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CVB Financial Corp. Reports Earnings For 2012

Stocks in this article: CVBF

Excluding the impact of the yield adjustment on covered loans, our net interest margin (tax equivalent) was 3.66% for 2012, compared to 3.78% for 2011. Total average earning asset yields (excluding discount) decreased to 4.06% for 2012 from 4.34% for 2011. Total cost of funds decreased to 0.44% for 2012 from 0.60% for 2011.

Net interest income, before the provision for credit losses, of $55.6 million for the fourth quarter of 2012 increased $447,000, or 0.81%, compared to the same period in 2011.

Excluding the impact of the yield adjustment on covered loans, our net interest margin (tax equivalent) was 3.60% for the fourth quarter of 2012, compared to 3.60% for the third quarter of 2012 and 3.62% for the fourth quarter of 2011. Total average earning asset yields decreased to 3.87% for the fourth quarter of 2012 from 3.99% for the third quarter of 2012 and 4.14% for the fourth quarter of 2011. Total cost of funds decreased to 0.32% for the fourth quarter of 2012 from 0.43% for the third quarter and 0.56% for the fourth quarter of 2011.

Assets

The Company reported total assets of $6.36 billion at December 31, 2012. This represents an increase of $42.0 million, or 0.67%, from total assets of $6.32 billion at September 30, 2012. Earning Assets of $6.04 billion at December 31, 2012 increased $60.7 million, or 1.02%, when compared with $5.98 billion at September 30, 2012. The increase in earning assets was primarily due to a $191.8 million increase in investment securities and an $11.8 million increase in loans, partially offset by a $137.1 million decrease in interest-earning cash.

Total assets of $6.36 billion at December 31, 2012 decreased $119.6 million, or 1.84%, from total assets of $6.48 billion at December 31, 2011. Earning assets totaled $6.04 billion at December 31, 2012, a decrease of $92.4 million, or 1.51%, when compared with earning assets of $6.13 billion at December 31, 2011. The decrease in earning assets was primarily due to a decrease in interest-earning cash as a result of prepaying $250.0 million of FHLB Advances and $48.0 million of Trust Preferred Securities and a $35.1 million decrease in loans, partially offset by a $247.5 million increase in investment securities.

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