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.