Irvine-based California First National Bancorp reported a 14% increase in profit in the June quarter on a rise in lease volume and higher interest rates, the bank said Wednesday.
The bank posted a profit of $2.6 million in the period on a 12% rise in net interest income.
Shares of California First National were off 2% to $12 following the release.
California First National leases and finances computer networks and other technology. Its banking unit draws deposits using the Internet, direct mail and the telephone.
The bank has benefited this year from an expansion of its lease programs, said Chief Executive Patrick E. Paddon, in a release.
New lease deals booked during the June quarter were $35.8 million, up 22% from a year earlier. New lease bookings are up 28% this year.
California First National said its income was boosted by the rise in interest rates. Gains partially were offset by a provision for lease losses.
