Orange County Business Journal

CalFirst Bank Posts Flat Full-Year Profit

Jane Yu Wednesday, July 30, 2014

Irvine-based California First National Bancorp reported its fiscal year-end results, including about $7.3 million in full-year profit, about the same as a year earlier.

Its fiscal 2014 net income was boosted by its June quarter profit of $2.1 million, which was up about 12% year-over-year.

Full-year net interest and direct finance income totaled $16.7 million, down 11%.

Noninterest income for the year was $6 million, up about 25%. The increase was largely driven by lease-related income in the June quarter that totaled $1.4 million, more than threefold that of a year earlier.

California First has grown its assets about 4% over the past year to $579 million. The total includes about $129 million in commercial loans, up about 75% year-over-year.

The bank ranked No. 8 on the latest Business Journal list of the largest banks with headquarters in Orange County.