Two months after Ojai Community Bank bucked a federal regulatory order, the bank reported first-quarter profits of $250,000, almost three times more than its earnings a year ago.
Ojai Community, which also owns Santa Paula Community Bank, said the quarter’s earnings are a record. Total deposits have climbed 2 percent since the beginning of the year and 5 percent since a year ago. According to the bank’s earnings release, loan demand remains soft.
“The bank continues to perform well with strong liquidity, capital and vision. Our first quarter results reflect sustained improvement in the quality of our loan portfolio and continued positive core earnings momentum experienced in recent quarters. We believe we are on track for a very good year,” Dave Brubaker, the bank’s president and CEO, said.
The Federal Deposit Insurance Corp. placed a regulatory consent order on the bank on March 31, 2011 and lifted it a year later. The bank said in an earnings release that it earned $546,000 in 2011, up from a loss of $289,000 in 2010.