SOURCE: Community Bank of San Joaquin

March 21, 2006 08:00 ET

Strong Fourth Quarter and 2005 Results Reported by Community Bank of San Joaquin

STOCKTON, CA -- (MARKET WIRE) -- March 21, 2006 -- Bank On It, Inc. (OTC BB: BKOT), parent company of Community Bank of San Joaquin, reported earnings of $1.3 million or $1.06 per share for the year ended December 31, 2005, up 41% from $915,000 or $0.76 per share reported during the prior year. Return on assets for 2005 totaled 1.08% and return on equity was 10.39%.

Earnings for the fourth quarter of 2005 totaled $420,000 -- up 140% from earnings reported in the third quarter of 2005. Earnings for the fourth quarter were also up by 42% from the same quarter in 2004. The Company's return on assets for the fourth quarter of 2005 totaled 1.38% and return on equity was 12.92%.

Bank On It, Inc. reported total assets of $120 million at December 31, 2005, up $6 million from the prior year, representing a 5% increase.

"We are pleased with our results and the significant increase from the prior year," stated Jane Butterfield, President and Chief Executive Officer. "We are now taking steps to execute our strategic plan, which calls for expansion into new markets and offering new services."

Other Financial Highlights

--  The efficiency ratio was 56.44% for 2005, compared with 63.29% for
    2004 -- a significant improvement.
--  Bank interest rate margin increased to 5.01% for 2005, compared
    with 4.15% for 2004.
    
About Community Bank of San Joaquin

Community Bank of San Joaquin, located at 22 West Yokuts Avenue, Stockton opened in late 1999. Locally owned and locally managed, Community Bank is truly a "full service bank" -- specializing in banking for small businesses. It offers a variety of business and personal banking services, including commercial lending, cash management, and trust and investment services. Rudy Croce, Chairman of the Board, and Jane Butterfield, CEO and President, lead the Bank. For more information please call 209-956-7000 or visit www.cbsjbank.com.

Forward-Looking Statements

This press release may contain forward-looking statements about the Company within the meaning of the United States Private Securities Litigations Reform Act of 1995. Broadly speaking, forward-looking statements include forecasts of future financial results and condition, expectations for future operations and business, and any assumptions underlying those forecasts and expectations. They can be identified by phrases such as the Company or its management "believes," "expects," "anticipates," "foresees" or other words of similar import. The reader of this press release should not unduly rely on forward-looking statements. Actual outcomes and results might differ significantly from forecasts and expectations.

Contact Information

  • Media and Investor Contact:
    Jane Butterfield
    Community Bank of San Joaquin
    (209) 955-8712
    Email Contact