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CVB FINANCIAL CORP. REPORTS RECORD 1992 EARNINGS

 ONTARIO, Calif., Jan. 19 /PRNewswire/ -- CVB Financial Corp. (AMEX: CVB), parent company of Chino Valley Bank, today announced record earnings for 1992 of $9,015,000, or $1.35 per share, up $1,046,000, or 13 percent, from 1991 net income of $7,969,000, or $1.21 per share. The company's 1992 net earnings represent a strong 1.62 percent return on average assets and a 20.40 percent return on beginning stockholders' equity. This compares to 1991 returns on assets and equity of 1.54 percent and 20.77 percent, respectively. All per share amounts have been restated to give retroactive effect to the 10 percent stock dividend declared on Dec. 21, 1992.
 Fourth quarter 1992 net income was $2,541,000, or $0.38 per share, 35 percent above the previous year's fourth quarter earnings of $1,878,000, or $0.29 per share. Fourth quarter earnings resulted in a 1.80 percent annualized return on total assets and a 23.0 percent return on beginning stockholders' equity.
 The company's 1992 operating income of $15.9 million was up $2.9 million, or 21.9 percent, from $13.0 million a year ago. Operating income is represented by earnings before provisions for income taxes and losses on loans and other real estate owned and excludes gains from sales of securities and other real estate owned.
 The increase in 1992 earnings is attributable to an 8.7 percent increase in net interest income and a 12.2 percent improvement in other operating income. At the same time, other operating expenses increased only 3.1 percent over the previous year. The improvement in net interest income is largely attributable to a 21.3 percent increase in average non-interest-bearing deposits.
 In contrast to the generally shrinking deposit base of California banks during 1992, the company's deposits climbed 5.4 percent to $526.9 million at year-end 1992. Total assets grew 5.7 percent to $592.1 million at the year end.
 At Dec. 31, 1992, the allowance for credit losses stood at $6.46 million. This represented 97.3 percent of non-accrual loans at year end. Net loan charge-offs for all of 1992 amounted to a modest $573,000, or 0.15 percent of beginning gross loans. The company's total risk-based capital ratio remained a strong 13.7 percent at year end.
 CVB Financial Corp. operates Chino Valley Bank, the largest independent bank headquartered in Southern California's Inland Empire region. Shares of CVB Financial Corp.'s common stock are listed on the American Stock Exchange under the ticker symbol of CVB. Comparative financial statements follow.
 CVB FINANCIAL CORP.
 Consolidated Balance Sheets
 Amounts in thousands
 Year ended Dec. 31,
 1992 1991
 Assets
 Investment securities $121,054 $102,841
 Federal funds sold 12,290 18,000
 Loans and lease finance receivables,
 net of allowance for credit losses 374,662 365,574
 Total earning assets 508,006 486,415
 Cash and due from banks 58,939 53,588
 Premises and equipment, net 7,856 8,631
 Other assets 17,297 11,690
 Total $592,098 $560,324
 Liabilities and stockholders' equity
 Liabilities
 Deposits
 Non-interest-bearing $157,428 $131,468
 Interest-bearing 369,496 368,339
 Total 526,924 499,807
 Other liabilities 13,136 16,328
 Total 540,060 516,135
 Stockholders' equity
 Common stock 6,113 5,636
 Retained earnings 45,925 38,553
 Total 52,038 44,189
 Total $592,098 $560,324
 Consolidated Statements of Earnings
 Amounts in thousands
 Year ended Dec. 31,
 1992 1991
 Interest income
 Loans, including fees $34,762 $40,491
 Investment securities
 and fed funds sold 9,451 8,350
 Total 44,213 48,841
 Interest expense
 Deposits 11,979 19,022
 Other borrowings 214 358
 Total 12,193 19,380
 Net interest income before
 provision for credit losses 32,020 29,461
 Provision for credit losses 1,772 604
 Net interest income after
 provision for credit losses 30,248 28,857
 Other operating income 7,898 7,039
 Other operating expenses 23,419 22,710
 Earnings before income taxes 14,727 13,186
 Income taxes 5,712 5,217
 Net earnings $9,015 $7,969
 Earnings per common share(A) $1.35 $1.21
 Dividends per common share(A) $.29 $.26
 Stock dividend 10.00 pct. 0
 CVB FINANCIAL CORP.
 Earnings Summary
 1992 1991
 Quarter ended Dec. 31:
 Net earnings $2,541,000 $1,878,000
 Share earnings, fully diluted(A) 0.38 0.29
 Year ended Dec. 31:
 Net earnings $9,015,000 $7,969,000
 Share earnings, fully diluted(A) 1.35 1.21
 Shares outstanding(A) 6,578,128 6,418,484
 Fully diluted shares(A) 6,685,943 6,564,515
 (A) All per share amounts have been restated to give retroactive effect to the 10 percent stock dividend declared on Dec. 21, 1992.
 -0- 1/19/93
 /CONTACT: Robert J. Schurheck, CFO of CVB Financial, 909-980-4030/
 (CVB)


CO: CVB Financial Corp.; Chino Valley Bank ST: California IN: FIN SU: ERN

MS-JL -- LA029 -- 6610 01/19/93 18:08 EST
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Date:Jan 19, 1993
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