Cvb Financial Corp (CVBF) 10-K Annual Report February 2016

Total loans and leases, net of deferred fees and discounts, increased by $194.8 million for the quarter, or 5.10%. Seasonal dairy borrowings accounted for approximately $89 million of this growth, or about 2.3%.

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Noninterest-bearing deposits totaled $3.25 billion, or 54.93% of total deposits.

Ontario, CA, January 20, 2016-

CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced earnings for the quarter and year ended December 31, 2015.

CVB Financial Corp. reported net income of $28.6 million for the quarter ended December 31, 2015, compared with $25.6 million for the fourth quarter of 2014. This represents an increase of $3.0 million, or 11.85%. Diluted earnings per share were $0.27 for the fourth quarter, compared to $0.24 for the same period last year. Net income for the fourth quarter included $1.1 million in loan loss provision recapture, compared to zero for the fourth quarter of 2014.

Net income totaled $99.1 million for the year ended December 31, 2015. This represented a $4.9 million, or 4.69%, decrease from the prior year. Earnings for 2015 included pre-tax termination expense of $13.9 million, as a result of the redemption of $200 million of fixed rate debt from the Federal Home Loan Bank (“FHLB”).

On October 14, 2015, we announced that we have entered into a merger agreement with County Commerce Bank, pursuant to which County Commerce Bank will merge into Citizens Business Bank. County Commerce Bank is headquartered in Ventura County with four branch locations and total assets of approximately $250 million. This acquisition extends our geographic footprint northward into the central coast of California. We expect to close this acquisition in the first quarter of 2016, subject to County Commerce Bank shareholders’ approval.

Chris Myers, President and CEO of Citizens Business Bank, commented, “We are pleased with our financial results for the fourth quarter and 2015 as a whole. We experienced significant loan growth in the fourth quarter as new business production was strong and loan prepayment pressure moderated. The

The following information was filed by Cvb Financial Corp (CVBF) on Thursday, January 21, 2016 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 10.2: Material Contract

Exhibit 12: Statement Regarding Calculation Of Ratios

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: 0001193125-16-485748
Submitted to the SEC: Mon Feb 29 2016 5:48:02 PM EST
Accepted by the SEC: Mon Feb 29 2016
Period: Thursday, December 31, 2015
Industry: State Commercial Banks