California Oaks posts increase in net income

California Oaks State Bank reported fourth quarter earnings of $511,700 or 35 cents per share for fourth quarter 2006, which is down 15 percent when compared to $600,100 or 41 cents per share in the fourth quarter 2005. The 2006 net income of $1.6 million was up 44.7 percent from the $1.1 million for all of last year.

"We had a very good fourth quarter which resulted in an outstanding year. The continued strong earnings and solid loan growth along with good expense controls produced such a terrific year," said Cole Minnick, president and CEO. "Total assets for the year were up 18 percent as compared to the year end 2005. Net loans for 2006 were up 17 percent as our loan demand continues to be quite strong," Minnick said.

California Oaks State Bank with total assets of $114 million was founded in 1998 and is a locally owned community bank, with offices in Thousand Oaks and Simi Valley.