Total assets at Community Bancorp of Santa Maria rose in the third quarter of the fiscal year, even as net income fell, the bank announced Oct. 20.
The parent company of Community Bank of Santa Maria saw total assets rise to $327.6 million, an increase of 24 percent from the same time in 2019. Net loans grew even more, going from $180.1 million on Sept. 30, 2019 to $243.2 million a year later, and total deposits increased 27 percent year over year. Community Bancorp attributed these increases to activity created by Paycheck Protection Program loans, through which the bank helped 461 businesses with $57.6 million in loans.
Despite the rise in assets, the bank’s net income was $1.69 million for this quarter, compared to $2.01 in the third quarter of 2019. Community Bancorp said the lower net income was because of one-time expenses related to Paycheck Protection Program and other pandemic expenses, like hiring additional staff to help with the bank’s growth.