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OCB Bancorp Reports Gains During First Quarter 2014
Ojai, CA – April 30, 2014 – OCB Bancorp announced today it’s first quarter report, which provided a notable start to the year. The Bank maintained very good capital levels and increased loans and deposits. These positive factors show a continued growth and success on the part of the Bank and their shareholders.
During this period, the Bank reached a record $100 million in outstanding balances within their loan portfolio. This is due to the continued focus on growing that component of the Bank and increased interest from the business community. Increasing loans offers the Bank a better use of liquidity into higher yielding assets and the potential to 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 the Bank’s 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.
OCBancorp is the holding company for Ojai Community Bank, Santa Paula Community Bank and Ventura Community Bank. The Bank is locally owned and operated. Bank stock is available on the OTC Bulletin Board Exchange as stock symbol OJCB.
President & CEO, Ojai Community Bank
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