California First National Bancorp (CFNB, Financial) filed Quarterly Report for the period ended 2010-09-30.
California First National Bancorp has a market cap of $147.4 million; its shares were traded at around $14.38 with a P/E ratio of 16 and P/S ratio of 4.2. The dividend yield of California First National Bancorp stocks is 3.3%. California First National Bancorp had an annual average earning growth of 4.3% over the past 5 years.
New lease bookings of $28.3 million for the first quarter of fiscal 2011 were up 47%, and included $5.1 million of lease receivables purchased from third parties. With commercial loans boarded of $37.5 million, combined loan and lease assets booked of $65.8 million during the three months ended September 30, 2010 increased 188% from $22.8 million booked during the first three months of fiscal 2010. As a result, the net investment in leases and loans of $281.1 million at September 30, 2010 increased 9.0% from June 30, 2010 and was up 5.8% from the balance at September 30, 2009. During the first quarter of fiscal 2011, lease originations were 35% less than the level of the first quarter of fiscal 2010, but with new loan and lease purchase commitments, total originations were up 61%. As a result, at September 30, 2010 the backlog of approved lease and loan commitments of $150.9 million is 62% above the level of a year ago and up slightly from June 30, 2010.
Summary -- For the first quarter ended September 30, 2010, net earnings of $1.7 million decreased 52% compared to the first quarter ended September 30, 2009. Diluted earnings per share of $0.16 for the first quarter of fiscal 2011 were down 52% from $0.34 for the first quarter of fiscal 2010.
Net direct finance, loan and interest income was $5.0 million for the quarter ended September 30, 2010, a $1.0 million, or 16.6% decrease compared to the same quarter of the prior year. Total direct finance, loan and interest income for the first quarter ended September 30, 2010 decreased 21.5% to $5.9 million from $7.5 million earned during the first quarter of fiscal 2010. The decrease includes a $1.2 million, or 24.7%, decrease in direct finance income related to a 6.4% decline in the average investment in leases and a 191 basis point drop in average yields earned on leases held in the Company s own portfolio. Investment income decreased by $741,000 as average cash and investment balances declined 24% to $141.7 million and the average yield dropped 102 basis points. Commercial loan income increased $342,000 on an average loan portfolio that increased by $7.2 million, or 9.8% to $80.5 million, benefiting from the acceleration of $213,000 of income related to the early payoff of a commercial loan. During the first quarter of fiscal 2011, interest expense paid on deposits and borrowings decreased $622,000, or 40.3%, reflecting an 18.7% decrease in average balances to $223.1 million and a 60 basis point drop in interest rates paid to 1.65%.
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California First National Bancorp has a market cap of $147.4 million; its shares were traded at around $14.38 with a P/E ratio of 16 and P/S ratio of 4.2. The dividend yield of California First National Bancorp stocks is 3.3%. California First National Bancorp had an annual average earning growth of 4.3% over the past 5 years.
Highlight of Business Operations:
Net earnings for the first quarter ended September 30, 2010 were $1.7 million, down 52% from the $3.5 million earned during the first quarter of fiscal 2010. The decline in net earnings from the first quarter of the prior year is largely due to the inclusion of a $1.7 million gain realized on the sale of investment securities during the prior period, but also reflects a 25% decline in direct finance income and 50% drop in investment income due to lower average balances and lower rates.New lease bookings of $28.3 million for the first quarter of fiscal 2011 were up 47%, and included $5.1 million of lease receivables purchased from third parties. With commercial loans boarded of $37.5 million, combined loan and lease assets booked of $65.8 million during the three months ended September 30, 2010 increased 188% from $22.8 million booked during the first three months of fiscal 2010. As a result, the net investment in leases and loans of $281.1 million at September 30, 2010 increased 9.0% from June 30, 2010 and was up 5.8% from the balance at September 30, 2009. During the first quarter of fiscal 2011, lease originations were 35% less than the level of the first quarter of fiscal 2010, but with new loan and lease purchase commitments, total originations were up 61%. As a result, at September 30, 2010 the backlog of approved lease and loan commitments of $150.9 million is 62% above the level of a year ago and up slightly from June 30, 2010.
Summary -- For the first quarter ended September 30, 2010, net earnings of $1.7 million decreased 52% compared to the first quarter ended September 30, 2009. Diluted earnings per share of $0.16 for the first quarter of fiscal 2011 were down 52% from $0.34 for the first quarter of fiscal 2010.
Net direct finance, loan and interest income was $5.0 million for the quarter ended September 30, 2010, a $1.0 million, or 16.6% decrease compared to the same quarter of the prior year. Total direct finance, loan and interest income for the first quarter ended September 30, 2010 decreased 21.5% to $5.9 million from $7.5 million earned during the first quarter of fiscal 2010. The decrease includes a $1.2 million, or 24.7%, decrease in direct finance income related to a 6.4% decline in the average investment in leases and a 191 basis point drop in average yields earned on leases held in the Company s own portfolio. Investment income decreased by $741,000 as average cash and investment balances declined 24% to $141.7 million and the average yield dropped 102 basis points. Commercial loan income increased $342,000 on an average loan portfolio that increased by $7.2 million, or 9.8% to $80.5 million, benefiting from the acceleration of $213,000 of income related to the early payoff of a commercial loan. During the first quarter of fiscal 2011, interest expense paid on deposits and borrowings decreased $622,000, or 40.3%, reflecting an 18.7% decrease in average balances to $223.1 million and a 60 basis point drop in interest rates paid to 1.65%.
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