OCB Bancorp income grows during third quarter
In its third 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 $851,000, or 37 cents per share, up from $622,000 last year.
Total loans increased by $42 million, or 26 percent, to hit $202 million in the third quarter.
“This is a significant milestone and I believe no other locally headquartered bank in Ventura County (other than Bank of A. Levy in the 1980s) has hit this mark,” President and CEO Dave Brubaker said in a news release.
Total deposits increased to $213.4 million, up from $164.7 million over the first nine months of 2015. It had $261 million in total assets, up from $198 million last year.
As OCB Bancorp nears its second anniversary in Santa Barbara, it has generated approximately $36 million in loans and $20 million in deposits in the region. The Santa Paula and Ojai branches remain stable and growing, Brubaker said, while the Ventura branch has benefited from its new location at 89 S. California St.
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