This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

CFNB First Quarter EPS Increase 50% On Higher Lease Income

California First National Bancorp (NASDAQ: CFNB) (“CalFirst Bancorp” or the “Company”) today announced net earnings of $2.5 million for the first quarter ended September 30, 2011, up 50% from $1.7 million earned during the first quarter of fiscal 2011. Diluted earnings per share for the first quarter were $0.24 as compared to $0.16 per share reported for the same period of the prior year.

The increase in net earnings from the first quarter of the prior year is largely due to a $1.2 million increase in income realized on the investment in residuals coming to end of term during the period and a 12% increase in net interest income after provision for credit losses.

Net direct finance, loan and interest income after provision for credit losses increased by $532,000, or 11%, to $5.2 million. Total direct finance, loan and interest income for the first quarter ending September 30, 2011 increased 4% to $6.1 million, compared to $5.9 million for the first quarter of fiscal 2011. This increase includes a $428,000, or 12%, increase in direct finance income related to an 18% increase in the average investment in leases while the average yield earned declined by 46 basis points. Commercial loan income decreased by $211,000 as the average yield declined 153 basis points on average balance that increased 9% to $87.9 million compared to $80.5 million for the first quarter of the prior year. The average yield on all leases and loans held in the Company’s portfolio decreased 74 basis points to 6.80% while the average yield on cash and investments of 2.0% was down 39 basis points from the first quarter of fiscal 2011. Interest expense paid on deposits and borrowings decreased 4% due to lower average interest rate paid of 1.26%, down 39 basis points from 1.65% during the comparable period in fiscal 2011, which offset the 26% increase in the average balance of deposits and borrowings to $280.8 million. There was a $275,000 decrease in the provision for credit losses as no provision was made during the quarter ending September 30, 2011 due to stability in the lease portfolio and an 8% decline in the commercial loan portfolio from $93.7 million at June 30, 2011 to $87.3 million at September 30, 2011.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%
YHOO $27.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs