Community Bancorp of Santa Maria sees net income dip in second quarter
Community Bancorp of Santa Maria saw its net income decline 8.2% in the second quarter, as total assets and deposits increased.
In a July 12 earnings statement, the bank reported net income of $1.3 million for the quarter ended June 30. In the same quarter a year earlier, Community Bank of Santa Maria reported net income of $1.4 million.
The federal Paycheck Protection Program fee income impacted net income when comparing 2021 to 2022, according to the bank.
Community Bancorp of Santa Maria participated in the Paycheck Protection Program in 2020 and 2021. The bank provided more than 650 businesses Small Business Administration guaranteed loans totaling $81.5 million, according to the company.
Total assets were $419.1 million for the quarter ended June 30, an increase of 12.9% over the $371.3 million reported the same quarter a year earlier.
Total deposits increased 14.7%, from $338.8 million in June 2021 to $388.5 million in June 2022.
Community Bank of Santa Maria also saw net loans decrease 11.5%, from $235 million in June 2021 to $208 million in June 2022. After adjusting loan totals for PPP loans, net loans increased 1.7%.
The bank’s board of directors announced an annual cash dividend of 20 cents per share, which was paid out on July 8 to shareholders of record on June 30.
The cash dividend in 2021 was 20 cents per share. The cash dividend in 2020 was 15 cents per share. Community Bancorp of Santa Maria opened in March 2001 and employs 60 people in two locations in Santa Maria.