Note 18 - California First National Bancorp (Parent Only) Financial Information

12 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 18 – California First National Bancorp (Parent Only) Financial Information

:

The condensed financial statements of California First National Bancorp as of June 30, 2016 and 2015 and for the years ended June 30, 2016, 2015 and 2014 are presented as follows:

Condensed Balance Sheets	June 30,
(in thousands, except per share amounts)	2016		2015
ASSETS
Cash and cash equivalents	$	3,910	$	3,091
Investments and marketable securities		-		-
Intercompany receivable		3		69
Investment in banking subsidiary		117,573		109,382
Investment in nonbanking subsidiaries		70,237		75,706
Intercompany note receivable		-		-
Other assets		169		664
Premises and other fixed assets		124		197
	$	192,016	$	189,109
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accrued liabilities	$	470	$	492
Intercompany payable		123		120
Income taxes payable- deferred		401		279
		994		891
Stockholders' equity
Preferred stock; 2,500,000 shares authorized; none issued		-		-
Common stock, $.01 par value; 20,000,000 shares authorized: 10,279,807 (2016) and 10,459,924 (2015) issued and outstanding		103		105
Additional paid in capital		2,240		3,376
Retained earnings		187,334		184,506
Other comprehensive income, net of tax		1,345		231
		191,022		188,218
	$	192,016	$	189,109

Condensed Statements of Earnings	Years Ended June 30,
(in thousands)	2016			2015			2014
Income:
Dividends from non-bank subsidiary	$	8,000		$	5,000		$	-
Management fee income bank subsidiary		968			676			569
Management fee income non-bank subsidiaries		59			151			151
Interest income non-bank subsidiaries		-			-			22
Other interest income		9			1			1
Gain (loss) on investment securities		-			-			-
		9,036			5,828			743
Non-interest Expenses:
Salaries & benefits		1,508			1,209			1,186
Occupancy		146			95			140
Professional services		243			244			274
Other general & administrative		198			322			488
		2,095			1,870			2,088
Income (Loss) before taxes and equity in undistributed earnings of subsidiaries		6,941			3,958			(1,345	)
Income tax expense		(99	)		(154	)		(498	)
Equity in undistributed earnings of subsidiaries		1,608			4,943			7,898
Net Income	$	8,648		$	9,055		$	7,051

Condensed Statements of Cash Flows	Years Ended June 30,
(in thousands)	2016			2015			2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	8,648		$	9,055		$	7,051
Adjustments to reconcile net earnings to cash flows:
Deferred income taxes		122			49			(706	)
Equity in undistributed earnings of subsidiaries		(1,608	)		(4,943	)		(7,898	)
Net change in other liabilities		(22	)		(3	)		74
Net change in other assets		500			510			37
Other, net		73			64			(68	)
Net cash provided by (used) for operating activities		7,713			4,732			(1,510	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments in and (advances to) subsidiaries		69			(44	)		3,745
Net cash provided by (used for) investing activities		69			(44	)		3,745
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		-			-			156
Payments to repurchase common stock		(2,360	)		-			-
Dividends paid		(4,603	)		(4,393	)		(4,179	)
Net cash used for financing activities		(6,963	)		(4,393	)		(4,023	)
NET CHANGE IN CASH AND CASH EQUIVALENTS		819			295			(1,788	)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,091			2,796			4,584
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	3,910		$	3,091		$	2,796