Note 1 - Basis of Presentation

9 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

NOTE

1

- BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of California First National Bancorp (the “Company”) and its subsidiaries California First National Bank (“CalFirst Bank” or the “Bank”) and California First Leasing Corporation (“CalFirst Leasing”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The financial statements should be read in conjunction with the financial statements and notes thereto included in the Annual Report on Form

10

-K for the year ended

June

30,

2016.

The material under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” is written with the presumption that the readers have read or have access to the

2016

Annual Report on Form

10

-K, which contains Management’s Discussion and Analysis of Financial Condition and Results of Operations as of

June

30,

2016

and for the year then ended.

In the opinion of management, the unaudited consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the consolidated balance sheet as of

March

31,

2017

and the statements of earnings, comprehensive income, cash flows and stockholders’ equity for the periods presented. The results of operations for the

three

and

nine

month periods ended

March

31,

2017

are not necessarily indicative of the results of operations to be expected for the entire fiscal year ending

June

30,

2017.

Certain reclassifications have been made to the fiscal

2016

financial statements to conform to the presentation of the fiscal

2017

financial statements.