ONTARIO, Calif.--(BUSINESS WIRE)--Aug. 21, 2006--
CVB Financial Corp. (NASDAQ:CVBF) today announced that it has been included in the new NASDAQ Global Select Market. The NASDAQ Global Select Market has the highest initial listing standards of any exchange in the world based on financial and liquidity requirements. Prior to the change, the company had been listed on the NASDAQ National Market.
Beginning July 3, NASDAQ-listed companies are classified under three listing tiers -- NASDAQ Global Select Market, NASDAQ Global Market, and NASDAQ Capital Market. NASDAQ also plans to launch indexes based on these new tiers.
"CVB Financial Corp. is an example of an industry leader that has achieved superior listing standards, which clearly defines the essence of the NASDAQ Global Select Market," said Bruce Aust, Executive Vice President, Corporate Client Group. "NASDAQ is focused on leading a race to the top in terms of listing qualifications. In recognizing these companies, we are highlighting their achievement in meeting the requirements to be included in the market with the highest listing standards in the world," added Aust.
NASDAQ announced the new three tier listing classification in February 2006. All three market tiers will maintain rigorous listing and corporate governance standards. For additional information about the NASDAQ Global Select Market, please go to: www.nasdaq.com/GlobalSelect.
CVB Financial Corp.
CVB Financial Corp., with $5.9 billion in assets, operates Citizens Business Bank. Citizens Business Bank is the largest bank headquartered in the Inland Empire. It is the dominant community bank in the Inland Empire, Los Angeles County, Orange County and Central Valley areas of California.
CVB Financial Corp. reported net income of $18.9 million for the second quarter ending June 30, 2006. This represents an increase of $1.4 million, or 8.23%, when compared with the $17.5 million in net earnings reported for the second quarter of 2005. Diluted earnings per share were $0.25 for the second quarter of 2006. This was up $0.02, or 8.70%, when compared with earnings per share of $0.23 for the second quarter of 2005.
Net income for the second quarter of 2006 produced a return on beginning equity of 22.13%, a return on average equity of 21.58% and a return on average assets of 1.35%. The efficiency ratio for the second quarter was 48.18%, and operating expenses as a percentage of average assets were 1.73%.
Net income for the six months ending June 30, 2006 was $37.2 million. This represents an increase of $2.0 million, or 5.62%, when compared with net earnings of $35.2 million for the same period of 2005. Diluted earnings per share were $0.48. This was up $0.03, or 6.67%, from diluted earnings per share of $0.45 for the same period last year.
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Source: CVB Financial Corp.
Contact: CVB Financial Corp. Chris Myers, 909-980-4030 or The NASDAQ Stock Market Andrew Stuart, 650-233-2033