CalFirst Bancorp Announces 2013 Annual Dividend to Stockholders of $0.40 Per
IRVINE, Calif. -- November 11, 2013
California First National Bancorp (NASDAQ: CFNB) today announced that its
Board of Directors has declared an annual dividend in the amount of forty
cents ($0.40) per share. The dividend will be payable on December 13, 2013 to
all stockholders of record at the close of business on November 29, 2013.
Since October 2009, the Board of Directors has pursued a dividend policy that
provided for one annual dividend payment in each of the past four years. In
2012, based on a review of the Company’s capital resources and changes in the
tax laws that were to take effect in January 2013, the Company made a
significant dividend distribution in December 2012 that was double the amount
paid in the prior year. While the Board continues to believe that it is in the
best interest of its stockholders to distribute a share of annual earnings to
its stockholders, in light of opportunities to expand the business, the Board
of Directors believes that it is appropriate to return the amount of
distributions to a normalized level.
At September 30, 2013, CFNB had a total net worth of $182.7 million, and a
total risk-based capital ratio of 32.9%. The dividend of $0.40 represents a
payout of 55% of the Company’s net earnings for the twelve month period ended
September 30, 2013.
The Board will continue to review the Company’s dividend policy on an ongoing
basis, and the decision on dividends or the amount thereof in future periods
will depend on a variety of factors including the business, economic and tax
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.
California First National Bancorp
S. Leslie Jewett, (800) 496-4640
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