CVB Financial, parent company of Citizens Business Bank, will report its earnings for the fourth quarter of 2011 and the past year as a whole after markets close on Jan. 18.
The banking firm’s management is scheduled to discuss their financial results in a conference call the following morning.
The conference call is scheduled to begin at 7:30 a.m. Jan. 19. Investors and other interested parties can listed to the call by dialing 877-317-6789. The call will also be broadcast online via the company’s website, which is www.cbbank.com.
CVB Financial’s corporate offices are in Ontario.
CVB Financial Corp.’s shares jumped a day after the Ontario-based lender said it had sold its underperforming loans. Shares shot up 9.14 percent to close at $8.84 on Tuesday.
CVB, the parent company to Citizens Business Bank, sold six of seven notes, which were held in connection to the bank’s relationship with its largest borrower, for $41 million in a deal that closed Friday. The undisclosed buyer paid $36 million in cash and $5 million in the form of a note secured by an office building near CVB Financial’s Ontario headquarters.
The borrower ran into trouble paying off its loans to CVB last year, leading CVB to charge off $34 million in loans at the time. The most recent sale added $1.9 million in charge offs from the lending relationship. MarketWatch has reported that Paul Garrett, the chairman of Temecula-based real estate investment firm The Garrett Group LLC, is CVB’s largest borrower.