CVB Financial Corp. Earnings Up 35 Percent for the Second Quarter.ONTARIO Ontario, city, United States Ontario, city (1990 pop. 133,179), San Bernardino co., S Calif., near Los Angeles, in a region of vineyards; inc. 1891. , Calif.--(BUSINESS WIRE)--July 16, 1998--CVB Financial Corp. (AMEX AMEX See: American Stock Exchange :CVB CVB Convention and Visitors Bureau CVB College Van Bestuur (Dutch: Managing Council) CVB Camper Van Beethoven (band) CVB Common Vision Blox CVB Center for Veterinary Biologics ), parent company of Citizens Business Bank, Thursday Thursday: see week. announced record second quarter earnings. This was the 26th consecutive quarter of record earnings for the company. Earnings for the second quarter were $5.1 million. This represents an increase of $1.3 million, or 35.38 percent, compared with net earnings of $3.7 million for the second quarter of 1997. Basic earnings per share increased to $0.34 for the second quarter of 1998, from $0.25 per share for the second quarter of 1997. Net earnings for the first half of the year were $9.8 million. This represents an increase of $2.7 million, or 38.62 percent, over the net earnings of $7.1 million for the first six months of 1997. Basic earnings per share increased to $0.65 a share for the first half of 1998, compared with $0.47 for the first six months of 1997. The annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on beginning equity was 19.32 percent, and the annualized return on average assets was 1.52 percent for the first six months of 1998. The increase in earnings for the quarter and six months ended June June: see month. 30, 1998, was primarily the result of an increase in interest income. Interest income totaled $23.9 million for the quarter ended June 30, 1998. This represents an increase of $3.1 million, or 15.04 percent, over total interest income of $20.7 million for the second quarter of 1997. Interest income totaled $46.7 million for the first six months of 1998. This represents an increase of $6.3 million, or 15.62 percent, over interest income of $40.4 million for the six months ended June 30, 1997. The increase in interest income for both the second quarter and the six months ended June 30, 1998, was a result of an increase in average earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . For the quarter ended June 30, 1998, average earning assets of $1.21 billion were $210.7 million, or 21.16 percent, over average earning assets of $996.1 million for the second quarter of 1997. For the first six months of 1998, average earning assets were $1.17 billion. This represents an increase of $195.5 million, or 20.10 percent, over average earning assets of $972.6 million for the same six month period last year. Total assets were $1.38 billion as of June 30, 1998. This represents an increase of $228.7 million, or 19.84 percent, when compared with total assets of $1.15 billion at June 30, 1997. Deposits were $1.10 billion at the end of the second quarter. This represents an increase of $141.7 million, or 14.72 percent, from $962.7 million at the end of the second quarter 1997. Gross loans and leases of $636.5 million were up $56.2 million, or 9.68 percent, when compared with the $580.3 million reported last year. The Board of Directors of CVB Financial Corp. announced a $0.l0 cash dividend to its shareholders following the Board of Directors meeting on June 17, 1998. This marks the 35th consecutive quarterly cash dividend issued by the company. CVB Financial Corp. operates Citizens Business Bank, the largest bank with headquarters in Southern California's Inland Empire In·land Empire A region of the northwest United States between the Cascade Range and the Rocky Mountains, comprising eastern Washington, eastern Oregon, northern Idaho, and western Montana. Farming, lumbering, and mining are important to the area. region. Shares of CVB Financial Corp. common stock are listed on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors of CVB. -0-
CVB FINANCIAL CORP.
CONSOLIDATED BALANCE SHEETS
(unaudited)
dollars in thousands June 30,
1998 1997
Assets
Investment securities and
securities available-for-sale $ 618,174 $ 431,218
Federal funds sold 12,000 0
Loans and lease finance receivables 636,532 580,328
Less allowance for credit losses (12,809) (10,162)
Net loans and lease finance
receivables 623,723 570,166
Total earning assets 1,253,897 1,001,384
Cash and due from banks 76,313 90,676
Premises and equipment, net 21,669 23,485
Other real estate owned, net 4,767 10,738
Goodwill and intangibles 10,227 11,410
Other assets 14,444 14,938
$1,381,317 $1,152,631
Liabilities and Stockholders' Equity
Liabilities
Deposits
Noninterest-bearing $ 458,888 $ 386,623
Interest-bearing 645,572 576,107
1,104,460 962,730
Other borrowings 135,000 70,000
Other liabilities 32,667 27,130
1,272,127 1,059,860
Stockholders' equity
Stockholders' Equity 108,287 93,035
Cumulative Other Comprehensive
Income (Loss) 903 (264)
109,190 92,771
$1,381,317 $1,152,631
CVB FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
dollars in thousands
except per share amounts
Six Months Ended Three Months Ended
June 30, June 30,
1998 1997 1998 1997
Interest income
Loans, including fees $ 30,179 $ 28,176 $ 15,106 $ 14,176
Investment securities and
federal funds sold 16,535 12,227 8,760 6,570
46,714 40,403 23,866 20,746
Interest expense
Deposits 11,716 9,712 5,926 4,845
Other borrowings 2,944 2,151 1,718 1,438
14,660 11,863 7,644 6,283
Net interest income
before provision for
credit losses 32,054 28,540 16,222 14,463
Provision for credit losses 1,300 1,055 450 275
Net interest income
after provision for
credit losses 30,754 27,485 15,772 14,188
Other operating income 7,465 6,894 3,469 3,615
Other operating expenses 22,564 22,386 11,203 11,417
Earnings before income taxes 15,655 11,993 8,038 6,386
Income taxes 5,813 4,893 2,961 2,636
Net earnings $ 9,842 $ 7,100 $ 5,077 $ 3,750
Basic earnings per
common share (a) $ 0.65 $ 0.47 $ 0.34 $ 0.25
Diluted earnings per
common share (a) $ 0.63 $ 0.45 $ 0.32 $ 0.24
Dividends per common
share (a) $ 0.20 $ 0.13 $ 0.10 $ 0.07
Tangible net earnings $ 10,337 $ 7,608 $ 5,324 $ 3,998
Tangible earnings
per share (a) $ 0.69 $ 0.51 $ 0.35 $ 0.27
(a) All per share information has been retroactively adjusted to
reflect the 3-for-2 stock split declared on Dec. 17, 1997.
CONTACT: CVB Financial Corp., Ontario
Edward J. Biebrich, Jr., 909/980-4030
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