Locally owned community bank shows significant growth in second quarter

California Oaks State Bank posted second quarter pre-tax earnings of $342,000, or $.23 per share, for second quarter 2006, up 142 percent compared to earnings of $141,000 for the second quarter of 2005.

The 2006 first half net income of $527,000, or $0.36 per share, was up 173 percent from the $192,000 in the first six months of last year. "We had a very strong sec

ond quarter with continued excellent earnings and solid loan growth," said Cole Minnick, president and CEO.

"Total assets for the first six months were up 15 percent as compared to the same period a year ago," Minnick said.

"Loans outstanding over the same time frame were up 14 percent. Loan demand continues to be strong as we had record loan production in the first half," he said.

"Our total deposits increased 9 percent over the same period last year. Total capital stands at $12.8 million as of the end of the first six months," Minnick said.

California Oaks State Bank, with total assets of $107 million, was founded in 1998 and is a locally owned community bank, with offices in Thousand Oaks and Simi Valley.

It serves both consumer and business banking customers.