For Immediate Release
Contact: D. Linn Wiley President and Chief Executive Officer
CVB Financial Announces Record Third Quarter Earnings
Ontario, California, October 18, 2000-CVB Financial Corp. and its subsidiary, Citizens Business Bank, achieved record performance by every measure for the third quarter of 2000. This represents the 34th consecutive quarter of record earnings for the Company.
For the quarter ended September 30, 2000, net earnings were $9.1 million. This represents an increase of $1.9 million, or 26.86 percent, over net earnings for the third quarter of 1999 of $7.2 million. Basic earnings per share were $0.36 for the most recent quarter, compared to $0.30 for the third quarter of 1999. The Company generated a return on beginning equity of 23.88 percent, and a return on average assets of 1.74 percent for the third quarter of 2000.
Net earnings for the nine months ending September 30, 2000, were $25.4 million. This represents an increase of $4.9 million, or 24.15 percent, over net earnings of $20.5 million for the same period of 1999. Basic earnings per share were $1.02 for the nine months ending September 30, 2000, compared with $0.84 per share for the same period last year. For the nine months ended September 30, 2000, the Company generated a return on beginning equity of 24.10 percent, and a return on average assets of l.66 percent.
Total assets were $2.22 billion as of September 30, 2000. This represents an increase of $316.5 million, or 16.66 percent, when compared with total assets of $1.90 billion at September 30, 1999. Deposits grew to $1.66 billion at the end of the third quarter. Gross loans and leases of $1.01 billion were up $110.3 million, or 12.32 percent, when compared with gross loans of $894.8 million at September 30, 1999.
The Board of Directors also announced a $0.12 cash dividend to shareholders following the Board of Directors meeting on September 15, 2000. This represents the 44th consecutive quarterly cash dividend paid by the Company.
CVB Financial Corp. operates Citizens Business bank, the largest bank headquartered in the Southern California Inland Empire region. Shares of CVB Financial Corp common stock are listed on the American Stock Exchange under the ticker symbol of CVB.