California First National Bancorp Announces Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2016
January 26, 2017 at 03:00 pm EST
California First National Bancorp announced consolidated earnings results for the second quarter and six months ended December 31, 2016. For the second quarter, the company reported total interest income of $8,553,000 against $6,570,000 a year ago. Net interest income was $6,605,000 against $5,131,000 a year ago. Net interest income after provision for credit losses was $6,005,000 against $4,556,000 a year ago. Earnings before income taxes were $6,926,000 against $2,551,000 a year ago. Net earnings were $4,190,000 against $1,558,000 a year ago. Basic and diluted earnings per common share were $0.41 against $0.15 a year ago.
For the six months, the company reported total interest income of $15,797,000 against $12,819,000 a year ago. This increase was due to a $2.8 million, or 54%, increase in commercial loan income, $179,600 decline in finance income and $379,400 increase in investment income. Net interest income was $11,911,000 against $10,088,000 a year ago. Net interest income after provision for credit losses was $11,011,000 against $9,013,000 a year ago. Earnings before income taxes were $10,162,000 against $5,374,000 a year ago. Net earnings were $6,148,000 against $3,283,000 a year ago. Basic and diluted earnings per common share were $0.60 against $0.31 a year ago.