CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced earnings for the year ended December 31, 2012. CVB Financial Corp. reported net income of $77.3 million for the year ended December 31, 2012, compared with net income of $81.7 million for 2011. Diluted earnings per share were $0.74 for the year ended December 31, 2012, compared to $0.77 for the same period last year. Net income for 2012 included pre-tax debt termination expense of approximately $20.4 million, which represents the present value of future interest payments and lender hedge termination fees, related to the August 2012 redemption of $250.0 million of fixed rate loans from the Federal Home Loan Bank (“FHLB”). The terminated FHLB loans carried an average coupon rate of 3.39% and a weighted average remaining life of 2.6 years. The Company also elected to redeem $48.0 million in junior subordinated debentures during 2012 bearing interest at 2.85% to 3.25% above the 90-day LIBOR. These repayments were made to reduce future interest expense. Operating results for the year ended December 31, 2012 reflected zero loan loss provision, compared to $7.1 million for 2011. Chris Myers, President and CEO, commented, “2012 was the second most profitable year in CVBF history and would have been the most profitable had we not elected to prepay $250 million in FHLB debt in August. We are pleased with the consistency of our operating performance over the last seven fiscal quarters and remain proud of the outstanding efforts of our associates.” Net income for the year ended December 31, 2012 produced a return on beginning equity of 10.81%, a return on average equity of 10.31% and a return on average assets of 1.19%. The efficiency ratio for 2012 was 54.64% (46.58% excluding the FHLB debt termination), compared to 52.45% (51.21% excluding the prior year FHLB debt termination) for 2011.