California First National Bancorp announced consolidated earnings results for the second quarter and six months ended December 31, 2012. For the quarter, the company reported total direct finance, loan and interest income of $5,250,000 compared to $5,925,000 a year ago. Net direct finance, loan and interest income was $4,647,000 compared to $5,117,000 a year ago. Earnings before income taxes was $3,005,000 compared to $3,325,000 a year ago. Net earnings were $1,810,000 or $1.07 per basic and diluted share compared to $2,062,000 or $0.20 per basic and diluted share a year ago.

For the six months, the company reported total direct finance, loan and interest income of $10,643,000 compared to $12,047,000 a year ago. Net direct finance, loan and interest income was $9,470,000 compared to $10,358,000 a year ago. Earnings before income taxes was $5,515,000 compared to $7,337,000 a year ago. Net earnings were $3,347,000 or $0.32 per basic and diluted share compared to $4,549,000 or $0.44 per basic and diluted share a year ago. The decline in net earnings during the second quarter and first six months of fiscal 2013 is largely due to lower direct finance income resulting from a drop in average yields earned that during the second quarter more than offset the benefit of a 17% growth in the lease portfolio, 25% decline in interest expense and 7% decline in non-interest expenses.