This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CVB Financial Corp. Reports Record Earnings For 2011

CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced record earnings for the year ended December 31, 2011.

CVB Financial Corp. reported net income of $81.7 million for the year ended December 31, 2011. This represents an increase of $18.8 million, or 29.87%, when compared with net income of $62.9 million for the year ended December 31, 2010. Diluted earnings per share were $0.77 for the year ended December 31, 2011. 2011 represents the most profitable year in company history. Previously, 2006 was the most profitable year with $70.6 million in net profit.

Chris Myers, President and CEO, commented, “We had an excellent year in 2011 and achieved many of our objectives. I am extremely proud of the tremendous effort put forth by our valued associates and Board of Directors in achieving these outstanding results. I would also like to thank our longstanding shareholders for their faith and loyalty.”

Net income for the year ended December 31, 2011 produced a return on beginning equity of 12.69%, a return on average equity of 12.00% and a return on average assets of 1.26%. The efficiency ratio, excluding the provision for credit losses, was 53.86% for the year. Operating expenses as a percentage of average assets were 2.17%. This represents a $12.1 million decrease, year over year, excluding borrowing prepayment penalties of $3.3 million in 2011 and $18.7 million in 2010. This decrease was primarily attributable to a $3.8 million decrease in regulatory assessment fees, a $2.7 million decrease in supplies and software expense, and a $1.9 million decrease in equipment expense.

The Company reported net income of $21.7 million for the fourth quarter ended December 31, 2011. This represents an increase of $11.8 million, or 119.89%, when compared with the $9.9 million in net income reported for the fourth quarter of 2010. Diluted earnings per share were $0.21 for the fourth quarter of 2011. This was up $0.12 from diluted earnings per share of $0.09 for the fourth quarter of 2010.

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs