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10 TARP Banks with Big Returns

Stocks in this article: C BAC FITB RF STI NBN NHTB ALNC OZRK WBCO COSB LION EGBN GSBC TBBK CUNB

5. California Oaks State Bank

Company Profile

Shares of California Oaks State Bank (COSB) of Thousand Oaks closed at $11.20 Tuesday, rising 54% since TARP began, although they were up 93% year-to-date, as the bank's board of directors agreed in August to sell the institution to California United Bank (CUNB) of Encino for $17.3 million in cash and stock, which was slightly more than California Oaks State Bank's book value.

Shareholders of both banks approved the deal on December 9 after receiving regulatory approval in November. The deal is expected to close by the end of the year.

Income Statement

California Oaks State Bank lost $149 thousand during the third quarter, with high noninterest expenses keeping the institution from turning a profit. The bank's third-quarter net interest margin was a healthy 4.52% according to SNL Financial, increasing from 4.28% a year earlier.

Balance Sheet

California Oaks is by far the smallest institution among this group of 10 banks, with total assets of$137 million as of September 30. The NPA ratio was 1.96% and the third-quarter net charge-off ratio was 0.59%.

The bank exited TARP on December 8, repaying the U.S. Treasury $3.3 million, and was well-capitalized, with a Tier 1 leverage ratio of 12.08% and a total risk-based capital ratio of 17.04% as of September 30.

Stock Ratios

The shares trade for 1.3 times tangible book value according to SNL Financial.

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