CVB Financial Corp. Reaches New Milestones.Business Editors 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)--Jan. 16, 2002 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 Financial Corp. (Nasdaq:CVBF CVBF Central Valley Business Forms CVBF Carrier Battle Force ), parent company of Citizens Business Bank, today announced record earnings of $40.1 million for the year ending Dec. 31, 2001. This represents an increase of $5.4 million, or 15.5%, when compared with earnings of $34.7 million for the year ending Dec. 31, 2000. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $1.13 for 2001. This is up $0.15, or 15.0%, from the $0.98 posted for 2000. All per share amounts have been restated to reflect the 5-for-4 stock split declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. on Dec. 19, 2001. Earnings for the year produced a return on beginning equity of 21.2%, a return on average equity of 19.2% and a return on average assets of 1.7%. Earnings for the fourth quarter ending Dec. 31, 2001 were $10.8 million. This represents an increase of $1.6 million, or 17.0%, over the earnings of $9.2 million reported for the fourth quarter of 2000. This was the 39th consecutive quarter of record earnings. Deposits reached a record high of $1.9 billion at Dec. 31, 2001. This was up $281.9 million, or 17.7%, when compared with the $1.6 billion in deposits reported for Dec. 31, 2000. Demand deposits were $766.3 million, or 49.8% of the total deposits. This represents an increase of $101.0 million, or 15.2%, when compared with $665.3 million for last year. Gross loans and leases were $1.2 billion at Dec. 31, 2001. This represents an increase of $136.0 million, or 12.9%, when compared with gross loans and leases of $1.1 million on Dec. 31, 2000. Total assets reached a record high of $2.5 billion. This was up $206.1 million, or 8.9%, over total assets of $2.3 billion at the end of 2000. Linn linn n. Scots 1. A waterfall. 2. A steep ravine. [Scottish Gaelic linne, pool, waterfall.] Wiley Wiley may refer to:
The Board of Directors of CVB Financial Corp. declared a 5-for-4 stock split on Dec. 19, 2001. In addition, the Board of Directors declared a $0.13 cash dividend. The cash dividend will be paid on a post 5-for-4 stock split basis. This cash dividend represents the 49th consecutive quarterly cash dividend paid by the company. CVB Financial Corp. operates Citizens Business Bank. Citizens Business Bank has 31 branch offices in the 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. , Orange County, San Gabriel Valley The San Gabriel Valley is one of the principal valleys of southern California. It lies to the east of the city of Los Angeles, to the north of the Puente Hills, to the south of the San Gabriel Mountains, and to the west of the Inland Empire. and Kern Kern, river, 155 mi (249 km) long, rising in the S Sierra Nevada Mts., E Calif., and flowing south, then southwest to a reservoir in the extreme southern part of the San Joaquin valley. The river has Isabella Dam as its chief facility. County areas of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . Shares of CVB Financial Corp. common stock are listed on the Nasdaq 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 CVBF.
CVB FINANCIAL CORP.
CONSOLIDATED BALANCE SHEET
(unaudited)
dollars in thousands
Dec. 31
2001 2000
Assets:
Federal funds sold $ 20,000 $ 10,000
Investment securities and
securities available-for-sale 1,181,503 1,070,074
Loans and lease finance receivables 1,187,540 1,051,494
Less allowance for credit losses (20,469) (19,153)
Net loans and lease finance
receivables 1,167,071 1,032,341
Total earning assets 2,368,574 2,112,415
Cash and due from banks 82,651 130,315
Premises and equipment, net 29,921 27,206
Other real estate owned, net 0 359
Goodwill and intangibles 6,482 7,403
Other assets 26,474 30,298
TOTAL $ 2,514,102 $ 2,307,996
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Demand Deposits
(noninterest-bearing) $ 766,329 $ 665,290
Investment Checking 170,047 113,658
Savings/MMDA 504,214 406,337
Time Deposits 436,369 409,745
Total Deposits 1,876,959 1,595,030
Other borrowings 385,305 497,575
Other liabilities 31,090 26,761
Total Liabilities 2,293,354 2,119,366
Stockholders' equity:
Stockholders' equity 206,779 181,827
Accumulated other comprehensive
income (loss), net of tax 13,969 6,803
220,748 188,630
TOTAL $ 2,514,102 $ 2,307,996
CVB FINANCIAL CORP.
CONSOLIDATED AVERAGE BALANCE SHEET
(unaudited)
dollars in thousands
Three months Twelve months
ended Dec. 31 ended Dec. 31
2001 2000 2001 2000
Assets:
Federal
funds
sold $ 38,288 $ 8,207 $ 16,016 $ 2,850
Investment
securities
and securities
available-
for-sale 1,151,798 958,121 1,100,536 930,462
Loans and
lease finance
receivables 1,100,727 1,021,991 1,067,621 981,045
Less allowance
for credit
losses (21,173) (19,180) (20,541) (18,203)
Net loans and
lease finance
receivables 1,079,554 1,002,811 1,047,080 962,842
Total
earning
assets 2,269,640 1,969,139 2,163,632 1,896,154
Cash and due from
banks 106,836 101,309 98,421 98,180
Premises and
equipment, net 29,693 27,468 28,198 27,574
Other real estate
owned, net 0 299 173 295
Goodwill and
intangibles 6,612 7,575 6,937 7,985
Other assets 21,092 37,494 28,572 41,367
TOTAL $ 2,433,873 2,143,284 $ 2,325,933 $ 2,071,555
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-
bearing $ 710,154 $ 630,572 $ 655,518 $ 610,826
Interest-
bearing 1,118,272 946,599 1,031,462 887,192
Total
Deposits 1,828,426 1,577,171 1,686,980 1,498,018
Other borrowings 349,913 366,656 401,692 387,622
Other liabilities 28,409 25,539 28,267 28,000
Total
Liabilities 2,206,748 1,969,366 2,116,939 1,913,640
Stockholders' equity:
Stockholders'
equity 205,462 182,142 196,125 172,876
Accumulated
other
comprehensive
income (loss),
net of tax 21,663 (8,224) 12,869 (14,961)
227,125 173,918 208,994 157,915
TOTAL $ 2,433,873 $ 2,143,284 $ 2,325,933 $ 2,071,555
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
dollar amounts in thousands, except per share
For the Three Months For the Twelve Months
Ended Dec. 31, Ended Dec. 31,
2001 2000 2001 2000
Interest Income:
Loans,
including fees $ 21,375 $ 23,933 $ 90,002 $ 90,400
Investment
securities:
Taxable 12,108 12,237 49,295 48,901
Tax-advantaged 4,228 3,161 16,114 11,369
Total
investment
income 16,336 15,398 65,409 60,270
Federal funds sold 225 142 466 197
Total
interest
income 37,936 39,473 155,877 150,867
Interest Expense:
Deposits 6,641 9,678 31,843 32,694
Borrowings 4,383 5,978 20,986 24,066
Total
interest
expense 11,024 15,656 52,829 56,760
Net interest income
before provision
for credit
losses 26,912 23,817 103,048 94,107
Provision for credit
losses 0 500 1,750 2,800
Net interest income
after provision
for credit
losses 26,912 23,317 101,298 91,307
Other Operating Income:
Service charges on
deposit accounts 3,551 2,733 12,954 10,573
Gain (Loss) on sale
of securities 0 20 60 (218)
Gain on sale of other
real estate owned 0 0 126 223
Trust services 930 1,027 3,841 4,038
Other 1,031 1,496 5,211 4,407
Total other
operating
income 5,512 5,276 22,192 19,023
Other operating expenses:
Salaries and
employee benefits 8,481 7,874 32,625 30,239
Occupancy 1,377 1,358 5,658 5,350
Equipment 1,421 1,233 5,321 4,981
Professional
services 948 762 3,972 3,059
Goodwill
Amortization 215 304 920 1,207
OREO expense (6) 16 (14) 90
Other 3,225 3,175 11,650 11,419
Total other
operating
expenses 15,661 14,722 60,132 56,345
Earnings before
income taxes 16,763 13,871 63,358 53,985
Income taxes 5,949 4,629 23,300 19,302
Net earnings $ 10,814 $ 9,242 $ 40,058 $ 34,683
Basic earnings per
common share $ 0.31 $ 0.27 $ 1.15 $ 1.01
Diluted earnings per
common share $ 0.31 $ 0.26 $ 1.13 $ 0.98
Cash dividends per
common share $ 0.13 $ 0.12 $ 0.56 $ 0.45
All per share information has been retroactively adjusted to
reflect the 5-for-4 stock split declared on Dec. 19, 2001.
Three months Twelve months
ended Dec. 31 ended Dec. 31
2001 2000 2001 2000
Interest income -
(Tax Effective)(te) 39,712 40,801 162,645 155,642
Interest Expense 11,024 15,656 52,829 56,760
Net Interest
income - (te) 28,688 25,145 109,816 98,882
Gain (Loss) on sale
of securities (0) 20 60 (218)
Gain on sale of OREO 0 0 126 223
Return on average
assets 1.80% 1.75% 1.72% 1.67%
Return on average
equity 19.31% 21.55% 19.17% 21.96%
Efficiency ratio 48.30% 50.60% 48.01% 49.81%
Net interest
margin (te) 5.08% 5.12% 5.03% 5.17%
Weighted average shares
outstanding
Diluted 35,532,944 34,628,223 35,415,006 35,207,236
Basic 34,777,416 33,990,765 34,737,722 34,656,956
Dividend payout
ratio 33.45% 36.33% 38.90% 35.72%
Number of shares
outstanding-EOP 34,782,234 34,574,315
Book value per share 6.35 5.46
Dec. 31
2001 2000
Non-performing Assets
(dollar amount in thousands):
Non-accrual loans $1,574 $966
Loans past due 90 days or more
and still accruing interest 4 0
Restructured loans 0 0
Other real estate owned (OREO), net 0 359
Total non-performing assets $1,578 $1,325
Percentage of non-performing assets
to total loans outstanding and OREO 0.13% 0.13%
Percentage of non-performing
assets to total assets 0.06% 0.06%
Non-performing loans to
allowance for loan losses 7.69% 5.04%
Net loan losses to Average loans 0.04% 0.04%
Allowance for Credit Losses at
Beginning of Period $ 19,152 $ 16,761
Total Loans Charged-Off 1,061 774
Total Loans Recovered (628) (365)
Net Loans Charged-Off 433 409
Provision Charged to Operating Expense 1,750 2,800
Allowance for Credit Losses at End
of period 20,469 19,152
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