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3rd Quarter 2013 Shareholders Report (click here for full PDF version with Financial Supplement)
For the eleventh consecutive quarter, we are proud to report continued positive advancement in earnings, capital, and credit quality. We are also proud to announce we received “The Best Bank of Ojai” award from “The Ojai Valley News Best of 2013” contest for the fourth straight year. Both the financial progress and community award provide us with strong indicators of our success.
As of September 30, 2013, Total Assets finished at $148 million. This represents an increase of $12 million or 9% from September 30, 2012. Driving this growth is increased deposits of $11 million to $132 million as of September 30, 2013. This is a clear gauge of local growth, local business, and local success.
During this same period, September 30, 2012 to September 30, 2013, total loans grew $18 million to end at $92 million, a significant achievement. We have very stable deposits and our goal is to lend these funds to increase interest income to cover overhead, pay taxes, and build capital that creates shareholder return. The increased income, as a result of the new loan volume, will benefit the Bank for a number of years.
Pre-tax net income for the first nine months ending September 30, 2013, was $459 thousand compared to $827 thousand for the same period in 2012. Net income year-to-date was $239 thousand, impacted by lower net interest income, OCB Bancorp start-up costs, state and federal taxes, and a minor increase in overhead costs.
On September 27, 2013, as previously announced, the Bank executed its plan to redeem TARP by forming a Bank Holding Company (OCB Bancorp) which borrowed funds to replenish the Bank capital, once the TARP was paid off. In the transaction, OCB Bancorp acquired Ojai Community Bank in an exchange for stock. Shareholders of the Bank now own OCB Bancorp in its entirety. The Bancorp, which is exempt from capital requirements because it is under $500 million in assets, owns 100% of the Bank.
Our shares continue to trade in the $6.00 to $6.50 range (symbol OJCB). Book value continues to grow, which helps market price. Our focus continues to be on improving the Bank, stock performances, and returns.
The Bank has very good liquidity, excellent credit quality, and strong core earnings. We are well positioned to maintain high levels of service to our local community and support customers’ needs for many years. Both loan portfolio growth and the monitoring of expenses to maximize after-tax earnings have been successful. The industry is stable and increased profitability is our objective.
In October, the Bank hired Scott Gibb, a credit analyst with experience as a commercial lender in Oxnard and Camarillo. Scott will assist in underwriting, acquiring, and maintaining loans throughout the county. He brings with him a number of strong community and business relationships.
Exciting things are happening, designed to create value, growth and success here at the Bank. The past few years have been difficult economic times for everyone, but our future is bright. We are very enthusiastic about our prospects and each day we strive to achieve our best.
Thank you for your loyalty and we are always available to answer your questions. Contact Dave Brubaker, President/CEO, at the office located at 402 W. Ojai Ave, Ojai CA 93023, firstname.lastname@example.org or 805-646-9909.
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