5. California Oaks State Bank
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.