8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):             March 7, 2005

MISSION COMMUNITY BANCORP

(Exact name of Registrant as specified in its charter)

CALIFORNIA	333-12982	770559736
(State or other jurisdiction of incorporation)	(File Number)	(I.R.S. Employer Identification No.)

581 Higuera Street, San Luis Obispo, CA (Address of principal executive office) 93401 (Zip Code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02   Results of Operations and Financial Condition

On March 7, 2005, Mission Community Bancorp reported earnings results for year ending December 31, 2004.  Mission Community Bancorp reported full year 2004 net income of $1.492 million, or $1.84 per diluted share, as compared with $716 thousand, or $0.91 per diluted share for the same period in 2003, representing a 102% increase in earnings per share.  For the fourth quarter of 2004, MCB reported net income of $515 thousand, or $0.63 per diluted share, as compared with $375 thousand, or $0.47 per diluted share for 2003.

Mission Community Bancorp’s total assets were $139 million as of December 31, 2004, a 23% increase over the prior year of $113 million.  Outstanding loans totaled $103 million, a $25 million, or 31%, net increase over the prior year-end.  Deposits increased $16 million, or 17%, over the same year to $113 million at the end of 2004.

Item 9.01.  Financial Statement and Exhibits

(a)                Financial statements of businesses required

                    None

(b)               Pro forma financial information

                    None

(c)                Exhibits

                    99.1   Press Release dated March 7, 2005

Forward Looking Statements

This Form 8-K includes forward-looking information, which is subject to the “safe harbor” created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act and the Private Securities Litigation Reform Act of 1995.  When the Company uses or incorporates by reference in this Current Report on Form 8-K the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “commit,” “believe” and similar expressions, the Company intends to identify forward-looking statements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 7, 2005 MISSION COMMUNITY BANCORP

By:	/s/ ANITA M. ROBINSON
	Anita M. Robinson President and Chief Executive Officer

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EX-99.1

Exhibit 99.1

PRESS RELEASE

San Luis Obispo, California

March 7, 2005

Contact:  Ronald Pigeon, Chief Financial Officer (805) 269-0012

MISSION COMMUNITY BANCORP REPORTS 2004 RESULTS

SAN LUIS OBISPO, CA — March 7, 2005 — Mission Community Bancorp (“MCB”) (OTCBB: MISS), today reported full year 2004 net income of $1.492 million, or $1.84 per diluted share, as compared with $716 thousand, or $0.91 per diluted share, for the same period in 2003—a 102% increase in earnings per share.  For the fourth quarter of 2004, MCB reported net income of $515 thousand, or $0.63 per diluted share, compared with $375 thousand, or $0.47 per diluted share, for 2003.

MCB’s results for 2004 included $1.333 million ($792 thousand after taxes) in grants received from the Bank Enterprise Award (“BEA”) program sponsored by the U.S. Treasury Department, Community Development Financial Institutions Fund.  In 2003 MCB recognized $181 thousand ($114 after taxes) in BEA awards.  These awards were received in recognition of the increased levels of financial services MCB’s principal subsidiary, Mission Community Bank (“the Bank”), has provided to economically distressed communities. The loans supporting the $1.241 million award received in the second half of 2004 were made under normal bank underwriting standards and interest rates and are not considered to have more than normal credit risk.  “We are gratified that our approach to focusing on community development—unique in our market area—has been validated and has now resulted in record earnings for our company and our shareholders,” remarked Anita M. Robinson, President and Chief Executive Officer.  “We will continue to seek awards and grants consistent with our community development activities to augment our more traditional banking income, recognizing that we cannot be assured of any future awards or grants.”

Negatively impacting earnings for 2004 was a $254 thousand ($151 thousand after taxes) provision for losses on an impaired asset-backed security in the Bank’s held-to-maturity portfolio.  As of December 31, 2004, the fair value of that security was $21 thousand in excess of its written-down book value.  Also negatively affecting 2004’s earnings was a $250,000 grant to Mission Community Services Corp. (“MCSC”), an affiliated not-for-profit organization, to further MCSC’s mission of providing Central Coast and Central California small businesses with technical assistance, counseling and training in finance, management, marketing procurement and access to the U. S. Small Business Administration’s programs and services.

MCB’s total assets were $139 million as of December 31, 2004, a 23% increase over the prior year of $113 million.  Outstanding loans totaled $103 million, a $25 million, or 31%, net increase over the prior year-end.  Deposits increased $16 million, or 17%, over the same year to $113 million at the end of 2004.

Mission Community Bank operates full service offices in San Luis Obispo, Paso Robles, Arroyo Grande and Nipomo, California.   The bank  also opened in January 2005 a new Business Banking Center , a loan production office, located at 3480 South Higuera in San Luis Obispo.

Mission Community Bank is a full service bank providing loan and deposit products in San Luis Obispo and northern Santa Barbara Counties.  As a Department of the Treasury Certified Community Development Financial Institution, the bank has been the recipient of several awards for its success in small business lending and community development banking services.  Please visit www.missioncommunitybank.com for more information on Mission Community Bank.

Mission Community Bancorp

Selected Financial Results- Unaudited

(In thousands, except share and per-share data)

					$		Percent							$		Percent
	Quarter Ended				Increase		Increase		Year Ended					Increase		Increase
	12/31/2004		12/31/2003		(Decrease)		(Decrease)		12/31/2004			12/31/2003		(Decrease)		(Decrease)
Summary of Operations
Interest income	$	2,000	1,523		477		31	%	$	7,425		5,544		1,881		34	%
Interest expense	500		325		175		54	%	1,690			1,269		421		33	%
Net Interest Income	1,500		1,198		302		25	%	5,735			4,275		1,460		34	%
Provision for loan losses	25		75		(50	)	-67	%	280			120		160		133	%
Net interest income after provision	1,475		1,123		352		31	%	5,455			4,155		1,300		31	%
Non-interest income	893		511		382		75	%	2,755			1,367		1,388		102	%
Securities gains(losses)	—		—		—		NM		(71		)	—		(71	)	NM
Non-interest expense	1,475		1,094		381		35	%	5,629			4,389		1,240		28	%
Income before taxes	893		540		353		65	%	2,510			1,133		1,377		122	%
Income taxes	378		165		213		129	%	1,018			417		601		144	%
Net income	$	515	375		140		37	%	$	1,492		716		776		108	%
Period End Balances
Earning assets	$	130,083	106,055		24,028		23	%	$	130,083		106,055		24,028		23	%
Total loans	103,376		78,758		24,618		31	%	103,376			78,758		24,618		31	%
Total assets	139,249		112,760		26,489		23	%	139,249			112,760		26,489		23	%
Total deposits	112,836		96,586		16,250		17	%	112,836			96,586		16,250		17	%
Total shareholders’ equity	$	10,027	8,546		1,481		17	%	$	10,027		8,546		1,481		17	%
Per Share Data
Basic earnings per share	$	0.67	0.50		0.17		34	%	$	1.97		0.95		1.02		107	%
Diluted earnings per share	0.63		0.47		0.16		34	%	1.84			0.91		0.93		102	%
Average common shares utstanding	642,599		630,166		12,433		2	%	638,750			630,166		8,584		1	%
Average preferredshares outstanding	120,500		120,500		—		0	%	120,500			120,500		—		0	%
Basic average shares outstanding	763,099		750,066		12,433		2	%	759,250			750,666		8,584		1	%
Effective of dilutive stock options	53,525		50,521		3,004		6	%	53,729			37,848		15,881		42	%
Diluted average shares outstanding	816,624		801,187		15,437		2	%	812,979			788,514		24,465		3	%
Cash dividends declared per share	$	0.12	$	0.10	0.02		20	%	$	0.12		$	0.10	0.02		20	%

NM - Not Meaningful

Forward Looking Statements

This Form 8-K includes forward-looking information, which is subject to the “safe harbor” created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act and the Private Securities Litigation Reform Act of 1995.  When the Company uses or incorporates by reference in this Current Report on Form 8-K the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “commit,” “believe” and similar expressions, the Company intends to identify forward-looking statements.