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1st Quarter 2014 Shareholders Report (click here for full PDF version with Financial Supplement)
OCB Bancorp’s first quarter 2014, provided a notable start to the year. The Bank is maintaining very good capital levels, necessary to weather a storm, and increased loans and deposits, which enable us to continue expand earning opportunities. These positive factors show a continued growth and success, key to moving the Bank forward. This continued success is due to the valued support of our shareholders, customers, and staff.
During the first quarter, the Bank reached a record $100 million in outstanding loans due to a continued focus on growing our loan portfolio. Increasing loans allows us to better allocate liquidity to higher yielding assets and, therefore, generate better earnings.
Total assets increased to $148 million, approximately $9 million from the same period last year and about $2 million since the beginning of this year. As the industry continues to adapt to regulatory changes, it is evident that growth is needed to offset the higher regulatory burden and related overhead. Deposits fueled our growth and increased by $9 million, year over year, to finish at $132 million at the end of March 2014. Earnings for the first quarter of 2014 were $101 thousand compared to $26 thousand for the same period last year, a 288% increase. With continued loan growth and stable overhead, we feel our 2014 net income will improve over the prior year on both a pre and after tax basis.
We recently hired Dave Sabedra as a commercial lender to assist in expanding our footprintsouth to Oxnard and Camarillo. Mr. Sabedra has over 35 years of local lending experience andhas a compelling, long-term client base. We feel strongly that his business acumen and breadth of contacts and clients will be a great asset to the Bank in coming months.
The Bank continues to focus on improvement on all levels and increased performance to provide better returns to shareholders. We feel the Bank is trending positively on all fronts.
Our annual shareholder’s meeting will be held on Thursday, May 29th at 5:30 p.m. at the OjaiBranch office. Please join us.
We 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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