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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-K/A
 
Amendment No. 1
to
Form 10-K
 
 
     
þ
  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
    For the fiscal year ended December 31, 2006
or
o
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
    For the transition period from     N/A     to     N/A
 
Commission file number 1-10140
CVB FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
 
     
California   95-3629339
(State or other jurisdiction of
incorporation or organization) 		  (I.R.S. Employer
Identification No.)
701 N. Haven Avenue, Suite 350
Ontario, California
(Address of Principal Executive Offices)
  91764
(Zip Code)
 
Registrant’s telephone number, including area code (909) 980-4030
 
Securities registered pursuant to Section 12(b) of the Act:
 
     
Title of Class
 
Name of Each Exchange on Which Registered
 
Common Stock, no par value
Preferred Stock Purchase Rights 		  NASDAQ Stock Market, LLC
NASDAQ Stock Market, LLC
Securities registered pursuant to Section 12(g) of the Act:
None
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes þ     No o
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.  Yes o     No þ
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ     No o
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  o
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer þ     Accelerated Filer o     Non-accelerated filer o
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes o     No þ
 
As of June 30, 2006, the aggregate market value of the common stock held by non-affiliates of the registrant was approximately $899,009,320.
 
Number of shares of common stock of the registrant outstanding as of February 22, 2007: 84,283,333.
 
     
Documents Incorporated By Reference
 
Part of
 
Definitive Proxy Statement for the Annual Meeting of Stockholders which will
be filed within 120 days of the fiscal year ended December 31, 2006 		  Part III of Form 10-K
 

 

 
CVB FINANCIAL CORP.
 
TABLE OF CONTENTS
 
     
Explanatory Note
  2
ITEM 6. SELECTED FINANCIAL DATA
  3
SIGNATURES
  5
EXHIBIT INDEX
  6
Certification of Chief Executive Officer Pursuant to Section 302
   
Certification of Chief Financial Officer Pursuant to Section 302
   
Certification of Chief Executive Officer Pursuant to Section 906
   
Certification of Chief Financial Officer Pursuant to Section 906
   


1

 

Explanatory Note
 
This Amendment No. 1 on Form 10K/A (“Form 10-K/A”) to our Annual Report on Form 10-K for the year ended December 31, 2006, initially filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2007 (the “Original Filing”), is being filed to reflect changes to Item 6. Selected Financial Data of Part II of the Original Filing, as detailed below and solely to correct the errors described below, and no other information in the Original Filing is amended hereby. Accordingly, the items have not been updated to reflect other events occurring after the Original Filing or to modify or update those disclosures affected by subsequent events.
 
Item 6. Selected Financial Data of Part II of the Original Filing has been amended to correct typographical errors in Borrowings, Junior Subordinated Debentures, Stockholder’s Equity, and the Equity-to-Assets Ratio for 2006.
 
Except for the foregoing amended information, this Form 10K/A continues to describe conditions as of the date of the Original Filing, and we have not updated the disclosures contained herein to reflect events that occurred at a later date.


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Item 6.   Selected Financial Data.
 
The following table reflects selected financial information at and for the five years ended December 31. Throughout the past five years, the Company has acquired other banks. This may affect the comparability of the data.
 
                                         
    At December 31,  
    2006     2005     2004     2003     2002  
    (Amounts and numbers in thousands except per share amounts)  
 
Interest Income
  $ 316,660     $ 246,948     $ 197,702     $ 166,346     $ 154,323  
Interest Expense
    147,464       77,436       46,517       37,053       40,439  
                                         
Net Interest Income
    169,196       169,512       151,185       129,293       113,884  
                                         
Provision for Credit Losses
    3,000       —       —       —       —  
Other Operating Income
    33,258       27,505       27,907       29,989       29,018  
Other Operating Expenses
    95,824       90,053       89,722       77,794       66,056  
                                         
Earnings Before Income Taxes
    103,630       106,964       89,370       81,488       76,846  
Income Taxes
    31,724       36,346       27,884       28,656       27,101  
                                         
NET EARNINGS
  $ 71,906     $ 70,618     $ 61,486     $ 52,832     $ 49,745  
                                         
Basic Earnings Per Common Share(1)
  $ 0.85     $ 0.84     $ 0.74     $ 0.64     $ 0.60  
                                         
Diluted Earnings Per Common Share(1)
  $ 0.85     $ 0.83     $ 0.73     $ 0.63     $ 0.59  
                                         
Cash Dividends Declared Per Common Share
  $ 0.355     $ 0.420     $ 0.480     $ 0.480     $ 0.540  
                                         
Cash Dividends paid
    27,876       27,963       23,821       21,638       20,800  
Dividend Pay-Out Ratio(3)
    38.77 %     39.60 %     38.74 %     40.96 %     41.81 %
Weighted Average Common Shares(1):
                                       
Basic
    84,154,216       84,139,254       83,221,496       82,813,541       82,475,422  
Diluted
    84,813,875       84,911,893       84,258,933       84,408,373       84,280,226  
Common Stock Data:
                                       
Common shares outstanding at year end(1)
    84,281,722       84,073,227       83,416,193       82,997,315       82,304,822  
Book Value Per Share(1)
  $ 4.62     $ 4.08     $ 3.81     $ 3.45     $ 3.16  
Financial Position:
                                       
Assets
  $ 6,094,262     $ 5,422,971     $ 4,511,011     $ 3,854,349     $ 3,123,411  
Investment Securities available-for-sale
    2,582,902       2,369,892       2,085,014       1,865,782       1,430,599  
Net Loans
    3,042,459       2,640,659       2,117,580       1,738,659       1,424,343  
Deposits
    3,406,808       3,424,046       2,875,039       2,660,510       2,309,964  
Borrowings
    2,139,250       1,496,000       1,186,000       786,500       468,000  
Junior Subordinated debentures
    108,250       82,476       82,746       82,476       —  
Stockholders’ Equity
    389,339       342,877       317,483       286,721       259,821  
Equity-to-Assets Ratio(2)
    6.38 %     6.32 %     7.04 %     7.44 %     8.32 %
Financial Performance:
                                       
Return on:
                                       
Beginning Equity
    20.97 %     22.24 %     21.44 %     20.33 %     22.53 %
Average Equity
    19.75 %     20.87 %     20.33 %     19.17 %     20.45 %
Average Assets
    1.25 %     1.45 %     1.47 %     1.54 %     1.83 %
Net Interest Margin (TE)
    3.31 %     3.86 %     3.99 %     4.18 %     4.66 %
Efficiency Ratio
    48.04 %     45.71 %     50.10 %     48.84 %     46.22 %


3

 

                                         
    At December 31,  
    2006     2005     2004     2003     2002  
    (Amounts and numbers in thousands except per share amounts)  
 
Credit Quality:
                                       
Allowance for Credit Losses
  $ 27,737     $ 23,204     $ 22,494     $ 21,282     $ 21,666  
Allowance/Total Loans
    0.90 %     0.87 %     1.05 %     1.21 %     1.50 %
Total Non Performing Loans
  $ —     $ —     $ 2     $ 548     $ 824  
Non Performing Loans/Total Loans
    0.00 %     0.00 %     0.00 %     0.03 %     0.06 %
Allowance/Non Performing Loans
    —       —       1,124,698 %     3,884 %     2,629 %
Net (Recoveries)/Charge-offs
  $ (1,533 )   $ 46     $ (1,212 )   $ 1,418     $ 1,128  
Net (Recoveries)/Charge-Offs/Average Loans
    -0.05 %     0.00 %     −0.06 %     0.09 %     0.09 %
Regulatory Capital Ratios
                                       
For the Company:
                                       
Leverage Ratio
    7.8 %     7.7 %     8.3 %     8.6 %     7.6 %
Tier 1 Capital
    12.3 %     11.3 %     12.6 %     13.2 %     10.2 %
Total Capital
    13.1 %     12.0 %     13.4 %     14.5 %     11.2 %
For the Bank:
                                       
Leverage Ratio
    7.1 %     7.3 %     7.8 %     8.6 %     7.6 %
Tier 1 Capital
    11.1 %     10.8 %     11.9 %     13.2 %     10.2 %
Total Capital
    11.8 %     11.5 %     12.7 %     14.2 %     11.3 %
 
 
(1) All earnings per share information has been retroactively adjusted to reflect the 10% stock dividend declared December 20, 2006 and paid January 19, 2007, the 5-for-4 stock split declared on December 21, 2005, which became effective January 10, 2006, the 5-for-4 stock split declared December 15, 2004, which became effective December 29, 2004, the 10% stock dividend declared December 17, 2003 and paid January 2, 2004, and the 5-for-4 stock split declared December 18, 2002, which became effective January 3, 2003. Cash dividends declared per share are not restated in accordance with generally accepted accounting principles.
 
(2) Stockholders’ equity divided by total assets.
 
(3) Cash dividends divided by net earnings.

4

 

SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No. 1 to Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on the 8th day of March 2007.
 
Cvb Financial Corp.
 
  By: 
/s/  Christopher D. Myers
Christopher D. Myers
President and Chief Executive Officer


5

 

EXHIBIT INDEX
 
         
Exhibit
 		   
No.
   
 
  31 .1   Certification of Christopher D. Myers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  31 .2   Certification of Edward J. Biebrich, Jr. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
  32 .1   Certification of Christopher D. Myers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
  32 .2   Certification of Edward J. Biebrich, Jr. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002


6