Camarillo Bank’s Earnings Top $1 Million in 1996
Camarillo Community Bank announced that 1996 earnings exceeded $1 million, making it a record year.
The net income for the year was $1.01 million or 63 cents per share, just slightly over 1995’s earnings.
President and CEO Douglas M. Shearer said the bank has been able to show a growth in earnings by concentrating on credit quality, ongoing cost controls and direct marketing of the bank’s products and services throughout Ventura County. When combined with the renewed economic growth in the area, Shearer said, the bank has been able to manage its growth while providing a good return to its shareholders.
The bank paid out 25 cents per share in two dividends during 1996, as well as a 13.5% stock dividend paid in July.
Fourth-quarter earnings for the bank were $297,467, or 19 cents a share. This is an increase of 8.6% over the previous year’s earnings of $274,036, or 17 cents per share.
The bank’s total assets as of Dec. 31 were $84.1 million, and shareholders’ equity was in excess of $7.6 million. Total deposits at the end of the year were more than $76 million.
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