ONTARIO, Calif.--(BUSINESS WIRE)--
CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank ("the Company"), announced financial results for the third quarter of 2008.
Net Income
CVB Financial Corp. reported net income of $17.5 million for the third quarter ending September 30, 2008. This represents an increase of $1.4 million, or 8.31%, when compared with net earnings of $16.1 million for the third quarter of 2007. Diluted earnings per share were $0.21 for the third quarter of 2008. This was up $0.02, or 10.45%, from diluted earnings per share of $0.19 for the same period last year. The net income for the third quarter of 2008 includes a provision of $4.0 million for credit losses. There was no such provision in the third quarter of 2007.
Net income for the third quarter of 2008 produced a return on beginning equity of 16.00%, a return on average equity of 15.55% and a return on average assets of 1.08%. The efficiency ratio for the third quarter was 54.43%, and operating expenses as a percentage of average assets were 1.79%.
Net income for the nine months ending September 30, 2008 was $50.8 million. This represents an increase of $3.6 million, or 7.58%, when compared with net earnings of $47.2 million for the same period of 2007. Diluted earnings per share were $0.61. This was up $0.05, or 9.05%, from diluted earnings per share of $0.56 for the same period last year. The net income for the nine months of 2008 includes a provision of $8.7 million for credit losses. There was no such provision in the first nine months of 2007.
Net income for the nine months ending September 30, 2008 produced a return on beginning equity of 15.97%, a return on average equity of 15.10% and a return on average assets of 1.06%. The efficiency ratio for the nine-month period was 55.54%, and operating expenses as a percentage of average assets was 1.84%.
Net Interest Income and Net Interest Margin
Net interest income, after provision for credit losses, totaled $45.0 million for the third quarter of 2008. This represents an increase of $3.3 million, or 7.92%, from the $41.7 million for the same period of 2007. This increase resulted from an $11.7 million decrease in interest expense, offset by a $4.4 million decrease in interest income and a $4.0 million increase in the 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 outstanding balances on average borrowed funds.
Net interest margin (tax equivalent) increased from 3.11% for the third quarter of 2007 to 3.43% for the third quarter of 2008. Total average earning asset yields decreased from 6.28% for the third quarter of 2007 to 5.65% for the third quarter of 2008. The cost of funds decreased from 4.16% for the third quarter of 2007 to 2.91% for the third quarter of 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 totaled $132.9 million for the nine months ending September 30, 2008. This represents an increase of $13.1 million, or 11.00%, from the net interest income of $119.8 million for the same period in 2007. This increase resulted from a $27.9 million decrease in interest expense, which was offset by a $6.1 million decrease in interest income and an $8.7 million increase in the provision for credit losses. Net interest income before the provision for credit losses increased $21.9 million, or 18.26%, for the first nine months of 2008. 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 decreases in interest rates on deposits and borrowed funds partially offset by the increase in average borrowed funds.
The net interest margin (tax equivalent) increased from 3.02% for the first nine months of 2007 to 3.37% for the first nine months of 2008. Total average earning asset yields have decreased from 6.20% for the first nine months of 2007 to 5.75% for the first nine months of 2008. The cost of funds has decreased from 4.18% for the first nine months of 2007 to 3.10% for the first nine months of 2008.
Balance Sheet
The Company reported total assets of $6.42 billion at September 30, 2008. This represents an increase of $264.4 million, or 4.29%, over total assets of $6.16 billion as of September 30, 2007. Earning assets totaled $6.04 billion. This was up $289.7 million, or 5.04%, when compared with earning assets of $5.75 billion as of September 30, 2007. Total deposits and customer repurchase agreements were $3.56 billion as of September 30, 2008. This represents a decrease of $209.2 million, or 5.56%, when compared with total deposits and customer repurchase agreements of $3.77 billion at September 30, 2007. Gross loans and leases totaled $3.60 billion at September 30, 2008. This represents an increase of $283.6 million, or 8.56%, when compared with gross loans and leases of $3.31 billion at September 30, 2007.
Investment Securities
Investment securities totaled $2.39 billion at September 30, 2008. This was even with the $2.39 billion in investment securities at September 30, 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 $55 million, are performing well. Eighty-five percent of our municipal portfolio contains securities which have an underlying rating of investment grade, not withstanding the credit-enhancing insurance. Of the remaining fifteen percent of our municipal portfolio, one third is pre-refunded and the remainder is primarily comprised of general obligations.
CitizensTrust
CitizensTrust has approximately $2.5 billion in assets under administration and $839 million in assets under management at September 30, 2008 compared to $2.6 billion in assets under administration and $809 million in assets under management at September 30, 2007. They provide trust, investment and brokerage related services, as well as financial, estate and business succession planning. Income from CitizensTrust was $2.0 million in the current quarter, up $362,000 from the $1.7 million in the third quarter of 2007.
Loan and Lease Quality
The credit quality of the loan portfolio remains solid. The allowance for credit losses increased from $30.4 million as of September 30, 2007 to $40.1 million as of September 30, 2008. The increase was primarily due to the provision for credit losses of $4.0 million in the fourth quarter of 2007 and $8.7 million in the first nine months of 2008. During the first nine months of 2008, we had loan charge-offs totaling $2.0 million and recoveries on previously charged off loans of $301,000. This resulted in net charge-offs of $1.7 million. By comparison, during the first nine months of 2007, the Company had net recoveries of $20,000, and no provision for credit losses. The allowance for credit losses was 1.11% and 0.92% of total loans and leases outstanding as of September 30, 2008 and 2007, respectively.
We had $16.6 million in non-performing loans at September 30, 2008, or 0.46% of total loans. This compares to non-performing loans of $12.3 million at June 30, 2008 and $1.4 million at December 31, 2007. The non-performing loans consist of $8.0 million in residential construction and residential land loans, $2.1 million in single family mortgage loans, $6.2 million in commercial loans and $0.3 million in consumer loans.
The $8.0 million in non-performing residential construction and residential land loans consists of six loans for single family development projects to two borrower groups. The $2.1 million in non-performing single family mortgage loans consists of four 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 $6.2 million in non-performing commercial loans primarily consist of two loans to a single borrower and are secured by both commercial and residential real estate. The $312,000 in non-performing consumer loans consists of one equity line of credit.
Other Real Estate Owned was $1.9 million at September 30, 2008. This was an increase of $790,000 from June 30, 2008. This was due to the addition of one single family residence from our mortgage pools of $315,000 and a residential construction loan for $475,000. We now have three properties in OREO.
At September 30, 2008, we had loans delinquent 30 to 89 days of $4.9 million. This compares to delinquent loans of $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 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 $359.9 million as of September 30, 2008. This represents 9.98% of our total loans outstanding at the end of the quarter. Of the $359.9 million, $115.9 million is for residential construction and residential land loans. This represents 32.21% of the construction loans outstanding, or 3.22% of our total loan portfolio. Of note, 34.51% 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
September 30, December
31,
----------------------- ----------
2008 2007 2007
----------- ----------- ----------
Assets:
Cash and due from banks $ 92,421 $ 125,997 $ 89,486
Investment Securities available-
for-sale 2,387,444 2,390,306 2,390,566
Investment Securities held-to-
maturity 7,121 - -
Federal funds sold and Interest-
bearing balances due from
depository institutions 475 570 475
Investment in stock of Federal
Home Loan Bank (FHLB) 92,354 80,743 79,983
Loans and lease finance
receivables 3,595,337 3,311,749 3,495,144
Less allowance for credit
losses (40,058) (30,428) (33,049)
----------- ----------- -----------
Net loans and lease finance
receivables 3,555,279 3,281,321 3,462,095
----------- ----------- -----------
Total earning assets 6,042,673 5,752,940 5,933,119
Premises and equipment, net 44,015 47,048 46,855
Intangibles 11,917 21,858 14,611
Goodwill 55,097 46,582 55,167
Cash value of life insurance 106,840 102,434 103,400
Other assets 68,823 60,534 51,325
----------- ----------- -----------
TOTAL $6,421,786 $6,157,393 $6,293,963
=========== =========== ===========
Liabilities and Stockholders'
Equity
Liabilities:
Deposits:
Demand Deposits
(noninterest-bearing) $1,302,205 $1,292,825 $1,295,959
Investment Checking 327,337 349,618 409,912
Savings/MMDA 851,245 929,321 868,123
Time Deposits 714,754 863,323 790,355
----------- ----------- -----------
Total Deposits 3,195,541 3,435,087 3,364,349
Demand Note to U.S. Treasury 3,734 180 540
Customer Repurchase Agreements 360,973 330,666 336,309
Repurchase Agreements 250,000 250,000 250,000
Borrowings 2,006,598 1,545,500 1,753,500
Junior Subordinated Debentures 115,055 115,859 115,055
Other liabilities 55,065 73,284 49,262
----------- ----------- -----------
Total Liabilities 5,986,966 5,750,576 5,869,015
Stockholders' equity:
Stockholders' equity 451,049 416,491 420,818
Accumulated other
comprehensive income (loss),
net of tax (16,229) (9,674) 4,130
----------- ----------- -----------
434,820 406,817 424,948
----------- ----------- -----------
TOTAL $6,421,786 $6,157,393 $6,293,963
=========== =========== ===========
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEET
(unaudited)
dollars in thousands
Three months ended Nine months ended
September 30, September 30,
2008 2007 2008 2007
---------------------- ---------------------
Assets:
Cash and due from banks $ 100,408 $ 118,612 $ 102,942 $ 121,713
Investment securities
available-for-sale 2,433,409 2,315,265 2,456,734 2,409,872
Investment securities
held-to-maturity 7,206 - 6,930 -
Federal funds sold and
Interest-bearing balances
due from depository
institutions 752 5,377 1,334 2,010
Investment in stock of
Federal Home Loan Bank
(FHLB) 91,729 81,410 88,508 81,041
Loans and lease finance
receivables 3,556,724 3,327,462 3,459,916 3,178,242
Less allowance for
credit losses (38,634) (30,264) (36,067) (28,623)
--------------------------------------------
Net loans and lease
finance receivables 3,518,090 3,297,198 3,423,849 3,149,619
--------------------------------------------
Total earning
assets 6,051,186 5,699,250 5,977,355 5,642,542
Premises and equipment,
net 44,783 47,189 45,907 46,232
Intangibles 12,267 8,572 13,160 9,166
Goodwill 55,097 60,456 55,108 41,370
Cash value of life
insurance 106,016 101,686 104,911 100,932
Other assets 74,864 93,685 71,243 89,257
--------------------------------------------
TOTAL $6,444,621 $6,129,450 $6,370,626 $6,051,212
============================================
Liabilities and
Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing$1,299,630 $1,316,035$1,257,843$1,289,429
Interest-bearing 1,936,102 2,200,779 1,994,533 2,145,299
--------------------------------------------
Total Deposits 3,235,732 3,516,814 3,252,376 3,434,728
Other borrowings 2,600,493 2,049,765 2,490,488 2,063,380
Junior Subordinated
Debentures 115,055 115,859 115,055 110,898
Other liabilities 46,620 47,069 63,389 43,210
--------------------------------------------
Total
Liabilities 5,997,900 5,729,507 5,921,308 5,652,216
Stockholders' equity:
Stockholders' equity 452,553 424,765 442,378 414,340
Accumulated other
comprehensive income
(loss), net of tax (5,832) (24,822) 6,940 (15,344)
--------------------------------------------
446,721 399,943 449,318 398,996
--------------------------------------------
TOTAL $6,444,621 $6,129,450 $6,370,626 $6,051,212
============================================
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
dollar amounts in thousands, except per share
For the Three For the Nine
Months Months
Ended September Ended September
30, 30,
2008 2007 2008 2007
-------- ------- -------- --------
Interest Income:
Loans and leases, including fees $52,954$58,677$159,211$165,117
Investment securities:
Taxable 22,142 20,591 65,448 65,401
Tax-advantaged 7,036 7,493 21,336 22,029
------- ------ -------- -------
Total investment income 29,178 28,084 86,784 87,430
Dividends from FHLB Stock 1,367 1,047 3,666 3,152
Federal funds sold & Interest-
bearing CDs with other
institutions 8 72 34 92
------- ------ ------- -------
Total interest income 83,507 87,880 249,695 255,791
Interest Expense:
Deposits 7,417 18,445 28,233 53,531
Borrowings and junior
subordinated debentures 27,078 27,727 79,838 82,505
------- ------ -------- -------
Total interest expense 34,495 46,172 108,071 136,036
------- ------ -------- -------
Net interest income before
provision for credit losses 49,012 41,708 141,624 119,755
Provision for credit losses 4,000 - 8,700 -
------- ------ -------- -------
Net interest income after
provision for credit losses 45,012 41,708 132,924 119,755
Other Operating Income:
Service charges on deposit
accounts 3,829 3,340 11,381 9,827
Trust and investment services 2,019 1,657 5,906 5,355
Other 2,525 2,866 7,929 8,175
------- ------ -------- -------
Total other operating
income 8,373 7,863 25,216 23,357
Other operating expenses:
Salaries and employee benefits 15,943 13,794 46,987 41,449
Occupancy 2,923 2,862 8,874 7,612
Equipment 1,888 1,743 5,556 5,293
Professional services 1,600 1,844 5,015 4,535
Amortization of intangible
assets 898 1,086 2,694 2,263
Provision for unfunded
commitments (100) 741 1,150 741
Other 5,905 5,148 17,558 16,070
------- ------ -------- -------
Total other operating
expenses 29,057 27,218 87,834 77,963
------- ------ -------- -------
Earnings before income taxes 24,328 22,353 70,306 65,149
Income taxes 6,868 6,232 19,510 17,932
-------- ------- -------- --------
Net earnings $17,460 $16,121 $ 50,796 $ 47,217
======== ======= ======== ========
Basic earnings per common share $ 0.21 $ 0.19 $ 0.61 $ 0.56
======== ======= ======== ========
Diluted earnings per common share $ 0.21 $ 0.19 $ 0.61 $ 0.56
======== ======= ======== ========
Cash dividends per common share $ 0.085 $ 0.085 $ 0.255 $ 0.255
======== ======= ======== ========
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
Three months ended Nine months ended
September 30, September 30,
2008 2007 2008 2007
------------ ------------ ------------ ------------
Interest income
- (Tax-
Effected) (te) $ 86,368 $ 90,400 $ 258,356 $ 263,196
Interest Expense 34,495 46,172 108,071 136,036
------------ ------------ ------------ ------------
Net Interest
income - (te) $ 51,873 $ 44,228 $ 150,285 $ 127,160
============ ============ ============ ============
Return on
average assets 1.08% 1.04% 1.07% 1.04%
Return on
average equity 15.55% 15.99% 15.10% 15.82%
Efficiency ratio 54.43% 54.91% 55.54% 54.48%
Net interest
margin (te) 3.43% 3.11% 3.37% 3.02%
Weighted average
shares
outstanding
Basic 83,148,006 84,373,484 83,105,726 83,715,950
Diluted 83,372,848 84,730,295 83,328,918 84,373,142
Dividends
declared $ 7,088 $ 7,076 $ 21,239 $ 21,410
Dividend payout
ratio 40.60% 43.89% 41.81% 45.34%
Number of shares
outstanding-EOP 83,270,263 83,353,404
Book value per
share $ 5.22 $ 4.88
September 30,
2008 2007
------------ ------------
Non-performing
Assets (dollar
amount in
thousands):
Non-accrual
loans $ 16,637 $ 3,474
Loans past due
90 days or more
and still
accruing
interest - -
Other real
estate owned
(OREO), net 1,927 -
------------ ------------
Total non-
performing
assets $ 18,564 $ 3,474
============ ============
Percentage of
non-performing
assets to total
loans
outstanding and
OREO 0.52% 0.10%
Percentage of
non-performing
assets to total
assets 0.29% 0.06%
Allowance for
loan losses to
non-performing
assets 215.78% 875.88%
Net Charge-off
(Recovered) to
Average loans 0.05% 0.00%
Allowance for
Credit Losses:
Beginning
Balance $ 33,049 $ 27,737
Total Loans
Charged-Off (1,992) (345)
Total Loans
Recovered 301 365
------------ ------------
Net Loans
Recovered (1,691) 20
Acquisition of
First Coastal
Bank 0 2,671
Provision
Charged to
Operating
Expense 8,700 -
------------ ------------
Allowance for
Credit Losses
at End of
period $ 40,058 $ 30,428
============ ============
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
(unaudited)
Quarterly Common Stock Price
2008 2007 2006
-------------- --------------- ---------------
Quarter End High Low High Low High Low
------ ------- ------- ------- ------- -------
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 30, $15.01 $ 7.65 $ 12.71 $ 9.51 $ 14.24 $ 12.83
December 31, $ 11.97 $ 9.98 $ 14.13 $ 12.83
Quarterly Consolidated Statements of Earnings
3Q 2Q 1Q 4Q 3Q
2008 2008 2008 2007 2007
------- ------- ------- ------- -------
Interest income
Loans, including fees $52,954 $52,211 $54,046 $56,692 $58,677
Investment securities and
federal funds sold 30,553 30,758 29,173 28,794 29,203
------- ------- ------- ------- -------
83,507 82,969 83,219 85,486 87,880
Interest expense
Deposits 7,417 8,537 12,278 15,766 18,445
Other borrowings 27,078 25,949 26,811 28,333 27,727
------- ------- ------- ------- -------
34,495 34,486 39,089 44,099 46,172
Net interest income
before provision for
credit losses 49,012 48,483 44,130 41,387 41,708
Provision for credit
losses 4,000 3,000 1,700 4,000 -
------- ------- ------- ------- -------
Net interest income
after provision for
credit losses 45,012 45,483 42,430 37,387 41,708
Non-interest income 8,373 8,702 8,140 7,968 7,863
Non-interest expenses 29,057 30,378 28,399 27,441 27,218
------- ------- ------- ------- -------
Earnings before income
taxes 24,328 23,807 22,171 17,914 22,353
Income taxes 6,868 6,655 5,987 4,547 6,232
------- ------- ------- ------- -------
Net earnings $17,460 $17,152 $16,184 $13,367 $16,121
======= ======= ======= ======= =======
Basic earning per common
share $ 0.21 $ 0.21 $ 0.19 $ 0.16 $ 0.19
Diluted earnings per
common share $ 0.21 $ 0.21 $ 0.19 $ 0.16 $ 0.19
Cash dividends per
common share $ 0.085 $ 0.085 $ 0.085 $ 0.085 $ 0.085
Dividends Declared $ 7,088 $ 7,058 $ 7,093 $ 7,069 $ 7,076
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)
Distribution of Loan Portfolio
9/30/2008 6/30/2008 3/31/2008 12/31/2007 9/30/2007
--------------------------------------------------------
Commercial and
Industrial $ 356,973 $ 424,515 $ 386,274 $ 365,214 $ 345,697
Real Estate:
Construction 359,859 333,303 318,549 308,354 307,506
Commercial
Real Estate 1,932,778 1,851,123 1,822,610 1,805,946 1,775,812
SFR Mortgage 341,389 351,120 356,415 365,849 363,765
Consumer 61,710 57,380 57,554 58,999 62,979
Municipal
lease finance
receivables 173,600 163,459 153,270 156,646 143,399
Auto and
equipment
leases 47,753 53,121 54,795 58,505 58,958
Dairy and
Livestock 331,333 293,133 254,156 387,488 265,806
--------------------------------------------------------
Gross Loans 3,605,395 3,527,154 3,403,623 3,507,001 3,323,922
Less:
Deferred net
loan fees (10,058) (10,911) (11,431) (11,857) (12,173)
Allowance
for credit
losses (40,058) (37,310) (34,711) (33,049) (30,428)
--------------------------------------------------------
Net Loans $3,555,279 $3,478,933 $3,357,481 $ 3,462,095 $3,281,321
========================================================
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)
Non-Performing Assets & Delinquency Trends
September 30, June 30, March 31, December
31,
-------------------------------------------------
2008 2008 2008 2007
------------- ----------- ----------- -----------
Non-Performing Loans
--------------------
Residential
Construction and
Residential Land $ 8,020 $ 9,802 $ 1,535 $ 1,137
Residential
Mortgage 2,062 1,672 1,153 298
Commercial 6,243 551 19 -
Consumer 312 312 - -
------------- ----------- ----------- -----------
Total $ 16,637 $ 12,337 $ 2,707 $ 1,435
------------- ----------- ----------- -----------
% of Total Loans 0.46% 0.35% 0.08% 0.04%
Past Due 30+ Days
--------------------
Residential
Construction and
Residential Land $ - $ - $ 768 $ -
Commercial
Construction 2,500 - - -
Residential
Mortgage 481 483 1,180 460
Commercial 1,871 483 15,709 1,713
Consumer 55 - 533 26
------------- ----------- ----------- -----------
Total $ 4,907 $ 966 $ 18,190 $ 2,199
------------- ----------- ----------- -----------
% of Total Loans 0.14% 0.03% 0.53% 0.06%
OREO
--------------------
Residential
Construction $ 1,612 $ 1,137 $ 1,137 $ -
Residential
Mortgage $ 315 - - -
------------- ----------- ----------- -----------
Total $ 1,927 $ 1,137 $ 1,137 $ -
------------- ----------- ----------- -----------
------------- ----------- ----------- -----------
Total Non-
Performing, Past
Due & OREO $ 23,471 $ 14,440 $ 22,034 $ 3,634
------------- ----------- ----------- -----------
% of Total Loans 0.65% 0.41% 0.65% 0.10%
Total Loans 3,605,395 3,527,154 3,403,623 3,507,001
Source: CVB Financial Corp.
Contact: CVB Financial Corp. Christopher D. Myers, 909-980-4030 President and CEO