CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced earnings for the first quarter of 2012. CVB Financial Corp. reported net income of $22.3 million for the first quarter of 2012. This represents an increase of $5.7 million, or 34.14%, when compared with net income of $16.6 million for the first quarter of 2011. Diluted earnings per share were $0.21 for the first quarter of 2012. This was up $0.05, or 31.25%, from diluted earnings per share of $0.16 for the same period last year. Chris Myers, President and CEO, commented, “We are pleased with our financial results for the first quarter of 2012 and the consistency of our earnings over the past four quarters. During the first quarter, we saw a continued decline in our non-performing asset portfolio, solid growth in our non-interest bearing deposit portfolio, and a significant reduction in non-interest expense.” Net income for the first quarter of 2012 produced an annualized return on beginning equity of 12.53%, an annualized return on average equity of 12.27% and an annualized return on average assets of 1.37%. The efficiency ratio, excluding the provision for credit losses, was 47.31% for the quarter. Non-interest expense, as a percentage of average assets, was 1.83%. Interest income and fees on loans for the first quarter of 2012 totaled $50.7 million, which includes $4.7 million of discount accretion from accelerated principal reductions and improved credit loss experience on covered loans acquired from San Joaquin Bank (“SJB”). This represented a decrease of $591,000, or 1.15%, when compared to interest income on loans of $51.3 million for the same period last year. Non-interest income was $5.3 million for the first quarter of 2012, compared with $10.7 million for the fourth quarter of 2011. Non-interest income for the first quarter of 2012 was reduced by a $2.9 million net decrease in the FDIC loss sharing asset and a $1.2 million impairment charge for a large held-for-sale note included in other non-interest income. The decrease in the loss sharing asset in 2012 was primarily due to the improved credit loss experienced in our covered loan portfolio. Non-interest income for the fourth quarter of 2011 was improved by a $1.3 million increase in the FDIC loss sharing asset. If these three items are excluded, non-interest income was flat at $9.4 million, quarter-over-quarter.