California First National Bancorp (CFNB) has reported an 168.93 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $4.19 million, or $0.41 a share in the quarter, compared with $1.56 million, or $0.15 a share for the same period last year. Revenue during the quarter surged 78.76 percent to $9.41 million from $5.26 million in the previous year period. Net interest income for the quarter rose 28.73 percent over the prior year period to $6.60 million. Non-interest income for the quarter rose 380.93 percent over the last year period to $3.40 million.
California First National Bancorp has made provision of $0.60 million for loan losses during the quarter, up 4.35 percent from $0.58 million in the same period last year.
Net interest margin improved 37 basis points to 3.15 percent in the quarter from 2.78 percent in the last year period.
Liabilities outpace assets growth
Total assets stood at $880.34 million as on Dec. 31, 2016, up 7.44 percent compared with $819.40 million on Dec. 31, 2015. On the other hand, total liabilities stood at $689.34 million as on Dec. 31, 2016, up 8.94 percent from $632.78 million on Dec. 31, 2015.
Deposits outpace loan growth
Net loans stood at $202.22 million as on Dec. 31, 2016, down 66.54 percent compared with $604.44 million on Dec. 31, 2015. Deposits stood at $633.11 million as on Dec. 31, 2016, up 14.52 percent compared with $552.83 million on Dec. 31, 2015. Investments stood at $94 million as on Dec. 31, 2016, down 6.14 percent or $6.15 million from year-ago. Shareholders equity stood at $191 million as on Dec. 31, 2016, up 2.35 percent or $4.38 million from year-ago.
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