OCB BANCORP FINISHES A STRONG FOURTH QUARTER
VENTURA COUNTY, CA––OCB Bancorp, parent company of Ojai Community Bank, and divisions — Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank, reports strong performance for the fourth quarter ending December 31, 2016. OCB Bancorp net income was $1.282 million in 2016, an increase of $361,000 or 39% over 2015 results.
Return on equity increased to 8.06% in 2016. Through their wholly owned subsidiary, Ojai Community Bank, total loans finished the year at $209 million, an increase of $33 million, or 18.5% from the year prior. Earnings per share were $0.59 resulting in an increased book value of $7.58. Taking into account an average market price earnings (PE) ratio of 15 times EPS, the recent stock price of $8.65 is properly valued in the market.
Dave Brubaker, President and CEO states “As the only community bank headquartered in Ventura County, we are in a prime position to provide customers with the kind of local service community banking can offer and for this and many other reasons, we experience very positive continued growth.”
Ojai Community Bank and divisions, Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank, offer a full array of banking products and services to businesses, professionals, individuals and commercial property owners. The Banks provide customers an alternative to big banks and their accompanying frustrations by focusing on relationship building and problem solving. Dedicated to providing exceptional personal service and access to banking decision makers, the stock is publicly available under the symbol OJCB.
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This release includes forward-looking information, which is subject to the “safe harbor” created by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act and the Private Securities Litigation Reform Act of 1995. When the Bank uses or incorporates by reference in this release the words “anticipate,” “estimate,” “expect,” “project,” “intend,” “commit,” “believe,” and similar expressions, the Company intends to identify forward-looking statements. Our actual results may differ materially from those projected in any forward-looking statements, as they will depend on many factors about which we are unsure, including many factors that are beyond our control. This statement has not been reviewed, or confirmed for accuracy or relevance by the Federal Deposit Insurance Corporation.
President & CEO, Ojai Community Bank
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