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OCB Bancorp’s second quarter net income up over last year

By   /   Monday, August 8th, 2016  /   Comments Off on OCB Bancorp’s second quarter net income up over last year

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In its second quarter earnings report, OCB Bancorp — parent company of Ojai Community Bank, Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank — reported net income year-to-date of $516,000, or 25 cents per share, up from $372,000 last year.

“Loans also continue to grow, increasing approximately $49 million since June 30, 2015, for a growth rate of 33.3 percent,” President and CEO Dave Brubaker said in a news release. “This is significantly stronger than the industry average. The quarter ended with no loans past due over 30 days and a fully funded allowance for loan loss reserve.”

The bank’s Ventura branch and administrative offices have been fully relocated to downtown Ventura to 89 S. California St., which has helped the bank streamline operations and increase total deposits, Brubaker said.

Year-over-year growth in deposits was $37 million, or 24 percent.

• Contact Alex Kacik at [email protected]

 

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