Mission Community Bancorp, “Bancorp” (OTCQB: MISS), parent company of Mission Community Bank, “Bank”, announced second quarter 2012 financial results.  Net income was $522,000 for the second quarter of 2012, with diluted earnings per share of $0.04, and the net loss for the first half of 2012 was ($309,000), with diluted loss per share of ($0.08).

At June 30, 2012, total assets were $459.0 million, compared to $457.8 million at March 31, 2012.  As of the end of the second quarter of 2012, loans outstanding were $223.6 million, compared to $226.0 million at March 31, 2012, and deposits totaled $408.6 million, compared to $405.3 million at March 31, 2012.  Shareholders’ equity at June 30, 2012 was $34.9 million.  Book value per share was $4.44 at June 30, 2012.

“Streamlined operations and effective management of the loan portfolio were key factors for a return to profitability for our bank,” said Tom L. Dobyns, Chief Executive Officer of Mission Community Bank.  “The acquisition of Santa Lucia Bank late last year, operationally integrated in the first quarter this year, allowed us to double in size, expand our market presence, consolidate some branch locations and achieve substantial cost savings in the process.”


Net interest income in the second quarter of 2012 totaled $4.7 million, an increase of 3.7% from the first quarter.  The net interest margin was 4.50% in the second quarter, compared to 4.33% in the first quarter of 2012.

Non-interest income in the second quarter of 2012 totaled $1,064,000, compared to $38,000 in the first quarter.  Second quarter non-interest expense totaled $5,049,000, down from $5,209,000 in the first quarter of 2012.


Gross loans totaled $223.6 million at June 30, 2012 and $226.0 million at March 31, 2012.   Non-performing loans totaled $7.3 million or 3.28% of the Bank’s loan portfolio in the second quarter, compared to $8.4 million or 3.74% in the first quarter of 2012.

Net charge-offs in the second quarter of 2012 totaled $6,000, compared to a net recovery of $11,000 in the first quarter.  The provision for loan losses totaled $225,000 in the second quarter, equal to the first quarter’s $225,000.  The allowance for loan losses of $3.8 million totaled 1.69% of loans at June 30, 2012, compared to $3.6 million and 1.58% of loans at March 31, 2012.


Deposits totaled $408.6 million in the second quarter of 2012, compared to $405.3 million in the first quarter.  Non-interest bearing deposits comprised 30.8% of total deposits at June 30, 2012, up from 28.0% at March 31, 2012.

“The Bank’s overall cost of funds was 0.26% for the second quarter, which reflects our active management of deposit costs, and a significant portion of the Bank’s deposits being non-interest bearing,” said Mark R. Ruh, Chief Financial Officer.

About Mission Community Bancorp and Bank

Mission Community Bancorp is a bank holding company for Mission Community Bank and Mission Asset Management, Inc. Mission Community Bank is a locally operated community bank which first opened its doors in 1997. There are full-service Mission Community Bank offices in San Luis Obispo, Atascadero, Santa Maria, Paso Robles and Arroyo Grande, and a loan production office in Oxnard. The bank’s administrative headquarters and Small Business Banking Center are located in San Luis Obispo at 3380 South Higuera Street.  For more information, visit www.MissionCommunityBank.com

Forward-Looking Statements

Certain matters discussed in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to uncertain future events and economic conditions. These forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: the impact of changes in interest rates, a decline in economic conditions and increased competition among financial service providers as these factors may impact the operating results, the ability to attract deposit and loan customers, the quality of earning assets and government regulation. The Bank does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements.