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Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CVB Financial Corp. Reports Highest Quarterly Profit In Company History

Stocks in this article: CVBF

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

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company's current business plan and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, local, regional, national and international economic conditions and events and the impact they may have on us and our customers; ability to attract deposits and other sources of liquidity; oversupply of property inventory and continued deterioration in values of California real estate, both residential and commercial; a prolonged slowdown or decline in construction activity; changes in the financial performance and/or condition of our borrowers; changes in the level of non-performing assets and charge-offs; the cost or effect of acquisitions we may make; the effect of changes in laws and regulations (including laws, regulations and judicial decisions concerning financial reform, taxes, banking, securities, employment, executive compensation, insurance, and information security) with which we and our subsidiaries must comply; changes in estimates of future reserve requirements and minimum capital requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; inflation, interest rate, securities market and monetary fluctuations; cyber-security threats including loss of system functionality or theft or loss of data; political instability; acts of war or terrorism, or natural disasters, such as earthquakes, or the effects of pandemic flu; the timely development and acceptance of new banking products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing and savings habits; technological changes; the ability to increase market share, retain customers and control expenses; changes in the competitive environment among financial and bank holding companies and other financial service providers; continued volatility in the credit and equity markets and its effect on the general economy; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our organization, management, compensation and benefit plans, and our ability to retain or expand our management team; the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; our success at managing the risks involved in the foregoing items and other factors set forth in the Company's public reports including its Annual Report on Form 10-K for the year ended December 31, 2011, and particularly the discussion of risk factors within that document. The Company does not undertake, 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 except as required by law.

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(dollars in thousands)
     
 
June 30, December 31,
2012 2011
Assets
Cash and due from banks $ 105,199 $ 35,407
Interest-earning balances due from Federal Reserve Bank 371,496   309,936  

Total cash and cash equivalents

476,695 345,343
 
Interest-earning balances due from depository institutions 60,000 60,000
Investment securities available-for-sale 2,259,531 2,201,526
Investment securities held-to-maturity 2,191 2,383
Investment in stock of Federal Home Loan Bank (FHLB) 65,814 72,689
 
Non-covered loans held-for-sale 2,880 348
Covered loans held-for-sale - 5,664
Non-covered loans and lease finance receivables 3,174,908 3,219,727
Allowance for credit losses   (91,892 )   (93,964 )
Net non-covered loans and lease finance receivables   3,083,016     3,125,763  
 
Covered loans and lease finance receivables, net 210,147 256,869
Premises and equipment, net 36,462 36,280
Intangibles 4,279 5,548
Goodwill 55,097 55,097
Bank owned life insurance 117,610 116,132
FDIC loss sharing asset 40,897 59,453
Other assets   109,344     139,820  
TOTAL ASSETS $ 6,523,963   $ 6,482,915  
 
Liabilities and Stockholders' Equity
Liabilities:
Deposits:

Noninterest-bearing demand deposits

$ 2,252,280 $ 2,027,876
Investment checking 306,102 338,424
Savings and money market demand 1,378,296 1,401,098
Time deposits   762,172     837,150  
Total deposits 4,698,850 4,604,548
 
Customer repurchase agreements 467,636 509,370
Borrowings 448,798 448,662
Junior subordinated debentures 87,631 115,055
Other liabilities   72,795     90,466  
Total liabilities   5,775,710   5,768,101  
 
Stockholders' Equity:
Stockholders' equity 704,669 673,345
Accumulated other comprehensive income, net of tax   43,584     41,469  
Total stockholders' equity   748,253     714,814  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,523,963   $ 6,482,915  
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEETS
(unaudited)
(dollars in thousands)
                 
 
Three Months Ended June 30, Six Months Ended June 30,
2012 2011 2012 2011
Assets:
Cash and due from banks $ 100,737 $ 98,325 $ 119,513 $ 103,595
Interest-earning balances due from Federal Reserve Bank 256,610 259,171 240,478 294,887
Interest-earning balances due from depository institutions -   50,307   -   50,278  
Total cash and cash equivalents 357,347 407,803 359,991 448,760
 
Interest-earning balances due from depository institutions 60,000 50,190 60,000 50,190
Investment securities available-for-sale 2,302,378 1,966,753 2,296,849 1,911,914
Investment securities held-to-maturity 2,199 2,941 2,246 2,970
Investment in stock of Federal Home Loan Bank (FHLB) 67,499 81,547 69,846 84,055
 
Non-covered loans held-for-sale 1,819 2,639 1,869 3,047
Covered loans held-for-sale 3,680 - 4,603 -
Non-covered loans and lease finance receivables 3,188,798 3,218,049 3,184,264 3,266,403
Allowance for credit losses   (92,463 )   (102,996 )   (93,124 )   (106,415 )
Net non-covered loans and lease finance receivables   3,096,335     3,115,053     3,091,140     3,159,988  
Covered loans and lease finance receivables, net 226,045 341,492 236,320 352,332
Premises and equipment, net 35,668 38,933 35,877 39,738
Intangibles 4,417 7,629 4,743 8,073
Goodwill 55,097 55,097 55,097 55,097
Bank owned life insurance 117,211 114,320 116,819 113,767
FDIC loss sharing asset 50,078 78,275 54,194 84,183
Other assets   134,010     169,965     146,984     162,738  
TOTAL $ 6,513,783   $ 6,432,637   $ 6,536,578   $ 6,476,852  
 
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing demand deposits $ 2,163,984 $ 1,852,954 $ 2,121,777 $ 1,822,068
Interest-bearing   2,502,572     2,637,536     2,535,005     2,705,203  
Total deposits 4,666,556 4,490,490 4,656,782 4,527,271
 
Other borrowings 934,500 1,097,416 961,197 1,115,864
Junior subordinated debentures 104,625 115,055 106,624 115,055
Other liabilities   61,978     63,570     74,056     59,652  
Total liabilities   5,767,659     5,766,531     5,798,659     5,817,842  
 
Stockholders' equity:
Stockholders' equity 704,674 657,186 696,460 651,436
Accumulated other comprehensive income, net of tax   41,450     8,920     41,459     7,574  
Total stockholders' equity   746,124     666,106     737,919     659,010  
TOTAL $ 6,513,783   $ 6,432,637   $ 6,536,578   $ 6,476,852  
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
(dollars in thousands, except per share amounts)
                 
 

For the Three Months

For the Six Months
Ended June 30, Ended June 30,
2012 2011 2012 2011
Interest income:
Loans held-for-sale $ 6 $ 10 $ 10 $ 29
Loans and leases, including fees 47,692 48,980 93,720 98,325
Accelerated discount accretion on acquired loans   7,521     5,707     12,213     7,658  
Total loans and leases, including fees 55,219 54,697 105,943 106,012
Investment securities:
Taxable 8,786 10,152 17,956 18,990
Tax-advantaged   5,785     5,921     11,581     11,840  
Total investment income 14,571 16,073 29,537 30,830
Dividends from FHLB stock 94 66 184 131
Federal funds sold & interest-earning CDs   295     346     580     721  
Total interest income 70,179 71,182 136,244 137,694
Interest expense:
Deposits 1,554 2,220 3,207 5,008
Borrowings and junior subordinated debentures   5,665     6,567     11,475     13,182  
Total interest expense   7,219     8,787     14,682     18,190  
Net interest income before provision for credit losses 62,960 62,395 121,562 119,504
Provision for credit losses   -     -     -     7,068  
Net interest income after
provision for credit losses 62,960 62,395 121,562 112,436
Noninterest income:
Impairment loss on investment securities - (119 ) - (119 )
Service charges on deposit accounts 4,068 4,029 8,192 7,752
Trust and investment services 2,042 2,259 4,227 4,412
Increase (decrease) in FDIC loss sharing asset (9,336 ) (1,689 ) (12,280 ) (274 )
Other   5,518     1,514     7,409     4,201  
Total noninterest income 2,292 5,994 7,548 15,972
Noninterest expense:
Salaries and employee benefits 16,646 18,220 33,367 35,880
Occupancy 2,490 2,742 5,337 5,573
Equipment 1,134 1,339 2,235 2,829
Professional services 1,702 5,028 3,693 8,637
Amortization of intangible assets 452 866 1,268 1,767
Provision for unfunded commitments - - - 732
OREO expenses 323 1,671 1,053 2,776
Other   6,202     7,289     12,208     15,266  
Total noninterest expense   28,949     37,155     59,161     73,460  
Earnings before income taxes 36,303 31,234 69,949 54,948
Income taxes   12,684     10,196     24,062     17,310  
Net earnings $ 23,619   $ 21,038   $ 45,887   $ 37,638  
 
Basic earnings per common share $ 0.23   $ 0.20   $ 0.44   $ 0.35  
Diluted earnings per common share $ 0.23   $ 0.20   $ 0.44   $ 0.35  
 
Cash dividends per common share $ 0.085   $ 0.085   $ 0.17   $ 0.17  
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands, except per share amounts)
                     
Three Months Ended June 30, Six Months Ended June 30,
2012 2011 2012 2011
 
Interest income - (Tax-Effected) (te) $ 72,339 $ 73,652 $ 140,577 $ 142,634
Interest expense   7,219     8,787     14,682     18,190  
Net Interest income - (te) $ 65,120   $ 64,865   $ 125,895   $ 124,444  
 
Return on average assets, annualized 1.46 % 1.31 % 1.41 % 1.17 %
Return on average equity, annualized 12.73 % 12.67 % 12.51 % 11.52 %
Efficiency ratio [1] 44.36 % 54.33 % 45.82 % 54.22 %
Yield on average earning assets (te) 4.76 % 4.95 % 4.64 % 4.78 %
Yield on average earning assets (te) excluding discount 4.23 % 4.49 % 4.20 % 4.44 %
Cost of deposits 0.13 % 0.20 % 0.14 % 0.22 %
Cost of deposits and customer repurchase agreements 0.15 % 0.22 % 0.16 % 0.24 %
Cost of funds 0.50 % 0.61 % 0.51 % 0.63 %
Net interest margin (te) 4.29 % 4.37 % 4.16 % 4.17 %
Net interest margin (te) excluding discount 3.77 % 3.92 % 3.73 % 3.85 %
 
[1] Noninterest expense divided by net interest income before provision for credit losses plus noninterest income.
 
Weighted average shares outstanding
Basic 104,378,406 105,659,326 104,340,782 105,655,290
Diluted 104,617,660 105,763,588 104,562,280 105,733,814
Dividends declared $ 8,913 $ 9,018 $ 17,816 $ 18,035
Dividend payout ratio 37.74 % 42.86 % 38.83 % 47.91 %
 
Number of shares outstanding-EOP 104,807,879 106,084,192
Book value per share $ 7.14 $ 6.44
Tangible Book value per share $ 6.57 $ 5.86
 
 
June 30,
2012 2011
(Non-covered loans)
Non-performing assets (dollar amount in thousands):
Non-accrual loans $ 30,112 $ 44,748
Loans past due 90 days or more
and still accruing interest - -
Troubled debt restructured loans (non-performing) 31,753 30,302
Other real estate owned (OREO), net   10,394     13,718  
Total non-performing assets $ 72,259   $ 88,768  
 
Troubled debt restructured performing loans $ 45,243   $ 32,766  
 
Percentage of non-performing assets
to total loans outstanding and OREO 2.27 % 2.77 %
 
Percentage of non-performing
assets to total assets 1.11 % 1.37 %
 
Allowance for loan losses to
non-performing assets 127.17 % 109.16 %
 
Net Charge-offs to Average loans 0.07 % 0.48 %
 
Allowance for credit losses:
Beginning Balance $ 93,964 $ 105,259
Total loans charged-off (3,958 ) (16,644 )
Total Loans Recovered   1,886     1,212  
Net Loans Charged-off (2,072 ) (15,432 )
Provision Charged to Operating Expense   -     7,068  
Allowance for Credit Losses at End of period $ 91,892   $ 96,895  
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands, except per share amounts)
                       
Quarterly Common Stock Price
 
2012 2011 2010
Quarter End High Low High Low High Low
March 31, $ 11.97 $ 9.99 $ 9.32 $ 7.83 $ 10.89 $ 8.44
June 30, $ 11.92 $ 10.16 $ 9.94 $ 8.18 $ 11.85 $ 9.00
September 30, $ 10.00 $ 7.41 $ 10.99 $ 6.61
December 31, $ 10.27 $ 7.28 $ 9.09 $ 7.30
 
 
Quarterly Consolidated Statements of Earnings
 
2Q 1Q 4Q 3Q 2Q
2012 2012 2011 2011 2011
Interest income
Loans, including fees $ 55,219 $ 50,724 $ 48,290 $ 52,788 $ 54,697
Investment securities and other   14,960   15,341   15,206   15,742   16,485
70,179 66,065 63,496 68,530 71,182
Interest expense
Deposits 1,554 1,653 1,721 1,979 2,220
Other borrowings   5,665   5,810   6,578   6,571   6,567
7,219 7,463 8,299 8,550 8,787
Net interest income before
provision for credit losses 62,960 58,602 55,197 59,980 62,395
Provision for credit losses   -   -   -   -   -
Net interest income after
provision for credit losses 62,960 58,602 55,197 59,980 62,395
 
Non-interest income 2,292 5,256 10,730 7,514 5,994
Non-interest expenses   28,949   30,212   34,707   32,858   37,155
Earnings before income taxes 36,303 33,646 31,220 34,636 31,234
Income taxes   12,684   11,378   9,508   12,253   10,196
Net earnings $ 23,619 $ 22,268 $ 21,712 $ 22,383 $ 21,038
 
Basic earning per common share $ 0.23 $ 0.21 $ 0.21 $ 0.21 $ 0.20
Diluted earnings per common share $ 0.23 $ 0.21 $ 0.21 $ 0.21 $ 0.20
 
Cash dividends per common share $ 0.085 $ 0.085 $ 0.085 $ 0.085 $ 0.085
 
Dividends Declared $ 8,913 $ 8,903 $ 8,858 $ 8,912 $ 9,018
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands)
                     
Distribution of Loan Portfolio
 
6/30/2012 3/31/2012 12/31/2011 9/30/2011 6/30/2011
 
Commercial and Industrial $ 546,730 $ 521,779 $ 523,950 $ 510,950 $ 500,745
Real Estate:
Construction 74,760 77,385 94,831 101,429 119,638
Commercial Real Estate 2,166,776 2,223,533 2,171,399 2,172,050 2,237,975
SFR Mortgage 161,524 167,465 179,731 191,650 201,457
Consumer 55,674 58,613 59,789 58,668 59,496
Municipal lease finance receivables 109,816 114,792 113,629 115,803 119,792
Auto and equipment leases 15,137 17,105 17,370 16,237 16,998
Dairy and Livestock 281,027 286,027 343,549 292,049 296,801
Agribusiness   15,820     12,216     28,523     48,627     52,528  
Gross Loans 3,427,264 3,478,915 3,532,771 3,507,463 3,605,430
Less:
Purchase accounting discount (36,502 ) (45,456 ) (50,780 ) (51,646 ) (73,449 )
Deferred net loan fees (5,707 ) (5,503 ) (5,395 ) (5,115 ) (5,385 )
Allowance for credit losses   (91,892 )   (91,922 )   (93,964 )   (95,528 )   (96,895 )
Net Loans $ 3,293,163   $ 3,336,034   $ 3,382,632   $ 3,355,174   $ 3,429,701  
 
Covered loans $ 210,147 $ 241,943 $ 256,869 $ 280,337 $ 334,225
Non-covered loans   3,083,016     3,094,091     3,125,763     3,074,837     3,095,476  
Total Net Loans $ 3,293,163   $ 3,336,034   $ 3,382,632   $ 3,355,174   $ 3,429,701  
 

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)
(dollars in thousands)
                   
 
Non-Performing Assets & Delinquency Trends
(Non-Covered Loans)                            
June 30, March 31, December 31, September 30, June 30,
2012 2012 2011 2011   2011

Non-Performing Loans

Residential Construction and Land $ - $ 920 $ 920 $ 989 $ 1,080
Commercial Construction and Land 17,904 8,349 12,397 13,779 23,953
Residential Mortgage 12,469 13,129 16,970 18,792 17,786
Commercial Real Estate 23,084 27,238 25,992 25,454 24,731
Commercial and Industrial 4,622 4,082 3,432 3,277 4,649
Dairy & Livestock 3,394 1,200 2,475 2,574 2,672
Consumer 388 308 382 340 179
Auto & Equipment Leases   4     86     104     7     -  
Total $ 61,865   $ 55,312   $ 62,672   $ 65,212   $ 75,050  
 
% of Total Loans 1.95 % 1.74 % 1.95 % 2.06 % 2.35 %
 
 

Past Due 30-89 Days

Residential Construction and Land $ - $ - $ - $ - $ -
Commercial Construction and Land - - -

-

-
Residential Mortgage - 4,109 1,568

-

460
Commercial Real Estate 1,041 5,798 787

-

2,590
Commercial and Industrial 176 1,317 3,022 940 675
Dairy & Livestock - - - - -
Consumer 36 13 59 14 91
Auto & Equipment Leases   -     -     20     997     65  
Total $ 1,253   $ 11,237   $ 5,456   $ 1,951   $ 3,881  
 
% of Total Loans 0.04 % 0.35 % 0.17 % 0.06 % 0.12 %
 

OREO

Residential Construction and Land

 

$ - $ - $ - $ - $ -
Commercial Construction and Land 7,117 7,117 7,117 8,580 7,117
Commercial Real Estate 2,407 4,173 6,566 7,376 6,314
Commercial and Industrial 203 137 137 - -
Residential Mortgage 667 - - - 287
Consumer - - - - -
Auto & Equipment Leases   -     -     -     -     -  
Total $ 10,394   $ 11,427   $ 13,820   $ 15,956   $ 13,718  
           
Total Non-Performing, Past Due & OREO $ 73,512   $ 77,976   $ 81,948   $ 83,119   $ 92,649  
 
% of Total Loans 2.32 % 2.45 % 2.55 % 2.62 % 2.90 %
 
                 
Net interest income and net interest margin reconciliations (Non-GAAP)
We use certain non-GAAP financial measures to provide supplemental information regarding our performance. The second quarter of 2012 net interest income and net interest margin include a yield adjustment of $7.5 million from discount accretion on covered loans. We believe that presenting the net interest income and net interest margin excluding the yield adjustment provides additional clarity to the users of financial statements regarding core net interest income and net interest margin.
 

Three months ended

June 30, 2012

Six months ended

June 30, 2012

(Dollars in thousands)

Average Balance

Interest Yield

Average Volume

Interest Yield
Total interest-earning assets $ 6,109,028 $ 70,179 4.76 % $ 6,096,475 $ 136,244 4.64 %
Accelerated discount accretion on acquired loans   41,951   (7,521 )   46,053   (12,213 )
Total interest-earning assets, excluding SJB loan discount and yield adjustment $ 6,150,979 $ 62,658   4.23 % $ 6,142,528 $ 124,031   4.20 %
 
Net interest income and net interest margin (TE) $ 65,120 4.29 % $ 125,895 4.16 %
Yield adjustment to interest income from discount

accretion

  (7,521 )   (12,213 )
Net interest income and net interest margin (TE), excluding yield adjustment $ 57,599   3.77 % $ 113,682   3.73 %
 

   
Tangible book value reconciliations (Non-GAAP)
The tangible book value per share is a Non-GAAP disclosure. The Company uses certain non-GAAP financial measures to provide supplemental information regarding the Company's performance to provide additional disclosure. The following is a reconciliation of Tangible Book Value to the Company stockholders' equity computed in accordance with GAAP, as well as a calculation of Tangible Book Value per Share as of June 30, 2012.
 
As of June 30, 2012
(Dollars in thousands)
 
Stockholders' Equity $ 748,253
Less: Goodwill (55,097 )
Less: Intangible Assets   (4,279 )
Tangible Book Value $ 688,877  
 
 
 
Common shares issued and outstanding 104,807,879
 
Tangible Book Value Per Share $ 6.57  




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