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
TheStreet Open House

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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,067.56 -30.89 -0.18%
S&P 500 2,002.28 -1.09 -0.05%
NASDAQ 4,598.1880 +17.9170 0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs