Camarillo Community Bank Boosts Profits

Camarillo Community Bank announced second-quarter net income of $236,147 in 1996, equal to 17 cents per share, compared to a profit of $219,361, or 16 cents, in the second quarter of 1995.

For the first six months of this year, the bank had net income of $461,883, or 33 cents per share, an increase of 8% over the first half of last year. Douglas M. Shearer, president and CEO, said the bank is on a pace to exceed the record $1 million it earned last year.

In addition, Shearer announced that the board of directors has declared a 13.5% stock dividend to shareholders of record as of June 19. The extra shares are in addition to a 30-cents-per-share cash dividend paid by the bank over the past 18 months.

Shearer said increased economic activity in the county contributed to strong loan growth for the bank. Outstanding gross loans increased by more than $5.6 million, or 14.65% over the previous year, to a total of $44.4 million.

The loan growth combined with continued expense control has contributed to the bank’s ongoing profitability, officials said.

The bank’s total assets as of June 30 were $77.1 million, and shareholder equity was more than $7.35 million. Total deposits at the end of the second quarter were $69.4 million.

The bank has received preliminary approval to open a loan production office in Moorpark. This would be the fourth area location for the bank, which has offices in Camarillo, Westlake Village and Thousand Oaks.