California First National Bancorp reported consolidated earnings results for the second quarter and six months ended December 31, 2011. For the quarter, the company reported net earnings of $2.1 million, a decline of 34% from net earnings of $3.1 million for the second quarter of fiscal 2011. Diluted earnings per share were $0.20, down 34% from $0.30 from the second quarter of fiscal 2011. Earnings before income taxes were $3.3 million compared to $5 million a year ago. Net direct finance, loan and interest income was $5.1 million compared to $5.7 million a year ago. Total direct finance, loan and interest income was $5.9 million compared to $6.5 million a year ago. For the six months ended December 31, 2011, net earnings were down just 5% to $4.5 million from $4.8 million for the first six months of fiscal 2011. Diluted earnings per share of $0.44 were down 5% from $0.46 per share for the same period of fiscal 2011. The decline in net earnings from the second quarter and first six months of fiscal 2011 is largely due to large gains realized on the sale of investment securities during the prior year periods. Excluding investment gains from both periods, gross profit during second quarter declined by 6%, while gross profit for the first six months of fiscal 2012 is up 10% from the prior year. Earnings before income taxes were $7.3 million compared to $7.7 million a year ago. Net direct finance, loan and interest income was $10.4 million compared to $10.7 million a year ago. Total direct finance, loan and interest income was $12 million compared to $12.4 million a year ago.