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Community Bank of Santa Maria reports Q3 earnings jump

By   /   Friday, October 15th, 2021  /   Comments Off on Community Bank of Santa Maria reports Q3 earnings jump

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Community Bancorp of Santa Maria reported that its income, assets and deposits increased in the third quarter of 2021 compared to a year earlier, while the bank’s net loans were impacted by payoffs received federal Paycheck Protection Program loans.

Community Bancorp is the parent company of Community Bank of Santa Maria, one of four banks based in the Tri-Counties. In earnings released Oct. 14 for the quarter ended Sept. 30, the bank reported net income of $2.3 million, a 34.2% increase from the third quarter of 2020.

Community Bancorp saw its total assets grow 22.8%, from $327.6 million in the third quarter of 2020 to $402.3 million in the third quarter of 2021.

The bank’s total deposits increased 24%, from $296.5 million in late September 2020 to $367.6 million in late September 2021.

Community Bancorp’s net loans dropped 7.4%, from $243.2 million in the third quarter of 2020 to $225.1 million in the third quarter of 2021.

“The decline in net loans reflects the payoffs received on those loans from the Small Business Administration as the borrowers apply and qualify for forgiveness,” Janet Silveria, president and CEO of Community Bancorp of Santa Maria, said in an Oct. 14 news release.

After adjusting for Paycheck Protection Program loans, the bank’s net loans increased 9.8%, from $187.2 million in the third quarter of 2020 to $205.6 million in the third quarter of 2021.

Community Bancorp said it processed about 650 federal PPP loans, worth $81.5 million in total.

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