 18, 2001-CVB Financial Corp. (AMEX:CVB) announced record results for the first quarter of 2001. The $2.3 billion in assets financial services holding company reported record net income of $8.81 million for the first quarter ending March 31, 2001. This represents an increase of $953,000, or 12.13%, when compared with the $7.86 million in net income reported for the first quarter of 2000. Earnings per share for the first quarter of 2001 were $0.31 per diluted share. This is up $0.03 when compared with earnings per share of $0.28 for the first quarter of 2000.
Earnings results for the first quarter of 2001 produced a return on beginning equity of 18.94%, a return on average equity of 18.37% and a return on average assets of 1.58%. The efficiency ratio was 50.87%.
At March 31, 2001, total assets were $2.27 billion. This represents an increase of $255.5 million, or 12.67%, over the $2.02 billion in total assets reported on March 31, 2000. Total deposits rose to $1.62 billion. This is up $160.3 million, or 10.97%, from $1.46 billion last year. Gross loans and leases grew to $1.04 billion as of March 31, 2001. This is an increase of $90.9 million, or 9.61%, from the $945.5 million in gross loans and leases on March 31, 2000.
"We are extremely pleased to be able to begin the year with these positive growth and operating results," said D. Linn Wiley, President and Chief Executive Officer of CVB Financial Corp. "Our Company had a 12.13% growth in net earnings for the first quarter, and we are concentrating on reaching our objective of increasing earnings by 15.00% for the year."
CVB Financial Corp. reported a ratio of non-performing assets to total assets of 0.06% at March 31, 2001. The allowance for loan and lease losses represented 1.93% of gross loans and leases. This compares with 1.82% as of March 31, 2000. Non-performing loans and leases as a percentage of the allowance for loan and lease losses was 6.62%.
Non-interest income showed further growth as CVB Financial Corp. continues to diversify its revenues. During the first quarter of 2001, non-interest income increased to $5.7 million. This was up $957,000, or 20.29%, from the $4.7 million reported for the first quarter of 2000. Non-interest income includes asset management income, service charges and deposit fees. CVB Financial Corp continues to maintain capital ratios that exceed the well-capitalized standards established by the bank regulatory agencies.
CVB Financial Corp. is the holding company for Citizens Business Bank. The Bank is the largest bank headquartered in the Inland Empire Region of Southern California. It serves 23 cities with 30 branches in Los Angeles, Orange, Riverside and San Bernardino Counties. Shares of CVB Financial Corp. common stock are listed on the American Stock Exchange under the ticker symbol of CVB. For investor information on CVB Financial Corp. visit our Citizens Business Bank web site at www.cbbank.com and click on the CVB Stock tab.
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, 2000, and particularly the discussion of risk factors within that document.