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CVB Financial Corp. Reports First Quarter Earnings.

Article Excerpt
ONTARIO, Calif. -- CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank ("the Company"), announced the results for the first quarter of 2007.

Net Income

CVB Financial Corp. reported net income of $15.2 million for the first quarter ending March 31, 2007. This represents a decrease of $3.1 million, or 16.78%, when compared with net earnings of $18.2 million for the first quarter of 2006. Diluted earnings per share were $0.18 for the first quarter of 2007. This was down $0.04, or 18.18%, from diluted earnings per share of $0.22 for the same period last year. These per share amounts have been adjusted to reflect a 10% stock dividend declared in December of 2006.

Net income for the first quarter of 2007 produced a return on beginning equity of 15.81%, a return on average equity of 15.39% and a return on average assets of 1.02%. The efficiency ratio for the first quarter was 54.27%, and operating expenses as a percentage of average assets were 1.74%.

Net Interest Income and Net Interest Margin

Net interest income totaled $39.8 million for the first quarter of 2007. This represents a decrease of $3.7 million, or 8.60%, from the $43.6...

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