ONTARIO, Calif.--(BUSINESS WIRE)-- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank ("the Company"), announced increased earnings for the year ended December 31, 2008.
Net Income
CVB Financial Corp. reported net income of $63.1 million for the year ended December 31, 2008. This represents an increase of $2.5 million, or 4.11%, when compared with net earnings of $60.6 million for the year ended December 31, 2007. Christopher D. Myers, President and CEO commented, "I am extremely proud of our 2008 earnings results given the depressed economic environment. Although we did not achieve our annual objective to increase earnings by 15%, we are, nonetheless, pleased." Diluted earnings per share were $0.75 for the year ended December 31, 2008. This was up $0.03, or 4.17%, from diluted earnings per share of $0.72 for the same period last year.
Net income for the year ended December 31, 2008 produced a return on beginning equity of 14.84%, a return on average equity of 13.75% and a return on average assets of 0.99%. The efficiency ratio for the year was 57.45%, and operating expenses as a percentage of average assets were 1.81%.
The Company reported net income of $12.3 million for the fourth quarter ending December 31, 2008. This represented a decrease of $1.1 million, or 8.15%, when compared with the $13.4 million in net income reported for the fourth quarter of 2007. Diluted earnings per share were $0.14 for the fourth quarter of 2008. This was down $0.02, or 12.50%, from diluted earnings per share of $0.16 for the fourth quarter of 2007. These results include a $17.9 million provision for credit losses taken in the fourth quarter of 2008, compared to a $4.0 million provision for credit losses in the fourth quarter of 2007.
The Company made provisions for credit losses totaling $26.6 million during the year ending December 31, 2008. During the year ending December 31, 2007, the Company made provisions of $4.0 million. "2008 was a difficult year for the banking industry," said Chris Myers. "Our credit quality has held up well under these trying circumstances." The Company's non-performing assets increased from $1.4 million as of December 31, 2007 to $24.2 million as of December 31, 2008. This represents 0.02% of total assets as of December 31, 2007 and 0.36% of total assets as of December 31, 2008.
Net Interest Income and Net Interest Margin
Net interest income, after provision for credit losses, totaled $167.1 million for the year ended December 31, 2008. This represents an increase of $9.9 million, or 6.32%, over the net interest income of $157.1 million for the same period in 2007. This increase resulted from a $41.3 million decrease in interest expense, offset by an $8.8 million decrease in interest income and $22.6 million increase in provision for credit losses. The decrease in interest income was primarily due to the decrease in interest rates, partially offset by the growth in average earning assets. The decrease in interest expense was due to the decrease in the interest rates on deposits and borrowed funds, partially offset by the increase in average borrowed funds.
Net interest margin (tax equivalent) increased from 3.03% for the year ended December 31, 2007 to 3.41% for the year ended December 31, 2008. Total average earning asset yields decreased from 6.17% for 2007 to 5.71% for 2008. The cost of funds decreased from 3.17% for 2007 to 2.36% for 2008. The increase in net interest margin is due to the cost of interest-bearing liabilities decreasing faster than the decrease in yields on earning assets.
Net interest income, after provision for credit losses, totaled $34.2 million for the fourth quarter of 2008. This represented a decrease of $3.2 million, or 8.65%, from the net interest income of $37.4 million for the fourth quarter of 2007. This decrease resulted from a $2.7 million decrease in interest income and $13.9 million increase in the provision for credit losses, offset by a $13.3 million decrease in interest expense. Net interest income, before the provision for credit losses, increased $10.7 million, or 25.77%, for the fourth quarter of 2008.
Net interest margin (tax equivalent) for the fourth quarter of 2008 increased 56 basis points to 3.62% when compared to 3.06% for the fourth quarter of 2007. Average earning asset yields for the fourth quarter of 2008 were 5.60% compared with 6.06% for the fourth quarter of 2007. The cost of funds for the fourth quarter of 2008 was 2.04% compared with 3.04% for the same period last year.
"Our balance sheet is liability sensitive. Therefore, we have been able to reduce our deposit and borrowing costs as interest rates have fallen. The strong decline in overall funding costs combined with a slower moving decline in loan and investment yields has strengthened our net interest income. The result is an improved net interest margin," said Chris Myers. While additional decreases in the cost of funds may not be achievable in 2009, the full impact of the decrease in rates in late 2008 has yet to be felt. Profits realized from a strengthening net interest margin were able to offset the increase in provisions for credit losses and achieve a 4.11% increase in net income for 2008.
Government Investment
In December of 2008, the Company received $130 million through the Capital Purchase Program approved by Congress. Although the Company has a strong balance sheet and relatively few troubled assets, management felt it was important to obtain this money to strengthen our capital position in these uncertain times. "The additional capital will provide greater levels of security and safety should the overall economy continue to deteriorate. It will also allow us to continue our prudent lending practices and business expansion programs, which may include acquisitions," said Chris Myers.
Balance Sheet
The Company reported total assets of $6.65 billion at December 31, 2008. This represented an increase of $355.7 million, or 5.65%, over total assets of $6.29 billion at December 31, 2007. Earning assets totaling $6.28 billion were up $343.6 million, or 5.79%, when compared with earning assets of $5.93 billion at December 31, 2007. Total deposits and customer repos were $3.87 billion at December 31, 2008. This represents an increase of $165.3 million, or 4.47%, when compared with total deposits and customer repos of $3.70 billion at December 31, 2007. Gross loans and leases totaled $3.74 billion at December 31, 2008. This represents an increase of $241.7 million, or 6.92%, when compared with gross loans and leases of $3.50 billion at December 31, 2007.
Investment Securities
Investment securities totaled $2.50 billion at December 31, 2008. This represents an increase of $109.8 million, or 4.59%, when compared with $2.39 billion in investment securities at December 31, 2007. Our investment portfolio continues to perform well. We have no preferred stock nor do we have any trust preferred securities. Virtually all of our mortgage-backed securities are issued by Freddie Mac or Fannie Mae, which have the guarantee of the U.S. Government. Those that are private label issues, approximately $52 million, are performing well. Ninety-seven percent of our municipal portfolio contains securities which have an underlying rating of investment grade.
CitizensTrust
CitizensTrust has approximately $2.3 billion in assets under administration, including $782.4 million in assets under management at December 31, 2008. This compares with $2.6 billion in assets under administration, including $819.8 million in assets under management at December 31, 2007. They provide trust, investment and brokerage related services, as well as financial, estate and business succession planning. Income from CitizensTrust was $6.0 million in 2008, up $274,000 from $5.7 million in 2007.
Loan and Lease Quality
The credit quality of the loan portfolio remains solid. The allowance for credit losses increased from $33.0 million as of December 31, 2007 to $54.0 million as of December 31, 2008. The increase was primarily due to the provision for credit losses of $26.6 million during 2008. During 2008, we had loan charge-offs totaling $6.0 million and recoveries on previously charged-off loans of $348,000. This resulted in net charge-offs of $5.7 million. By comparison, during 2007, the Company had net recoveries of $1.4 million, and a $4.0 million increase in the provision for credit losses. The allowance for credit losses was 1.44% and 0.95% of total loans and leases outstanding as of December 31, 2008 and 2007, respectively. "Because the economy continues to struggle, our goal has been to increase our allowance as a percentage of total loans. Although our losses and non-performing loans are low by comparison to peers, we are taking the overall weakness in the economy as a driving factor in determining our allowance," said Myers.
We had $17.7 million in non-performing loans at December 31, 2008, or 0.47% of total loans. This compares to non-performing loans of $16.6 million at September 30, 2008, $12.3 million at June 30, 2008, $2.7 million at March 31, 2008 and $1.4 million at December 31, 2007. The non-performing loans consist of $7.5 million in residential construction and land loans, $3.2 million in single-family mortgage loans, $6.7 million in commercial loans and $0.3 million in consumer loans.
The $7.5 million in non-performing residential construction and land loans consists primarily of two loans, one for a single-family and one for multi-family development projects to two borrower groups. The $3.2 million in non-performing single-family mortgage loans consists of seven single-family residences from our pool of approximately 750 mortgage loans purchased over the past five years. Our last purchase of a mortgage loan pool was in August 2007. The $6.7 million in non-performing commercial loans primarily consist of two loans to a single borrower and are secured by commercial real estate. The $312,000 in non-performing consumer loans consists of one equity line of credit.
Other Real Estate Owned was $6.6 million at December 31, 2008. This was an increase of $4.6 million from September 30, 2008. This was due to the transfer of seven residential construction loans from non-performing loans during the fourth quarter of 2008. We now have 10 properties in OREO.
At December 31, 2008, we had loans delinquent 30 to 89 days of $5.2 million. This compares to delinquent loans of $4.9 million at September 30, 2008, $1.0 million at June 30, 2008, $18.2 million at March 31, 2008 and $2.2 million at December 31, 2007. As a percentage of total loans, delinquencies, excluding non-accruals, were 0.14% at December 31, 2008 and September 30, 2008, 0.03% at June 30, 2008, 0.53% at March 31, 2008 and 0.06% at December 31, 2007.
Our construction loan portfolio totaled $351.5 million as of December 31, 2008. This represents 9.38% of our total loans outstanding at the end of the year. Of the $351.5 million, $100.9 million is for residential construction and residential land loans. This represents 28.7% of the construction loans outstanding, or 2.69% of our total loan portfolio. Of note, 35.24% of our construction loan portfolio is based in the Inland Empire.
Corporate Overview
CVB Financial Corp. is the holding company for Citizens Business Bank. The Bank is the largest financial institution headquartered in the Inland Empire region of Southern California. It serves 40 cities with 44 business financial centers and 4 commercial banking centers in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California. Its leasing division, Citizens Financial Services, provides vehicle leasing, equipment leasing and real estate loan services.
Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the CVB Investor tab.
Safe Harbor
Certain matters set forth herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plan and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the impact of changes in interest rates, a decline in economic conditions, adverse changes resulting from natural and manmade disasters, effects of government regulation and increased competition among financial services providers and other factors set forth in the Company's public reports including its Annual Report on Form 10-K for the year ended December 31, 2007, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law.
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(unaudited)
dollars in thousands
December 31,
2008 2007
Assets:
Cash and due from banks $ 95,297 $ 89,486
Investment Securities available-for-sale 2,493,476 2,390,566
Investment Securities held-to-maturity 6,867 -
Federal funds sold and Interest-bearing balances 285 475
due from depository institutions
Investment in stock of Federal Home Loan Bank 93,240 79,983
(FHLB)
Loans and lease finance receivables 3,736,838 3,495,144
Less allowance for credit losses (53,960 ) (33,049 )
Net loans and lease finance receivables 3,682,878 3,462,095
Total earning assets 6,276,746 5,933,119
Premises and equipment, net 44,420 46,855
Intangibles 11,020 14,611
Goodwill 55,097 55,167
Cash value of life insurance 106,366 103,400
Other assets 60,705 51,325
TOTAL $ 6,649,651 $ 6,293,963
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Demand Deposits (noninterest-bearing) $ 1,334,248 $ 1,295,959
Investment Checking 324,907 409,912
Savings/MMDA 818,872 868,123
Time Deposits 1,030,129 790,355
Total Deposits 3,508,156 3,364,349
Demand Note to U.S. Treasury 5,373 540
Customer Repurchase Agreements 357,813 336,309
Repurchase Agreements 250,000 250,000
Borrowings 1,737,660 1,753,500
Junior Subordinated Debentures 115,055 115,055
Other liabilities 60,702 49,262
Total Liabilities 6,034,759 5,869,015
Stockholders' equity:
Stockholders' equity 586,161 420,818
Accumulated other comprehensive income (loss), 28,731 4,130
net of tax
614,892 424,948
TOTAL $ 6,649,651 $ 6,293,963
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEET
(unaudited)
dollars in thousands
Three months ended December Twelve months ended December
31, 31,
2008 2007 2008 2007
Assets:
Cash and due from $ 96,335 $ 110,094 $ 101,282 $ 118,784
banks
Investment
securities 2,370,784 2,326,600 2,435,129 2,388,883
available-for-sale
Investment
securities 6,948 - 6,934 -
held-to-maturity
Federal funds sold
and
Interest-bearing 349 1,477 1,086 1,876
balances due from
depository
institutions
Investment in stock
of Federal Home 92,856 80,043 89,601 80,789
Loan Bank (FHLB)
Loans and lease 3,645,278 3,368,058 3,506,510 3,226,086
finance receivables
Less allowance for (40,893 ) (30,186 ) (37,280 ) (29,017 )
credit losses
Net loans and lease 3,604,385 3,337,872 3,469,230 3,197,069
finance receivables
Total earning 6,075,322 5,745,992 6,001,980 5,668,617
assets
Premises and 44,263 47,257 45,494 46,490
equipment, net
Intangibles 11,366 10,049 12,709 9,388
Goodwill 55,097 57,375 55,105 45,404
Cash value of life 106,172 102,814 105,228 101,406
insurance
Other assets 89,385 93,841 73,115 90,414
TOTAL $ 6,477,940 $ 6,167,422 $ 6,394,913 $ 6,080,503
Liabilities and
Stockholders'
Equity
Liabilities:
Deposits:
Noninterest-bearing $ 1,300,431 $ 1,275,259 $ 1,268,548 $ 1,285,857
Interest-bearing 2,050,643 2,098,140 2,008,637 2,133,412
Total Deposits 3,351,074 3,373,399 3,277,185 3,419,269
Other borrowings 2,460,252 2,216,721 2,482,888 2,102,030
Junior Subordinated 115,055 115,579 115,055 112,078
Debentures
Other liabilities 65,052 43,507 61,119 43,285
Total Liabilities 5,991,433 5,749,206 5,936,247 5,676,662
Stockholders'
equity:
Stockholders' 502,247 427,740 457,427 417,719
equity
Accumulated other
comprehensive (15,740 ) (9,524 ) 1,239 (13,878 )
income (loss), net
of tax
486,507 418,216 458,666 403,841
TOTAL $ 6,477,940 $ 6,167,422 $ 6,394,913 $ 6,080,503
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 December 31, Ended December 31,
2008 2007 2008 2007
Interest Income:
Loans and leases, including fees $ 53,416 $ 56,692 $ 212,626 $ 221,809
Investment securities:
Taxable 21,482 20,498 86,930 85,899
Tax-advantaged 7,035 7,202 28,371 29,231
Total investment income 28,517 27,700 115,301 115,130
Dividends from FHLB Stock 886 1,077 4,552 4,229
Federal funds sold &
Interest-bearing CDs with other 4 17 39 109
institutions
Total interest income 82,823 85,486 332,518 341,277
Interest Expense:
Deposits 7,569 15,766 35,801 69,297
Borrowings and junior 23,200 28,332 103,038 110,838
subordinated debentures
Total interest expense 30,769 44,098 138,839 180,135
Net interest income before 52,054 41,388 193,679 161,142
provision for credit losses
Provision for credit losses 17,900 4,000 26,600 4,000
Net interest income after 34,154 37,388 167,079 157,142
provision for credit losses
Other Operating Income:
Service charges on deposit 3,848 3,554 15,228 13,381
accounts
Trust and investment services 2,020 1,871 7,926 7,226
Other 3,374 2,544 11,303 10,718
Total other operating income 9,242 7,969 34,457 31,325
Other operating expenses:
Salaries and employee benefits 14,284 13,854 61,271 55,303
Occupancy 2,939 2,928 11,813 10,540
Equipment 1,606 1,733 7,162 7,026
Professional services 1,504 1,739 6,519 6,274
Amortization of intangible assets 898 706 3,591 2,969
Provision for unfunded 150 324 1,300 1,065
commitments
Other 6,573 6,158 24,132 22,227
Total other operating expenses 27,954 27,442 115,788 105,404
Earnings before income taxes 15,442 17,915 85,748 83,063
Income taxes 3,165 4,548 22,675 22,479
Net earnings $ 12,277 $ 13,367 $ 63,073 $ 60,584
Basic earnings per common share $ 0.14 $ 0.16 $ 0.75 $ 0.72
Diluted earnings per common share $ 0.14 $ 0.16 $ 0.75 $ 0.72
Cash dividends per common share $ 0.085 $ 0.085 $ 0.340 $ 0.340
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
Three months ended December 31, Twelve months ended December
31,
2008 2007 2008 2007
Interest income
- $ 85,684 $ 85,487 $ 344,040 $ 341,277
(Tax-Effected)
(te)
Interest 30,769 44,098 138,839 180,135
Expense
Net Interest $ 54,915 $ 41,389 $ 205,201 $ 161,142
income - (te)
Return on 0.75 % 0.86 % 0.99 % 1.00 %
average assets
Return on 10.04 % 12.68 % 13.75 % 15.00 %
average equity
Efficiency 64.42 % 60.50 % 57.45 % 55.93 %
ratio
Net interest 3.62 % 3.06 % 3.41 % 3.03 %
margin (te)
Weighted
average shares
outstanding
Basic 83,165,763 83,257,179 83,120,817 83,600,316
Diluted 83,383,653 83,607,505 83,335,503 84,005,941
Dividends $ 7,078 $ 7,069 $ 28,317 $ 28,479
declared
Dividend payout 57.65 % 52.88 % 44.90 % 47.01 %
ratio
Number of
shares 83,270,263 83,164,906
outstanding-EOP
Book value per $ 5.92 $ 5.11
share
December 31,
2008 2007
Non-performing
Assets (dollar
amount in
thousands):
Non-accrual $ 17,684 $ 1,435
loans
Loans past due
90 days or more
and still - -
accruing
interest
Other real
estate owned 6,565 -
(OREO), net
Total
non-performing $ 24,249 $ 1,435
assets
Percentage of
non-performing
assets to total 0.65 % 0.04 %
loans
outstanding and
OREO
Percentage of
non-performing 0.36 % 0.02 %
assets to total
assets
Allowance for
loan losses to 222.52 % 2303.07 %
non-performing
assets
Net Charge-off
to Average 0.16 % 0.04 %
loans
Allowance for
Credit Losses:
Beginning $ 33,049 $ 27,737
Balance
Total Loans (6,037 ) (2,098 )
Charged-Off
Total Loans 348 739
Recovered
Net Loans (5,689 ) (1,359 )
Charged-off
Acquisition of
First Coastal - 2,671
Bank
Provision
Charged to 26,600 4,000
Operating
Expense
Allowance for
Credit Losses $ 53,960 $ 33,049
at End of
period
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
(unaudited)
Quarterly Common
Stock Price
2008 2007 2006
Quarter High Low High Low High Low
End
March 31, $ 11.20 $ 8.45 $ 13.38 $ 11.42 $ 15.60 $ 14.71
June 30, $ 12.10 $ 9.44 $ 12.40 $ 10.63 $ 15.59 $ 13.25
September $ 15.01 $ 7.65 $ 12.71 $ 9.51 $ 14.24 $ 12.83
30,
December $ 13.89 $ 9.29 $ 11.97 $ 9.98 $ 14.13 $ 12.83
31,
Quarterly Consolidated
Statements of Earnings
4Q 3Q 2Q 1Q 4Q
2008 2008 2008 2008 2007
Interest income
Loans, including fees $ 53,416 $ 52,954 $ 52,211 $ 54,046 $ 56,692
Investment securities and 29,407 30,553 30,758 29,173 28,794
federal funds sold
82,823 83,507 82,969 83,219 85,486
Interest expense
Deposits 7,569 7,417 8,537 12,278 15,766
Other borrowings 23,200 27,078 25,949 26,811 28,333
30,769 34,495 34,486 39,089 44,099
Net interest income
before provision for 52,054 49,012 48,483 44,130 41,387
credit losses
Provision for 17,900 4,000 3,000 1,700 4,000
credit losses
Net interest income after
provision for credit 34,154 45,012 45,483 42,430 37,387
losses
Non-interest 9,242 8,373 8,702 8,140 7,968
income
Non-interest 27,954 29,057 30,378 28,399 27,441
expenses
Earnings before 15,442 24,328 23,807 22,171 17,914
income taxes
Income 3,165 6,868 6,655 5,987 4,547
taxes
Net earnings $ 12,277 $ 17,460 $ 17,152 $ 16,184 $ 13,367
Basic earning $ 0.14 $ 0.21 $ 0.21 $ 0.19 $ 0.16
per common share
Diluted earnings per $ 0.14 $ 0.21 $ 0.21 $ 0.19 $ 0.16
common share
Cash dividends per common $ 0.085 $ 0.085 $ 0.085 $ 0.085 $ 0.085
share
Dividends $ 7,078 $ 7,088 $ 7,058 $ 7,093 $ 7,069
Declared
SELECTED FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)
Distribution
of Loan
Portfolio
12/31/2008 9/30/2008 6/30/2008 3/31/2008 12/31/2007
Commercial
and $ 370,829 $ 356,973 $ 424,515 $ 386,274 $ 365,214
Industrial
Real Estate:
Construction 351,543 359,859 333,303 318,549 308,354
Commercial 1,945,706 1,932,778 1,851,123 1,822,610 1,805,946
Real Estate
SFR Mortgage 333,931 341,389 351,120 356,415 365,849
Consumer 66,255 61,710 57,380 57,554 58,999
Municipal
lease 172,973 173,600 163,459 153,270 156,646
finance
receivables
Auto and
equipment 45,465 47,753 53,121 54,795 58,505
leases
Dairy and 459,329 331,333 293,133 254,156 387,488
Livestock
Gross Loans 3,746,031 3,605,395 3,527,154 3,403,623 3,507,001
Less:
Deferred net (9,193 ) (10,058 ) (10,911 ) (11,431 ) (11,857 )
loan fees
Allowance
for credit (53,960 ) (40,058 ) (37,310 ) (34,711 ) (33,049 )
losses
Net Loans $ 3,682,878 $ 3,555,279 $ 3,478,933 $ 3,357,481 $ 3,462,095
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)
Non-Performing Assets &
Delinquency Trends
December 31, September 30, June 30, March 31, December 31,
2008 2008 2008 2008 2007
Non-Performing
Loans
Residential
Construction $ 7,524 $ 8,020 $ 9,802 $ 1,535 $ 1,137
and Land
Residential 3,116 2,062 1,672 1,153 298
Mortgage
Commercial 6,732 6,243 551 19 -
Consumer 312 312 312 - -
Total $ 17,684 $ 16,637 $ 12,337 $ 2,707 $ 1,435
% of Total 0.47 % 0.46 % 0.35 % 0.08 % 0.04 %
Loans
Past Due 30+
Days
Residential
Construction $ - $ - $ - $ 768 $ -
and Land
Commercial - 2,500 - - -
Construction
Residential 1,931 481 483 1,180 460
Mortgage
Commercial 2,993 1,871 483 15,709 1,713
Consumer 231 55 - 533 26
Total $ 5,155 $ 4,907 $ 966 $ 18,190 $ 2,199
% of Total 0.14 % 0.14 % 0.03 % 0.53 % 0.06 %
Loans
OREO
Residential
Construction $ 6,245 $ 1,612 $ 1,137 $ 1,137 $ -
and Land
Residential 320 315 - - -
Mortgage
Total $ 6,565 $ 1,927 $ 1,137 $ 1,137 $ -
Total
Non-Performing, $ 29,404 $ 23,471 $ 14,440 $ 22,034 $ 3,634
Past Due & OREO
% of Total 0.78 % 0.65 % 0.41 % 0.65 % 0.10 %
Loans
Total Loans 3,746,031 3,605,395 3,527,154 3,403,623 3,507,001
Source: CVB Financial Corp.
Contact: CVB Financial Corp. Christopher D. Myers, President and CEO, 909-980-4030