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OCB Bancorp income up 142 percent in 2015

By   /   Thursday, February 11th, 2016  /   Comments Off on OCB Bancorp income up 142 percent in 2015

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OCB Bancorp, the parent company of Ojai Community Bank, increased its year-over-year net income by 142 percent in 2015.

OCB Bancorp’s net income grew from $380,000 in 2014 to $921,000 in 2015, or 40 cents in earnings per share.

Total loans increased $48.2 million or 37.5 percent to $176.5 million in 2015. Total assets rose $46.9 million or 28.3 percent from $165.6 million in 2014 to $212.6 million as the bank expanded its footprint, the company said.

Ventura Community Bank, a division of Ojai Community Bank, is expanding to 89 S. California St. in downtown Ventura in the spring, Ojai Community Bank President and CEO Dave Brubaker said.

“Our careful strategy of investing in the future of our community and our bank has proved a sound course of action,” he said in a news release. “2015 was a year of continued success in expanding market share, improving profitability, and increasing shareholder value. Loans have grown by over 30 percent in each of the last three years, in part because of our flexibility as a small bank. We pride ourselves in making local decisions.”

The recent mergers, buyouts and acquisitions have benefitted Ojai Community Bank, Brubaker added.

“Local people like local banking,” Brubaker said in the release. “Very soon, we will be the only community bank headquartered in Ventura County.”

Ontario-based Citizens Business Bank looks to finalize its acquisition of Oxnard-based County Commerce Bank in February.

Ojai Community Bank has branches in Ojai, Ventura, Santa Barbara and Santa Paula.

• Contact Alex Kacik at [email protected]

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