Policy normalization must continue
By Dan E. Hamilton Since 2008, the Federal Reserve has been engaged in an unprecedented experiment, one without any economic theory to recommend it. Its policies are internally inconsistent. Some work to restrict credit. Others ease credit. The 2007 failure of New Century Financial, a leading subprime lender, did not derail the economy. However, when Read More →
Montecito Bank & Trust loans grew but net income down for first quarter
Montecito Bank & Trust reported total assets of $1.3 billion in an April 27 statement. Loans grew to $722 million for the first quarter of 2016, up 1.5 percent from the previous quarter and 12 percent year-over-year. Net income for the bank was $3.6 million, a decline from first quarter earnings of $3.8 million in Read More →
U.S. unlikely to experience negative interest rates
Story updated at 10:30 a.m.: The U.S. is unlikely to experience negative interest rates, Federal Reserve Bank of St. Louis President and CEO James Bullard said at the UC Santa Barbara Economic Summit at the Granada Theater on May 5. He said U.S. labor market strength justifies the Fed’s vision of gradually rising rates and Read More →
Heritage Oaks Bancorp beats analyst estimates for first quarter
Paso Robles-based Heritage Oaks Bancorp beat analyst estimates when it reported first quarter earnings April 28. The company said it had revenues of $19 million, beating analyst estimates of $18.75 million. Earnings per share of 12 cents beat analyst estimates of 11 cents per share. The company also reported net income of $4 million. The Read More →
OCB Bancorp reports strong growth in first quarter of 2016
OCB Bancorp, parent company of Ojai Community Bank, Santa Barbara Community Bank, Ventura Community Bank and Santa Paula Community Bank, reported April 28 that it experienced strong growth in the first quarter of 2016. Loans reached $183 million, increasing by approximately $6 million for the first quarter, for an annualized growth rate of 15 percent. Read More →
American Riviera Bank reports benefits of merger with The Bank of Santa Barbara
Santa Barbara’s American Riviera Bank reported net income of $176,000 or 4 cents per share for the first quarter of 2016, compared to $443,000 or 17 cents per share for the same period in 2015. Operating income excluding costs related to the merger with The Bank of Santa Barbara for the first quarter of 2016 Read More →
Net earnings up 47.7 percent at Citizens Business Bank
Ontario-based Citizens Business Bank reported a 47.7 percent increase in net earnings for the first quarter of 2016. CVB Financial Corp. and its subsidiary Citizens Business Bank reported a $23.4 million net income, or 22 cents a share, up from $15.8 million in the first quarter of 2015. It was an increase of $7.6 million Read More →
