CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced record earnings for the second quarter of 2012.
CVB Financial Corp. reported net income of $23.6 million for the second quarter of 2012. This represents an increase of $2.6 million, or 12.27%, when compared with net income of $21.0 million for the second quarter of 2011. Diluted earnings per share were $0.23 for the second quarter of 2012. This was up $0.03, or 15.00%, from diluted earnings per share of $0.20 for the same period last year.
Chris Myers, President and CEO, commented, “We are pleased with our record earnings for the second quarter of 2012 and the consistency of our earnings over the past five quarters, which have been the most profitable quarters in company history. For the second quarter, we saw a continued decline in our classified asset portfolio, a decrease in net charge-offs, solid growth in our non-interest bearing deposit portfolio, and continued reductions in non-interest expense.”
Net income for the second quarter of 2012 produced an annualized return on beginning equity of 13.01%, an annualized return on average equity of 12.73% and an annualized return on average assets of 1.46%. The efficiency ratio, excluding the provision for credit losses, was 44.36% for the quarter. Non-interest expense, as a percentage of average assets, was 1.79%.Net income for the six months ending June 30, 2012 was $45.9 million. This represents an increase of $8.2 million, or 21.92%, when compared with net income of $37.6 million for the same period of 2011. Diluted earnings per share for the six months ending June 30, 2012 were $0.44, an increase of $0.09, or 25.71%, over diluted earnings per share of $0.35 for the same period last year. Operating results for the first six months of 2012 reflected zero provision, compared to a provision for credit losses of $7.1 million for 2011. Net income for the six months ending June 30, 2012 produced a return on beginning equity of 12.84%, a return on average equity of 12.51% and a return on average assets of 1.41%
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