CVB Financial Corp. Reports Interim Financial Results.ONTARIO, Calif.--(BUSINESS WIRE)---Nov. 16, 1999-- 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. (AMEX AMEX See: American Stock Exchange :CVB), the parent company of Citizens Business Bank, reported the financial results for the first 30 days of post-merger operations following their acquisition of Orange National Bancorp and Orange National Bank. The merger, accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. , was consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. on October 4, 1999. Net income for the 30-day period from October 4, 1999, through November 3, 1999, was $2,680,000 before charges for acquisition costs. Results of operations resulted in a net loss of $136,000 after $4,856,000 of acquisition costs. The acquisition costs included accounting fees, investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. charges, legal costs and severance expenses. The total assets of the combined companies as of November 3, 1999, were $1.9 billion. Deposits were $1.5 billion, gross loans and leases were $898.0 million, and equity was $140.0 million. CVB Financial Corp. operates Citizens Business Bank. Citizens Business Bank is the largest bank headquartered 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. Financial statement to follow.
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(unaudited)
dollar amounts in thousands
October 4, 1999
through
November 3, 1999
Interest income:
Loans, including fees $ 6,611
Investment securities:
Taxable 3,770
Tax-advantaged 493
4,263
Federal funds sold and interest
bearing deposits with other
financial institutions 53
10,927
Interest expense:
Deposits 2,304
Other borrowings 1,015
3,319
Net interest income 7,608
Provision for credit losses 300
Net interest income after
provision for credit losses 7,308
Other operating income:
Service charges on deposit
accounts 873
Trust services 377
Other 198
1,448
Other operating expenses:
Salaries and employee benefits 2,353
Deposit insurance premiums 14
Occupancy 176
Equipment 479
Other 1,112
Acquisition costs 4,856
8,990
Loss before income taxes (234)
Tax benefit (98)
Net loss $ (136)
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