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FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2003

or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 0-10140

CVB FINANCIAL CORP.
Incorporated pursuant to the Laws of California

Internal Revenue Service - Employer Identification No. 95-3629339

701 North Haven Ave, Suite 350, Ontario, California 91764
(909) 980-4030

        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 _X_ No ___

        Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).

Yes _X_ No ___

Number of shares of common stock of the registrant: 43,747,711 outstanding as of August 12, 2003.

      This Form 10-Q contains 42 pages.

PART I — FINANCIAL INFORMATION
ITEM 1 — FINANCIAL STATEMENTS

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
Dollar amounts in thousands

  June 30, December 31,
  2003
 2002
ASSETS            
Federal funds sold   $   $ 40,000  
Investment securities available-for-sale    1,788,606    1,430,599  
Investment in stock of Federal Home Loan Bank (FHLB)    35,933    21,900  
Loans and lease finance receivables    1,504,116    1,446,009  
Allowance for credit losses    (20,808 )  (21,666 )
     Total earning assets    3,307,847    2,916,842  
Cash and due from banks    114,012    124,973  
Premises and equipment, net    31,602    29,413  
Goodwill and other intangibles:  
     Amortizable    4,697    5,012  
     Non-amortizable    10,708    10,708  
Cash value life insurance    13,189    12,845  
Accrued interest receivable    17,429    15,841  
Other assets    13,527    7,777  
      TOTAL ASSETS   $ 3,513,011   $ 3,123,411  
LIABILITIES AND STOCKHOLDERS' EQUITY  
Liabilities:  
   Deposits:  
     Noninterest-bearing   $ 1,008,555   $ 958,671  
     Interest-bearing    1,398,615    1,351,293  
        Total deposits    2,407,170    2,309,964  
   Demand Note to U.S. Treasury    4,538    14,888  
   Short-term borrowings    431,000    196,000  
   Long-term borrowings    356,000    272,000  
   Deferred tax liabilities    3,116    5,332  
   Accrued interest payable    5,688    6,497  
   Deferred compensation    6,827    6,988  
   Funds due security purchase    2,678    25,970  
   Other liabilities    24,195    25,951  
      TOTAL LIABILITIES    3,241,212    2,863,590  
COMMITMENTS AND CONTINGENCIES  
Stockholders' Equity:  
   Preferred stock (authorized, 20,000,000 shares  
      without par; none issued or outstanding)  
   Common stock (authorized, 78,125,000 shares  
      without par; issued and outstanding  
      43,740,020 (2003) and 43,533,129 (2002))    144,853    144,487  
   Retained earnings    104,350    89,678  
   Accumulated other comprehensive income, net of tax    22,596    25,656  
      Total stockholders' equity    271,799    259,821  
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 3,513,011   $ 3,123,411  
See accompanying notes to the consolidated financial statements  

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)
Dollar amounts in thousands, except per share

  For the Three Months For the Six Months
  Ended June 30, Ended June 30,
  2003
 2002
 2003
 2002
Interest income:                    
  Loans, including fees   $ 23,813   $ 21,183   $ 47,633   $ 42,307  
  Investment securities:  
     Taxable    12,802    12,400    25,186    23,536  
     Tax-preferred    4,021    3,952    8,150    8,056  
            Total investment income    16,823    16,352    33,336    31,592  
  Federal funds sold    28    54    40    320  
            Total interest income    40,664    37,589    81,009    74,219  
Interest expense:  
  Deposits    4,266    5,315    8,782    10,607  
  Borrowings    5,851    4,827    10,441    9,530  
            Total interest expense    10,117    10,142    19,223    20,137  
    Net interest income before provision for credit losses    30,547    27,447    61,786    54,082  
Provision for credit losses    0    0    0    0  
    Net interest income after  
       provision for credit losses    30,547    27,447    61,786    54,082  
Other operating income:  
   Service charges on deposit accounts    3,749    3,456    7,445    6,755  
   Wealth Management services    925    959    1,972    1,971  
   Investment services    382    341    788    716  
   Bankcard services    314    305    649    583  
   Other    1,081    1,214    1,692    1,664  
   Net gain on sale of securities    29    25    823    3,096  
            Total other operating income    6,480    6,300    13,369    14,785  
Other operating expenses:  
   Salaries and employee benefits    9,907    8,637    19,895    17,149  
   Occupancy    1,621    1,593    3,172    3,128  
   Equipment    1,579    1,440    3,071    2,893  
   Stationary and supplies    1,184    1,043    2,283    1,988  
   Professional services    1,302    1,182    1,983    2,063  
   Promotion    1,036    869    2,165    1,823  
   Data processing    244    294    547    611  
   Other intangibles amortization    203    40    315    79  
   Other    782    925    2,166    1,783  
            Total other operating expenses    17,858    16,023    35,597    31,517  
Earnings before income taxes    19,169    17,724    39,558    37,350  
Income taxes    6,649    6,085    14,334    13,393  
    Net earnings   $ 12,520   $ 11,639   $ 25,224   $ 23,957  
Basic earnings per common share   $ 0.29   $ 0.27   $ 0.58   $ 0.55  
Diluted earnings per common share   $ 0.28   $ 0.26   $ 0.57   $ 0.54  
Cash dividends per common share   $ 0.12   $ 0.14   $ 0.24   $ 0.28  
See accompanying notes to the consolidated financial statements  

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(unaudited)
(Dollars and shares in thousands)

        Accumulated  
        Other  
  Common     Comprehensive  
  Shares Common Retained Income Comprehensive
  Outstanding
 Stock
 Earnings
 Net of Tax
 Income
Balance January 1, 2002     34,782     $ 146,108     $ 60,671     $ 13,969        
Issuance of common stock   148   479           
5-for-4 stock split   8,703              
Repurchase of common stock   (100)   (2,100)           
Tax benefit from exercise of stock options                   62  
Cash dividends         (20,800)        
Comprehensive income:  
  Net earnings         49,745      $ 49,745  
  Other comprehensive income:  
      Unrealized gains on securities  
          available-for-sale, net of tax $8,463            11,687   11,687  
           Comprehensive income               $ 61,432  
 
Balance December 31, 2002   43,533   144,487   89,678   25,656     
Issuance of common stock   269   765           
Repurchase of common stock   (62)   (1,230)           
Tax benefit from exercise of stock options      831           
Cash dividends         (10,552)        
Comprehensive income:  
  Net earnings         25,224      $ 25,224  
  Other comprehensive income:  
      Unrealized loss on securities  
          available-for-sale, net of tax ($2,216)            (3,060)   (3,060)  
           Comprehensive income               $ 22,164  
Balance June 30, 2003   43,740   $ 144,853   $ 104,350   $ 22,596