California First National Bancorp (CFNB) has reported a 13.57 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $1.96 million, or $0.19 a share in the quarter, compared with $1.72 million, or $0.16 a share for the same period last year.
Revenue during the quarter grew 10.61 percent to $5.92 million from $5.35 million in the previous year period. Net interest income for the quarter rose 7.04 percent over the prior year period to $5.31 million. Non-interest income for the quarter rose 2.12 percent over the last year period to $0.92 million.
California First National Bancorp has made provision of $0.30 million for loan losses during the quarter, down 40 percent from $0.50 million in the same period last year.
Net interest margin contracted 32 basis points to 2.53 percent in the quarter from 2.85 percent in the last year period.
Commenting on the results, Patrick E. Paddon, president and chief executive officer, indicated, "During the first quarter, CalFirst continued to benefit from income growth related to the commercial loan portfolio. While the current environment continues to challenge the origination of leases, we have been able to focus resources on viable alternatives. As interest rates appear to be creeping up, our net interest margins continue to be pinched due to lower yielding loans representing a greater share of our interest earning assets, but we are still able to increase net interest income through growth in earning assets."
Liabilities outpace assets growth
Total assets stood at $884.05 million as on Sep. 30, 2016, up 16.34 percent compared with $759.87 million on Sep. 30, 2015. On the other hand, total liabilities stood at $691.27 million as on Sep. 30, 2016, up 21.37 percent from $569.54 million on Sep. 30, 2015.
Deposits outpace loan growth
Net loans stood at $224.28 million as on Sep. 30, 2016, down 59.38 percent compared with $552.12 million on Sep. 30, 2015. Deposits stood at $629.68 million as on Sep. 30, 2016, up 26.63 percent compared with $497.28 million on Sep. 30, 2015.
Investments stood at $97.65 million as on Sep. 30, 2016, up 22.70 percent or $18.07 million from year-ago. Shareholders equity stood at $192.78 million as on Sep. 30, 2016, up 1.29 percent or $2.46 million from year-ago.
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