OCB Bancorp reports strong growth in first quarter of 2016
OCB Bancorp, parent company of Ojai Community Bank, Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank, reported April 28 that it experienced strong growth in the first quarter of 2016.
Loans reached $183 million, increasing by approximately $6 million for the first quarter, for an annualized growth rate of 15 percent.
“Our staff is doing an excellent job managing our growth, credit quality and documentation,” said CEO and President Dave Brubaker in a news release. “To ensure excellent long-term performance, we underwrite, manage and monitor our loans very closely. At the end of the first quarter, the bank had no loans past due over 30 days — evidence of our strong attention to credit management.”
Deposits are at $174 million, which equates to year-over-year growth of $19 million, or 13 percent over last year’s balance of $155 million.
Net income was $248,000 for the first three months of 2016, which is 51 percent higher than the $165,000 in net income for the first three months of last year.
• Contact Glenn Rabinowitz at grabinowitz@pacbiztimes.com.
