Community Bancorp of Santa Maria reports rising revenue and expenses
Community Bancorp of Santa Maria saw another quarter of continued growth, buoyed by federal Paycheck Protection Program loans, even as net income fell.
The bank’s total income rose 4.3%, but net income fell by more than 19%, going from $2.7 million in December 2019 to $2.2 million in the same month of 2020. Net loans for the bank went up almost 29%, going from $183.6 million to $236.6 million year-over-year, with 23.6% of that growth directly attributable to PPP. Total assets also increased 28.6%, rising from $263.5 million to $338.8 million.
While the bank saw additional business from the PPP loans, it also saw increased expenses, including obtaining software to process the loans, bringing on additional salary expenses to support keeping branches open and staffed and additional provisions to loan loss reserves.
In a press release, bank president and CEO Janet Silveria said the bank provided more than $56 million in PPP loans, helping more than 450 small businesses in the area. The bank also issued a 15 cent cash dividend to shareholders and finished the year with its earnings per share at $1.02.
The bank will turn 20 years old on March 1, 2021, before its next financial quarter.