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CVB Financial Corp. Reports First Quarter Earnings For 2012

Non-interest expense for the first quarter of 2012 was $30.2 million, a decrease of $4.5 million from $34.7 million for the fourth quarter of 2011, and a $6.1 million decrease from $36.3 million for the first quarter of 2011.

Our efficiency ratio improved to 47.31% for the first quarter of 2012, compared with 52.64% for the fourth quarter of 2011, and 54.12% for the first quarter of 2011.

Decreases in non-interest expense and a lower cost of funds were the main reasons for improvement in our efficiency ratio.

Net Interest Income and Net Interest Margin

Net interest income, before the provision for credit losses, totaled $58.6 million for the three months ending March 31, 2012. Net interest income for the first quarter of 2012 increased $1.5 million, or 2.61%, compared to the same period in 2011.

Excluding the impact of the yield adjustment on covered loans, net interest margin (tax equivalent) increased from 3.62% for the fourth quarter of 2011 to 3.69% for the first quarter of 2012. Total average earning asset yields increased from 4.14% for the fourth quarter of 2011 to 4.16% for the first quarter of 2012. Total cost of funds decreased from 0.56% for the fourth quarter of 2011 to 0.52% for the first quarter of 2012.

Excluding the impact of the yield adjustment on covered loans, net interest margin (tax equivalent) decreased from 3.78% for the first quarter of 2011 to 3.69% for the first quarter of 2012. Total average earning asset yields decreased from 4.39% for the first quarter of 2011 to 4.16% for the first quarter of 2012. Total cost of funds decreased from 0.65% for the first quarter of 2011 to 0.52% for the first quarter of 2012.

Assets

The Company reported total assets of $6.51 billion at March 31, 2012. This represents an increase of $23.2 million, or 0.36%, from total assets of $6.48 billion at December 31, 2011. Earning assets totaled $6.12 billion at March 31, 2012, a decrease of $10.76 million, or 0.18%, when compared with earning assets of $6.13 billion at December 31, 2011. The decrease in earning assets was due to a decrease in the loan portfolio, partially offset by an increase in the investment portfolio.

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