(PRWEB) November 02, 2011 -- Mission Oaks Bancorp, Inc. (OTC BB: MOKB.OB - News), whose principal subsidiary is Mission Oaks National Bank, announced unaudited financial results for the quarter ended September 30, 2011.
For the quarter the company reported a net loss of $740,000, or $0.07 per share, compared to net loss of $1,160,000, or $0.12 per share, for the quarter ended September 30, 2010. The decrease in the level of losses between periods is primarily attributed to lower provisions to the company’s allowance for loan losses and costs related to foreclosed real estate.
Provisions to the allowance for loan losses for the quarter ended September 30, 2011 totaled $303,000, compared to $505,000 for the quarter ended September 30, 2010. Expenses related to foreclosed real estate for the quarter ended September 30, 2011 totaled $453,000, compared to expenses relating to foreclosed real estate of $640,000 for the quarter ended September 30, 2010.
In the first nine months of 2011, the company reported a net loss of $2,442,000, or $0.23 per share, compared with $5,040,000, or $0.83 per share, in the corresponding 2010 period.
The bank’s Tier One Leverage ratio was 9.15 percent and the Total Risk Based Capital ratio was 13.78 percent as of September 30, 2011.
“The local economy continues to rock along the bottom. Many of our borrowers have struggled, and we have had to deal with the results,” said Gary Votapka, president and chief executive. “We are making progress in resolving problem assets but we still see others slip. But clearly we are making progress. Costs to hold and dispose of real estate can be expensive but eventually that will end.”
The company has been deliberately shrinking in recent years as a way to preserve its capital ratios. During the third quarter of 2011, total assets declined to $141.5 million, representing a decrease of $30.5 million, or 17.7 percent, from total assets of $172.0 million as of September 30, 2010.
Total deposits as of September 30, 2011 were $126.5 million, a 13.7 percent decline from total deposits of $146.6 million as of September 30, 2010. Non-interest bearing demand deposits totaled $27.6 million as of September 30, 2011, a decrease of 23.3 percent compared to $36.0 million of non-interest bearing demand deposits as of September 30, 2010. The company’s gross loan portfolio declined to $100.4 million at September 30, 2011, a 14.2 percent decrease from gross loans of $117.2 million as of September 30, 2010.
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, Lake Elsinore and Fallbrook
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
Certain statements in this press release, including statements regarding the anticipated development and expansion of Mission Oaks’ business, and the intent, belief or current expectations of Mission Oaks, 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 and by Mission Oaks with the Federal Reserve Board.
Mission Oaks National Bank
Gary Votapka, President and Chief Executive Officer
Keith Johnson, Executive Vice President