CVB Financial schedules earnings report

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 shares jump after sale of bad loans

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.