TEMECULA, Calif.--(BUSINESS
WIRE)--Mission Oaks Bancorp (OTCBB:MOKB
- News), whose principal subsidiary is Temecula-based Mission Oaks National
Bank, said it earned $520,000, or 14 cents a share, in the third quarter
ended Sept. 30, 2007, compared with a profit of $542,000, or 13 cents
a share, posted in the same period a year ago. Year-ago results reflect
a 5 percent stock dividend.
During the third
quarter, Mission Oaks reported that loans grew 37.1 percent from the
same period a year ago to $160.9 million. At the same time, assets reached
$203.8 million, up 21 percent from the same period a year ago.
"It's been
a very challenging environment for community banks with short term interest
rates trending higher than long term rates, ongoing concerns about sub-prime
lending and a soft real estate market," said Gary Votapka, Mission
Oaks president and chief executive. "Despite pressure on net interest
margins, Mission Oaks Bank in the quarter posted favorable asset and
loan growth and stable earnings."
Votapka said Mission
Oaks has no sub-prime residential mortgage loans and asset quality remains
good.
Non-interest income
in the quarter slipped to $490,000 from $525,000 a year ago due to a
decline in mortgage originations and the sale of Small Business Administration-related
loans.
In the first nine
months of 2007, Mission Oaks reported earnings of $1.5 million, or 37
cents a share, compared with year-ago results of $1.8 million, or 43
cents a share.
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.
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.
