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

12 Months Ended

Jun. 30, 2017

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, 2017

and

2016

and for the years ended

June 30, 2017,

2016

and

2015

are presented as follows:

Condensed Balance Sheets	June 30,
(in thousands, except per share amounts)	2017			2016
ASSETS
Cash and cash equivalents	$	2,990		$	3,910
Intercompany receivable		22			3
Investment in banking subsidiary		126,483			117,573
Investment in nonbanking subsidiaries		67,609			70,237
Other assets		428			169
Premises and other fixed assets		54			124
Total assets	$	197,586		$	192,016
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accrued liabilities	$	381		$	470
Intercompany payable		-			123
Income taxes payable- deferred		1,071			401
Total liabilities		1,452			994
Stockholders' equity
Preferred stock; 2,500,000 shares authorized; none issued		-			-
Common stock, $.01 par value; 20,000,000 shares authorized: 10,283,807 (2017) and 10,279,807 (2016) issued and outstanding		103			103
Additional paid in capital		2,309			2,240
Retained earnings		193,728			187,334
Other comprehensive income, net of tax		(6	)		1,345
Total stockholders’ equity		196,134			191,022
Total liabilities and stockholders’ equity	$	197,586		$	192,016

Condensed Statements of Earnings	Years Ended June 30,
(in thousands)	2017		2016			2015
Income:
Dividends from non-bank subsidiary	$	5,000	$	8,000		$	5,000
Management fee income bank subsidiary		968		968			676
Management fee income non-bank subsidiaries		141		59			151
Other interest income		18		9			1
Total income		6,127		9,036			5,828
Non-interest Expenses:
Salaries & benefits		1,625		1,508			1,209
Occupancy		156		146			95
Professional services		248		243			244
Other general & administrative		208		198			322
Total non-interest expenses		2,237		2,095			1,870
Income (Loss) before taxes and equity in undistributed earnings of subsidiaries		3,890		6,941			3,958
Income tax expense		400		(99	)		(154	)
Equity in undistributed earnings of subsidiaries		7,633		1,608			4,943
Net Income	$	11,123	$	8,648		$	9,055

Condensed Statements of Cash Flows	Years Ended June 30,
(in thousands)	2017			2016			2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	11,123		$	8,648		$	9,055
Adjustments to reconcile net earnings to cash flows:
Deferred income taxes		670			122			49
Equity in undistributed earnings of subsidiaries		(7,633	)		(1,608	)		(4,943	)
Net change in other liabilities		(89	)		(22	)		(3	)
Net change in other assets		(254	)		500			510
Other, net		70			73			64
Net cash provided by (used) for operating activities		3,887			7,713			4,732
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for investments in and (advances to) subsidiaries		(142	)		69			(44	)
Net cash provided by (used for) investing activities		(142	)		69			(44	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		64			-			-
Payments to repurchase common stock		-			(2,360	)		-
Dividends paid		(4,729	)		(4,603	)		(4,393	)
Net cash used for financing activities		(4,665	)		(6,963	)		(4,393	)
NET CHANGE IN CASH AND CASH EQUIVALENTS		(920	)		819			295
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		3,910			3,091			2,796
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	2,990		$	3,910		$	3,091