Cvb Financial Corp (CVBF) 10-K Annual Report March 2015

Total loans and leases, net of deferred fees and discount, grew by $110.8 million for the quarter, or 2.99%. Seasonal dairy borrowings accounted for approximately $85 million of this growth.

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The allowance for loan losses was $59.8 million at quarter-end, or 1.57% of total loans.

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Noninterest-bearing deposits totaled $2.87 billion, or 51.14% of total deposits.

Ontario, CA, January 21, 2015-

CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced record earnings for the year ended December 31, 2014.

CVB Financial Corp. reported net income of $104.0 million for the year ended December 31, 2014, compared with net income of $95.6 million for 2013. Diluted earnings per share were $0.98 for the year ended December 31, 2014, compared to $0.91 for the same period last year. Net income for 2014 included $16.1 million in loan loss provision recapture, compared to $16.8 million for 2013.

There was zero provision for loan losses for the fourth quarter of 2014. This follows a reduction of $1.0 million for the third quarter of 2014, $7.6 million for the second quarter of 2014, and $7.5 million for the first quarter of 2014.

Chris Myers, President and CEO commented, “For the first time in our history, CVBF recorded over $100 million in net earnings. Highlights for the year included $303 million in non-interest bearing deposit growth and $267 million in loan growth. We also acquired a community bank headquartered in Newport Beach and opened a de novo branch in San Diego. All in all, 2014 was an outstanding year. I want to thank all of our associates for their hard work and achievement and our shareholders for their investment and support.”

Net income for the year ended December 31, 2014 produced a return on beginning equity of 13.48%, a return on average equity of 12.50% and a return on average assets of 1.45%. The efficiency ratio for 2014 was 46.25%, compared to 47.21% for 2013. As a percentage of average assets, noninterest expense was 1.77% for 2014 and 2013.

The following information was filed by Cvb Financial Corp (CVBF) on Friday, January 23, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Cvb Financial Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.8: Material Contract

Exhibit 10.9: Material Contract

Exhibit 10.10: Material Contract

Exhibit 10.11: Material Contract

Exhibit 12: Statement Regarding Calculation Of Ratios

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CVBF
CIK: 354647
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-073695
Submitted to the SEC: Mon Mar 02 2015 5:30:10 PM EST
Accepted by the SEC: Mon Mar 02 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks