Community Bancorp of Santa Maria saw its net income decline from the first quarter of 2020 to the first quarter of 2021, even though other financial measures soared year-over-year.
The bank’s net income declined 7.2%, going from $609,521 to $565,683 in a year’s time, but during the same time total assets grew almost 37%, the parent company of Community Bank of Santa Maria announced April 20.
Total deposits increased more than 40%, going from $231.9 million to $326.3 million, and net loans gained by 12.8% after adjusting for federal Paycheck Protection Program loans. Additionally, income for the bank increased 25.4% from the quarter ended March 31, 2020 to the one ended March 31, 2021.
Janet Silveria, president and CEO of Community Bancorp, attributed the dip in net income to the bank shoring up loan loss provision as the economy recovers.
The bank also celebrated its 20th anniversary during this quarter.