Exhibit 99.1

Press Release
For Immediate Release

		Contact:		Christopher D. Myers President and CEO
				(909) 980-4030

CVB Financial Corp. Reports Record Third Quarter Earnings for 2011

	•		Net income of $22.4 million for the third quarter of 2011
	•		Diluted earnings per common share were $0.21 for the third quarter and $0.57 year-to-date

•

Allowance for credit losses represents 3.01% of total non-covered loans & leases

•

Non-performing loans decreased to $65.2 million. This is down from $157.0 million at December 31, 2010, and now represent 2.06% of total non-covered loans and leases

•

Non-interest bearing deposits totaled $1.98 billion (43% of total deposits) at September 30, 2011, an increase of $275.6 million from $1.70 billion at December 31, 2010

•

Repurchased 1.5 million shares of common stock at an average price of $7.83 during the third quarter of 2011

Ontario, CA, October 20, 2011-CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank (“the Company”), announced its second consecutive quarter of record earnings.

CVB Financial Corp. reported net income of $22.4 million for the third quarter of 2011. This represents the highest earnings in company history for a fiscal quarter. Earnings increased $4.5 million, or 24.86%, when compared with net income of $17.9 million for the third quarter of 2010. Diluted earnings per share were $0.21 for the third quarter of 2011. This was up $0.04, or 23.53%, from diluted earnings per share of $0.17 for the same period last year.

Third quarter 2011 operating results included $4.0 million in interest income from accelerated accretion on loans from our FDIC assisted acquisition of San Joaquin Bank (SJB), a $844,000 reduction in other operating income from the decrease in the FDIC loss sharing asset, and a $1.65 million reduction in the provision for unfunded commitments.

Chris Myers, President and CEO commented, “We are extremely proud of our strong financial results for the quarter. We have made significant progress in reducing our non-performing assets from $162.3 million at December 31, 2010 to $81.2 million at September 30, 2011. In addition, our non-interest bearing deposits continued to grow and now represent over 43% of total deposits.”

Net income for the third quarter of 2011 produced an annualized return on beginning equity of 12.99%, an annualized return on average equity of 12.81% and an annualized return on average assets of 1.37%. The efficiency ratio, excluding the provision for credit losses, was 48.68% for the quarter. Operating expenses as a percentage of average assets were 2.01%.

Net income for the nine months ending September 30, 2011 was $60.0 million. This represents an increase of $6.9 million, or 13.12%, when compared with net income of $53.1 million for the same period of 2010. Diluted earnings per share for the nine months ending September 30, 2011 were $0.57, an increase of $0.07, or 14.00%, over diluted earnings per share of $0.50 for the same period last year. Operating results for the first nine months of 2011 include a provision for credit losses of $7.1 million. Net income for the nine months ending September 30, 2011 produced a return on beginning equity of 12.46%, a return on average equity of 11.97% and a return on average assets of 1.24%.

Interest income and fees on loans for the third quarter of 2011 totaled $52.8 million, which includes $4.0 million of discount accretion from accelerated principal reductions on covered loans acquired from SJB. This represents a decrease of $5.4 million, or 9.24%, when compared to interest income and fees on loans of $58.2 million for the same period last year. Excluding the discount accretion, interest income and fees on loans would have been $48.8 million for the third quarter of 2011.

In addition to the yield adjustment to interest income of $4.0 million for the third quarter of 2011, we calculated a net decrease of $844,000 in the FDIC loss sharing asset as a result of lower estimated losses than projected. The decrease is included in other operating income. In the quarter ended September 30, 2011, we received $14.7 million from the FDIC from previously submitted loss claims.

Net Interest Income and Net Interest Margin

Net interest income, before the provision for credit losses, totaled $60.0 million for the three months ending September 30, 2011. Net interest income for the third quarter of 2011 decreased $2.6 million, or 4.21%, compared to the same period in 2010.

Excluding the impact of the yield adjustment on covered loans, net interest margin (tax equivalent) increased from 3.73% for the third quarter of 2010 to 3.81% for the third quarter of 2011. Total average earning asset yields decreased from 4.97% for the third quarter of 2010 to 4.67% for the third quarter of 2011. Total cost of funds decreased from 0.91% for the third quarter of 2010 to 0.59% for the third quarter of 2011.

Assets

The Company reported total assets of $6.53 billion at September 30, 2011. This represents an increase of $93.2 million, or 1.45%, from total assets of $6.44 billion at December 31, 2010. Earning assets (excluding the allowance for loan and lease losses) totaling $6.17 billion increased $146.9 million, or 2.44%, when compared with earning assets of $6.02 billion at December 31, 2010.

Investment Securities

Investment securities totaled $2.17 billion at September 30, 2011. This is up from $1.79 billion at December 31, 2010. As of September 30, 2011, we calculated a pretax unrealized gain of $67.6 million of which $32.9 million is attributed to our municipal securities portfolio. We have no preferred stock or trust preferred securities in our portfolio.

Virtually all of our mortgage-backed securities (“MBS”) are issued by Freddie Mac or Fannie Mae, which have the implied guarantee of the U.S. Government. We have one private-label mortgage-backed security that is impaired. This Alt-A bond, with a book value of $2.6 million as of September 30, 2011, has had $1.8 million in net impairment losses to date since it was purchased in early 2008. A $427,000 impairment was recorded in the third quarter of 2011.

Our municipal securities, totaling $641.4 million, are diversified among 604 individual issues and located in 30 states with 6.3% located within the state of California. Our largest holdings are in New Jersey 14.3%, Illinois 12.5% and Michigan 12.3%. All municipal bond securities are performing.

We continue to reinvest our cash flows from the investment portfolio. During the third quarter we purchased $279.6 million in MBS with an average yield of 1.99% and $839,000 in municipal securities with an average tax-equivalent yield of 5.66%. MBS purchased in the third quarter have an average duration of about 3.0 years as our purchasing strategy is to minimize extension risk as interest rates rise.

Loans

Total loans and leases of $3.46 billion at September 30, 2011 decreased by $290.0 million, or 7.73%, from $3.75 billion at December 31, 2010. We attribute a significant portion of the decrease to the following:

•

$45.3 million in note sales related to our former largest borrower.

•

$87.9 million from working down problem assets acquired from SJB.

•

$45.7 million decline in non-covered construction loans.

•

$27.8 million decline in purchased mortgage pools.

The non-covered construction loans and purchased mortgage pools are considered non-core lending niches. Our core lending strategy is focused on commercial & industrial business lending, dairy and livestock lending, agribusiness lending and commercial real estate loans.

Deposits & Customer Repurchase Agreements

Deposits of $4.59 billion and customer repurchase agreements of $485.3 million totaled $5.07 billion at September 30, 2011. This represents an increase of $13.4 million, or 0.26%, when compared with total deposits and customer repurchase agreements of $5.06 billion at December 31, 2010.

Non-interest bearing deposits were $1.98 billion at September 30, 2011, an increase of $275.6 million or 16.20% from $1.70 billion at December 31, 2010. At September 30, 2011, non-interest bearing deposits were 43.08% of total deposits, up from 37.65% at December 31, 2010.

Our cost of total deposits was 0.17% for the three months ending September 30, 2011, compared to our cost of total deposits of 0.37% for the same period last year. Our cost of total deposits including customer repurchase agreements was 0.19% for the three months ending September 30, 2011 compared to 0.41% for the same period last year.

Borrowings

At September 30, 2011, we had $548.6 million in borrowings, compared to borrowings of $553.4 million at December 31, 2010 and $553.3 million at September 30, 2010. The $4.8 million decrease from December 31, 2010 was primarily due to the redemption of $5.0 million in subordinated debt.

Asset Quality

We have separated the discussion of asset quality into two sections: non-covered loans and covered loans. The non-covered loans represent the legacy Citizens Business Bank loans and exclude all loans acquired in the 2009 SJB acquisition. The SJB loans were marked to fair value at the acquisition date and are “covered” loans as defined in the loss sharing agreement with the FDIC.

Citizens Business Bank Asset Quality (Non-covered loans)

The allowance for credit losses decreased from $105.2 million as of December 31, 2010 to $95.5 million as of September 30, 2011. The decrease was due to net loan charge-offs of $16.8 million, offset by a $7.1 million provision for credit losses during the first nine months of 2011. The allowance for credit losses was 3.01% and 3.12% of total non-covered loans and leases outstanding as of September 30, 2011 and December 31, 2010, respectively.

There was zero provision for credit losses for the third quarter of 2011.

We had $65.2 million in non-performing loans at September 30, 2011, or 2.06% of total non-covered loans. This compares to non-performing loans of $157.0 million at December 31, 2010. The non-performing loans for the third quarter are summarized as follows: $1.0 million in residential construction, $13.8 million in commercial construction, $18.8 million in residential mortgages, $25.4 million in commercial real estate, $3.3 million in commercial and industrial, $2.6 million in dairy loans, and $300,000 in all other loans.

At September 30, 2011, we had $16.0 million in Other Real Estate Owned (“OREO”), an increase of $10.7 million from OREO of $5.3 million at December 31, 2010. At December 31, 2010, we had three OREO properties. During the first nine months of 2011, we added twelve properties for a total of $13.9 million to OREO. We sold three properties with an OREO value of $2.8 million for cash proceeds of $2.8 million. We also recorded $0.4 million in write-downs of OREO properties due to appraisal revaluations. We now have twelve OREO properties valued at $16.0 million.

At September 30, 2011, we had loans delinquent 30 to 89 days of $2.0 million. This compares to delinquent loans of $3.9 million at June 2011, $3.6 million at March 31, 2011, and $9.1 million at December 31, 2010. As a percentage of total loans, delinquencies, excluding non-accruals, were 0.06% at September 30, 2011, 0.12% at June 30, 2011, 0.11% at March 31, 2011, and 0.27% at December 31, 2010. All loans delinquent 90 days or more were categorized as non-performing.

At September 30, 2011, we had $32.2 million in performing troubled debt restructured loans (“TDRs”), an increase of $18.9 million from performing TDRs of $13.3 million at December 31, 2010. In terms of number of loans, we had five performing TDRs at December 31, 2010 compared to thirteen performing TDRs at September 30, 2011. $17.1 million of the $18.9 million increase in performing TDRs is due to two commercial real estate loans that emerged out of bankruptcy court and are now paying in accordance with the terms approved by the court.

In total, non-performing assets, defined as non-covered non-accrual loans plus OREO, have decreased substantially and were $81.2 million at September 30, 2011, $88.8 million at June 30, 2011, $114.4 million at March 31, 2011 and $162.3 million at December 31, 2010.

We have made substantial progress in reducing our classified loans. At September 30, 2011, classified loans were $357.2 million, $445.3 million at June, 30, 2011, $588.7 million at March 31, 2011 and $654.1 million at December 31, 2010.

San Joaquin Bank Asset Quality (Covered loans)

At September 30, 2011 we had $354.6 million in gross loans from SJB with a carrying value of $286.1 million, compared to $488.8 million of gross loans at December 31, 2010 and $374.0 million in carrying value. Of the gross loans, we have $85.1 million in loans 90 days or more past due as of September 30, 2011, or 24.01%, compared to $133.1 million in loans 90 days or more past due at December 31, 2010. We have 20 properties in OREO totaling $14.2 million compared to 17 properties totaling $11.3 million at December 31, 2010.

CitizensTrust

CitizensTrust has approximately $2.0 billion in assets under administration, including $1.6 billion in assets under management, as of September 30, 2011. This compares with $2.1 billion in assets under administration, including $1.1 billion in assets under management, at December 31, 2010. The increase in managed assets is primarily due to the conversion of custodial and non-managed accounts into managed accounts. Revenues from CitizensTrust were $6.5 million and $6.3 million for nine months ended September 30, 2011 and 2010, respectively. CitizensTrust provides trust, investment and brokerage related services, as well as financial, estate and business succession planning.

Repurchase of Common Stock

In July 2008, our Board of Directors authorized the repurchase of up to 10,000,000 shares of our common stock. During the third quarter of 2011, we repurchased 1,502,503 shares of common stock at the average price of $7.83. As of September 30, 2011, we have 7,897,497 shares of our common stock remaining that are eligible for repurchase.

Conference Call

Management will hold a conference call at 8:30 a.m. Pacific time/11:30 a.m. Eastern time on Thursday, October 20^th (tomorrow) to discuss the Company’s third quarter 2011 financial results.

To listen to the conference call, please dial (877) 317-6789. A taped replay will be made available approximately one hour after the conclusion of the call and will remain available through October 29, 2011 at 9:00 a.m. To access the replay, please dial (877) 344-7529, passcode 10004998.

The conference call will also be simultaneously webcast over the Internet. Please visit the Company’s website at www.cbbank.com and click on the CVB Investor tab to access the call from the site. Access the website 15 minutes prior to the call to download any necessary audio software. This webcast will be recorded and available for replay on the Company’s website approximately two hours after the conclusion of the conference call, and will be available on the website for twelve months.

Corporate Overview

CVB Financial Corp. is the holding company for Citizens Business Bank, a financial services company based in Ontario, California. Citizens Business Bank serves 41 cities with 43 business financial centers and five commercial banking centers in the Inland Empire, Los Angeles County, Orange County and the Central Valley areas of California.

Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol of CVBF. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the CVB Investor tab.

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements relating to the Company’s current business plan and expectations regarding future operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, local, regional, national and international economic conditions and events and the impact they may have on us and our customers; ability to attract deposits and other sources of liquidity; oversupply of inventory and continued deterioration in values of California real estate, both residential and commercial; a prolonged slowdown in construction activity; changes in the financial performance and/or condition of our borrowers; changes in the level of non-performing assets and charge-offs; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, executive compensation and insurance) with which we and our subsidiaries must comply; changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; inflation, interest rate, securities market and monetary fluctuations; political instability; acts of war or terrorism, or natural disasters, such as earthquakes, or the effects of pandemic flu; the timely development and acceptance of new banking products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing and savings habits; technological changes; the ability to increase market share and control expenses; changes in the competitive environment among financial and bank holding companies and other financial service providers; continued volatility in the credit and equity markets and its effect on the general economy; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board and other accounting standard setters; changes in our organization, management, compensation and benefit plans; the costs and effects of legal and regulatory developments including the resolution of legal proceedings or regulatory or other governmental inquiries and the results of regulatory examinations or reviews; our success at managing the risks involved in the foregoing items and other factors set forth in the Company’s public reports including its Annual Report on Form 10-K for the year ended December 31, 2010, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law.

###

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(unaudited)
dollars in thousands

		September 30,								December 31,
		2011				2010				2010
Assets:
Cash and due from banks		$	33,493			$	105,619			$	67,279
Interest-bearing balances due from Federal Reserve Bank			409,449				90,301				286,769
Interest-bearing balances due from depository institutions			—				50,160				50,227
Total cash and cash equivalents			442,942				246,080				404,275
Interest-bearing balances due from depository institutions			50,190				50,190				50,190
Investment securities available-for-sale			2,167,159				1,912,268				1,791,558
Investment securities held-to-maturity			2,574				3,161				3,143
Investment in stock of Federal Home Loan Bank (FHLB)			76,207				90,350				86,744
Non-covered loans held-for-sale			4,239				3,154				2,954
Covered loans held-for-sale			5,726				—				—
Non-covered loans and lease finance receivables			3,170,365				3,418,980				3,373,728
Less allowance for credit losses			(95,528	)			(105,289	)			(105,259	)
Net loans and lease finance receivables			3,074,837				3,313,691				3,268,469
Covered loans and lease finance receivables, net			280,337				403,822				374,012
Premises and equipment, net			36,725				41,936				40,921
Intangibles			6,399				9,937				9,029
Goodwill			55,097				55,097				55,097
Cash value of life insurance			115,494				112,173				112,901
FDIC loss sharing asset			56,452				108,305				101,461
Other assets			155,529				133,707				135,937
TOTAL ASSETS		$	6,529,907			$	6,483,871			$	6,436,691
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Demand deposits (noninterest-bearing)		$	1,977,137			$	1,699,096			$	1,701,523
Investment checking			330,580				356,068				384,674
Savings and money market demand			1,436,528				1,276,464				1,342,758
Time deposits			844,899				1,190,836				1,089,873
Total Deposits			4,589,144				4,522,464				4,518,828
Demand Note to U.S. Treasury			1,930				3,752				1,917
Customer repurchase agreements			485,273				557,573				542,188
Borrowings			548,594				553,322				553,390
Junior subordinated debentures			115,055				115,055				115,055
Other liabilities			90,036				66,947				61,458
Total Liabilities			5,830,032				5,819,113				5,792,836
Stockholders’ equity:
Stockholders’ equity			660,639				636,325				637,670
Accumulated other comprehensive income, net of tax			39,236				28,433				6,185
Total stockholders’ equity			699,875				664,758				643,855
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	6,529,907			$	6,483,871			$	6,436,691

CVB FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED AVERAGE BALANCE SHEET
(unaudited)
dollars in thousands

		Three months ended September 30,								Nine months ended September 30,
		2011				2010				2011				2010
Assets:
Cash and due from banks		$	55,113			$	105,689			$	87,256			$	101,279
Interest-bearing balances due from Federal Reserve Bank			455,429				319,330				348,989				266,608
Federal funds sold and Interest-bearing balances due from depository institutions			22,438				50,111				40,896				37,777
Total cash and cash equivalents			532,980				475,130				477,141				405,664
Interest-bearing balances due from depository institutions			50,190				42,038				50,190				14,550
Investment securities available-for-sale			1,969,152				1,946,396				1,931,203				2,017,411
Investment securities held-to-maturity			2,738				3,013				2,892				3,322
Investment in stock of Federal Home Loan Bank (FHLB)			77,976				92,038				82,006				95,117
Non-covered loans held-for-sale			3,065				3,001				3,219				2,813
Covered loans held-for-sale			1,823				—				455				—
Non-covered loans and lease finance receivables			3,173,492				3,473,829				3,245,060				3,507,333
Less allowance for credit losses			(96,827	)			(115,614	)			(103,183	)			(115,843	)
Net loans and lease finance receivables			3,076,665				3,358,215				3,141,877				3,391,490
Covered loans and lease finance receivables, net			307,281				414,100				327,175				437,228
Premises and equipment, net			37,589				42,496				39,014				41,949
Intangibles			6,766				10,355				7,632				11,285
Goodwill			55,097				55,097				55,097				55,097
Cash value of life insurance			115,045				111,658				114,197				110,779
FDIC loss sharing asset			65,342				112,142				77,834				120,840
Other assets			184,839				121,853				170,170				122,760
TOTAL		$	6,486,548			$	6,787,532			$	6,480,102			$	6,830,305
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing		$	1,935,890			$	1,677,328			$	1,860,426			$	1,624,866
Interest-bearing			2,612,541				2,890,536				2,673,977				2,906,078
Total Deposits			4,548,431				4,567,864				4,534,403				4,530,944
Other borrowings			1,053,838				1,340,660				1,094,961				1,454,952
Junior subordinated debentures			115,055				115,055				115,055				115,055
Other liabilities			75,877				75,828				65,119				61,272
Total Liabilities			5,793,201				6,099,407				5,809,538				6,162,223
Stockholders’ equity:
Stockholders’ equity			668,028				645,361				657,010				633,869
Accumulated other comprehensive income, net of tax			25,319				42,764				13,554				34,213
			693,347				688,125				670,564				668,082
TOTAL		$	6,486,548			$	6,787,532			$	6,480,102			$	6,830,305

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

		For the Three Months								For the Nine Months
		Ended September 30,								Ended September 30,
		2011				2010				2011				2010
Interest income:
Loans held-for-sale		$	17			$	7			$	46			$	40
Loans and leases, including fees			48,791				53,677				147,116				162,733
Accelerated accretion on acquired loans			3,980				4,481				11,638				22,332
Total loans and leases, including fees			52,788				58,165				158,800				185,105
Investment securities:
Taxable			9,407				11,461				28,397				41,938
Tax-advantaged			5,951				6,324				17,791				19,265
Total investment income			15,358				17,785				46,188				61,203
Dividends from FHLB stock			52				105				183				233
Federal funds sold & Interest-bearing CDs			332				418				1,053				757
Total interest income			68,530				76,473				206,224				247,298
Interest expense:
Deposits			1,979				4,310				6,987				14,439
Borrowings and junior subordinated debentures			6,571				9,548				19,753				32,691
Total interest expense			8,550				13,858				26,740				47,130
Net interest income before provision for credit losses			59,980				62,615				179,484				200,168
Provision for credit losses			—				25,300				7,068				48,500
Net interest income after provision for credit losses			59,980				37,315				172,416				151,668
Other operating income:
Impairment loss on investment securities			(25	)			(127	)			(144	)			(98	)
Loss reclassified from other comprehensive income			(402	)			—				(402	)			(714	)
Net impairment loss on investment securities recognized in earnings			(427	)			(127	)			(546	)			(812	)
Service charges on deposit accounts			4,021				4,225				11,773				12,686
Trust and investment services			2,056				1,928				6,468				6,255
Gain on sale of investment securities			—				30,119				—				38,900
Reduction in FDIC loss sharing asset			(844	)			(2,630	)			(1,118	)			(14,800	)
Other			2,708				3,204				6,909				7,697
Total other operating income			7,514				36,719				23,486				49,926
Other operating expenses:
Salaries and employee benefits			17,579				17,311				53,459				52,863
Occupancy			2,776				3,088				8,349				9,168
Equipment			1,376				1,719				4,205				5,473
Professional services			3,728				4,135				12,365				9,823
Amortization of intangible assets			862				934				2,629				2,824
Provision for unfunded commitments			(1,650	)			450				(918	)			2,150
OREO expenses			2,247				479				5,023				1,147
Prepayment penalties on borrowings			—				12,963				—				18,663
Other			5,940				8,239				21,206				24,576
Total other operating expenses			32,858				49,318				106,318				126,687
Earnings before income taxes			34,636				24,716				89,584				74,907
Income taxes			12,253				6,789				29,563				21,846
Net earnings			22,383				17,927				60,021				53,061
Allocated to restricted stock			81				58				229				181
Net earnings allocated to common shareholders		$	22,302			$	17,869			$	59,792			$	52,880
Basic earnings per common share		$	0.21			$	0.17			$	0.57			$	0.50
Diluted earnings per common share		$	0.21			$	0.17			$	0.57			$	0.50
Cash dividends per common share		$	0.085			$	0.085			$	0.255			$	0.255

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(unaudited)

		Three months ended September 30,								Nine months ended September 30,
		2011				2010				2011				2010
Interest income — (Tax-Effected) (te)		$	71,011			$	79,085			$	213,645			$	255,235
Interest Expense			8,550				13,858				26,740				47,130
Net Interest income — (te)		$	62,461			$	65,227			$	186,905			$	208,105
Return on average assets, annualized			1.37	%			1.05	%			1.24	%			1.04	%
Return on average equity, annualized			12.81	%			10.34	%			11.97	%			10.62	%
Efficiency ratio			48.68	%			66.62	%			54.27	%			62.84	%
Yield on average earning assets			4.67	%			4.97	%			4.74	%			5.35	%
Cost of deposits			0.17	%			0.37	%			0.21	%			0.43	%
Cost of deposits and customer repurchase agreements			0.19	%			0.41	%			0.23	%			0.45	%
Cost of funds			0.59	%			0.91	%			0.62	%			1.02	%
Net interest margin (te)			4.11	%			4.11	%			4.15	%			4.37	%
Net interest margin (te) excluding discount			3.81	%			3.73	%			3.84	%			3.80	%
Weighted average shares outstanding
Basic			105,116,770				105,685,287				105,473,811				105,925,944
Diluted			105,205,956				105,795,196				105,554,812				106,096,714
Dividends declared		$	8,913			$	9,011			$	26,947			$	27,087
Dividend payout ratio			39.82	%			50.26	%			44.90	%			51.05	%
Number of shares outstanding-EOP			104,581,689				105,918,376
Book value per share		$	6.69			$	6.28
Tangible Book value per share		$	6.10			$	5.66

		September 30,
(Non-covered loans)		2011				2010
Non-performing assets (dollar amount in thousands):
Non-accrual loans		$	65,212			$	158,871
Loans past due 90 days or more and still accruing interest			—				—
Other real estate owned (OREO), net			15,956				17,387
Total non-performing assets		$	81,168			$	176,258
Percentage of non-performing assets to total loans outstanding and OREO			2.55	%			5.13	%
Percentage of non-performing assets to total assets			1.24	%			2.72	%
Allowance for loan losses to non-performing assets			117.69	%			59.74	%
Net Charge-offs to Average loans			0.52	%			1.48	%
Allowance for credit losses:
Beginning Balance		$	105,259			$	108,924
Total loans charged-off			(18,600	)			(52,492	)
Total Loans Recovered			1,801				357
Net Loans Charged-off			(16,799	)			(52,135	)
Provision Charged to Operating Expense			7,068				48,500
Allowance for Credit Losses at End of period		$	95,528			$	105,289

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands, except per share data)
(unaudited)

		2011								2010								2009
Quarter End		High				Low				High				Low				High				Low
March 31,		$	9.32			$	7.83			$	10.89			$	8.44			$	12.11			$	5.31
June 30,		$	9.94			$	8.18			$	11.85			$	9.00			$	7.77			$	5.69
September 30,		$	10.00			$	7.41			$	10.99			$	6.61			$	8.70			$	4.90
December 31,										$	9.09			$	7.30			$	9.00			$	6.93

Quarterly Consolidated Statements of Earnings

		3Q				2Q				1Q				4Q				3Q
		2011				2011				2011				2010				2010
Interest income
Loans, including fees		$	52,788			$	54,697			$	51,315			$	55,621			$	58,165
Investment securities and other			15,742				16,485				15,197				14,370				18,308
			68,530				71,182				66,512				69,991				76,473
Interest expense
Deposits			1,979				2,220				2,788				3,814				4,310
Other borrowings			6,571				6,567				6,615				7,028				9,548
			8,550				8,787				9,403				10,842				13,858
Net interest income before provision for credit losses			59,980				62,395				57,109				59,149				62,615
Provision for credit losses			—				—				7,068				12,700				25,300
Net interest income after provision for credit losses			59,980				62,395				50,041				46,449				37,315
Non-interest income			7,514				5,994				9,978				7,188				36,719
Non-interest expenses			32,858				37,155				36,305				41,805				49,318
Earnings before income taxes			34,636				31,234				23,714				11,832				24,716
Income taxes			12,253				10,196				7,114				1,958				6,789
Net earnings			22,383				21,038				16,600				9,874				17,927
Allocated to restricted stock			81				82				66				41				58
Net earnings allocated to common shareholders		$	22,302			$	20,956			$	16,534			$	9,833			$	17,869
Basic earning per common share		$	0.21			$	0.20			$	0.16			$	0.09			$	0.17
Diluted earnings per common share		$	0.21			$	0.20			$	0.16			$	0.09			$	0.17
Cash dividends per common share		$	0.085			$	0.085			$	0.085			$	0.085			$	0.085
Dividends Declared		$	8,913			$	9,017			$	9,017			$	9,016			$	9,011

CVB FINANCIAL CORP. AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(in thousands)
(unaudited)

Distribution of Loan Portfolio

		9/30/2011				6/30/2011				3/31/2011				12/31/2010				9/30/2010
Commercial and Industrial		$	510,950			$	500,746			$	490,316			$	499,986			$	509,502
Real Estate:
Construction			101,429				119,637				169,562				223,478				280,756
Commercial Real Estate			2,172,050				2,237,975				2,255,247				2,272,270				2,280,861
SFR Mortgage			191,650				201,457				210,445				224,325				238,179
Consumer			58,668				59,496				61,622				67,371				71,487
Municipal lease finance receivables			115,803				119,792				122,897				129,128				149,584
Auto and equipment leases			16,237				16,998				17,399				17,982				20,658
Dairy and Livestock			292,049				296,801				325,052				376,143				359,778
Agribusiness			48,627				52,528				49,664				57,304				61,206
Gross Loans			3,507,463				3,605,430				3,702,204				3,867,987				3,972,011
Less:
Purchase accounting discount			(51,646	)			(73,449	)			(98,117	)			(114,763	)			(143,752	)
Deferred net loan fees			(5,115	)			(5,385	)			(5,640	)			(5,484	)			(5,457	)
Allowance for credit losses			(95,528	)			(96,895	)			(101,067	)			(105,259	)			(105,289	)
Net Loans		$	3,355,174			$	3,429,701			$	3,497,380			$	3,642,481			$	3,717,513
Covered loans		$	280,337			$	334,225			$	348,759			$	374,012			$	403,822
Non-covered loans			3,074,837				3,095,476				3,148,621				3,268,469				3,313,691
Total Net Loans		$	3,355,174			$	3,429,701			$	3,497,380			$	3,642,481			$	3,717,513

Non-Performing Assets & Delinquency Trends
(Non-Covered Loans)

		September 30,				June 30,				March 31,				December 31,				September 30,
		2011				2011				2011				2010				2010
Non-Performing Loans
Residential Construction and Land		$	989			$	1,080			$	4,001			$	4,090			$	5,085
Commercial Construction and Land			13,779				23,953				39,976				60,591				71,428
Residential Mortgage			18,792				17,786				18,425				17,800				14,543
Commercial Real Estate			25,454				24,731				34,950				64,859				56,330
Commercial and Industrial			3,277				4,649				7,542				3,936				6,067
Dairy & Livestock			2,574				2,672				2,996				5,207				5,176
Consumer			347				179				260				537				242
Total		$	65,212			$	75,050			$	108,150			$	157,020			$	158,871
% of Total Loans			2.06	%			2.35	%			3.33	%			4.65	%			4.65	%
Past Due 30-89 Days
Residential Construction and Land		$	—			$	—			$	—			$	—			$	—
Commercial Construction and Land											1,492				—				—
Residential Mortgage			—				460				993				2,597				2,779
Commercial Real Estate			806				2,590				898				3,194				1,234
Commercial and Industrial			1,145				740				239				3,320				2,333
Dairy & Livestock			—				—				—				—				1,406
Consumer			—				91				9				29				494
Total		$	1,951			$	3,881			$	3,631			$	9,140			$	8,246
% of Total Loans			0.06	%			0.12	%			0.11	%			0.27	%			0.24	%
OREO
Residential Construction and Land		$	—			$	—			$	—			$	—			$	11,113
Commercial Construction and Land			8,580				7,117				2,709				2,709				2,709
Commercial Real Estate			7,376				6,314				3,322				2,581				3,220
Commercial and Industrial			—				—				209				—				—
Residential Mortgage			—				287				—				—				345
Consumer			—				—				—				—				—
Total		$	15,956			$	13,718			$	6,240			$	5,290			$	17,387
Total Non-Performing, Past Due & OREO		$	83,119			$	92,649			$	118,021			$	171,450			$	184,504
% of Total Loans			2.62	%			2.90	%			3.63	%			5.08	%			5.40	%

We use certain non-GAAP financial measures to provide supplemental information regarding our performance. The third quarter of 2011 net interest income and net interest margin include a yield adjustment of $4.0 million from discount accretion on covered loans. We believe that presenting the net interest income and net interest margin excluding the yield adjustment provides additional clarity to the users of financial statements regarding core net interest income and net interest margin.

		Three months ended												Nine months ended
		September 30, 2011												September 30, 2011
		( amounts in thousands )
		Average												Average
		Balance				Interest				Yield				Volume				Interest				Yield
Total interest-earning assets		$	6,063,584			$	68,530				4.67	%		$	6,032,085			$	206,224				4.74	%
Accelerated accretion on acquired loans			72,002				(3,980	)							92,373				(11,638	)
Total interest-earning assets, excluding SJB loan discount and yield adjustment		$	6,135,586			$	64,550				4.34	%		$	6,124,458			$	194,586				4.41	%
Net interest income and net interest margin (TE)						$	62,461				4.11	%						$	186,905				4.15	%
Yield adjustment to interest income from discount accretion							(3,980	)											(11,638	)
Net interest income and net interest margin (TE), excluding yield adjustment						$	58,481				3.81	%						$	175,267				3.84	%