Temecula-based Mission Oaks National Bank (OTC: MKNB.OB, News) was ranked among California's most profitable community banks in two recent surveys, the company said Wednesday.
Findley Reports, an Anaheim-based banking industry consulting firm, reported that at the end of 2004 Mission Oaks was the second most profitable bank among the 48 California institutions that have opened since 2000.
With 2004 earnings of $1.6 million, or 83 cents a share, Mission Oaks was second to Interbusiness Bank in the City of Industry, which reported a profit of $2 million last year.
In a Wedbush Morgan Securities report on community banks across the United States, Mission Oaks ranked 12th among 136 California community banks with a return on assets of 1.39 percent, the company said. Wedbush makes a market in Mission Oaks common stock.
"We are pleased to be included in the company of such well-run banks," Mission Oaks President and Chief Executive Gary Votapka said. "To a large degree, the rankings reflect the hard work of our experienced staff and the dynamic markets we serve."
Mission Oaks' earnings were up 56.1 percent from $1 million a year ago. Assets in the 12-month period ending Dec. 31, 2004, grew 24.8 percent, or nearly $23 million, to $115.9 million, the company said.
Mission Oaks National Bank is a community-based, federally chartered bank with assets of more than $130 million. The bank offers services and products through two branch offices and loan production offices in San Diego and Phoenix, Ariz.
Mission Oaks plans to open a third branch in Ontario, Calif., this month.