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Directors | Officers | News | Investor Relations | Financial Reports

2nd Quarter 2014 Shareholders Report (click here for full PDF version with Financial Supplement)

Dear Shareholders:

OCB Bancorp’s second quarter 2014 continues trending success. We maintain very good levels of capital, increasing loan balances, and stable deposits and liquidity. We are grateful for the sustained effort and support of our staff, customers and shareholders alike. The Bank continues to build for the future and this success illustrates the strength of our fundamental vision. We have a productive staff that has enabled our loan growth to exceed both industry averages and budgets. This is a very good sign of things to come.

We have more exciting news...

Our business plan is built on the premise of seeking talented individuals and building our family of branches around them. Recently, OCB was presented with a rare opportunity. The outcome — we hired Eloy Ortega, former CEO of The Bank of Santa Barbara, to head up our new expansion into the Santa Barbara market. Eloy has over 23 years of banking experience in that market. His forte is building business relationships. This alliance provides growth opportunities for both Eloy and our Bank.

We anticipate the opening of Santa Barbara Community Bank, a division of Ojai Community Bank, in the fall of 2014. Our applications have been submitted to our regulatory agencies, and we have secured a location in the downtown financial district at 21 East Carrillo Street. The initial market entry strategy is to operate a small branch in the Santa Barbara market. We are happy to welcome Eloy to our team. Eloy can be contacted at 805-698-6535 for any referrals in the Santa Barbara market.

As a result of our continued focus on growing our loan portfolio, our Bank’s loan portfolio grew to a record $109 million in outstanding loans. This growth will continue to pay dividends to the Bank in the form of higher earnings compared to alternative investments.

Total assets of the Bank increased to $154 million, approximately $8 million greater than the same period last year and about $8 million greater since the beginning of this year. It is apparent that continued growth, efficiency and profitability are critical to the long-term success of the Bank. This is both the Bank’s vision and our day-to-day focus.

OCB Bancorp consolidated earnings for the first half of 2014 were $265 thousand compared to $128 thousand for the same period last year, a 107% increase. The Bank had net income of $313 thousand, and the interest expense of our borrowing along with other expenses allocated to OCB Bancorp created a loss of $48 thousand at the holding company for a combined consolidated net income for 6 months of $265 thousand.

Our annual shareholder meeting was held on May 28, 2014. Some shareholders attended the meeting, and approximately 65% of our stock was present in the form of proxies. The majority of proposals passed, with the exception of the Anti-takeover Proposal that required two thirds vote to pass. We did not have two thirds of our stock vote, so although the overwhelming majority of the shares voting were in favor of the proposal, we did not have the mandatory two-thirds necessary to pass the proposal. Due to ongoing efforts of various banks and other financial institutions to attempt to make unwanted acquisitions, the Board will again address this issue in the future, and we may again make an additional proposal to our shareholders.

Each Bank/division is doing well and we are proud of the contributions of the staff to our success. Ojai has had significant loan growth. Ventura continues strong under George Tabata’s efforts. In Santa Paula, we have a rare opportunity as Santa Clara Valley Bank has announced its sale to an out of area bank. Due to this change in the market, our marketing efforts can be more aggressive, and as a result, we can increase market share.

The Bank continues to be stable and productive. We have tremendous opportunities ahead of us and we look forward to further success.

Our infrastructure is developing well with our talented support staff. Our staff continues to provide excellent service and our lenders are producing. We believe the core Bank is picking up continued momentum.

Thank you for your support. As always, we are happy to discuss the report further, provide more detailed information and answer your questions. Contact Dave Brubaker, President/CEO, at the main office located at 402 W. Ojai Avenue, Ojai CA 93023, dbrubaker@ojaicommunitybank.com or 805-646-9909.

Sincerely,

Dave Brubaker
President/CEO
Donald Scanlin
Chairman

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Ventura Community Bank: We're Open

Ventura Community Bank: We're Open

• Upcoming Events

news

September 30, 2014
3rd Quarter 2014
Shareholders Report

August 1, 2014
Eloy Ortega to Lead
Santa Barbara Community Bank

July 3, 2014
OCB Welcomes Annette Hansen

June 30, 2014
2nd Quarter 2014
Shareholders Report

May 8, 2014
OCB Bancorp Declares 5%
Stock Dividend

May 1, 2014
2013 Annual Report

March 31, 2014
1st Quarter 2014
Shareholders Report

David Sabedra joins Ojai Community Bank

April 30, 2014
OCB Bancorp Reports Gains
During First Quarter 2014

November 26, 2013
OCB Hires Scott Gibb as Commercial Credit Analyst

September 30, 2013
3rd Quarter 2013 Shareholders Report

June 30, 2013
2nd Quarter 2013 Shareholders Report

March 31, 2013
1st Quarter 2013 Shareholders Report

December 31, 2012
4th Quarter 2012 Shareholders Report

November 2, 2012
Today's Low Mortgage Rates Aren't for Everyone!

October 3, 2012
Ventura Community Bank Opens Doors

more news >>

Logo-small Ojai Community Bank
402 W. Ojai Ave.
805 646-9909 fax 805 646-9919
OjaiCommunityBank.com

Logo-small Santa Paula Community Bank,
a division of Ojai Community Bank
537 W. Harvard Blvd.
phone 805 525-2137 fax 805 525-0766
SantaPaulaCommunityBank.com

Logo-small Ventura Community Bank,
a division of Ojai Community Bank
3130 Telegraph Rd.
phone 805 642-9955 fax 805 642-9956
VenturaCommunityBank.com


© Ventura Community Bank, a division of Ojai Community Bank