TEMECULA, Calif.--(BUSINESS
WIRE)--Mission Oaks National Bank was among the best performing new
banks in California over the past six years, according to The Findley
Reports Inc., an Anaheim-based banking industry analyst and consulting
firm.
The Temecula-based bank,
the principal subsidiary of Mission Oaks Bancorp, outperformed 70 other
California banks when it came to return on average assets, a key measure
of a bank's financial performance.
Annualized return on average
assets (ROA), a ratio of profit to assets, reached 1.7 percent as of
Sept. 30, 2006, better than the other five banks that opened their doors
in 2000 and better than every other new bank in California in the past
six years except one that matched Mission Oaks' performance.
Findley also noted that Mission
Oaks annualized return on average shareholders' equity (ROE) of 14.4
percent was among the best reported by top-performing banks included
in the study.
In April 2006, Findley named
Mission Oaks a Super Premier Performing Bank for the third year in a
row. Super Premier is the highest rating a bank can receive from Findley.
It is based on growth, income, loan quality and return on equity in
2005 among other criteria.
Mission Oaks Bancorp said
it earned a record $1.8 million, or 45 cents a share, in the first three
quarters of 2006, up from the $1.38 million, or 35 cents a share, posted
in the same period a year ago.
Mission Oaks National Bank
is a federally chartered community bank with assets of more than $175
million 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.
