<SUBMISSION>
<ACCESSION-NUMBER>0000354647-05-000007
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20041231
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20050125
<DATE-OF-FILING-DATE-CHANGE>20050124
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CVB FINANCIAL CORP
<CIK>0000354647
<ASSIGNED-SIC>6022
<IRS-NUMBER>953629339
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-10140
<FILM-NUMBER>05545567
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>701 N HAVEN AVE STE 350
<CITY>ONTARIO
<STATE>CA
<ZIP>91764
<PHONE>9099804030
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>701 N HAVEN AVENUE
<CITY>ONTARIO
<STATE>CA
<ZIP>91764
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>dec1204_8k.htm
<DESCRIPTION>12/31/04
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>




<P> <CENTER><B><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<BR>SECURITIES AND
EXCHANGE COMMISSION</FONT></B></CENTER>
<CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Washington, D.C. 20549</FONT></CENTER><BR>


<CENTER><B><FONT FACE="Times New Roman, Times, Serif" SIZE=3>FORM 8-K </FONT></B></CENTER><BR>



<CENTER><B><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT REPORT
<BR> Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</FONT></B></CENTER><BR>


<CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date of Report (Date of
earliest event reported): January 20, 2005  </FONT></CENTER><BR>



<CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CVB FINANCIAL CORP.</B></FONT>
<BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of
registrant as specified in its charter) </FONT></CENTER><BR>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="34%"><CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">California<BR>
(State or other jurisdiction of<BR>
incorporation or organization) </FONT></CENTER></TD>
     <TD WIDTH="33%"><CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">0-10140 <BR>
(Commission file number)</FONT></CENTER></TD>
     <TD WIDTH="33%"><CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2">95-3629339<BR>
(I.R.S. employer identification number)</FONT></CENTER></TD></TR>
</TABLE>




<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="60%"><CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>
701 North Haven Avenue, Ontario, California<BR>
(Address of principal executive offices)</FONT></CENTER></TD>
     <TD WIDTH="40%"><CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><BR>91764<BR>
(Zip Code)</FONT></CENTER></TD></TR>
</TABLE>




<CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>
Registrant&#146;s telephone number, including area code: (909) 980-4030 </FONT></CENTER>





<CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Not Applicable<BR>
(Former name or former address, if changed since last report)</FONT></CENTER><BR><BR>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Check the appropriate box below if
the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (See General Instruction A.2.):</FONT></P>


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR230.425)<BR><BR>
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR240.14a-12)<BR><BR>
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))<BR><BR>
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-(c)) </FONT></P><BR>


<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>




<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Item 2.02 Results of
Operations and Financial Condition </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
January 20, 2005, CVB Financial Corp. issued a press release setting forth its fourth
quarter and year ending December 31, 2004 earnings. A copy of this press release is attached hereto as Exhibit 99.1,
incorporated herein by reference. This press release includes certain non-GAAP financial
measures. A reconciliation of these measures to the most comparable GAAP measures is
included as part of Exhibit 99.1. </FONT></P>


<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>



<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="60%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date: January 20, 2005  </FONT></TD>
     <TD WIDTH="40%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>By: /s/ Edward J. Biebrich Jr.</U><BR>
Edward J. Biebrich Jr.,<BR>
Executive Vice President and<BR>
Chief Financial Officer<BR>

</FONT></TD></TR>
</TABLE>



<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>


<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit Index </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 Press Release, dated
January 20, 2005 </FONT></P>

<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99-1204.htm
<DESCRIPTION>PRESS RELEASE 12/31/04
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Project" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Press Release <BR>
For Immediate Release</FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Sub 1 Left-TNR" FSL="Project" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>
Contact:D. Linn Wiley&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <BR>
President and CEO<BR>
(909)980-4030&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Project" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CVB Financial Corp.&nbsp;
Reports Record Earnings </FONT></H1>


<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Ontario, CA, January 19,
2005-</B>CVB Financial Corp. (NASDAQ:CVBF) and its subsidiary, Citizens Business Bank
(&#147;the Company&#148;), announced record results for the year ending December 31, 2004.
This included record deposits, record loans, record assets and record earnings. It was the
strongest year in the history of the Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Net Income </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the twelve months
ending December 31, 2004 was $61.5 million. This represents an increase of $8.7 million,
or 16.38%, when compared with net earnings of $52.8 million for the year ending December
31, 2003. Diluted earnings per share were $1.00 for the twelve months ending December 31,
2004. This was up $0.14, or 16.28%, from diluted earnings per share of $0.86 for the same
period last year. These per share amounts have been adjusted to reflect the five for four
stock split declared in December of 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the twelve months
ending December 31, 2004 produced a return on beginning equity of 21.44%, a return on
average equity of 20.33% and a return on average assets of 1.47%. The efficiency ratio for
the twelve-month period was 50.10%, and operating expenses as a percentage of average
assets were 2.14%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income before the
other-than-temporary impairment write-down, net gains on sales of investment securities,
net gain on sale of real estate and estimated robbery loss was $63.5 million for the
twelve months ending December 31, 2004. This represents an increase of $12.1 million, or
23.62%, when compared to net earnings before net gains on sales of investment securities,
the prepayment penalty, and the reversed excess legal fee accrual of $51.4 million for the
same twelve months period in 2003. These results produced a return on beginning equity of
22.15%, a return on average equity of 21.00%, and a return on average assets of 1.51%. The
related efficiency ratio for the twelve months period was 49.29%, and operating costs as a
percentage of average assets were 2.14%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Company reported net income of $16.9 million for the fourth quarter ending December 31,
2004. This represented an increase of $2.8 million, or 19.72%, when compared with the
$14.1 million in net income reported for the fourth quarter of 2003. Diluted earnings per
share were $0.28 for the fourth quarter of 2004. This is up $0.05, or 21.74%, when
compared with earnings per share of $0.23 for the fourth quarter of 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income for the fourth quarter of
2004 produced a return on beginning equity of 21.67%, a return on average equity of 20.98%
and a return on average assets of 1.52%. The efficiency ratio for the fourth quarter was
53.79%, and operating costs as a percentage of average assets were 2.29%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net income before the estimated
robbery loss was $18.5 million for the fourth quarter of 2004. This represents an increase
of $4.3 million, or 30.80%, when compared to net earnings of $14.1 million for the fourth
quarter of 2003. These results produced a return on beginning equity of 23.67%, a return
on average equity of 22.92%, and a return on average assets of 1.66%. The related
efficiency ratio for the fourth quarter of 2004 was 51.33%, and operating costs as a
percentage of average assets were 2.29%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company sold one of its buildings
in Pasadena during the third quarter of 2004. This building houses the Pasadena Business
Financial Center and the Wealth Management Group. The Company has agreed to lease back the
Pasadena Business Financial Center space for five years and the Wealth Management Group
space for two years. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The sale of the building resulted in
a gross gain of $2.1 million. However, $1.7 million of the gain is required to be deferred
and amortized as an adjustment to rental expense over the life of the leases. The Company
recognized the remaining $419,000 of the gain during the fourth quarter. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Net Interest Income and
Net Interest Margin </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income (before provision
for credit losses) totaled $151.2 million for the twelve months ending December 31, 2004.
This represented an increase of $21.9 million, or 16.93%, over the net interest income of
$129.3 million for the same period of 2003. This increase resulted from a $31.4 million
increase in interest income, partially offset by a $9.5 million increase in interest
expense. The increases in interest income were primarily due to the growth in average
earning assets. The increases in interest expense were due to the increases in borrowed
funds. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest income (before provision
for credit losses) totaled $39.7 million for the fourth quarter of 2004. This represented
an increase of $3.7 million, or 10.17%, over the net interest income of $36.0 million for
the fourth quarter of 2003. These increases resulted from an $8.3 million increase in
interest income, offset by a $4.6 million increase in interest expense. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest margin (tax equivalent)
declined from 4.18% for the twelve months ending December 31, 2003 to 3.98% for the twelve
months ending December 31, 2004. Total average earning asset yields have declined from
5.34% for 2003 to 5.17% for 2004. The cost of funds has increased from 1.73% for 2003 to
1.77% for 2004. This decline in net interest margin has been mitigated by the strong
growth in the balance sheet. The margin compression appears to be moderating with the
recent stability of interest rates. The Company has approximately $1.32 billion, or
45.99%, of its deposits in interest free demand deposits. The Company believes its deposit
base should position it well for a rising interest rate environment. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Net interest margin (tax equivalent)
for the fourth quarter of 2004 was 3.95%. This represents a slight decrease when compared
to the 4.25% for the fourth quarter of 2003. Average earning asset yields for the fourth
quarter of 2004 were 5.24%, compared with asset yields of 5.25% for the fourth quarter of
2003. The cost of funds was 1.93% and 1.51% for the same periods, respectively. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Balance Sheet </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company reported total assets of
$4.51 billion at December 31, 2004. This represented an increase of $653.1 million, or
16.95%, over total assets of $3.85 billion on December 31, 2003. Earning assets totaling
$4.26 billion were up $613.8 million, or 16.85%, when compared with earning assets of
$3.64 billion as of December 31, 2003. Deposits of $2.88 billion grew $214.5 million, or
8.06%, from $2.66 billion for the prior year. Demand deposits of $1.32 billion jumped
$179.9 million, or 15.75%, from $1.14 billion on December 31, 2003. Gross loans and leases
of $2.14 billion on December 31, 2004 rose $380.1 million, or 21.60%, from $1.76 billion
on December 31, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Investment Securities </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment securities totaled $2.14
billion as of December 31, 2004. This represents an increase of $234.8 million, or 12.34%,
when compared with $1.90 billion in investment securities as of December 31, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Assets Under
Administration </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Wealth Management Group has over
$2.0 billion in assets under administration. They provide trust, investment and brokerage
related services. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Loan and Lease Quality </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CVB Financial Corp reported
non-performing assets of $2,000 as of December 31, 2004. The ratio of non-performing
assets to total assets and non-performing assets to gross loans and leases is negligible.
The allowance for loan and lease losses was $22.5 million as of December 31, 2004. This
represents 1.05% of gross loans and leases. It compares with an allowance for loan and
lease losses of $21.3 million, or 1.21% of gross loans and leases on December 31, 2003.
Non-performing loans and leases represented 0.01% of the allowance for loan and lease
losses as of December 31, 2004. Non-performing assets decreased by $546,000 from the
$548,000 reported as of December 31, 2003. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company has not made a provision
for loan and lease losses since 2001 due to the high quality of its loan portfolio. This
has been the case even though loans increased from $1.76 billion as of December 31, 2003
to $2.14 billion as of December 31, 2004. Recoveries of $3.5 million more than offset
charge offs of $2.3 million during 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Other Items in 2004 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>During 2004, there were several items
that had an impact on earnings. In the first quarter of 2004, the Company had a $6.3
million Other-Than-Temporary Impairment write down of two issues of Federal Home Loan
Mortgage Corporation preferred stock. This stock fluctuates in value due to the variable
interest rate on the preferred stock dividend. This is similar in structure to a bond.
However, because it has no maturity and the unrealized loss lasted for more than twelve
months, the Company was required to write the two issues down to market value. Throughout
the twelve months ended December 31, 2004, the Company realized gains on securities
totaling $5.2 million. This resulted in the net loss on securities being $1.1 million for
the twelve months ended December 31, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company sustained a loss during
the year on a robbery at one of its banking facilities. By the end of the year, it became
probable that the Company&#146;s insurance company would deny this claim. Therefore, the
Company has made a reserve for $2.2 million at the end of the year in the event the
Company is required to pay amounts associated with this robbery. The Company intends to
pursue any available causes of action against its insurance company to the extent the
Company determines that the insurance company should be covering this claim. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As a result of filing the 2003
federal and state income tax returns in October 2004, the Company will receive a refund.
During the fourth quarter of 2004 the Company recognized the refund. This resulted in the
reduction of the tax provision by $2.3 million. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On October 21, 2004, Citizens
Business Bank signed a definitive agreement to acquire Granite State Bank. This agreement
provides for Granite State Bank to merge with and into Citizens Business Bank. Citizens
Business Bank will represent the continuing operation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The definitive agreement provides
that Citizens Business Bank will acquire Granite State Bank for an aggregate purchase
price of $19.00 per share, or approximately $27 million, including costs associated with
the cancellation of stock options. The total purchase price will be paid half in CVB
Common Stock and half in cash in a cash/stock election merger. The transaction will be
handled under purchase accounting. The transaction is subject to shareholder and
regulatory approval and other customary conditions. It is expected to be completed during
the first quarter of 2005. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Granite State Bank was established in
1984. The Bank is headquartered in Monrovia, California and they have an office in South
Pasadena. The Bank had total assets of $108.1 million, total deposits of $97.3 million,
and total loans of $64.8 million as of December 31, 2004. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Corporate Overview </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CVB Financial Corp. is the holding
company for Citizens Business Bank. The Bank is the largest financial institution
headquartered in the Inland Empire region of Southern California. It serves 30 cities with
37 business financial centers in the Inland Empire, Los Angeles County, Orange County and
the Central Valley areas of California. Its subsidiary, Golden West Financial Services,
provides vehicle leasing, equipment leasing and real estate loan services. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CVB Financial Corp. was recently
recognized at the Annual Strategic Issues Summit with the &#147;Market Cap&#148; Award.
This Award was presented to recognize the Company for producing a return to its original
shareholders of 41,034% &#151; over 400 times the original investment. This is the highest
return in the history of the banking industry in California. The Strategic Issues Summit
is co-sponsored by Carpenter &amp; Company and the California Bankers Association. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the second year, the Company
received the KBW Honor Roll award at the Annual Community Bank Investor Conference hosted
by Keefe, Bruyette &amp; Woods, Inc. in New York on July 27, 28 and 29, 2004. This award
was presented to the 31 banks in the United States that have reported increased earnings
per share every year for the past ten years. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Safe Harbor </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>This document contains
forward-looking statements that are subject to risks and uncertainties that could cause
actual results to differ materially from the projected. In addition, these forward-looking
statements relate to the Company&#146;s current expectations regarding future operating
results, potential pursuit of remedies against its insurance company in relation to the
robbery at one of its banking facilities, and the consummation of the pending merger with
Granite State Bank. Such issues and uncertainties include (i) impact of changes in
interest rates, a decline in economic conditions and increased competition among financial
services providers; (ii) unavailability of any remedy against the Company&#146;s insurance
carrier for the robbery and (iii) failure to obtain requisite shareholder or regulatory
approval for the merger with Granite, or failure of any other condition to the merger
agreement with Granite. For a discussion of other factors that could cause actual results
to differ, please see the publicly available Securities and Exchange Commission filings of
CVB Financial Corp., including its Annual Report on Form 10-K for the year ended December
31, 2003, and particularly the discussion on risk factors within that document. The
Company does not undertake any, 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.</I> </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Rule" FSL="Default" -->
     <P ALIGN=CENTER>_________________ </P>

<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>

<PRE>
CVB FINANCIAL CORP.
 CONSOLIDATED BALANCE SHEET
(unaudited)
dollars in thousands
                                                                              December 31,
                                                                 ----------------------------------------
                                                                        2004                  2003
                                                                 ------------------    ------------------
Assets:
Federal funds sold and reverse repos                              $              -      $              -
Investment Securities trading                                                    -                     -
Investment Securities available-for-sale                                 2,085,014             1,865,782
Investment in stock of Federal Home Loan Bank (FHLB)                        53,565                37,966
Loans and lease finance receivables                                      2,140,074             1,759,941
   Less allowance for credit losses                                        (22,494)              (21,282)
                                                                 ------------------    ------------------
   Net loans and lease finance receivables                               2,117,580             1,738,659
                                                                 ------------------    ------------------
         Total earning assets                                            4,256,159             3,642,407
Cash and due from banks                                                     84,400               112,008
Premises and equipment, net                                                 33,508                31,069
Goodwill and intangibles                                                    25,716                26,901
Cash value of life insurance                                                68,233                15,800
Other assets                                                                39,458                26,164
                                                                 ------------------    ------------------
     TOTAL                                                       $       4,507,474      $      3,854,349
                                                                 ==================    ==================

Liabilities and Stockholders' Equity
Liabilities:
   Deposits:
       Demand Deposits(noninterest-bearing)                       $      1,322,255      $      1,142,330
       Investment Checking                                                 258,636               227,031
       Savings/MMDA                                                        813,983               732,992
       Time Deposits                                                       480,165               558,157
                                                                 ------------------    ------------------
          Total Deposits                                                 2,875,039             2,660,510
  Demand Note to U.S. Treasury                                               6,453                 3,834
  Borrowings                                                             1,186,000               786,500
  Junior Subordinated Debentures                                            82,476                82,476
  Other liabilities                                                         40,023                34,308
                                                                 ------------------    ------------------
          Total Liabilities                                              4,189,991             3,567,628
Stockholders' equity:
   Stockholders' equity                                                    308,591               269,441
   Accumulated other comprehensive income
      (loss), net of tax                                                     8,892                17,280
                                                                 ------------------    ------------------
                                                                           317,483               286,721
                                                                 ------------------    ------------------
     TOTAL                                                        $      4,507,474      $      3,854,349
                                                                  ==================    ==================
</PRE>

<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>

<PRE>
CVB FINANCIAL CORP.
CONSOLIDATED AVERAGE BALANCE SHEET
(unaudited)
dollars in thousands
                                                         Three months ended December 31,      Twelve months ended December 31,
                                                             2004              2003                 2004            2003
                                                         ------------      ------------         ------------    ------------
Assets:
Federal funds sold and reverse repos                   $           -       $         -          $       311      $    2,436
Investment Securities trading                                      -                 -                8,761               -
Investment securities available-for-sale                   2,059,264         1,789,051            1,962,123       1,664,007
Investment in stock of Federal Home Loan Bank (FHLB)          53,371            38,425               46,443          34,169
Loans and lease finance receivables                        2,042,148         1,679,099            1,905,144       1,529,944
   Less allowance for credit losses                          (23,148)          (23,639)             (22,445)        (21,970)
                                                         ------------      ------------         ------------    ------------
   Net loans and lease finance receivables                 2,019,000         1,655,460            1,882,699       1,507,974
                                                         ------------      ------------         ------------    ------------
         Total earning assets                              4,131,635         3,482,936            3,900,337       3,208,586
Cash and due from banks                                      112,722           104,780              121,200         109,227
Premises and equipment, net                                   27,544            31,545               29,399          31,049
Goodwill and intangibles                                      25,833            17,376               26,281          15,974
Cash value of life insurance                                  67,214                 -               58,540               -
Other assets                                                  55,854            84,493               56,785          75,205
                                                         ------------      ------------         ------------    ------------
     TOTAL                                               $ 4,420,802       $ 3,721,130          $ 4,192,542     $ 3,440,041
                                                         ============      ============         ============    ============

Liabilities and Stockholders' Equity
Liabilities:
   Deposits:
       Noninterest-bearing                               $ 1,300,817       $ 1,080,209          $ 1,213,884     $   975,134
       Interest-bearing                                    1,552,973         1,543,094            1,547,549       1,460,296
                                                         ------------      ------------         ------------    ------------
          Total Deposits                                   2,853,790         2,623,303            2,761,433       2,435,430

  Other borrowings                                         1,117,952           766,488            1,005,058         672,827
  Junior Subordinated Debentures                              82,476            14,344               82,476           3,615
  Other liabilities                                           46,297            32,682               41,201          52,606
                                                         ------------      ------------         ------------    ------------
          Total Liabilities                                4,100,515         3,436,817            3,890,168       3,164,478
Stockholders' equity:
   Stockholders' equity                                      304,895           270,443              289,053         254,223
   Accumulated other comprehensive income
      (loss), net of tax                                      15,392            13,870               13,321          21,340
                                                         ------------      ------------         ------------    ------------
                                                             320,287           284,313              302,374         275,563
                                                         ------------      ------------         ------------    ------------
     TOTAL                                               $ 4,420,802       $ 3,721,130          $ 4,192,542     $ 3,440,041
                                                         ============      ============         ============    ============

</PRE>

<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>

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


                                                                      For the Three Months           For the Twelve Months
                                                                       Ended December 31,              Ended December 31,
                                                                       2004           2003             2004             2003
                                                                  -------------  --------------   --------------    -------------
Interest Income:
  Loans, including fees                                             $    31,095   $     26,780    $      114,543    $     99,042
  Investment securities:
     Taxable                                                             18,359         14,239            68,069          51,205
     Tax-advantaged                                                       3,825          3,977            15,087          16,065
                                                                  -------------  --------------   --------------    -------------
            Total investment income                                      22,184         18,216            83,156          67,270
  Federal funds sold                                                          -             (7)                3              34
                                                                  -------------  -------------    --------------    -------------
            Total interest income                                        53,279         44,989           197,702         166,346
Interest Expense:
  Deposits                                                                4,356          3,818            15,508          16,323
  Borrowings and junior subordinated debentures                           9,183          5,098            31,009          20,730
                                                                  -------------  -------------    --------------    -------------
            Total interest expense                                       13,539          8,916            46,517          37,053
                                                                  -------------  -------------    --------------    -------------
    Net interest income before provision for credit losses               39,740         36,073           151,185         129,293
Provision for credit losses                                                   -              -                 -               -
                                                                  -------------  -------------    --------------    -------------
    Net interest income after
       provision for credit losses                                       39,740         36,073           151,185         129,293
Other Operating Income:
   Service charges on deposit accounts                                    3,119          3,758            13,663          15,039
   Wealth Management services                                             1,198          1,000             4,464           3,904
   Gains on sale of investment securities                                     -              -             5,219           4,210
   Other-than-temporary impairment write down                                 -              -            (6,300)              -
   Other                                                                  3,279          1,721            10,861           6,836
                                                                  -------------  -------------    --------------    -------------
            Total other operating income                                  7,596          6,479            27,907          29,989
Other operating expenses:
   Salaries and employee benefits                                        11,970         11,099            47,292          41,493
   Occupancy                                                              1,930          1,794             7,891           6,738
   Equipment                                                              2,397          1,974             8,003           6,878
   Professional services                                                  1,746            985             4,776           4,005
   Amortization of intangible assets                                        296            297             1,185             815
   Other                                                                  7,123          4,760            20,575          17,865
                                                                  -------------  -------------    --------------    -------------
            Total other operating expenses                               25,462         20,909            89,722          77,794
                                                                  -------------  -------------    --------------    -------------
Earnings before income taxes                                             21,874         21,643            89,370          81,488
Income taxes                                                              4,986          7,537            27,884          28,656
                                                                  -------------  -------------    --------------    -------------
   Net earnings                                                   $      16,888         14,106   $        61,486           2,832
                                                                  =============  =============    ==============    =============
Basic earnings per common share                                   $        0.28 $         0.23   $          1.02  $         0.88
                                                                  =============  =============    ==============    =============
Diluted earnings per common share                                 $        0.28 $         0.23   $          1.00  $         0.86
                                                                  =============  =============    ==============   ==============

Cash dividends per common share                                   $        0.11 $         0.12   $          0.48  $         0.48
                                                                  =============  =============    ==============   ==============
</PRE>
<!-- MARKER FORMAT-SHEET="Para Indent" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
per share information has been retroactively adjusted to reflect the
5 or 4 stock split declared on December 29, 2004. </FONT></P><BR><BR>

<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>

<PRE>
                                                        CVB FINANCIAL CORP. AND SUBSIDIARIES
                                                            SELECTED FINANCIAL HIGHLIGHTS
                                                                     (unaudited)

                                                         Three months ended December 31,      Twelve months ended December 31,
                                                             2004              2003                 2004            2003
                                                         ------------      ------------         ------------    ------------

 Interest income - (Tax Effective)(te)                       $54,507           $46,274             $202,549        $171,531
 Interest Expense                                             13,539             8,916               46,517          37,053
                                                         ------------      ------------         ------------    ------------
 Net Interest income - (te)                                  $40,968           $37,358             $156,032        $134,478
                                                         ============      ============         ============    ============

 Other-than-temporary impairment write-down                       $0                $0              ($6,300)             $0
 Gains on sales of securities                                     $0                $0               $5,219          $4,210
 Gain on sale of real estate                                      $0                $0                 $419              $0
 Gain on sale of OREO                                             $0                $0                   $0              $0

 Return on average assets                                      1.52%             1.50%                1.47%           1.54%
 Return on average equity                                     20.98%            19.68%               20.33%          19.17%
 Efficiency ratio                                             53.79%            49.14%               50.10%          48.84%
 Net interest margin (te)                                      3.95%             4.25%                3.98%           4.18%

 Weighted average shares outstanding
     Basic                                                60,574,986        60,503,386           60,524,724      60,228,030
     Diluted                                              61,386,806        61,604,220           61,279,224      61,387,908
 Dividends declared                                           $5,872            $5,794              $23,821         $21,638
 Dividend payout ratio                                        34.77%            41.07%               38.74%          40.96%

 Number of shares outstanding-EOP                         60,668,549        60,361,684
 Book value per share                                          $5.23             $4.75


                                                                  September 30,
                                                            2004              2003
                                                         ------------      ------------
 Non-performing Assets (dollar amount in thousands):
 Non-accrual loans                                                $2              $548
 Loans past due 90 days or more
   and still accruing interest                                     -                 -
 Restructured loans                                                -                 -
 Other real estate owned (OREO), net                               -                 -
                                                         ------------      ------------
 Total non-performing assets                                      $2              $548
                                                         ============      ============

 Percentage of non-performing assets
   to total loans outstanding and OREO                         0.00%             0.03%

 Percentage of non-performing
   assets to total assets                                      0.00%             0.01%

 Non-performing assets to
 allowance for loan losses                                     0.01%             2.57%

 Net Charge-off (Recovered) to Average loans                  -0.06%             0.08%

 Allowance for Credit Losses:
  Beginning Balance                                           21,282           $21,666
    Acquisition of Kaweah National Bank                                          2,767
     Reclass Uncommitted LOC Reserve to Other Liabilities                       (1,733)
     Total Loans Charged-Off                                  (2,320)           (3,017)
     Total Loans Recovered                                     3,532             1,599
                                                         ------------      ------------
 Net Loans Recovery (Charged-Off)                              1,212            (1,418)
 Provision Charged to Operating Expense                            -                 -
                                                         ------------      ------------
 Allowance for Credit Losses at End of period                $22,494           $21,282
                                                         ============      ============
</PRE>

<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>

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

Quarterly Common Stock Price

                                            2004                          2003                        2002
                                     -----------------------------------------------------------------------------
Quarter End                            High       Low                High       Low              High       Low
                                     -----------------------------------------------------------------------------
March 31,                            $17.04      $15.13            $18.50      $14.10          $11.73      $10.20
June 30,                             $17.56      $15.72            $16.06      $14.07          $14.01      $11.62
September 30,                        $18.70      $16.16            $15.69      $13.35          $13.63      $10.01
December 31,                         $22.34      $17.80            $15.87      $13.94          $15.55      $11.91


Quarterly Consolidated Statements of Income

                                                     4Q              3Q              2Q              1Q              4Q
                                                    2004            2004            2004            2004            2003
                                                --------------------------------------------------------------------------
Interest income
   Loans, including fees                          $31,095         $30,061         $27,136         $26,250         $26,780
   Investment securities and federal funds sold    22,184          21,960          19,315          19,701          18,209
                                                --------------------------------------------------------------------------
                                                   53,279          52,021          46,451          45,951          44,989
Interest expense
   Deposits                                        4,356            3,863           3,605           3,683           3,818
   Other borrowings                                9,183            8,182           6,939           6,704           5,098
                                                --------------------------------------------------------------------------
                                                  13,539           12,045          10,544          10,387           8,916
   Net interest income before
   provision for credit losses                    39,740           39,976          35,907          35,564          36,073

Provision for credit losses                            -                -               -               -               -
                                                 -------------------------------------------------------------------------
   Net interest income after
   provision for credit losses                    39,740           39,976          35,907          35,564          36,073


Non-interest income                                7,596            7,519          12,011             781           6,479
Non-interest expenses                             25,462           21,752          21,004          21,505          20,909
                                                 -------------------------------------------------------------------------
Earnings before income taxes                      21,874           25,743          26,914          14,840          21,643
Income taxes                                       4,986            8,668           9,462           4,768           7,537
                                                 -------------------------------------------------------------------------
     Net earnings                                $16,888          $17,075         $17,452         $10,072         $14,106
                                                 =========================================================================

Basic earning per common share                     $0.28            $0.28           $0.29           $0.17           $0.23
Diluted earnings per common share                  $0.28            $0.28           $0.28           $0.16           $0.23

Cash dividends per common share                    $0.11            $0.13           $0.12           $0.12           $0.12

</PRE>

<HR SIZE="5" WIDTH="100%" COLOR="GRAY"><BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold" FSL="Default" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Financial Measures That
Supplement GAAP </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our discussions sometimes contain
financial information not required to be presented by generally accepted accounting
principles (GAAP). We do this to better inform readers of our financial statements. The
SEC requires us to present a reconciliation of GAAP presentation with non-GAAP
presentation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The following table reconciles the
differences in net earnings with and without the other-than-temporary impairment write
down, net gains on sale of investment securities, gain on sale of real estate, and other
unusual items in conformity with GAAP: </FONT></P>

<PRE>
Net Earnings Reconciliation (non-GAAP disclosure):            Three months ended         Twelve months ended
                                                                 December 31,               December 31,
                                                              2004           2003        2004           2003
                                                            --------------------------------------------------
Net earnings without the other-than-temporary impairment    $18,450        $14,106      $63,503       $51,373
write-down and net gain on sale of securities

     Other-than-temporary impairment write-down, net of tax       -              -       (4,334)

     Net gains on sale of securities, net of tax                  -              -        3,591         2,724

     Net gains on sale of real estate, net of tax                 -              -          288             -

     Estimated robbery loss                                  (1,562)             -       (1,562)

     Prepayment penalty for FHLB advance                          -              -                     (3,401)

     Reversed excess legal fees accrual                           -              -                      2,136
                                                            --------------------------------------------------
Reported net earnings                                       $16,888        $14,106      $61,486       $52,832
                                                            ==================================================


Other-than-temporary impairment write-down                       $0             $0      ($6,300)            -

     Gains on sale of securities                                  -              -        5,219        $4,210

     Gain on sale of real estate                                  -              -          419             -

     Estimated robbery loss                                  (2,269)             -       (2,269)

     Prepayment penalty for FHLB advance                          -              -                     (5,256)

     Reversed excess legal fees accrual                           -              -                      3,300

     Tax effect                                                 707              -          914          (795)
                                                            --------------------------------------------------

Net of taxes                                                 (1,562)            $0      ($2,017)        1,459
                                                            ==================================================
</PRE>
<!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We have presented net earnings
without the other-than-temporary impairment write-down on investment securities, net gains
on sales of investment securities and net gain on sale of real estate, and other unusual
items to show shareholders the earnings from operations unaffected by the impact of these
items. We believe this presentation allows the reader to more easily assess the results of
the Company&#146;s operations and business. </FONT></P>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SUBMISSION>
