CVB Financial Corp. (CVBF, Financial) filed Quarterly Report for the period ended 2012-06-30.
Cvb Financial Corp. has a market cap of $1.23 billion; its shares were traded at around $11.8 with a P/E ratio of 13.7 and P/S ratio of 4.1. The dividend yield of Cvb Financial Corp. stocks is 2.9%. Cvb Financial Corp. had an annual average earning growth of 1.9% over the past 10 years.
Total average earning assets of $6.11 billion increased $135.9 million, or 2.28%, from $5.97 billion for the three months ended June 30, 2011. This increase was principally due to a $334.9 million increase in lower yielding investment securities to $2.30 billion for the three months ended June 30, 2012, compared to $1.97 billion for the same period in 2011. Excluding the accelerated discount accretion, the yield on interest-earning assets was 4.23% for the three months ended June 30, 2012, compared to 4.49% for the same period in 2011.
Fees collected on loans are an integral part of the loan pricing decision. Net loan fees and the direct costs associated with the origination of loans are deferred and deducted from total loans on our balance sheet. Net deferred loan fees are recognized in interest income over the term of the loan using the effective-yield method. We recognized loan fee income of $967,000 for the three months ended June 30, 2012, compared to $606,000 for the three months ended June 30, 2011. We continued to benefit from loan prepayment penalties, earning $814,000 for the three months ended June 30, 2012, compared with $431,000 for the same period in 2011.
For the second quarter ended June 30, 2012, segment pre-tax profit increased by $1.6 million, or 4.79%, compared to the same period last year. This was primarily due to the decrease in noninterest expense of $2.0 million, or 15.03%, compared to the second quarter of 2011. Noninterest income increased $417,000, or 7.74% for the three months ended June 30, 2012, compared to the same period in 2011. Net interest income decreased $797,000 or 1.91%, due to a decrease of $1.9 million in interest income, offset by a decrease of $1.1 million in interest expense. Average loan balances decreased $48.1 million, or 1.81% for the three months ended June 30, 2012, from the same period last year. Rates paid on deposits and customer repurchases decreased 9 basis points, while average interest-bearing deposits and customer repurchase agreements decreased $193.1 million, or 6.57%.
The Companys administration and other operating departments reported pre-tax income of $722,000 for the three months ended June 30, 2012. This represents an increase of pre-tax profit of $5.8 million or 114.11%, from a pre-tax loss of $5.1 million for the same period in 2011. The increase in pre-tax profit is primarily attributed to the decrease in noninterest expense of $6.2 million and the increase of $3.9 million in net interest income principally due to the increase of $1.8 million in discount accretion on covered loans and $1.5 million in interest income resulting from several non-performing loans that were paid off in full in the second quarter of 2012. This increase was offset by a net decrease in the FDIC loss sharing asset of $9.3 million, compared to a net decrease of $1.7 million for the same period in 2011.
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Cvb Financial Corp. has a market cap of $1.23 billion; its shares were traded at around $11.8 with a P/E ratio of 13.7 and P/S ratio of 4.1. The dividend yield of Cvb Financial Corp. stocks is 2.9%. Cvb Financial Corp. had an annual average earning growth of 1.9% over the past 10 years.
Highlight of Business Operations:
Our net income increased to $23.6 million for the three months ended June 30, 2012, compared with $21.0 million for the same period in 2011, an increase of $2.6 million, or 12.27%. This increase was primarily the result of an $8.2 million decrease in noninterest expense and a $565,000 increase in net interest income, partially offset by a $3.7 million decrease in total noninterest income. Diluted earnings per share increased to $0.23 per share for the three months ended June 30, 2012, from $0.20 per share for the same period in 2011.Total average earning assets of $6.11 billion increased $135.9 million, or 2.28%, from $5.97 billion for the three months ended June 30, 2011. This increase was principally due to a $334.9 million increase in lower yielding investment securities to $2.30 billion for the three months ended June 30, 2012, compared to $1.97 billion for the same period in 2011. Excluding the accelerated discount accretion, the yield on interest-earning assets was 4.23% for the three months ended June 30, 2012, compared to 4.49% for the same period in 2011.
Fees collected on loans are an integral part of the loan pricing decision. Net loan fees and the direct costs associated with the origination of loans are deferred and deducted from total loans on our balance sheet. Net deferred loan fees are recognized in interest income over the term of the loan using the effective-yield method. We recognized loan fee income of $967,000 for the three months ended June 30, 2012, compared to $606,000 for the three months ended June 30, 2011. We continued to benefit from loan prepayment penalties, earning $814,000 for the three months ended June 30, 2012, compared with $431,000 for the same period in 2011.
For the second quarter ended June 30, 2012, segment pre-tax profit increased by $1.6 million, or 4.79%, compared to the same period last year. This was primarily due to the decrease in noninterest expense of $2.0 million, or 15.03%, compared to the second quarter of 2011. Noninterest income increased $417,000, or 7.74% for the three months ended June 30, 2012, compared to the same period in 2011. Net interest income decreased $797,000 or 1.91%, due to a decrease of $1.9 million in interest income, offset by a decrease of $1.1 million in interest expense. Average loan balances decreased $48.1 million, or 1.81% for the three months ended June 30, 2012, from the same period last year. Rates paid on deposits and customer repurchases decreased 9 basis points, while average interest-bearing deposits and customer repurchase agreements decreased $193.1 million, or 6.57%.
The Companys administration and other operating departments reported pre-tax income of $722,000 for the three months ended June 30, 2012. This represents an increase of pre-tax profit of $5.8 million or 114.11%, from a pre-tax loss of $5.1 million for the same period in 2011. The increase in pre-tax profit is primarily attributed to the decrease in noninterest expense of $6.2 million and the increase of $3.9 million in net interest income principally due to the increase of $1.8 million in discount accretion on covered loans and $1.5 million in interest income resulting from several non-performing loans that were paid off in full in the second quarter of 2012. This increase was offset by a net decrease in the FDIC loss sharing asset of $9.3 million, compared to a net decrease of $1.7 million for the same period in 2011.
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