TEMECULA, Calif.--(BUSINESS
WIRE)--Mission Oaks Bancorp (OTCBB:MOKB - News) reported that strong
loan growth in the second quarter ended June 30, 2007, pushed assets
above $200 million for the first time in the banks 6-1/2-year history.
Mission Oaks Bancorp, whose
principal subsidiary is Temecula-based Mission Oaks National Bank, said
loans in the quarter reached $154.9 million, a 49.8 percent increase
from the same period a year ago.
Assets at quarter's end were
$203 million, a 27.9 increase from June 30, 2006.
Earnings in the second quarter
grew to $576,000, or 13 cents a share, up from $475,000, or 11 cents
a share, posted a year earlier. Per share amounts were adjusted to account
for a 5 percent stock dividend in January 2007.
To fund loan growth, the
bank increased its deposits by $34.8 million, or 29 percent, from the
same period a year earlier to $155.1 million.
"We are very pleased
that the bank was able to grow earnings in a tough interest-rate environment,"
said Keith Johnson, Mission Oaks executive vice president.
In the first six months of
2007, Mission Oaks earned $1 million, or 23 cents a share, compared
with $1.3 million, or 30 cents a share, a year ago.
Year ago results were positively
affected by the sale of $4 million in Small Business Administration
and SBA-related loans in the first quarter that resulted a one-time
contribution of $587,000 to non-interest income. Because of the dramatic
loan growth, Mission Oaks also increased up-front reserves for loan
losses.
Mission Oaks National Bank
is a federally chartered community bank that is committed to serving
consumers and businesses in Southern California. The bank offers personalized
services and products through three full-service branch offices in Temecula
and Ontario and loan production offices in San Diego and Phoenix.
Mission Oaks Bancorp common
stock is traded over the counter under the stock symbol MOKB.OB.
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.
