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| Release Date: November 9, 2006 |
| Aircraft Lending Takes Off at Mission Oaks |
TEMECULA, Calif. - Mission Oaks National Bank has long been the preferred choice for those looking for loans to purchase real estate, start a business or finance an expansion.
Now it hopes to become the lender of choice for pilots shopping for airplanes.
Mission Oaks has created an aircraft lending department and hired veteran aviation lender Juan Alonzo III to manage it.
"Mission Oaks sees opportunity in a growing market and has found the right person to do it," said Gary Votapka, Mission Oaks president and chief executive. "Juan is well known and respected by aircraft dealers and owners."
Alonzo has specialized in aircraft finance for the last two decades. He started the aircraft lending deaprtment at Riverside National Bank in the mid-1980s and most recently was vice president and aircraft department manager at Community National Bank. There he oversaw a loan porfolio of about $32 million. He also made aircraft loans while working at First Pacific National Bank.
Alonzo will service customers in California and the western United States from New Mexico to Washington from the bank’s Business Center in Ontario, not far from his home in Fontana.
Over the last several years the market for non-commercial airline and non-military aircraft has experienced healthy growth.
The General Aviation Manufacturers Association, a trade organization based in Washington, D.C., said worldwide shipments of piston-engine aircraft, which reached a 20-year peak in 2004, increased another 20.2 percent in 2005 to 2,465 new units. Turboprop airplane shipments went up 13.7 percent in 2005 to 365 new units, and business jets increased 26.9 percent in 2005 to 705 units.
Mission Oaks National Bank, principal subsidiary of Mission Oaks Bancorp, is a federally chartered community bank with assets of more than $160 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.
For more on Mission Oaks National Bank visit its Web site at missionoaksbank.com. |
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| Release Date: November 9, 2006 |
| Aircraft Lending Takes Off at Mission Oaks |
TEMECULA, Calif. - Mission Oaks National Bank has long been the preferred choice for those looking for loans to purchase real estate, start a business or finance an expansion.
Now it hopes to become the lender of choice for pilots shopping for airplanes.
Mission Oaks has created an aircraft lending department and hired veteran aviation lender Juan Alonzo III to manage it.
"Mission Oaks sees opportunity in a growing market and has found the right person to do it," said Gary Votapka, Mission Oaks president and chief executive. "Juan is well known and respected by aircraft dealers and owners."
Alonzo has specialized in aircraft finance for the last two decades. He started the aircraft lending deaprtment at Riverside National Bank in the mid-1980s and most recently was vice president and aircraft department manager at Community National Bank. There he oversaw a loan porfolio of about $32 million. He also made aircraft loans while working at First Pacific National Bank.
Alonzo will service customers in California and the western United States from New Mexico to Washington from the bank’s Business Center in Ontario, not far from his home in Fontana.
Over the last several years the market for non-commercial airline and non-military aircraft has experienced healthy growth.
The General Aviation Manufacturers Association, a trade organization based in Washington, D.C., said worldwide shipments of piston-engine aircraft, which reached a 20-year peak in 2004, increased another 20.2 percent in 2005 to 2,465 new units. Turboprop airplane shipments went up 13.7 percent in 2005 to 365 new units, and business jets increased 26.9 percent in 2005 to 705 units.
Mission Oaks National Bank, principal subsidiary of Mission Oaks Bancorp, is a federally chartered community bank with assets of more than $160 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.
For more on Mission Oaks National Bank visit its Web site at missionoaksbank.com. |
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| Release Date: July 12, 2006 |
| Strong Loan Growth Propels Profitability at Mission Oaks Bancorp |
TEMECULA, Calif., -- Mission Oaks Bancorp (OTC BB: MOKB.OB - News) reported record earnings and asset growth in the second quarter ended June 30 and for the first six months of 2006.
Mission Oaks Bancorp, whose principal subsidiary is Temecula-based Mission Oaks National Bank, said it earned $475,000, or 12 cents a share, in the second quarter of 2006, up from $410,000, or 11 cents a share, posted a year earlier. Per share amounts were adjusted to account for a two-for-one stock split that was effective Sept. 1, 2005.
"We continue to experience strong demand for loans and our personalized services," said Gary Votapka, Mission Oaks Bancorp president and chief executive. "Adding loan officers at branches in Temecula and our Business Center in Ontario and increased lending limits contributed to the positive results."
In the first six months of 2006, Mission Oaks earned a record $1.3 million, or 32 cents a share, compared with $830,000, or 22 cents a share, in the same period a year earlier.
Assets as of June 30, 2006 reached $158.7 million, up $25.3 million, or 19 percent, from the same period a year ago.
In the quarter, interest income reached $2.6 million, up from $2 million a year earlier. Net loans finished the quarter at $103.4, up $16.5, or 19 percent, from the same period a year ago.
Total deposits increased by $4.5 million, or 3.9 percent, to $120.3 million in the first six months of 2006.
In the first half of 2006, annualized return on average assets (ROA), a ratio of profit to assets, reached 1.74 percent. A year ago, it stood at 1.37 percent. Annualized return on average shareholders’ equity (ROE), a ratio of profit to equity, was 17.23 percent for the six months ended June 30, 2006, up from 13.99 percent a year earlier.
More than 750 similarly sized U.S. banks reported an average ROA and ROE of 1.13 percent and 12.07 percent, respectively, according to a Federal Deposit Insurance Corp. survey as of December 31, 2005.
In the second quarter, Mission Oaks Bancorp completed a private issuance of $7.5 million in trust preferred securities. Net proceeds from the transaction will be used for general corporate purposes, including support for continued growth of the bank.
The additional capital increases Mission Oaks lending limit to $3.4 million and ensures it remains a well-capitalized institution as assets grow beyond $150 million.
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 missionoaksbank.com. |
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| Release Date: May 24, 2006 |
| Mission Oaks Increases Capital with Trust Preferred Offering |
TEMECULA, Calif. -- Mission Oaks Bancorp (OTC BB: MOKB.OB - News) announced that it completed a private issuance of $7.5 million in trust preferred securities as part of a pooled securitization transaction with several other financial institutions.
Mission Oaks Bancorp, whose principal subsidiary is Temecula-based Mission Oaks National Bank, intends to use the net proceeds from the transaction for general corporate purposes, including support for continued growth of the bank.
The additional capital increases Mission Oaks lending limit to $3.4 million and ensures it remains a well-capitalized institution as assets grow beyond $150 million.
"With this very cost-effective infusion of capital, the bank will be able to grow to well over $200 million in assets," said Gary Votapka, president and chief executive officer of the bank. "This is one of the reasons why we created a bank holding company last fall."
In September 2005, Mission Oaks created Mission Oaks Bancorp, a bank holding company that makes it easier to raise additional capital, repurchase stock, borrow money, acquire other banks and non-bank entities and issue stock.
With an effective after-tax cost of capital of less than 4 percent, the preferred trust transaction gives Mission Oaks access to inexpensive capital. Over the last five years Mission Oaks has raised more than $22.5 million to support its growth.
The trust preferred securities will bear interest at a fixed rate of 7.15 percent until June 15, 2011 and a floating interest rate thereafter of three-month LIBOR plus 1.65 percent. The floating interest rate resets quarterly once it commences in 2011. The securities will mature on June 15, 2036. The trust preferred securities were issued through a newly formed trust, Mission Oaks Statutory Trust I.
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 missionoaksbank.com. |
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| Release Date: January 20, 2006 |
| Mission Oaks Bancorp Earns $2 Million; Assets Surpass $150 Million |
TEMECULA, Calif. -- Mission Oaks Bancorp (OTCBB:MOKB), which has offered personalized banking services to customers in Inland Southern California since 2000, reported record results in 2005 as assets surpassed the $150 million mark.
Mission Oaks Bancorp, whose principal subsidiary is Temecula-based Mission Oaks National Bank, said it earned a record $2 million, or 52 cents a share, in 2005, up from the $1.6 million, or 42 cents a share, posted a year earlier. Per share amounts were adjusted to account for a two-for-one stock split that was effective Sept. 1, 2005.
Assets at year-end reached an all-time high of $151.2 million, an increase of $35.5 million, or 30.7 percent, from a year ago.
"Overall it was a very gratifying year for us," said Gary Votapka, Mission Oaks Bancorp president and chief executive. "Not only did we post record earnings, but did it while we added a third branch, formed a bank holding company and paid out a 2-for-1 stock split to our shareholders."
The bank’s efficiency ratio - a comparison of operating expenses and income - fell to 60 percent at year-end. The ratio measures how efficiently the bank manages expenses and enhances profitability. The lower the number, the greater the efficiency. A year earlier Mission Oak’s efficiency ratio stood at 62 percent.
During the year Mission Oaks National Bank became a wholly owned subsidiary of Mission Oaks Bancorp. The bank holding company structure makes it easier for Mission Oaks to raise additional capital, repurchase its own stock, borrow money, acquire other banks and non-bank entities and issue stock.
For the year, interest income reached a record $8.4 million, up from $5.7 million a year earlier. Net loans increased nearly $10 million, or 12.1 percent, to a record $91.9 million. Total deposits increased by $36.4 million, or 37.86 percent, to a record $132.5 million.
Annualized return on average assets (ROA), a ratio of profit to assets, reached 1.51 percent at yearend. Annualized return on average shareholders’ equity (ROE), a ratio of profit to equity, was 16.21 percent for the 12 months ended Dec. 31, 2005, up from 15.37 percent a year earlier.
More than 750 similarly sized U.S. banks reported an average ROA and ROE of 1.14 percent and 12.23 percent, respectively, according to a Federal Deposit Insurance Corp. survey as of September 30, 2005.
In the fourth quarter of 2005, Mission Oaks Bancorp earned $637,000, or 16 cents a share, compared with earnings of $589,000, or 15 cents a share, reported in the same period a year ago.
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 missionoaksbank.com.
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