California First National Bancorp (CFNB, Financial) filed Quarterly Report for the period ended 2010-03-31.
California First National Bancorp has a market cap of $136.4 million; its shares were traded at around $13.37 with a P/E ratio of 11.8 and P/S ratio of 3.7. The dividend yield of California First National Bancorp stocks is 5.4%.
The Company s portfolio of investment securities of $77.2 million at March 31, 2010 was down from $119.6 million at June 30, 2009 and from $87.4 million at March 31, 2009. The decrease during the first nine months of fiscal 2010 resulted from the sale of approximately $68.3 million of investment securities for a net gain of $3.4 million. Offsetting the sale of these investment securities was the acquisition of additional corporate bonds and unrealized gains within the investment portfolio.
Summary -- For the third quarter ended March 31, 2010, net earnings of $2.6 million increased $213,000, or 8.9%, from $2.4 million for the third quarter ended March 31, 2009. For the first nine months of fiscal 2010, net earnings of $9.1 million increased $2.4 million, or 36.2%, compared to the first nine months of fiscal 2009. Diluted earnings per share increased 8.5% to $0.25 per share for the third quarter of fiscal 2010, compared to $0.23 per share for the third quarter of the prior year. For the nine months ended March 31, 2010, diluted earnings per share of $0.89 increased 38.3%, compared to $0.64 per shared for the same prior year period.
Net direct finance, loan and interest income was $5.5 million for the quarter ended March 31, 2010, a $414,000, or 7.0%, decrease compared to the same quarter of the prior year. Total direct finance, loan and interest income decreased 14% to $6.6 million compared to $7.6 million during the third quarter of the prior year. The decrease was primarily due to a 17% decrease in direct finance income resulting from a lower average investment in capital leases and lower yields earned, and a $326,000 decrease in investment income as yields earned dropped by over 150 basis points. Together, this drop offset a $169,000 increase in loan income that resulted from a 105 basis point improvement in average commercial loan rates earned. Combined, the average yield on leases and loans held in the Company s own portfolios decreased by 58 basis points to 8.3%. During the third quarter of fiscal 2010, interest expense on deposits and borrowings decreased by $632,000 to $1.1 million, reflecting a 5% decrease in average deposit and borrowing balances to $220.4 million and a 100 basis point decrease in average interest rates paid to 2.0%
For the nine months ended March 31, 2010, net direct finance and interest income was $16.8 million, a $169,000, or 1.0% decrease from the $17.0 million earned during the same period of the prior year. Total direct finance, loan and interest income of $20.7 million for the first nine months of 2010 was down 6% from $22.0 million for the first nine months of the prior year. The decrease was due to a $2.2 million decline in direct finance income that offset a $771,000 increase in investment income and a $245,000 increase in income earned on the commercial loan portfolio. The average yield on leases and loans held in the Company s own portfolio decreased by 100 basis points to 8.34%, while the average yield on cash and investments fell by 108 basis points to 2.99% on average cash and investment balances that were up 71% to $166.8 million. For the nine months ended March 31, 2010, interest expense on deposits and borrowings decreased by $1.1 million to $3.9 million, reflecting a 28% increase in average balances offset by a 133 basis point decrease in average rates paid.
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California First National Bancorp has a market cap of $136.4 million; its shares were traded at around $13.37 with a P/E ratio of 11.8 and P/S ratio of 3.7. The dividend yield of California First National Bancorp stocks is 5.4%.
Highlight of Business Operations:
New lease bookings of $60.9 million for the first nine months of fiscal 2010 were 17% lower than the first nine months of the prior year and included third quarter bookings of $13.2 million which were 53% below the prior year level. As a result, the net investment in leases of $198.6 million at March 31, 2010 was down 7% from the balance at June 30, 2009. Only $9.2 million of commercial loans were boarded during the first nine months of fiscal 2010,and following the early payoff of certain loans, the loan portfolio declined to $58.0 million at March 31, 2010 from $71.1 million at June 30, 2009. New lease originations for the first nine months of fiscal 2010 were up 28% from the prior year, and the backlog of approved lease and loan commitments of $64.8 million is 64% greater than a year ago.The Company s portfolio of investment securities of $77.2 million at March 31, 2010 was down from $119.6 million at June 30, 2009 and from $87.4 million at March 31, 2009. The decrease during the first nine months of fiscal 2010 resulted from the sale of approximately $68.3 million of investment securities for a net gain of $3.4 million. Offsetting the sale of these investment securities was the acquisition of additional corporate bonds and unrealized gains within the investment portfolio.
Summary -- For the third quarter ended March 31, 2010, net earnings of $2.6 million increased $213,000, or 8.9%, from $2.4 million for the third quarter ended March 31, 2009. For the first nine months of fiscal 2010, net earnings of $9.1 million increased $2.4 million, or 36.2%, compared to the first nine months of fiscal 2009. Diluted earnings per share increased 8.5% to $0.25 per share for the third quarter of fiscal 2010, compared to $0.23 per share for the third quarter of the prior year. For the nine months ended March 31, 2010, diluted earnings per share of $0.89 increased 38.3%, compared to $0.64 per shared for the same prior year period.
Net direct finance, loan and interest income was $5.5 million for the quarter ended March 31, 2010, a $414,000, or 7.0%, decrease compared to the same quarter of the prior year. Total direct finance, loan and interest income decreased 14% to $6.6 million compared to $7.6 million during the third quarter of the prior year. The decrease was primarily due to a 17% decrease in direct finance income resulting from a lower average investment in capital leases and lower yields earned, and a $326,000 decrease in investment income as yields earned dropped by over 150 basis points. Together, this drop offset a $169,000 increase in loan income that resulted from a 105 basis point improvement in average commercial loan rates earned. Combined, the average yield on leases and loans held in the Company s own portfolios decreased by 58 basis points to 8.3%. During the third quarter of fiscal 2010, interest expense on deposits and borrowings decreased by $632,000 to $1.1 million, reflecting a 5% decrease in average deposit and borrowing balances to $220.4 million and a 100 basis point decrease in average interest rates paid to 2.0%
For the nine months ended March 31, 2010, net direct finance and interest income was $16.8 million, a $169,000, or 1.0% decrease from the $17.0 million earned during the same period of the prior year. Total direct finance, loan and interest income of $20.7 million for the first nine months of 2010 was down 6% from $22.0 million for the first nine months of the prior year. The decrease was due to a $2.2 million decline in direct finance income that offset a $771,000 increase in investment income and a $245,000 increase in income earned on the commercial loan portfolio. The average yield on leases and loans held in the Company s own portfolio decreased by 100 basis points to 8.34%, while the average yield on cash and investments fell by 108 basis points to 2.99% on average cash and investment balances that were up 71% to $166.8 million. For the nine months ended March 31, 2010, interest expense on deposits and borrowings decreased by $1.1 million to $3.9 million, reflecting a 28% increase in average balances offset by a 133 basis point decrease in average rates paid.
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