BALTIMORE-BASED ACCOUNT REPRESENTATIVE - In this position, you will develop and maintain relationships with lease brokers, leasing companies, equipment vendors and direct leases throughout Maryland and Virginia. Must be knowledgeable in indirect/third party transactions ranging $15K and up. Apply online ONLY to www.mandtbank.com and view posting #04-0003124. EOE M/F/D/V At M&T Bank, we provide an exciting and challenging work environment where performance and innovative thinking are encouraged and rewarded at every level. With over 700 branches, your career can travel as far as you want to take it.

 

Tuesday, October 26,2004

Headlines---

 

    Classified Ads---Credit      

        Archives---October 25,2000—Unicapital

            Leasing Conference Count Down

                ELA Board Considers the Industry’s Big Picture

                    Cartoon---Orix Board Meeting 

    ORIX Announces Interim Results—Leasing Revenue Down

        ORIX Names New VP in Vendor Financial Services Unit

            American International Group Enters Leasing Fray

    CFNB Reports Drop in First Quarter Net Earnings

        HF Financial (Mid America Leasing) Profits Up

            Experian Selects Cyence OnLine Business Reports

    News Briefs---

        Sports Briefs---

            "Gimme that Wine"

                This Day in American History

                    Baseball Poem

 

########  surrounding the article denotes it is a “press release”

 

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National Accounts Mgr: Truck/Trailer Industry.  Must generate minimum of $500K/month. Click here for detailed description & resume submission info. Trinity Capital, a subsidiary of Bank of the West, is a national leader in the equipment financing industry with a consistent presence and superior reputation.

-------------------------------------------------------------------------------

 

Classified Ads---Credit

 

 

“Please remove my Job Wanted classified ad from your web site.  I really appreciate that you offer this service free of charge to those seeking employment in the industry.  My posting attracted the attention of an executive recruiter and I've been hired by their leasing organization client.

”Once again thank you.”

 

 

 

Archives---October 25,2000—Unicapital

 

      by Kit Menkin

 

Four years ago we were informing readers that Unicapital

was about to go under, forget the Bank of American loan,

and to watch out.  Perhaps we were more bold in those days,

as the next day I returned a telephone call to the Unicapital

attorney in New York.  I remember it very well as almost

every other word was “Mr. Menkin” and threats that I could

not write this or “where did I get this information?”  Basically

he gave me a full threatening performance, and he must have

spoken for five, maybe ten minutes.  He was very convincing.

He was very authoritive, very threatening; didn’t give me

a change to respond. He must have been what they call a

“telephone attorney” as he certainly came across on the

telephone line that he meant business.

 

When he wound down with what he wanted me to know

and had mentioned his firm several times and the money

behind Unicapital, I asked him for a statement.  He said

he had none.

 

I then asked him the address of his office.  When he

told me, I answered that I knew where his office was, as

I was born in New York City. I asked him what floor he was on.

He didn’t want to tell me.  So I said to him, something like

this: “ I appreciate your call and look forward to a statement.

Now let me give you a piece of advice as my readers tell

me what is going on, the real truth ( and I paused, a long

pause on purpose.)  My advice for you to is to make sure your

firm has a big retainer. You don’t want a bankruptcy judge to

not only tell you what you can make, but when you can receive

it, and maybe you won’t see anything for quite some time---

so I would make sure your firm has a larger retainer if you

are going to continue to represent Unicapital. That’s my

personal advice.”

 

He hung up on me.  But I never heard from him again, or

from any attorney who represented Unicapital.

 

Here is the story he did not like:

 

Unicapital

 

"UOG Portland, they say things are still up in the air, but the Pres. of UOG Portland has been working hard to get a deal done with B of A before UCP pulls them down with them in the BK proceedings."

 

I will stick by my comments yesterday on this, plus BSB making a formal proposal to Unicapital and an unwinding of this company.

 

These are companies that Unicapital Purchased, until they basically ran out of money to acquire companies. Many were in the "hard credit" or "challenged credit" or franchise financing business.

 

 

American Capital Resources 2/98

Boulder Capital Group 2/98

Cauff, Lippman Aviation 2/98

Jacom Computer Services 2/98

Matrix Funding 2/98

Merrimac Financial Associates 2/98

MunicipalCapital Markets Group 2/98

The NSJ Group 2/98

PortfolioFinancial Servicing 2/98

Vanlease 2/98

The Walden Group 2/98

K.L.C., Inc. dba Keystone Leasing 5/98

Jumbo Jet 7/98 HLC Financial 7/98

Saddleback Financial Corporation 7/98 U.S.

Turbine Engine Corp. 7/98

The Myerson Companies dba BSB Leasing 9/98

 

UniCapital's stock, like those of many other financial services companies, took a steep dive in late August and early September 1998, and UniCapital made no further acquisitions as it no longer had a stock that was attractive to use

in acquisitions.

 

One of the major mistakes, according to industry analysts, was Unicapital's entrance into the commercial jet aircraft and engine leasing market. It is reported that the Aircraft Group had unlimited abilities in closing deals. According to information given to me, when insiders went to the CEO about the poor credit decisions, particularly with used aircraft prices going downwards, the CEO told them they did not know what they were talking about. It was reported this was his "baby" and it was his basic decision, over other objections, to acquire the refurbishing along with aircraft and engine leasing to build a leasing department that no one had been able to control before, and this was an industry that would be very profitable.

 

Allegedly, the CFO had a great deal of trouble confronting his younger brother, who was CEO at the time. While the CFO has reportedly told others about his concern, he was "afraid" to bring up many of these problems directly with his brother, one highly reliable source told me.

 

As business was changing, it became evident to those with leasing experience that the CEO knew very little about the leasing business itself, according to several inside sources.. Everyone I spoke with told me it appeared managements main thrust, their main occupation was to try and please the Wall Street investors. This was the impression given to many divisions visited by the CEO, who was not building up support from people who "knew" the leasing industry and how it was supposed to work.

 

I was told by several of the divisional company management, who do not want me to quote them, that they had little respect for him. I was told the former CE0 didn't seem to care, that his attention all went to raising money and not to operations in the street, which was "below him." He was a "New Yorker," although the operation was in Florida, the attitude was Wall Street ran the company. Morale was also poor in the operating area as it not only filtered down from management, but was seen by middle-management.

 

There is an interesting story when the top management team first visited BSB Leasing in Colorado, they arrived in two long stretch limousines ( they could not all fit in one ), dressed as if they had just arrived from New York City in expensive suits, ties, and well-polished shoes. They got stuck for over a half-hour going up the elevator. The definitely were not in a good mood when they meant casual dressed, hard working,” hands on crowd" at BSB. It was evident, I am told, they didn't like Colorado, or the people who lived and worked

for them.

 

BSB has made an offer last Friday to purchase their company back. Several of the "divisions" are in negotiations for sales or wind down as Bank of America evidently has lost confidence, but wants to wind down the operation in an orderly fashion, I am told by a reliable source. I cannot get Unicapital public relations people to respond by telephone or e-mail and have calls into several officers for over a week. There obviously is a "gag order", and in my opinion, a disregard to the public and the news media.

 

I know the excuse will be "negotiations", and not wanting to be sued by stockholders, but surely management can handle "the spin" better than they have in the last month, particularly. There are many leasing companies on the block, see The List, and it is no secret this is not a particularly good market for leasing company investment. And in reality, in this sue happy world, no matter what you are going to do, you are not going to please everyone, and if there is any hope of an investor getting a dime back, you better believe they will explore it.

 

Kit Menkin

 

http://two.leasingnews.org/archives/October/10-25-00.htm

 

[headlines]

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Leasing Conference Count Down

 

National Association of Equipment Leasing Brokers

 

 

In addition to marketing, training, and other education workshops, this will be moderator by Barry S .Marks, former NAELB Counsel ( who is

also one of the authors of Power Tools for Leasing:       

 

                        The Lessons of NorVergence

 

“Signing D&As in advance, relying on the vendor for document execution and financing significant soft costs and services as part of the rent are common practices that may be tested in the NorVergence class action lawsuits. The Norvergence bankruptcy has already resulted in lawsuits ,numerous government investigations and comment on the internet.

 

“The panel will discuss not only what happened and may be yet to come on the NorVergence deals, but lessee claims in other leases and the lessons to be learned. The NAELB considers keeping you abreast of major happenings in the industry an important part of the work of the association.”

 

Schedule of Events

http://www.naelb.org/associations/2004/files/Eastern%20Agenda%

20in%20PDF.pdf

Registration Form

http://www.leasingnews.org/PDF/NAELB_Reg_Form(no_comp).pdf

 

 

 

Click Here for Information on the Fall Conference

http://www.aglf.org/25AM04_fallpgm.pdf

 

To learn about these and other leasing associations, please go to:

http://www.leasingnews.org/associations.htm

[headlines]

 

Your One stop solution for training and reference material for the Leasing Professional Visit our website by clickng on the logo above 122-A Foothill Blvd., Arcadia, CA. 91006 Voice 626-305-1053 . Fax 626-305-0019 . ted@cclease.com

 

 

ELA Board Considers the Industry’s Big Picture

 

   ELTnews

 

On Saturday, October 23rd, the ELA Board of Directors convened in Palm Desert California for their regular pre-Convention meeting. Before getting to the business of Association governance, representatives of the various Business Councils reported on what they and their members saw as the current state and health of the their market segments.

 

ELA Chairman James Beard, Caterpillar Financial Services, kicked off the presentations with a general overview of the business. “So far, 2004 has been a pretty good year,” he said. “We’ve had the usual consolidations, threats of consolidations and rumors of consolidations, but we’ve also had some new companies entering the market, and indication that the industry is alive and well.” According to Beard, the economy is strong, and he described the worldwide economy as “vibrant.” Speaking of his company, he said demand for Cat’s equipment is so strong, “We’re having trouble getting enough product from our parent.”

 

In the large ticket segment, however, all is not so well. Rick Specker, Global Capital Finance, Described a “general level of decline” in the large ticket market. Although some deals are being done in regional jets, railroad and facilities, the market is quite a bit smaller. “What in the past would have been a good year for just a Fleet Capital is now the entire large ticket market,” Specker said. The result is that some large ticket players are redoubling their efforts in the middle market.

 

On the other hand, small ticket leasing is doing well, and the market continues to be healthy, according to Matt Shieman, MATSCO financial Corporation. “The only negative might be pressure on the margins,” he said, and noted that like middle market, a lot of companies are eying opportunities in small ticket. Funding is currently not a problem. “There is a lot of money around, Shieman said. “Maybe too much. Some people may be tempted to lower their credit guard.”

 

As for middle market banks, Tom Jaschik  characterized 2004 as “good so far, and stronger than 2003.” Although volume is “spotty” and spreads are under pressure, Jaschik said profitability is good and credit quality remains strong. Looking ahead, he expects further improvement in 2005.

 

In Middle Market-Independent, the picture is much the same. The business has improved in 2004, and there’s been a noticeable uptick in Q3 and Q4. Furthermore, new entrants into the market, funded by private equity, are of a size not seen an years.

 

Chuck Thomas of IBM Global Financing joked that he was “increasingly cautiously optimistic” about the vendor and captive finance market. Volume is inconsistent and competition is fierce. Cash currently is the biggest competitor to lease financing. Margins are tight, as a lot of leasing money is chasing a finite number of deals. However, Thomas said, credit quality is good and continues to improve. E-business is firmly established as a productivity enhancer, as opposed to a driver of origination volume.

 

Finally, reporting for the service providers, Ed Castagna of Nassau Asset Management told the Board that delinquencies are down, and lessors’ use of outsourcing is on the rise. Accountants and lawyers are busy, although recruiters and leasing software manufacturers are flat.

 

[headlines]

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Cartoon---Orix  Board Meeting

 

 

 

[headlines]

----------------------------------------------------------------------

 

### Press Release ########################

 

ORIX Announces Interim Results—Leasing Revenue Down

 

TOKYO------ORIX Corporation (TSE:8591) (NYSE:IX), a leading integrated financial services group, today announced that revenues in the first six months of the fiscal year ending March 31, 2005 increased 17% year on year to 402,351 million yen, income before income taxes(1) rose 24% to 69,175 million yen, and net income grew 36% to 42,688 million yen.

 

Revenues for "direct financing leases," "residential condominium sales," and "gains on sales of real estate under operating leases" were down compared to the same period of the previous fiscal year. However, revenues from "operating leases," "interest on loans and investment securities," "brokerage commissions and net gains on investment securities," and "other operating revenues" grew during the period. In addition, although we recorded "write-downs of long-lived assets" in the first half of this fiscal year, "interest expense" and "provision for doubtful receivables and probable loan losses" decreased in the same period, while "gains on sales of affiliates" contributed to the higher earnings.

 

 

	2004/4-9	2004/4-9		2004/7-9
	US$	JPY	Change on	JPY	Change on
	millions	millions	2003/4-9	millions	2003/7-9
	(2)	(2)
Total Revenues	3,623	402,351	Up 17%	209,475	Up 21%
Income before IncomeTaxes(1)	623	69,175	Up 24%	32,458	Up 4%
Net Income	384	42,688	Up 36%	19,161	Up 11%
Earnings Per Share (Basic) (JPY/US$)	4.59	509.74	Up 36%	228.73	Up 11%
Earnings Per Share (Diluted) (JPY/US$)	4.30	477.96	Up 35%	214.50	Up 10%

 

 

                      2004/9              Change on  Change on

                       US$(2)     2004/9    2004/6     2004/3

-------------------- --------- ---------- ---------- ---------

Shareholders' Equity

 (JPY millions)         5,576    619,249     Up 4%    Up 10%

Total Assets (JPY

 millions)             51,551  5,724,771     Up 1%     Up 2%

Shareholders' Equity

 per Share (JPY/US$)    66.54   7,389.48     Up 4%    Up 10%

-------------------- --------- ---------- ---------- ---------

 

(1) "Income before income taxes" refers to "income before discontinued

    operations, extraordinary gain and income taxes" in the

    consolidated statements of income.

 

(2) U.S. dollar amounts have been calculated at JPY111.05 to $1.00,

    the approximate exchange rate prevailing at September 30, 2004.

    Unless otherwise stated, all amounts shown are in millions of

    Japanese yen or millions of U.S. dollars, except for per share

    data, which are in single yen or dollars.

 

 

 

Segment profits were up year on year for almost all segments. In particular, the "Corporate Financial Services" segment had higher segment profits thanks to the steady performance of the automobile leasing operations and the expansion of installment loans to corporate customers. The "Real Estate-Related Finance" segment was up due to the contribution from the operations encompassing housing loans and corporate loans, including non-recourse loans. The "Other" segment had higher segment profits due to the increase in gains on investment securities at our venture capital operations and contribution from equity in net income of affiliates.

 

Operating assets were up 1% to 4,921,378 million yen and total assets were up 2% to 5,724,771 million yen compared to March 31, 2004. Shareholders' equity increased 10% on March 31, 2004 to 619,249 million yen and the shareholders' equity ratio was 10.8% compared to 10.0% at March 31, 2004. ROE (annualized) rose from 12.0% to 14.4% and ROA (annualized) improved from 1.08% to 1.50% compared to the six months ending September 30, 2003.

 

                                                       Millions of Yen

 

                              Revenues       IBIT(1)      Net Income

-------------------------- -------------- -------------- -------------

Previous Forecast (A)            760,000        109,000        60,000

New Forecast (B)                 780,000        122,000        74,000

Change (B-A)                      20,000         13,000        14,000

Change (%)                           2.6           11.9          23.3

(Reference)

Fiscal 2004 results              719,132        101,360        54,020

-------------------------- -------------- -------------- -------------

 

(1) "IBIT" refers to "income before discontinued operations,

    extraordinary gain and income taxes" in the consolidated

    statements of income.

 

 

 

For details on the interim earnings announcement please access "Interim Results 2004/9" and "Analysis of Interim Results 2004/9" from ORIX's

web site at:

http://www.orix.co.jp/grp/ir_e/data/report/index.htm.

 

ORIX will also hold a conference call in English on Wednesday, October 27, 2004 at 9:30 PM (Tokyo)/8:30 AM (EST)/1:30 PM (London)/2:30 PM (Continent) to discuss the earnings announcement. For details on how to participate please access

http://www.orix.co.jp/grp/ir_e/ir_pdf/ 040930_ConfCallE.pdf.

 

About ORIX

 

ORIX Corporation (TSE:8591) (NYSE:IX) is an integrated financial services group based in Tokyo, Japan, providing innovative value-added products and services to both corporate and retail customers. With operations in 23 countries worldwide, ORIX's activities include leasing, corporate and consumer finance, real estate-related finance and development, life insurance, and investment banking. For more details, please visit our web site at: www.orix.co.jp/grp/index_e.htm.

 

[headlines]

### Press Release #######################

 

ORIX Names New VP in Vendor Financial Services Unit

 

Gresens comes to ORIX with over seventeen years experience in financial services. Gresens most recently held the position of Manager of Financial Solutions at McKesson Corporation. In addition, Gresens served as Chief Operating Officer for a strategic business unit of the CIT Group, Inc., where

he developed and implemented credit management processes and guidelines while overseeing all funding and portfolio management. He also held similar positions at GE Capital. Gresens earned a Bachelor's degree in Business Administration from Ashland University in Ohio.

 

As Vice President and Manager of Credit/Operations of EFG's Vendor Financial Services Gresens will be responsible for credit decisions, operations, and program development.

 

"We are excited to add to our organization someone of the caliber of Doug Gresens. Doug brings a wealth of industry experience to our organization that will enable EFG's Vendor group to expand and penetrate this market, and establish ORIX Financial Services as a significant participant in this business segment. The addition of Doug strengthens our commitment to serve the vendor market" says David West.

 

According to Connie Eimers, General Manager of EFG's Vendor Group, Doug's multi-faceted background brings unique talent that will allow the Vendor group to gain market share in an increasingly important business segment for ORIX Financial Services.

 

[headlines]

## Press Release #######################

 

 

American International Group, Inc. Announces Launch of New

Equipment Finance and Leasing Company

 

 

NEW YORK-----American International Group, Inc. (AIG) announced the formation and launch of AIG Commercial Equipment Finance, Inc. (AIG CEF), a new equipment finance and leasing company headquartered in Plano, Texas. AIG CEF, a member company of American International Group, Inc., will provide equipment lending and leasing services to mid-size and large commercial enterprises throughout the United States, Canada and other selected international markets.

 

 William G. Farrell, Jr. and David B. Fate will serve as President and Executive Vice President of AIG CEF, respectively. Both executives come to AIG CEF from Transamerica Equipment Financial Services, where Mr. Farrell served as President, overseeing all business segments, and Mr. Fate served as Executive Vice President in charge of all intermediary business ventures.

 

 "Bill and Dave bring extensive experience and credibility to AIG's entry into this business segment," said William N. Dooley, Senior Vice President - Financial Services, American International Group, Inc. "Leveraging the scale, scope and financial strength of AIG with the expertise of our new management team will allow AIG CEF to grow a successful business."

 

 For more information on AIG Commercial Equipment Finance, Inc.,

please contact

David B. Fate at

(972) 987-3702 /

dave.fate@aig.com or

Joseph F. Thompson at

(972) 987-3704 /

joe.thompson@aig.com.

 

 American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include retirement services, financial services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

 

American International Group, Inc. Andrew Silver, 212-770-3141

 

[headlines]

### Press Release ######################

 

 

CFNB Reports Drop in First Quarter Net Earnings

 

 

IRVINE, Calif.--(BUSINESS WIRE)----California First National Bancorp (NASDAQ:CFNB) ("CalFirst Bancorp") today announced net earnings of $1.6 million for the first quarter ended September 30, 2004, a 30% decline from $2.3 million earned during the first quarter of fiscal 2004. Diluted earnings per share for the first quarter decreased 33% to $0.14 per share, compared to $0.21 per share for the first quarter of the prior year. The difference between the 30% decrease in net earnings and the 33% decrease in diluted earning per share reflects the impact of a larger number of shares outstanding during

the period.

 

 For the first quarter ended September 30, 2004, net direct finance and interest income of $4.3 million was down 5% from $4.6 million reported during the first quarter of the prior year. This result reflected a decrease in direct finance income and higher interest expense paid on deposits, which was offset some by higher interest and investment income and no provision for lease losses. The lower direct finance income resulted from lower average yields earned on leases held in the Company's own portfolios, despite an increase in average balances. The increase in investment income is due to the improved yields earned on slightly lower investment balances. Investment income in the first quarter of 2004 had been negatively impacted by the volatility in short-term interest rates during that quarter. Other income decreased 16% to $3.1 million, compared to $3.7 million reported for the first quarter of fiscal 2004. This is due to lower gains earned from sales of leased property and lower income from lease extensions. As a result of the foregoing, gross profit of $7.5 million for the first quarter of fiscal 2005 decreased 10% from $8.3 million reported for the first quarter of the prior year.

 

 During the first quarter of fiscal 2004, CalFirst Bancorp's S,G&A expenses increased by 6% to $4.9 million, compared to $4.6 million reported for the first quarter of fiscal 2004. The increase is due to higher costs related to the development of the sales organization, expanded marketing programs and higher expense related to updating systems and facilities.

 

 Commenting on the results, Patrick E. Paddon, President and Chief Executive Officer, indicated that "Our first quarter results continue to bear the brunt of a smaller portfolio of assets reaching the end of term, while earnings recognition from new lease originations has dragged as the completion of transactions in process is stretched out. At September 30, 2004, property acquired for transactions in process was up 45% to $44.4 million. While the volume of lease originations approved during the first quarter was down from the volume approved during the fourth and first quarters of last year, CalFirst Bancorp finished the quarter with a backlog of approved but un-booked leases that was 20% higher than a year ago, and 8% ahead of the level at June 30, 2004. As these transactions are completed, we expect to see improved growth in direct finance income."

 

 California First National Bancorp is a bank holding company with leasing and bank operations based in Orange County, California. California First Leasing Corporation leases and finances computer networks and other high technology assets through a centralized marketing program designed to offer cost-effective leasing alternatives. California First National Bank is an FDIC-insured national bank that gathers deposits using telephone, the Internet, and direct mail from a centralized location, and will lease capital assets to businesses and organizations and provide business loans to fund the purchase of assets leased by third parties. CALIFORNIA FIRST NATIONAL BANCORP

 

 Consolidated Statement of Earnings

 

 (000's except per share data)

 

 Three Months Ended

 September 30,  2004 2003

 

Direct finance income $4,222 $4,630

Interest and investment income 273 93

Total direct finance and interest income 4,495 4,723

Interest expense on deposits 165 64

Provision for lease losses - 78

Net direct finance and interest income

 after provision for lease losses 4,330 4,581

 

Other income

Operating and sales-type lease income 1,026 1,173

Gain on sale of leases and leased property 1,963 2,332

 

Other fee income 131 225

 

 Total other income 3,120 3,730

Gross profit 7,450 8,311

 

Selling, general and administrative expenses 4,863 4,597

Earnings before income taxes 2,587 3,714

Income taxes 996 1,430

Net earnings $1,591 $2,284

Basic earnings per share $0.14 $0.21

Diluted earnings per share $0.14 $0.21

Weighted average common shares outstanding 11,046 10,934

Diluted number of common shares outstanding 11,269 11,072

 

 CALIFORNIA FIRST NATIONAL BANCORP

 

 Consolidated Balance Sheets

 

 (000's )

 

ASSETS September 30, June 30,  2004 2004

 

 (Unaudited) (Audited)

 

Cash and short term investments $64,380 $64,872

Marketable securities 3,968 3,957

Net receivables 4,869 1,464

Property for transactions in process 44,418 30,480

Net investment in capital leases 148,469 153,902

Other assets 2,278 2,329

Discounted lease rentals assigned to lenders 14,207 17,541

 $282,589 $274,545

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

Accounts payable $3,879 $1,624

Income taxes payable, including deferred taxes 18,049 17,567

Deposits 32,469 24,600

Other liabilities 9,578 9,364

Non-recourse debt 14,207 17,541

 Total liabilities 78,182 70,696

Stockholders' Equity 204,407 203,849

 $282,589 $274,545

 

 

California First National Bancorp S.

Leslie Jewett,

949-255-0500

ljewett@calfirstbancorp.com

[headlines]

### Press Release #######################

 

HF Financial (Mid America Leasing) Profits Up

 

SIOUX FALLS, S.D., all/ -- HF Financial Corp., the parent company for financial service companies, including Home Federal Bank, Mid America Capital Services, Inc. ("Mid America Leasing"), Hometown Insurors, Inc. and HF Financial Group, Inc., announced earnings  of $1.5 million for the three months ended September 30, 2004 compared to $1.3 million for the same period in the prior fiscal year. Curtis L. Hage, Chairman, President and CEO stated, "We are pleased with the quality asset growth we have achieved over the past year. Solid growth with sound underwriting has led to lower charges for loan losses while strengthening our earning asset capabilities."

 

Mr. Hage stated, "The national prime rate has increased since our June 30, 2004 fiscal year end. Although competition has been strong in pricing loans and deposits, we believe our balance sheet will perform better over the long term as interest rates increase compared to the low rate cycle we have experienced over the last few years."

 

Mr. Hage continued, "Our dividend increase demonstrates our continued commitment to our shareholders while providing retained earnings to achieve needed growth in our Company."

 

Net interest income increased $171,000, or 2.7%, for the three months ended September 30, 2004 as compared to the same period in the prior fiscal year. The Company's net interest margin was 3.30% for the three months ended September 30, 2004 as compared to 3.50% for the same period in the prior fiscal year.

 

The decrease in noninterest income of $612,000, or 21.8%, for the three months ended September 30, 2004 as compared to the same period in the prior fiscal year was primarily due to decreases in net gain on sale of loans of $420,000 due to fewer originations, loan servicing income of $47,000 and other noninterest income of $206,000 offset by an increase in fees on deposits of $48,000.

 

Noninterest expense decreased $403,000, or 6.0%, for the three months ended September 30, 2004 as compared to the same period in the prior fiscal year primarily due to decreases in compensation and employee benefits of $314,000, occupancy and equipment of $31,000 and other noninterest expense of $58,000. The primary factor for the decrease in compensation and employee benefits was a decrease of $213,000 in net healthcare costs, inclusive of health claims and administration fees offset by stop loss and employee reimbursement, to $381,000 for the three months ended September 30, 2004 compared to $594,000 for the three months ended September 30, 2003.

 

The Company had total assets of $857.2 million and stockholders' equity of $53.3 million at September 30, 2004. The Company is the largest publicly traded financial institution based in South Dakota, with 34 offices, which includes a location in Marshall, Minnesota. Internet banking is also

available at

http://www.homefederal.com.

 

[headlines]

### Press Release ######################

 

Experian Selects Cyence to Provide Credit Services Solution for

Online Business Information Reports

 

Built into the Microsoft® Office 2003TM suite, Cyence Credit Services function enables small- and mid-size businesses to access Experian reports with one quick click

 

 

ST. PETERSBURG, FLORIDA, ---Experian, a global information solutions company, has partnered with Cyence International, a leading provider of financial collaboration software, to deliver instant credit and business information for its new online business information reports.  The reports summarize critical credit and public record information on more than 15 million businesses and are for any consumer or business in need of relevant business and credit data. 

 

Using Cyence’s Credit Services developed specifically for Microsoft® Office 2003TM, any consumer, credit manager, or business decision maker can access Experian’s business credit information securely and seamlessly.  The Credit Services function enables business and credit data and reports to be delivered to the desktop in seconds.  Users simply right-click on a company name and select ‘Look up’ from the menu on the Research pane.

 

“Leveraging Cyence and Microsoft technology, Experian’s small to mid-size business clients now have an easy and economical way to obtain current business and financial information on prospective business partners,” says Mark Zablan, president of Experian’s Business Information Solutions group.  “Our clients can now buy basic or detailed business reports at a value-driven price, determine creditworthiness, and make better business decisions quickly on-line and without leaving Microsoft Office 2003.”

 

 “Our continued relationship with Experian adds considerable value to our suite of client solutions and significantly enhances our position in the global market,” says Cyence COO Greg McIntosh.  “Their agility in capturing the small- to mid-business market share is closely aligned with our business strategy in serving this market.”

 

As a Microsoft® Gold Certified Partner for several years running, Cyence has access to a wide diversity of technical resources within Microsoft’s Software Development Network.  Awarded Microsoft’s 2002 .NET Innovation Award, Cyence is a .NET logo certified partner.

 

 

About Cyence International Inc.:

 

Cyence International Inc. is a leading provider of Web Services software solutions for the world's banking, manufacturing, and equipment finance markets. Its software solutions, ExpressOS™ and ExpressCS™, imbed industry best practices and enable real-time, online collaboration in the end-to-end finance process.

 

From Origination to Credit Adjudication, Document Management to Auditing, Funding, and Booking, the Cyence solution has everything needed to streamline financial transactions and achieve operational excellence. For more information, visit www.cyence.com.

 

About Experian:

 

Experian is a global leader in providing information solutions to organizations and consumers. It helps organizations find, develop and manage profitable customer relationships by providing information, decision-making solutions and processing services. It empowers consumers to understand, manage and protect their personal information and assets. Experian works with more than 40,000 clients across diverse industries, including financial services, telecommunications, health care, insurance, retail and catalog, automotive, manufacturing, leisure, utilities, property, e-commerce and government. Experian is a subsidiary of GUS plc and has headquarters in Nottingham, UK, and Costa Mesa, California. Its 13,000 people support clients in more than 60 countries. Annual sales exceed $2.3 billion.