California First National Bancorp (NASDAQ: CFNB)(“CalFirst Bancorp”)
today announced net earnings of $3.6 million for the second quarter
ended December 31, 2014, a 63% increase from net earnings of $2.2
million for the second quarter of fiscal 2014. For the six months ended
December 31, 2014, net earnings increased 50% to $6.0 million from $4.0
million for the first six months of fiscal 2014. Diluted earnings per
share for the second quarter of fiscal 2015 of $0.34 were up 63% from
$0.21 for the second quarter of fiscal 2014, while diluted earnings per
share of $0.58 for the first six months of fiscal 2015 also increased
50% from $0.38 per share for the same period of fiscal 2014.
The increase in net earnings during the second quarter of fiscal 2015
includes the pre-tax recovery of $2,743,918 from the settlement of
claims filed in a TFT-LCD (thin-film transistor liquid display) products
antitrust case and a $690,000 increase in net interest income. On
October 31, 2014, the Company disclosed that it received the $2.7
million payment on claims filed in antitrust litigation filed against
certain manufacturers of TFT-LCD panels over allegations that between
1999 and 2006 the manufacturers conspired to fix the prices of those
panels.
Selected Interest-Earning Asset and
Interest-Bearing Liability Data
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Quarter Ending December 31,
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Six Months Ending December 31,
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(dollars in thousands)
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2014
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2013
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2014
|
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2013
|
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Average
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Yield/
|
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Average
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Yield/
|
|
|
|
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Average
|
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Yield/
|
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Average
|
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|
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Yield/
|
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|
|
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|
Balance
|
|
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|
Rate
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|
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|
Balance
|
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Rate
|
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|
|
Balance
|
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|
|
Rate
|
|
|
|
|
Balance
|
|
|
|
Rate
|
Interest-earning assets
|
|
|
|
|
|
|
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|
|
|
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|
|
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|
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|
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Interest-earning deposits
|
|
|
|
$
|
48,563
|
|
|
|
0.16
|
%
|
|
|
|
$
|
63,574
|
|
|
|
0.15
|
%
|
|
|
|
$
|
50,202
|
|
|
|
0.18
|
%
|
|
|
|
$
|
72,417
|
|
|
|
0.16
|
%
|
Investment securities
|
|
|
|
|
49,778
|
|
|
|
2.61
|
%
|
|
|
|
|
41,335
|
|
|
|
3.52
|
%
|
|
|
|
|
44,682
|
|
|
|
2.73
|
%
|
|
|
|
|
43,095
|
|
|
|
3.51
|
%
|
Commercial loans
|
|
|
|
|
174,507
|
|
|
|
3.65
|
%
|
|
|
|
|
80,860
|
|
|
|
3.96
|
%
|
|
|
|
|
156,221
|
|
|
|
3.63
|
%
|
|
|
|
|
76,987
|
|
|
|
4.09
|
%
|
Net investment in leases
|
|
|
|
|
318,479
|
|
|
|
4.74
|
%
|
|
|
|
|
330,285
|
|
|
|
4.47
|
%
|
|
|
|
|
315,768
|
|
|
|
4.74
|
%
|
|
|
|
|
332,696
|
|
|
|
4.51
|
%
|
Total interest-earning assets
|
|
|
|
$
|
591,327
|
|
|
|
3.87
|
%
|
|
|
|
$
|
516,054
|
|
|
|
3.78
|
%
|
|
|
|
$
|
566,873
|
|
|
|
3.87
|
%
|
|
|
|
$
|
525,195
|
|
|
|
3.77
|
%
|
Interest-bearing liabilities
|
|
|
|
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|
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|
|
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|
Deposits
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|
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$
|
382,122
|
|
|
|
0.94
|
%
|
|
|
|
$
|
339,818
|
|
|
|
0.90
|
%
|
|
|
|
$
|
375,996
|
|
|
|
0.93
|
%
|
|
|
|
$
|
342,095
|
|
|
|
0.91
|
%
|
Borrowings
|
|
|
|
|
14,793
|
|
|
|
0.30
|
%
|
|
|
|
|
-
|
|
|
|
0.00
|
%
|
|
|
|
|
10,925
|
|
|
|
0.29
|
%
|
|
|
|
|
-
|
|
|
|
0.00
|
%
|
Total interest-bearing liabilities
|
|
|
|
$
|
396,915
|
|
|
|
0.92
|
%
|
|
|
|
$
|
339,818
|
|
|
|
0.90
|
%
|
|
|
|
$
|
386,921
|
|
|
|
0.91
|
%
|
|
|
|
$
|
342,095
|
|
|
|
0.91
|
%
|
Net interest spread (1)
|
|
|
|
|
|
|
|
|
2.95
|
%
|
|
|
|
|
|
|
|
|
2.88
|
%
|
|
|
|
|
|
|
|
|
2.96
|
%
|
|
|
|
|
|
|
|
|
2.86
|
%
|
Net interest margin (2)
|
|
|
|
|
|
|
|
|
3.25
|
%
|
|
|
|
|
|
|
|
|
3.19
|
%
|
|
|
|
|
|
|
|
|
3.25
|
%
|
|
|
|
|
|
|
|
|
3.17
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
1) Net interest spread is the difference between average yield on
interest-earning assets and average rate paid on interest-bearing
liabilities.
|
2) Net interest margin represents net interest income as a percent
of average interest-earnings assets.
|
|
Total interest income for the second quarter of fiscal 2015 increased
17% to $5.7 million from $4.9 million during the second quarter of the
prior year. This increase includes a $793,000, or 99%, increase in
commercial loan income that reflected a 116% increase in average loan
balances to $174.5 million, offset somewhat by a 31 basis point decline
in average rates earned to 3.65%. Direct finance income increased by
$87,700 or 2%, as a 28 basis point increase in the average yield to
4.74% offset a 4% decrease in the average investment in leases to $318.5
million. The average yield on all leases and loans held in the Company’s
portfolio decreased by 1 basis point to 4.36% as the combined average
balance increased 20%. Investment income declined by 11%, or $43,600, as
average cash and investment balances declined 6% to $98.3 million and
the average yield declined 8 basis points to 1.40%.
Interest expense paid on deposits and borrowings during the second
quarter of fiscal 2015 increased by $147,000, or 19%, reflecting a 17%
increase in average balances to $396.9 million while the average rate
paid increased from 0.90% to 0.92%. The average rate paid during the
second quarter benefitted from increased borrowings from the Federal
Home Loan Bank Board (FHLB) at an average rate of 0.30% that offset an
increase in average deposit costs from 0.90% to 0.94%. The Company made
a $400,000 provision for credit losses during the second quarter of
fiscal 2015, which compared to no provision made during the quarter
ending December 30, 2013. The second quarter 2015 provision related to
the 23% growth in the loan portfolio during the quarter and a slight
increase in credit risk of the lease portfolio. All of the above factors
led to a $289,800, or 7%, increase in net interest income after
provision for credit losses to $4.4 million.
Total non-interest income of $4.7 million for the second quarter of
fiscal 2015 was up 113% from $2.2 million for the same period of the
prior year. Non-interest income for the three months ended December 31,
2014 includes the $2.7 million gain mentioned above, as well as a $1.2
million gain on the sale of leases and a $437,700 gain on the sale of an
investment security that offset a $575,400 decrease in income from
leases reaching the end of term during the quarter. The second quarter
of fiscal 2014 included a $1.3 million gain realized on the sale of
leases.
Total interest income for the first six months of fiscal 2015 increased
11% to $11.0 million from $9.9 million for first six months of the prior
year as a result of a $1.3 million increase in commercial loan income
that reflected a 103% increase in average loan balances to $156.2
million, offset somewhat by a 45 basis point decline in average rates
earned to 3.63%. For the first six months of fiscal 2015, direct finance
income was essentially unchanged at $7.5 million as the average
investment in leases declined 5% to $315.8 million while the average
yield earned increased by 23 basis points to 4.74%. For the first six
months of fiscal 2015, the average yield on all leases and loans held in
the Company’s portfolio decreased 6 basis points to 4.37% on combined
average balances that were 15% higher. Investment and interest income
declined by 19%, or $158,300, to $656,000 as average cash and investment
balances decreased 18% to $94.9 million and average yields declined by 3
basis points to 1.38%. Over the past year, maturing corporate securities
were replaced by U.S. treasuries yielding substantially less, reducing
average investment yields for the first six months of fiscal 2015 to
2.73% from 3.51% for the first six months of fiscal 2014.
For the six months ended December 31, 2014, interest expense on deposits
and borrowings increased by $212,700, or 14%, to $1.8 million on a 13%
increase in average deposits and borrowings to $386.9 million compared
to the first six months of the prior year. The average rate paid was
unchanged at 0.91% as FHLB borrowings helped offset the increase in
deposit costs from 0.91% to 0.93%. During the first six months of fiscal
2015, the Company made a provision for credit losses of $675,000,
compared to no provision recorded during the first six months of fiscal
2014. The provision in fiscal 2015 supports the 48% growth in the loan
portfolio since June 2014 and a slight increase in credit risk of the
lease portfolio during the second quarter of fiscal 2015. All of these
factors led to a $194,000, or 2.3%, increase in net interest income
after provision for credit losses to $8.5 million for the first six
months of fiscal 2015.
Total non-interest income of $7.2 million for the first six months of
fiscal 2015 was up 100% from $3.6 million reported for the first six
months of fiscal 2014. The increase included the $2.7 million recovery
on the TFT-LCD litigation, an increase of $529,000 of income from leases
reaching the end of term during the first six months of fiscal 2015 and
$347,000 of net gains realized on securities.
During the second quarter of fiscal 2015, CalFirst Bancorp’s
non-interest expense of $3.3 million increased 19% from $2.8 million for
the second quarter of the prior year, while non-interest expense of $6.0
million for the first six months of fiscal 2015 was up 10% from $5.4
million for the first six months of fiscal 2014. The increase in
expenses during both periods is due primarily to higher compensation
expense related to the sales organization as well as higher incentive
compensation paid.
Commenting on the results, Mr. Patrick E. Paddon, President and Chief
Executive Officer, indicated, “The net investment in leases and loans of
$502.0 million at December 31, 2014 is up 20% from $419.5 million at
December 31, 2013, and 10.1% from $455.8 million at June 30, 2014,
benefiting from management’s ability to develop the commercial loan
portfolio. During the second quarter of fiscal 2015, CalFirst Bank
submitted a plan to its primary regulator, the Officer of the
Comptroller of the Currency ('OCC') and received approval to eliminate
limitations previously imposed on CalFirst Bank’s ability to grow the
loan portfolio.
“During the second quarter of fiscal 2015, commercial loans booked of
$46.3 million increased 75% from $26.5 million booked during the second
quarter of fiscal 2014, while commercial loan bookings of $71.7 million
for the first six months were up 170%. Lease bookings of $52.7 million
for the second quarter of fiscal 2015 were 15% below $62.1 million
booked during the second quarter of fiscal 2014, but for the six months
ended December 31, 2014, lease bookings of $118.3 million were up 15.2%.
As a result, total second quarter loan and lease bookings of $99 million
increased 12% from $88.7 million the year before, with total lease and
loan bookings for the first six months of fiscal 2015 of $190.0 million
up 47% from the same period of fiscal 2014.
“Fiscal 2015 second quarter lease and loan originations were 18% greater
than the second quarter of fiscal 2014, aided by strong growth in
commitments on loan participations that offset a 24% decline in new
lease originations. For the first six months of fiscal 2015, lease and
loan originations were up 14%, again due to strength in loan
commitments. With the high level of bookings during the first six
months, the estimated backlog of approved lease and loan commitments
declined to $110 million at December 31, 2014, 9% below the level at
December 31, 2013, and down from $140.7 million at September 30, 2014.
“The Company’s total assets at December 31, 2014 increased 12.5% to
$652.0 million, with stockholders equity of $185.2 million representing
28.4% of total assets. In addition to lease and loan growth noted above,
the portfolio of investment securities increased to $56.8 million at
December 31, 2014 from $29.3 million at June 30, 2014. The increase
during the six months of fiscal 2015 primarily related to the
acquisition of US Treasury notes.”
California First National Bancorp is a bank holding company with leasing
and bank operations based in Orange County, California. California First
National Bank is an FDIC-insured national bank that gathers deposits
from a centralized location by posting rates on the Internet, and
provides lease financing and commercial loans to businesses and
organizations nationwide.
This press release contains forward-looking statements, which involve
management assumptions, risks and uncertainties. The statements in this
press release that are not strictly historical in nature constitute
“forward-looking statements.” Such statements include expectations
regarding growth in loan or direct finance income and lease and loan
bookings. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause actual results
to be different from the results expressed or implied by such
forward-looking statements. Consequently, if such management assumptions
prove to be incorrect or such risks or uncertainties materialize, the
Company’s actual results could differ materially from the results
forecast in the forward-looking statements. All forward-looking
statements are qualified in their entirety by this cautionary statement,
and the Company undertakes no obligation to revise or update this press
release to reflect events or circumstances arising after the date
hereof. For further discussion regarding management assumptions, risks
and uncertainties, readers should refer to the Company’s 2014 Annual
Report on Form 10-K and the 2015 quarterly reports on Form 10-Q.
|
CALIFORNIA FIRST NATIONAL BANCORP
|
|
Consolidated Statements of Earnings
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(000's except per share data)
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|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
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|
|
|
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|
|
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|
|
|
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|
|
Three months ended
|
|
|
|
|
|
|
|
Six months ended
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
Percent
|
|
|
|
December 31,
|
|
|
|
|
Percent
|
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
Change
|
|
|
|
2014
|
|
|
|
2013
|
|
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance & loan income
|
|
|
|
$
|
5,370
|
|
|
|
$
|
4,489
|
|
|
|
19.6
|
%
|
|
|
|
$
|
10,315
|
|
|
|
|
$
|
9,075
|
|
|
|
|
13.7
|
%
|
Investment interest income
|
|
|
|
|
344
|
|
|
|
|
388
|
|
|
|
(11.3
|
)%
|
|
|
|
|
656
|
|
|
|
|
|
814
|
|
|
|
|
(19.4
|
)%
|
Total interest income
|
|
|
|
|
5,714
|
|
|
|
|
4,877
|
|
|
|
17.2
|
%
|
|
|
|
|
10,971
|
|
|
|
|
|
9,889
|
|
|
|
|
10.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense on deposits & borrowings
|
|
|
|
|
911
|
|
|
|
|
764
|
|
|
|
19.2
|
%
|
|
|
|
|
1,769
|
|
|
|
|
|
1,556
|
|
|
|
|
13.7
|
%
|
Net interest income
|
|
|
|
|
4,803
|
|
|
|
|
4,113
|
|
|
|
16.8
|
%
|
|
|
|
|
9,202
|
|
|
|
|
|
8,333
|
|
|
|
|
10.4
|
%
|
Provision for credit losses
|
|
|
|
|
400
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
675
|
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
Net interest income after provision for credit losses
|
|
|
|
|
4,403
|
|
|
|
|
4,113
|
|
|
|
7.1
|
%
|
|
|
|
|
8,527
|
|
|
|
|
|
8,333
|
|
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating & sales-type lease income
|
|
|
|
|
66
|
|
|
|
|
386
|
|
|
|
(82.9
|
)%
|
|
|
|
|
200
|
|
|
|
|
|
885
|
|
|
|
|
(77.4
|
)%
|
Gain on sale of leases & leased property
|
|
|
|
|
1,342
|
|
|
|
|
1,678
|
|
|
|
(20.0
|
)%
|
|
|
|
|
3,702
|
|
|
|
|
|
2,460
|
|
|
|
|
50.5
|
%
|
Gain on sale of investment securities
|
|
|
|
|
438
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
438
|
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
Other-than-temporary impairment loss
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
0.0
|
%
|
|
|
|
|
(91
|
)
|
|
|
|
|
-
|
|
|
|
|
0.0
|
%
|
Other fee income
|
|
|
|
|
2,819
|
|
|
|
|
126
|
|
|
|
N.M.
|
|
|
|
|
2,963
|
|
|
|
|
|
257
|
|
|
|
|
N.M.
|
Total non-interest income
|
|
|
|
|
4,665
|
|
|
|
|
2,190
|
|
|
|
113.0
|
%
|
|
|
|
|
7,212
|
|
|
|
|
|
3,602
|
|
|
|
|
100.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation & employee benefits
|
|
|
|
|
2,426
|
|
|
|
|
1,954
|
|
|
|
24.2
|
%
|
|
|
|
|
4,351
|
|
|
|
|
|
3,701
|
|
|
|
|
17.6
|
%
|
Occupancy
|
|
|
|
|
158
|
|
|
|
|
161
|
|
|
|
(1.9
|
)%
|
|
|
|
|
317
|
|
|
|
|
|
366
|
|
|
|
|
(13.4
|
)%
|
Professional services
|
|
|
|
|
157
|
|
|
|
|
145
|
|
|
|
8.3
|
%
|
|
|
|
|
305
|
|
|
|
|
|
301
|
|
|
|
|
1.3
|
%
|
Other general & administrative
|
|
|
|
|
544
|
|
|
|
|
498
|
|
|
|
9.2
|
%
|
|
|
|
|
984
|
|
|
|
|
|
1,049
|
|
|
|
|
(6.2
|
)%
|
Total non-interest expenses
|
|
|
|
|
3,285
|
|
|
|
|
2,758
|
|
|
|
19.1
|
%
|
|
|
|
|
5,957
|
|
|
|
|
|
5,417
|
|
|
|
|
10.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before income taxes
|
|
|
|
|
5,783
|
|
|
|
|
3,545
|
|
|
|
63.1
|
%
|
|
|
|
|
9,782
|
|
|
|
|
|
6,518
|
|
|
|
|
50.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes
|
|
|
|
|
2,226
|
|
|
|
|
1,361
|
|
|
|
63.6
|
%
|
|
|
|
|
3,766
|
|
|
|
|
|
2,503
|
|
|
|
|
50.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
|
|
|
|
$
|
3,557
|
|
|
|
$
|
2,184
|
|
|
|
62.9
|
%
|
|
|
|
$
|
6,016
|
|
|
|
|
$
|
4,015
|
|
|
|
|
49.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share
|
|
|
|
$
|
0.34
|
|
|
|
$
|
0.21
|
|
|
|
62.8
|
%
|
|
|
|
$
|
0.58
|
|
|
|
|
$
|
0.38
|
|
|
|
|
49.8
|
%
|
Diluted earnings per common share
|
|
|
|
$
|
0.34
|
|
|
|
$
|
0.21
|
|
|
|
62.7
|
%
|
|
|
|
$
|
0.58
|
|
|
|
|
$
|
0.38
|
|
|
|
|
49.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding
|
|
|
|
|
10,460
|
|
|
|
|
10,448
|
|
|
|
|
|
|
|
|
10,460
|
|
|
|
|
|
10,448
|
|
|
|
|
|
Diluted number common shares outstanding
|
|
|
|
|
10,460
|
|
|
|
|
10,451
|
|
|
|
|
|
|
|
|
10,460
|
|
|
|
|
|
10,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CALIFORNIA FIRST NATIONAL BANCORP
|
|
Consolidated Balance Sheets
|
(000’s)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
June 30,
|
|
|
|
Percent
|
|
|
|
|
2014
|
|
|
|
2014
|
|
|
|
Change
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and short term investments
|
|
|
|
$
|
50,058
|
|
|
|
$
|
40,122
|
|
|
|
24.8
|
%
|
Investment securities
|
|
|
|
|
56,839
|
|
|
|
|
29,316
|
|
|
|
93.9
|
%
|
Net receivables
|
|
|
|
|
1,509
|
|
|
|
|
680
|
|
|
|
121.9
|
%
|
Property for transactions in process
|
|
|
|
|
26,568
|
|
|
|
|
40,567
|
|
|
|
(34.5
|
)%
|
Net investment in leases
|
|
|
|
|
311,424
|
|
|
|
|
326,619
|
|
|
|
(4.7
|
)%
|
Commercial loans
|
|
|
|
|
190,546
|
|
|
|
|
129,186
|
|
|
|
47.5
|
%
|
Income tax receivable
|
|
|
|
|
321
|
|
|
|
|
1,658
|
|
|
|
(80.6
|
)%
|
Other assets
|
|
|
|
|
1,864
|
|
|
|
|
2,762
|
|
|
|
(32.5
|
)%
|
Discounted lease rentals assigned to lenders
|
|
|
|
|
12,872
|
|
|
|
|
8,640
|
|
|
|
49.0
|
%
|
|
|
|
|
$
|
652,001
|
|
|
|
$
|
579,550
|
|
|
|
12.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
$
|
6,705
|
|
|
|
$
|
4,655
|
|
|
|
44.0
|
%
|
Income taxes payable, including deferred taxes
|
|
|
|
|
13,343
|
|
|
|
|
15,284
|
|
|
|
(12.7
|
)%
|
Deposits
|
|
|
|
|
402,947
|
|
|
|
|
355,810
|
|
|
|
13.2
|
%
|
Borrowings
|
|
|
|
|
26,858
|
|
|
|
|
6,858
|
|
|
|
291.6
|
%
|
Other liabilities
|
|
|
|
|
4,108
|
|
|
|
|
4,558
|
|
|
|
(9.9
|
)%
|
Non-recourse debt
|
|
|
|
|
12,872
|
|
|
|
|
8,640
|
|
|
|
49.0
|
%
|
Total liabilities
|
|
|
|
|
466,833
|
|
|
|
|
395,805
|
|
|
|
17.9
|
%
|
Stockholders' Equity
|
|
|
|
|
185,168
|
|
|
|
|
183,745
|
|
|
|
0.8
|
%
|
|
|
|
|
$
|
652,001
|
|
|
|
$
|
579,550
|
|
|
|
12.5
|
%
|
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