Los Robles Bank Reports Rise in Income, Assets
Los Robles Bancorp reported that the net income of its wholly owned subsidiary, Los Robles Bank, was $281,000 for the six months that ended June 30, reflecting a significant increase in assets, loans and deposits.
The figure represented a 6.8% increase over last year’s record six-month net earnings of $263,000.
Assets of Los Robles Bank as of June 30 were $87.5 million, up 22.4% from a year ago. Loans grew by 32.5% to $48.8 million and total deposits increased to $79.7 million or 25.3% over this time last year.
“We continue to realize significant gains in loans and deposits primarily due to the new business opportunities created by the mergers and branch closings of our competition and the opening of new offices in Westlake and Camarillo,” said Robert B. Hamilton, president and CEO.
Total shareholders’ equity passed the $6.3-million mark for the first time, increasing the book value per share to a new high of $12.02.
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