TEMECULA, Calif., April 18, 2005 (PRIMEZONE) -- Mission Oaks National Bank (OTCBB:MKNB) reported Monday that strong loan and deposit growth contributed to record results in the first quarter of 2005.
For the three months ended March 31, the Temecula-based community bank earned a record $419,000, or 22 cents a share, up 46.5 percent from the $286,000, or 15 cents a share, reported in the same period a year ago.
"Mission Oaks continues to benefit from a vibrant local economy and an emphasis on personalized service and local decision making," said Gary Votapka, Mission Oaks president and chief executive. "We've been particularly pleased with how well business customers have embraced Mission Oaks products and services."
Interest income in the quarter reached $1.8 million, up from $1.3 million in the same quarter a year earlier. Non-interest income reached $657,000, up 11.9 percent from $587,000 a year ago.
Assets in the 12-month period ended March 31, 2005, grew 26.9 percent, or nearly $25 million, to a record $121.5 million.
Net loans increased nearly $18 million, or 25.4 percent, to a record $88.7 million. Mission Oaks had no non-performing loans on the books. Total deposits increased by $19.7 million, or 23.2 percent, to a record $104.6 million.
Annualized return on average assets (ROA), a ratio of profit to assets, reached 1.42 percent, up from 1.25 percent a year ago. Annualized return on average shareholders' equity (ROE), a ratio of profit to equity, was 14.53 percent, up from 11.68 percent a year earlier.
More than 360 similarly sized U.S. banks reported an average ROA and ROE of 1.19 percent and 12.47 percent, respectively, according to a Federal Deposit Insurance Corp. survey as of December 31, 2004.
Mission Oaks National Bank is an award-winning, community-based, federally chartered bank that is committed to serving consumers and businesses in Southern California. The bank offers personalized services and products through two full-service branch offices and loan production offices in San Diego and Phoenix. Mission Oaks plans to open a third branch in Ontario this summer.
For more on Mission Oaks National Bank visit its Web site at www.missionoaksbank.com.
Safe Harbor
Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief or current expectations of the Bank, its directors or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the Bank's performance, regulatory matters and those discussed in filings by the Bank with the Office of the Comptroller of the Currency.
MISSION OAKS NATIONAL BANK
FIRST QUARTER REPORT / MARCH 31, 2005
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BALANCE SHEET
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(all amounts in whole dollars except share and per share information)
March 31, March 31, Increase Increase
2005 2004 (Decrease) (Decrease)
------------ ----------- ------------ ------------
ASSETS
Cash and due
from banks $ 2,852,000 $ 3,365,000 ($ 513,000) -15.2%
Due from
banks -- time 693,000 0 693,000
Federal funds sold 1,235,000 740,000 495,000 66.9%
Securities --
available
for sale 21,897,000 15,473,000 6,424,000 41.5%
Loans 89,848,000 71,610,000 18,238,000 25.5%
Less allowance for
loan losses (1,160,000) (901,000) (259,000) 28.7%
------------ ----------- ------------
Loans, net 88,688,000 70,709,000 17,979,000 25.4%
Bank premises and
equipment, net 486,000 610,000 (124,000) -20.3%
SBA -- Loan
servicing
asset/Interest
only strips 954,000 594,000 360,000 60.6%
Cash surrender of
life insurance 2,651,000 2,539,000 112,000
Other assets 2,070,000 1,698,000 372,000 21.9%
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$121,526,000 $95,728,000 $ 25,798,000 26.9%
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LIABILIITIES AND STOCKHOLDERS' EQUITY
Demand deposits $ 30,405,000 $22,420,000 $ 7,985,000 35.6%
Interest bearing
deposits 74,190,000 62,465,000 11,725,000 18.8%
Federal funds
purchased and
other borrowings 4,000,000 0 4,000,000
Other liabilities 1,110,000 790,000 320,000 40.5%
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Total liabilities 109,705,000 85,675,000 24,030,000 28.0%
Total
stockholders'
equity 11,821,000 10,053,000 1,768,000 17.6%
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$121,526,000 $95,728,000 $ 25,798,000 26.9%
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STATEMENT OF INCOME
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3 Mos ended 3 Mos ended
March 31, 2005 March 31, 2004
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Interest income $1,832,000 $1,259,000
Interest expense 330,000 203,000
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Net interest income 1,502,000 1,056,000
Provision for loan losses 110,000 60,000
Other income 657,000 587,000
Other expense 1,354,000 1,117,000
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Income before income taxes 695,000 466,000
Income taxes 276,000 180,000
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Net income $419,000 $286,000
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Average common shares outstanding 1,943,862 1,919,295
Basic income per share $0.22 $0.15
Return on average assets (annualized) 1.42% 1.25%
Return on average equity (annualized) 14.53% 11.68%
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SELECTED RATIOS
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March 31, 2005 March 31, 2004
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Leveraged capital ratio 10.02% 10.87%
Total risk based capital ratio 13.56% 14.49%
Allowance for loan losses as a
percent of total loans 1.28% 1.25%
Nonperforming assets as a percent
of total assets 0.00% 0.00%
Loan to deposit ratio 86.91% 85.22%