Community Bank of Santa Maria saw its net income rise more than 35% for the most recent quarter as total assets, deposits and net loans all increased.
In a July 13 earnings statement, the bank reported net income of $1.44 million for the quarter ended June 30, 36.1% higher than the same quarter of the previous year. It attributed the rise fee income the bank collected on federal Paycheck Protection Program loans. Total assets increased 12% year-over-year, and total deposits went from $290.2 million to $338.8 million in that period.
Community Bank of Santa Maria also saw a rise in net loans, even when PPP loans are excluded. Net loans increased only about 1.5%, from $231.6 million in June 2020 to $338.8 million in June 2021, but after adjusting for PPP loans, which were concentrated in 2020, net loans increased 15.6%. The bank had $54.8 million in PPP loans on the books on June 30, 2020, and $30.7 million on June 30, 2021, with the amount expected to continue to decrease through the rest of the year.
Because of the bank’s financial position, its board of directors announced a cash dividend of 20 cents per share, which was paid out on July 9, 2021. The cash dividend in 2020 was 15 cents per share.