Mission Oaks Bancorp (fka MOKB)

[vpagano]

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

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.

$220K / .02 = 11 MM S/O

One major factor leading to the earnings turnaround from 2012 was a $400,000 negative loan loss provision taken in 2013.

So positive earnings all due to the negative loan loss provision. What could normalized earnings be with continued improvement?

Equity appears to be at $9.625 MM / 11 MM s/o = BV of $.875

At current market value of $.35 that's trading at 40% of BV.