701 North Haven Ave., Suite 350
Ontario, CA 91764
(909) 980-4030
Press Release
For Immediate Release
Contact: Christopher D. Myers
President and CEO
(909) 980-4030
CVB Financial Corp. Reports Record Results for 2006
Ontario, CA, January 18, 2007-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced record results for the year ended December 31, 2006. This included record loans, record assets and record earnings.
Net Income
CVB Financial Corp. reported net income of $71.9 million for the year ended December 31, 2006. This represents an increase of $1.3 million, or 1.83%, when compared with net earnings of $70.6 million for the year ended December 31, 2005. Diluted earnings per share were $0.85 for the year ended December 31, 2006. This was up $0.02, or 2.41%, from diluted earnings per share of $0.83 for the same period last year. These per share amounts have been adjusted to reflect a 10% stock dividend declared in December of 2006.
Net income for the year ended December 31, 2006 produced a return on beginning equity of 20.97%, a return on average equity of 19.75% and a return on average assets of 1.25%. The efficiency ratio for the year was 48.04%, and operating expenses as a percentage of average assets were 1.66%.
The Company reported net income of $16.3 million for the fourth quarter ending December 31, 2006. This represented a decrease of $0.9 million, or 5.11%, when compared with the $17.2 million in net income reported for the fourth quarter of 2005. Diluted earnings per share were $0.19 for the fourth quarter of 2006. This was down $0.01, or 5.26%, from diluted earnings per share of $0.20 for the fourth quarter of 2005.
Net income for the fourth quarter of 2006 produced a return on beginning equity of 16.88%, a return on average equity of 16.36% and a return on average assets of 1.07%. The efficiency ratio for the fourth quarter was 52.83%, and operating costs as a percentage of average assets were 1.67%.
Net Interest Income and Net Interest Margin
Net interest income after provision for credit losses totaled $166.2 million for the year ended December 31, 2006. This represents a decrease of $3.3 million, or 1.96%, over the net interest income of $169.5 million for the same period of 2005. This decrease resulted from a $69.7 million increase in interest income, offset by a $70.0 million increase in interest expense and a $3.0 million increase in provision for credit losses. The increases in interest income were primarily due to the growth in average earning assets and the increase in interest rates. The increases in interest expense were due to the increases in interest-bearing deposits and borrowed funds and the increase in interest rates.
Net interest income after provision for credit losses totaled $39.6 million for the fourth quarter of 2006. This represented a decrease of $4.8 million, or 10.76%, over the net interest income of $44.4 million for the fourth quarter of 2005. These decreases resulted from a $16.2 million increase in interest income, offset by a $20.3 million increase in interest expense and $600,000 increase in provision for credit losses.
Net interest margin (tax equivalent) declined from 3.86% for the year ended December 31, 2005 to 3.31% for the year ended December 31, 2006. Total average earning asset yields increased from 5.57% for 2005 to 6.05% for 2006. The cost of funds increased from 1.72% for 2005 to 2.76% for 2006. The decline in net interest margin is due to the cost of interest-bearing liabilities rising faster than the increase in yields on earning assets. This decline in net interest margin has been mitigated by the strong growth in the balance sheet. In addition, the Company has approximately $1.36 billion, or 40.02%, of its deposits in interest free demand deposits.
Net interest margin (tax equivalent) for the fourth quarter of 2006 was 3.03%. This represents a decline of 79 basis points when compared to the 3.82% for the fourth quarter of 2005. Average earning asset yields for the fourth quarter of 2006 were 6.12%, compared with asset yields of 5.77% for the fourth quarter of 2005. The cost of funds for the fourth quarter of 2006 was 3.13% compared with 1.98% for the same period last year.
The credit quality of the loan portfolio continues to be strong. The allowance for credit losses increased from $23.2 million as of December 31, 2005 to $27.7 million as of December 31, 2006. During 2006, the Company experienced net recoveries of $1.5 million and made a provision for credit losses of $3.0 million. During 2005, the Company had net charge-offs of $46,000 and $756,000 was added to the allowance from the acquisition of Granite State Bank. The allowance for credit losses was 0.90% and 0.87% of the total loans and leases outstanding as of December 31, 2006 and 2005, respectively.
Balance Sheet
The Company reported total assets of $6.09 billion at December 31, 2006. This represented an increase of $671.3 million, or 12.38%, over total assets of $5.42 billion on December 31, 2005. Earning assets totaling $5.70 billion were up $621.0 million, or 12.22%, when compared with earning assets of $5.08 billion at December 31, 2005. Total deposits were $3.41 billion at December 31, 2006. This represents a decrease of $17.2 million, or 0.50%, when compared with total deposits of $3.42 billion at December 31, 2005. Gross loans and leases totaled $3.07 billion at December 31, 2006. This represents an increase of $406.3 million, or 15.25%, when compared with gross loans and leases of $2.66 billion at December 31, 2005.
Investment Securities
Investment securities totaled $2.58 billion at December 31, 2006. This represents an increase of $213.0 million, or 8.99%, when compared with $2.37 billion in investment securities at December 31, 2005.
Financial Advisory Services
The Financial Advisory Services Group has over $3.1 billion in assets under administration. They provide trust, investment and brokerage related services, as well as financial, estate and business succession planning.
Loan and Lease Quality
CVB Financial Corp reported no non-performing assets as of December 31, 2006 and 2005. The allowance for loan and lease losses was $27.7 million as of December 31, 2006. This represents 0.90% of gross loans and leases. It compares with an allowance for loan and lease losses of $23.2 million, or 0.87% of gross loans and leases as of December 31, 2005. The increase was primarily due to a provision for credit losses of $3.0 million and recoveries of $1.7 million, offset by loan charge-offs of $200,000 during the twelve months of 2006.
Other Items in 2006
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 33 cities with 39 business financial centers in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California. Its leasing division, Golden West Financial Services, provides vehicle leasing, equipment leasing and real estate loan services, with offices in Orange and Tulare counties.
U.S. Banker Magazine named Citizens Business Bank the “Top Business Bank” in the nation in their January 2007 issue. The Bank was also recognized for having the fifteenth highest return on equity in the nation at 20.88%.
For the fourth consecutive year, CVB Financial Corp. received the KBW Honor Roll award at the Annual Community Bank Investor Conference hosted by Keefe, Bruyette & Woods, Inc. in New York on August 1 — 2, 2006. The Company was also recognized as a SmAll-Star by Sandler O’Neill, and named on the FPK Honor Roll by Fox-Pitt, Kelton. Citizens Business Bank was awarded the Dividend Achiever by Mergent, Inc. This is a result of its outstanding record of ten or more consecutive years of dividend increases. CVB Financial Corp. has received this recognition for three consecutive years.
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
This document contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from the projected. In addition, these forward-looking statements relate to the Company’s current expectations regarding future operating results. Such issues and uncertainties include impact of changes in interest rates, a decline in economic conditions and increased competition among financial services providers. For a discussion of other factors that could cause actual results to differ, please see the publicly available Securities and Exchange Commission filings of CVB Financial Corp., including its Annual Report on Form 10-K for the year ended December 31, 2005, and particularly the discussion on risk factors within that document. The Company does not undertake any, 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.
_________________
CVB FINANCIAL CORP.
CONSOLIDATED BALANCE SHEET
(unaudited)
dollars in thousands
December 31,
----------------------------------------
2006 2005
------------------ ------------------
Assets:
Investment Securities available-for-sale $ 2,582,902 $ 2,369,892
Interest-bearing balances due from depository institutions -- 1,883
Investment in stock of Federal Home Loan Bank (FHLB) 78,866 70,770
Loans and lease finance receivables 3,070,196 2,663,863
Less allowance for credit losses (27,737) (23,204)
------------------ ------------------
Net loans and lease finance receivables 3,042,459 2,640,659
------------------ ------------------
Total earning assets 5,704,227 5,083,204
Cash and due from banks 146,411 130,141
Premises and equipment, net 44,963 40,020
Intangibles 10,121 12,474
Goodwill 31,531 32,357
Cash value of life insurance 99,861 71,811
Other assets 57,148 52,964
------------------ ------------------
TOTAL $ 6,094,262 $ 5,422,971
================== ==================
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Demand Deposits(noninterest-bearing) $ 1,363,411 $ 1,490,613
Investment Checking 318,431 298,067
Savings/MMDA 896,988 852,189
Time Deposits 827,978 783,177
------------------ ------------------
Total Deposits 3,406,808 3,424,046
Demand Note to U.S. Treasury 7,245 6,433
Borrowings 2,139,250 1,496,000
Junior Subordinated Debentures 108,250 82,476
Other liabilities 43,370 71,139
------------------ ------------------
Total Liabilities 5,704,923 5,080,094
Stockholders' equity:
Stockholders' equity 402,560 356,263
Accumulated other comprehensive income
(loss), net of tax (13,221) (13,386)
------------------ ------------------
389,339 342,877
------------------ ------------------
TOTAL $ 6,094,262 $ 5,422,971
================== ==================
CVB FINANCIAL CORP.
CONSOLIDATED AVERAGE BALANCE SHEET
(unaudited)
dollars in thousands |
|---|
| Three months ended December 31, | Twelve months ended December 31, |
|---|
| 2006
| 2005
| 2006
| 2005
|
|---|
| Assets: | | | | | | | | | | | | | | |
| Investment securities available- for-sale | | | $ | 2,615,263 | | $ | 2,277,340 | | $ | 2,511,935 | | $ | 2,200,720 | |
| Interest-bearing balances due from depository institution | | | | -- | | | 5,817 | | | 1,843 | | | 8,908 | |
| Investment in stock of Federal Home Loan Bank (FHLB) | | | | 77,439 | | | 70,272 | | | 74,368 | | | 64,144 | |
| Loans and lease finance receivables | | | | 2,966,099 | | | 2,482,190 | | | 2,811,782 | | | 2,277,304 | |
| Less allowance for credit losses | | | | (27,041 | ) | | (24,031 | ) | | (25,202 | ) | | (23,851 | ) |
|
| |
| |
| |
| |
| Net loans and lease finance receivables | | | | 2,939,058 | | | 2,458,159 | | | 2,786,580 | | | 2,253,453 | |
|
| |
| |
| |
| |
| Total earning assets | | | | 5,631,760 | | | 4,811,588 | | | 5,374,726 | | | 4,527,225 | |
| Cash and due from banks | | | | 126,432 | | | 130,346 | | | 127,186 | | | 124,988 | |
| Premises and equipment, net | | | | 44,657 | | | 40,127 | | | 43,196 | | | 38,155 | |
| Intangibles | | | | 10,351 | | | 12,703 | | | 11,228 | | | 11,621 | |
| Goodwill | | | | 31,531 | | | 28,735 | | | 31,601 | | | 26,508 | |
| Cash value of life insurance | | | | 99,213 | | | 71,473 | | | 80,760 | | | 70,470 | |
| Other assets | | | | 90,059 | | | 83,633 | | | 96,244 | | | 70,193 | |
|
| |
| |
| |
| |
| TOTAL | | | $ | 6,034,003 | | $ | 5,178,605 | | $ | 5,764,941 | | $ | 4,869,160 | |
|
| |
| |
| |
| |
| Liabilities and Stockholders' Equity | | |
| Liabilities: | | |
| Deposits: | | |
| Noninterest-bearing | | | $ | 1,340,312 | | $ | 1,412,029 | | $ | 1,354,014 | | $ | 1,382,966 | |
| Interest-bearing | | | | 2,192,130 | | | 1,840,994 | | | 2,161,075 | | | 1,680,136 | |
|
| |
| |
| |
| |
| Total Deposits | | | | 3,532,442 | | | 3,253,023 | | | 3,515,089 | | | 3,063,102 | |
| Other borrowings | | | | 1,947,692 | | | 1,442,294 | | | 1,720,400 | | | 1,347,156 | |
| Junior Subordinated Debentures | | | | 108,250 | | | 82,476 | | | 106,132 | | | 82,476 | |
| Other liabilities | | | | 50,391 | | | 51,586 | | | 59,292 | | | 38,067 | |
|
| |
| |
| |
| |
| Total Liabilities | | | | 5,638,775 | | | 4,829,379 | | | 5,400,913 | | | 4,530,801 | |
| Stockholders' equity: | | |
| Stockholders' equity | | | | 405,052 | | | 357,622 | | | 387,497 | | | 340,027 | |
| Accumulated other comprehensive income | | |
| (loss), net of tax | | | | (9,824 | ) | | (8,396 | ) | | (23,469 | ) | | (1,668 | ) |
|
| |
| |
| |
| |
| | | | | 395,228 | | | 349,226 | | | 364,028 | | | 338,359 | |
|
| |
| |
| |
| |
| TOTAL | | | $ | 6,034,003 | | $ | 5,178,605 | | $ | 5,764,941 | | $ | 4,869,160 | |
|
| |
| |
| |
| |
CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
dollar amounts in thousands, except per share |
|---|
| For the Three Months
Ended December 31, | For the Twelve Months
Ended December 31, |
|---|
| 2006
| 2005
| 2006
| 2005
|
|---|
| Interest Income: | | | | | | | | | | | | | | |
| Loans, including fees | | | $ | 51,935 | | $ | 42,432 | | $ | 194,704 | | $ | 148,421 | |
| Investment securities: | | |
| Taxable | | | | 24,405 | | | 19,980 | | | 91,029 | | | 76,573 | |
| Tax-advantaged | | | | 6,982 | | | 5,205 | | | 26,545 | | | 19,078 | |
|
| |
| |
| |
| |
| Total investment income | | | | 31,387 | | | 25,185 | | | 117,574 | | | 95,651 | |
| Dividends from FHLB Stock | | | | 1,300 | | | 810 | | | 4,290 | | | 2,623 | |
| Federal funds sold | | | | -- | | | -- | | | 32 | | | 2 | |
| Interest-bearing CDs with other institutions | | | | -- | | | 44 | | | 60 | | | 251 | |
|
| |
| |
| |
| |
| Total interest income | | | | 84,622 | | | 68,471 | | | 316,660 | | | 246,948 | |
| Interest Expense: | | |
| Deposits | | | | 18,783 | | | 10,060 | | | 67,180 | | | 28,908 | |
| Borrowings and junior subordinated debentures | | | | 25,602 | | | 13,991 | | | 80,284 | | | 48,528 | |
|
| |
| |
| |
| |
| Total interest expense | | | | 44,385 | | | 24,051 | | | 147,464 | | | 77,436 | |
|
| |
| |
| |
| |
| Net interest income before provision for credit losses | | | | 40,237 | | | 44,420 | | | 169,196 | | | 169,512 | |
| Provision for credit losses | | | | 600 | | | -- | | | 3,000 | | | -- | |
|
| |
| |
| |
| |
| Net interest income after | | |
| provision for credit losses | | | | 39,637 | | | 44,420 | | | 166,196 | | | 169,512 | |
| Other Operating Income: | | |
| Service charges on deposit accounts | | | | 3,247 | | | 3,481 | | | 13,080 | | | 13,251 | |
| Financial Advisory Services | | | | 1,918 | | | 1,723 | | | 7,385 | | | 6,652 | |
| Gain/(Loss) on sale of investment securities | | | | (5 | ) | | -- | | | 1,057 | | | (46 | ) |
| Other-than-temporary impairment write-down | | | | -- | | | (2,270 | ) | | -- | | | (2,270 | ) |
| Other | | | | 3,407 | | | 2,339 | | | 11,736 | | | 9,918 | |
|
| |
| |
| |
| |
| Total other operating income | | | | 8,567 | | | 5,273 | | | 33,258 | | | 27,505 | |
| Other operating expenses: | | |
| Salaries and employee benefits | | | | 13,477 | | | 13,211 | | | 50,509 | | | 51,535 | |
| Occupancy | | | | 2,259 | | | 2,279 | | | 8,572 | | | 8,327 | |
| Equipment | | | | 1,748 | | | 1,995 | | | 7,025 | | | 7,578 | |
| Professional services | | | | 1,902 | | | 1,001 | | | 5,896 | | | 4,268 | |
| Amortization of intangible assets | | | | 588 | | | 588 | | | 2,353 | | | 2,061 | |
| Other | | | | 5,491 | | | 4,852 | | | 21,469 | | | 16,284 | |
|
| |
| |
| |
| |
| Total other operating expenses | | | | 25,465 | | | 23,926 | | | 95,824 | | | 90,053 | |
|
| |
| |
| |
| |
| Earnings before income taxes | | | | 22,739 | | | 25,767 | | | 103,630 | | | 106,964 | |
| Income taxes | | | | 6,445 | | | 8,593 | | | 31,724 | | | 36,346 | |
|
| |
| |
| |
| |
| Net earnings | | | $ | 16,294 | | $ | 17,174 | | $ | 71,906 | | $ | 70,618 | |
|
| |
| |
| |
| |
Basic earnings per common share | | | $ | 0.19 | | $ | 0.20 | | $ | 0.85 | | $ | 0.84 | |
|
| |
| |
| |
| |
| Diluted earnings per common share | | | $ | 0.19 | | $ | 0.20 | | $ | 0.85 | | $ | 0.83 | |
|
| |
| |
| |
| |
| | | | |
| Cash dividends per common share | | | $ | 0.085 | | $ | 0.09 | | $ | 0.355 | | $ | 0.42 | |
|
| |
| |
| |
| |
All per share information has been retroactively adjusted to reflect the 10% stock dividend declared on December 20, 2006.
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited) |
|---|
|
Three Months Ended December 31, | Twelve Months Ended December 31, |
|---|
| 2006
| 2005
| 2006
| 2005
|
|---|
| Interest income - (Tax Effective)(te) | | | $ | 86,964 | | $ | 70,140 | | $ | 325,410 | | $ | 253,071 | |
| Interest Expense | | | | 44,385 | | | 24,051 | | | 147,464 | | | 77,436 | |
|
| |
| |
| |
| |
| Net Interest income - (te) | | | $ | 42,579 | | $ | 46,089 | | $ | 177,946 | | $ | 175,635 | |
|
| |
| |
| |
| |
Return on average assets | | | | 1.07 | % | | 1.32 | % | | 1.25 | % | | 1.45 | % |
| Return on average equity | | | | 16.36 | % | | 19.51 | % | | 19.75 | % | | 20.87 | % |
| Efficiency ratio | | | | 52.83 | % | | 48.15 | % | | 48.04 | % | | 45.71 | % |
| Net interest margin (te) | | | | 3.03 | % | | 3.82 | % | | 3.31 | % | | 3.90 | % |
Weighted average shares outstanding | | |
| Basic | | | | 84,262,599 | | | 84,052,084 | | | 84,154,212 | | | 84,139,254 | |
| Diluted | | | | 84,888,989 | | | 84,752,953 | | | 84,954,539 | | | 84,911,893 | |
| Dividends declared | | | $ | 7,164 | | $ | 6,877 | | $ | 27,823 | | $ | 27,090 | |
| Dividend payout ratio | | | | 43.97 | % | | 40.04 | % | | 38.69 | % | | 38.36 | % |
Number of shares outstanding-EOP | | | | 84,281,722 | | | 84,073,227 | |
| Book value per share | | | $ | 4.62 | | $ | 4.08 | |
|
December 31, |
|---|
| 2006
| 2005
|
|---|
| | | | |
| Non-performing Assets (dollar amount in thousands): | | |
| Non-accrual loans | | | $ | 0 | | $ | 0 | |
| Loans past due 90 days or more | | |
| and still accruing interest | | | | -- | | | -- | |
| Restructured loans | | | | -- | | | -- | |
| Other real estate owned (OREO), net | | | | -- | | | -- | |
|
| |
| |
| Total non-performing assets | | | $ | 0 | | $ | 0 | |
|
| |
| |
| Percentage of non-performing assets | | |
| to total loans outstanding and OREO | | | | 0.00 | % | | 0.00 | % |
| Percentage of non-performing | | |
| assets to total assets | | | | 0.00 | % | | 0.00 | % |
| Non-performing assets to | | |
| allowance for loan losses | | | | 0.00 | % | | 0.00 | % |
Net Charge-off (Recovered) to Average loans | | | | (0.05 | %) | | (0.03 | %) |
Allowance for Credit Losses: | | |
| Beginning Balance | | | $ | 23,204 | | $ | 22,494 | |
| Total Loans Charged-Off | | | | (200 | ) | | (1,380 | ) |
| Total Loans Recovered | | | | 1,733 | | | 1,334 | |
| Acquisition of Granite State Bank | | | | 0 | | | 756 | |
|
| |
| |
| Net Loans Recovery (Charged-Off) | | | | 1,533 | | | 710 | |
| Provision Charged to Operating Expense | | | | 3,000 | | | -- | |
|
| |
| |
| Allowance for Credit Losses at End of period | | | $ | 27,737 | | $ | 23,204 | |
|
| |
| |
CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands, except per share data
(unaudited) |
|---|
Quarterly Common Stock Price |
|---|
| 2006
| 2005
| 2004
|
|---|
| Quarter End | High
| Low
| High
| Low
| High
| Low
|
|---|
| March 31, | | | | $ 15.60 | | | $ 14.71 | | | $ 15.49 | | | $ 12.80 | | | $ 12.39 | | | $ 11.00 | |
| June 30, | | | | $ 15.59 | | | $ 13.25 | | | $ 14.63 | | | $ 12.36 | | | $ 12.77 | | | $ 11.43 |
| September 30, | | | | $ 14.24 | | | $ 12.83 | | | $ 15.93 | | | $ 13.12 | | | $ 13.60 | | | $ 11.75 |
| December 31, | | | | $ 14.13 | | | $ 12.83 | | | $ 15.20 | | | $ 12.63 | | | $ 16.25 | | | $ 12.95 |
Quarterly Consolidated Statements of Earnings |
|---|
| | 4Q
2006
| 3Q
2006
| 2Q
2006
| 1Q
2006
| 4Q
2005
|
|---|
| Interest income | | |
| Loans, including fees | | | | | | $ | 51,935 | | $ | 50,564 | | $ | 47,913 | | $ | 44,292 | | $ | 42,432 | |
| Investment securities and federal funds sold | | | | | | | 32,687 | | | 32,441 | | | 28,988 | | | 27,840 | | | 26,039 | |
| |
| |
| |
| |
| |
| |
| | | | | | | | 84,622 | | | 83,005 | | | 76,901 | | | 72,132 | | | 68,471 | |
| Interest expense | | |
| Deposits | | | | | | | 18,783 | | | 18,903 | | | 16,294 | | | 13,201 | | | 10,060 | |
| Other borrowings | | | | | | | 25,602 | | | 22,130 | | | 17,446 | | | 15,106 | | | 13,991 | |
| |
| |
| |
| |
| |
| |
| | | | | | | | 44,385 | | | 41,033 | | | 33,740 | | | 28,307 | | | 24,051 | |
| Net interest income before | | |
| provision for credit losses | | | | | | | 40,237 | | | 41,972 | | | 43,161 | | | 43,825 | | | 44,420 | |
| Provision for credit losses | | | | | | | 600 | | | 1,250 | | | 900 | | | 250 | | | -- | |
| |
| |
| |
| |
| |
| |
| Net interest income after | | |
| provision for credit losses | | | | | | | 39,637 | | | 40,722 | | | 42,261 | | | 43,575 | | | 44,420 | |
| Non-interest income | | | | | | | 8,567 | | | 8,871 | | | 8,091 | | | 7,729 | | | 5,273 | |
| Non-interest expenses | | | | | | | 25,465 | | | 22,630 | | | 24,259 | | | 23,470 | | | 23,926 | |
| |
| |
| |
| |
| |
| |
| Earnings before income taxes | | | | | | | 22,739 | | | 26,963 | | | 26,093 | | | 27,834 | | | 25,767 | |
| Income taxes | | | | | | | 6,445 | | | 8,508 | | | 7,176 | | | 9,594 | | | 8,593 | |
| |
| |
| |
| |
| |
| |
| Net earnings | | | | | | $ | 16,294 | | $ | 18,455 | | $ | 18,917 | | $ | 18,240 | | $ | 17,174 | |
| |
| |
| |
| |
| |
| |
| Basic earning per common share | | | | | | $ | 0.19 | | $ | 0.22 | | $ | 0.22 | | $ | 0.22 | | $ | 0.20 | |
| Diluted earnings per common share | | | | | | $ | 0.19 | | $ | 0.22 | | $ | 0.22 | | $ | 0.22 | | $ | 0.20 | |
| Cash dividends per common share | | | | | | $ | 0.085 | | $ | 0.09 | | $ | 0.09 | | $ | 0.09 | | $ | 0.09 | |
| Dividends Declared | | | | | | $ | 7,164 | | $ | 6,891 | | $ | 6,885 | | $ | 6,883 | | $ | 6,877 | |
CVB FINANCIAL CORP. AND SUBSIDIARIES
TOTAL LOANS AND LEASES
(unaudited)
(Amounts in thousands)
|
|---|
| 2006
| | 2006
| |
|---|
| Commercial and Industrial | | | $ | 1,050,189 | | | 34.1% | | $ | 980,602 | | | 36.7% | |
Real Estate: | | |
| Construction | | | | 299,112 | | | 9.7% | | | 270,436 | | | 10.1% | |
| Mortgage | | | | 1,141,322 | | | 37.0% | | | 877,481 | | | 32.8% | |
| Consumer | | | | 54,125 | | | 1.8% | | | 59,801 | | | 2.2% | |
| Municipal lease finance receivables | | | | 126,393 | | | 4.1% | | | 108,832 | | | 4.1% | |
| Auto and equipment leases | | | | 51,420 | | | 1.7% | | | 39,442 | | | 1.5% | |
| Dairy and Livestock | | | | 358,259 | | | 11.6% | | | 338,035 | | | 12.6% | |
|
| |
| |
| |
| |
| Gross Loans | | | | 3,080,820 | | | 100.0% | | | 2,674,629 | | | 100.0% | |
Less: | | |
| Allowance for credit losses | | | | (27,737 | ) | | | | | (23,204 | ) | | | |
| Deferred net loan fees | | | | (10,624 | ) | | | | | (10,766 | ) | | | |
|
| |
| |
| |
| |
Net Loans | | | $ | 3,042,459 | | | | | $ | 2,640,659 | | | | |
Financial Measures That Supplement GAAP
Our discussions sometimes contain financial information not required to be presented by generally accepted accounting principles (GAAP). We do this to better inform readers of our financial statements. The SEC requires us to present a reconciliation of GAAP presentation with non-GAAP presentation.
The following table reconciles the differences in net earnings with and without the settlement of robbery loss, other-than-temporary impairment write-down, and gain/(loss) on sale of securities in conformity with GAAP.
| Net Earnings Reconciliation (non-GAAP disclosure): | Three months ended
December 31, | Twelve months ended
December 31, |
|---|
| 2006
| 2005
| 2006
| 2005
|
|---|
| Net earnings without the settlement of robbery loss and gain/(loss) on sale of securities | | | $ | 16,299 | | $ | 18,685 | | $ | 71,173 | | $ | 70,430 | |
| | |
| Settlement of robbery loss, net of tax | | | | | | | | | | | | | 1,717 | |
| Other-than-temporary impairment write-down, net of tax | | | | -- | | | (1,513 | ) | | -- | | | (1,499 | ) |
| Gain/(Loss) on Sale of Securities, net of tax | | | | (5 | ) | | -- | | | 733 | | | (30 | ) | |
|
| |
| |
| |
| |
| Reported net earnings | | | $ | 16,294 | | $ | 17,172 | | $ | 71,906 | | $ | 70,618 | |
|
| |
| |
| |
| |
| Settlement of robbery loss, net of tax | | | | | | | | | | | | | 2,600 | |
| Other-than-temporary impairment write-down | | | | -- | | | (2,270 | ) | | -- | | | (2,270 | ) |
| Gain/(Loss) on Sale of Securities | | | | (6 | ) | | -- | | | 1,057 | | | (46 | ) |
| Tax effect | | | | 1 | | | 757 | | | (324 | ) | | (96 | ) |
|
| |
| |
| |
| |
| Net of taxes | | | $ | (5 | ) | $ | (1,513 | ) | $ | 733 | | $ | 188 | |
|
| |
| |
| |
| |
We have presented net earnings without the settlement of robbery loss, other-than-temporary impairment write-down, and gain/(loss) on sale of securities to show shareholders the earnings from operations unaffected by the impact of these items. We believe this presentation allows the reader to more easily assess the results of the Company's operations and business.
