Los Robles Bancorp and its subsidiary, Los Robles Bank, announced that for the first time in their 12-year history, net income exceeded the $1-million mark by the end of the third quarter.
Net income for the nine months that ended Sept. 30 was $1.04 million or 85 cents per share, compared with $897,000 or 75 cents per share for the same period last year. Bank officials said the 16.4% boost in earnings came because of an increase in total loans and growth of core earnings.
"We recently completed a major expansion of our corporate headquarters in Thousand Oaks as well as introduced new products and services, which should help future earnings," said Robert B. Hamilton, president and chief executive. "Our loan portfolio increased substantially to $76.7 million, up a strong 17.7% from last year. In addition, our total assets have risen over $28.9 million or 26.8%, and deposits by $27 million or 27.7% over the levels a year ago."
Los Robles Bank has offices in Thousand Oaks, Westlake Village and Camarillo.