MOKB: Finra deleted symbol. Merged with AltaPacific Bancorp(ABNK); Mission Oaks Bancorp (MOKB) shareholders will receive $0.30/share

http://www.otcbb.com/asp/dailylist_detail.asp?d=05/05/2014&mkt_ctg=NON-OTCBB

The bid is a penny over the buy out price today . . .

Neutral.

TBV is now 0.0

AltaPacific paid a thirty cent per share premium.

Either the bank is insolvent, or it is not insolvent. So which is it?

McAdams, Wright & Ragen Inc. is a market maker for nearly every bank in Calif with the exception of MOKB and just a few others. I have their work-up sheet on every bank in the country but it includes MOKB. I have found their DD to be very reliable..they show TBV to be -.02 on 9/30/2013.

You show equity at $9.488MM and the OS count is 10.7MM shares which would give you a BV of .88.

There was a reason the acquirer didn't offer BV and MOKB accepted the offer at .30.

You have to ask yourself why the acquiring bank would offer .30 and MOKB would accept it.

There is a huge disconnect between Tangible Book Value and Book Value. There is something out there we can't see.

This is probably what EI was focusing in on. I would bet on it.

Make sense?

What negative equity? The company has 95 million in assets and 85 million in liabilities, leaving equity at about 10 million.

Also, tier 1 capital ratio is 9.37%, which is in compliance with their Consent Order.

https://cdr.ffiec.gov/Public/ViewFacsimileDirect.aspx?ds=call&idType=fdiccert&id=57021&date=12312013

Shareholders should consider themselves lucky.

With negative equity account, the FDIC could have shown up any given Friday.

Do any other shareholders think $0.30 is inadequate? I say vote no to this deal.

AltaPacific Bancorp and Mission Oaks Bancorp Sign Definitive Agreement to Merge









Print


Alert





Mission Oaks Bancorp (QB) (USOTC:MOKB)
Intraday Stock Chart

Today : Friday 31 January 2014


AltaPacific Bancorp (OTCBB: ABNK), the parent company of AltaPacific Bank, and Mission Oaks Bancorp (OTCBB: MOKB), the parent company of Mission Oaks National Bank, announced the signing of a definitive agreement to merge. Under the terms of the agreement AltaPacific Bancorp will acquire Mission Oaks Bancorp for $0.30 per share in an all-cash transaction valued at approximately $3.5 million. The operations of Mission Oaks National Bank will be combined into AltaPacific Bank. Completion of the merger is subject to regulatory and Mission Oaks Bancorp’s shareholders’ approval as well as other customary closing conditions, and the amount of cash consideration per share is subject to potential adjustment.

New press release about FY 2013 and 4th quarter.

Selected highlights for the full year ended December 31, 2013:

- Mission Oaks earned $55,000 in 2013, up from a loss of ($3.7 million) in 2012
- Total classified assets fell from $14.5 million to $12.6 million
- Net loan charge offs fell from $1.9 million to $463,000
- The company had no OREO at year end
- Interest rate margin increased from an average of 4.09 percent in 2012 to 4.14 percent in 2013 while most banks reported declines

http://www.missionoaksbank.com/site/press_releases.html#Jan2114

MOKB performed much better in 2012 from those dark days in 2008/9/10....but the recovery momentum we saw in 2012 waned in 2013... especially in the 2nd half.

Tangible Book Value was a negative -.02 as of Sept. 30, 2013.

Marker:

Mission Oaks Bancorp (MOKB)
0.15 down -0.14 (-48.28%)
Volume: 60,000

What's with the recent selloff? Investors just locking in loses for the IRS 2013?

Q3 results, sounds like some progress here and a break-even quarter.

http://www.missionoaksbank.com/site/press_releases.html

Why is the spread almost 100%? The market maker has had the ask price at 60 cents since last week, but never raised the bid from about 35 cents.

In other news, MONB just created their official Facebook presence: https://www.facebook.com/pages/Mission-Oaks-National-Bank/261792417298804?fref=ts
Maybe help them out on the social media front?

I hear you...trust me...it seems a hollow victory... however one feeds the other and it does indicate critically needed progress on the npa front. Earnings are sure to follow an improved asset quality.

I just worry that their profitability comes from reduced loan loss provisions, and not sustainable earnings.

Yet the bid price remains at .35 or so. The market maker seems to be increasing his spread to 30-40 cents!

Nothing I know of Pagz.

Slowly but surely these unloved, under-appreciated and unknown banks get discovered ...and when they do pops like this will come out of the blue.

I can't buy all the ones we have identified as excellent opportunities... and it drives me nuts!

Small banks are the best secret on Wall St.!

What is with the buying today? I didn't see any releases or new reports. I kept putting off buying any in the $.30's and missed a double. Ugh.

No. It has some problems with cap ratios but overall it fits in with 50% of the small banks in the country. Regulators appear to be working with them as they gain strength each qtr.

They don't owe TARP...they've gotten rid of most of their troubled assets and they're finally profitable again.. so all in all its a decent bank and it's selling for under bv.

Long term play.

Mission Oaks National Bank
[[print]]
RSSD ID 2961703 | CERTIFICATE 57021 | ABA NUMBER 122243169
41530 Enterprise Circle South, Suite 100 Quarter Ended : 2013-03-31
Temecula, California, 92590 Updated : 2013-04-24
www.missionaoksbank.com
Holding Company (RSSDID 3354629) : Mission Oaks Bancorp

Institution Profile
Year Opened : 2000 Institution Type : Commercial bank
Entity Type : Federal Federal Regulator : OCC
Member Federal Reserve : Yes S-Corp : No
Fiduciary Powers : No Powers Exercised : No
Specialization : Commercial Lending Specialization
Statistical Area (MSA) : Riverside-San Bernardino, CA
Interstate Branches : No Foreign Offices : No
Number of Offices : 2 Number of Employees : 29

Financial Reports
RC - Balance Sheet Report
RI - Income Statement Report
:· All Financial Reports ...

Financial Fast Facts
Balance Sheet
(USD, in thousands)
Income Statement
(USD, in thousands, ytd)
Total Assets 104,871
Total Interest Income 1,125
Total Liabilities 95,246
Total NonInterest Income 118
Total Bank Equity Capital 9,625
Total Interest Expense 90
Total Deposits 94,579
Total NonInterest Expense 1,293
Net Loans & Leases 70,682
Net Income 259
Loan Loss Allowance 2,892
Net Charge Offs 159



Regulatory Capital
Quarterly Averages
(USD, in thousands)
Total risk based capital 10,324
Total loans 74,223
Total assets for leverage capital purposes 102,409
Loans secured by real estate: 63,277
Tier 1 Leverage Ratio 9.15
Commercial and industrial loans 10,136
Tier 1 Risk-based Capital Ratio 12.63
Loans to individuals - Credit Cards 0
Total Risk-based Capital Ratio 13.91
Loans to individuals - Other 810

Is Mission Oaks Bancorp a Zombie Bank?

Let's take a look at what we have here:

http://www.missionoaksbank.com/site/press_releases.html#top

First Quarter 2013 Earnings Report
Temecula, California (April 17, 2013) - Mission Oaks Bancorp Announces Results for First Quarter of 2013.

Selected highlights at March 31, 2013:

Mission Oaks earned $220,000 for the first quarter, its most profitable quarter since 2008.

Classified assets continued to fall, and at $13.5 million were at their lowest level in five years.

Loan charge offs continued to decline with only $158,000 in net quarterly charge offs.

Other Real Estate Owned (OREO) was reduced to one property valued at $75,000.

The Company’s cost of funds dropped to 0.39 percent, down from 0.73 percent in the same period last year, and the average interest margin rose to 4.18 percent from 3.67 percent.

Mission Oaks Bancorp, the parent company of Mission Oaks National Bank, announced unaudited results for the first quarter of 2013. The Company reported a net profit of $220,000, or $0.02 per share, for the quarter that ended March 31, 2013. This compares to a profit of $23,000 in the prior quarter, and a loss of $1.6 million in the same quarter in 2012.

One major factor leading to the earnings turnaround from 2012 was a $400,000 negative loan loss provision taken in 2013. In the first quarter of 2012, the Company added $668,000 to its Allowance for Loan Losses (ALLL). The negative provision in 2013 reflects improvements in the quality of subsidiary bank’s loan portfolio and a dramatic slowdown in loan charge offs in recent quarters. In the first quarter of this year, net charge offs were $158,000 as compared to $1.1 million in the same period last year. For the last three calendar quarters, net recoveries actually exceeded charge offs by $11,000.

Even after taking the negative provision, at March 31, 2013, the bank’s Allowance for Loan Losses (ALLL) stood at$2.9 million, or 3.93% of gross loans, more than twice the average for California financial institutions.

Mission Oaks’ CEO Gary Deems pointed to improved asset quality and operating expense reductions as the primary contributors to the Company’s improved profitability. “Since March 31, 2012, we have reduced our nonperforming assets from $13.5 million to $5.3 million. This decline has allowed us to reduce operating expenses in a number of areas. Legal fees are down 47 percent from the first quarter of last year, and OREO related expenses declined 70 percent. We also closed our underperforming branch in Lake Elsinore in April 2012, and that contributed to a decline in the bank’s salary and benefit expenses of 24 percent and a decrease in occupancy and FFE costs of 29 percent,” stated Deems.

At March 31, 2013, Mission Oaks reported deposits of $94.6 million, gross loans of $73.6 million, and total assets of $105.2 million. These totals are up 2.2 percent, down 2.4 percent and up 2.1 percent, respectively, from the end of 2012.

“Our primary focus is on sustaining our profitability and slowly regrowing the Company,” continued Deems. “The bank and the community have had a tough few years and we’re pleased to see that our Company and our customers are doing a little better, and that loan demand is finally starting to pick up.”

For more information, please contact Gary Deems, President/ CEO, at (951) 506-8891.

About Mission Oaks Bancorp
Mission Oaks Bancorp’s only subsidiary is Mission Oaks National Bank, a federally chartered bank that opened in 2000 and currently operates branches in Temecula and Fallbrook, CA. Mission Oaks Bancorp’s common stock is traded over the counter under the stock symbol MOKB.OB.

About Mission Oaks National Bank
Mission Oaks National Bank offers banking with a personal touch. They are locally owned and operated, which allows them to quickly and efficiently make decisions to fit local needs and the local economy. Whatever you need, Mission Oaks can design a financial plan to help you reach your goals.

Chevy, my previous post can't be right.

http://www.missionoaksbank.com/site/press_releases.html#Jan1713

I think it should be 4.9 MM shares outstanding * $.30 / $9.2 MM or about 16% BV actually.

Sorry about that, not enough coffee this morning.

Looking at the FDIC call report from Q3 it appears they have $9.2 MM in BV, at today's trading MOKB would be only .35X that. If this is correct and they are turning the corner to profitably, another one to add to the old watch list. Thanks.

-Pagz

Mission Oaks Bancorp, Temecula, Calif.

Ticker: MOKB

http://banktracker.investigativereportingworkshop.org/banks/california/temecula/mission-oaks-national-bank/

MOKB did not receive TARP money.

Temecula, CA- Mission Oaks Bancorp, whose subsidiary is Mission Oaks National Bank (MONB), announced unaudited results for the fourth quarter and full year of 2012.

The Company reported a net profit of $23,000, or $0.002 per share, for the quarter that ended December 31, 2012. This compares to a loss of $993,000, or $0.09 per share in the same quarter of the previous year. This was the company’s first profitable quarter since 2008.

===========

Although a very small bank and still moderately under-capitalized (under a Consent Order)...it does seem to be turning the corner.

http://www.missionoaksbank.com/site/press_releases.html

*PPS as of 1/21/2013 .30