Community Bank of Santa Maria reports income, asset growth
Community Bancorp of Santa Maria saw its net loans decline in the fourth quarter of last year, but reported increases in net income and total assets, reflecting what the bank called “significant growth” in 2021.
The bank’s net income increased nearly 30%, from $2.209 million in the fourth quarter of 2020 to $2.85 million in the same quarter of 2021. Net loans for the bank decreased 10.6%, from $236.6 million to $211.4 million.
Total assets increased 22% in a year, from $338.8 million to $415 million, the bank said in a Jan. 14 news release.
Total deposits increased 23%, from $307.6 million on Dec. 31, 2020 to $378.2 million a year later.
The bank also reported growth in basic earnings per share, from $1.02 in 2020 to $1.32 in 2021.
In a news release, CEO Janet Silveria noted the drop in net loans and explained that the bank participated in the federal Paycheck Protection Program and funded more than $81 million in loans to more than 600 businesses in the Santa Maria Valley.
“As those loans are quickly qualifying for forgiveness, the Small Business Administration is paying off the loans,” Silveria said.
After adjusting for PPP loans, the bank’s net loans increased 4.5%, from $193.2 million at the end of 2020 to $201.9 million at the end of 2021.
Community Bancorp of Santa Maria is the holding company of Community Bank of Santa Maria, which opened in March 2001. The company employs 60 people in two locations in Santa Maria and is one of four banks based in the tri-county region.