February 22, 2024
Loading...
You are here:  Home  >  Banking & Finance  >  Current Article

Community Bank of Santa Maria reports higher net income

IN THIS ARTICLE

The Community Bancorp of Santa Maria, the parent company of Community Bank of Santa Maria, announced its earnings for the third quarter of 2023 on Oct. 16 after the markets closed. 

The bank announced net income worth $2.9 million for the quarter ended Sept. 30, up 22% from the $2.4 million during the same period a year ago.

Net loans increased 4.1%, from $219.3 million to $228.3 million by the end of the third quarter while total assets were $417.4 million as of Sept. 30, a decrease of 5.9%.

The decrease in total assets is largely attributed to a decline in total deposits, which decreased 7.3%, from $389.8 million in the same period a year ago.

The bank also experienced a 54% increase in deposits from December 31, 2019, to Sept. 30 Janet Silveria, president and CEO of the bank, said in a press release.

“Given the significant surge in deposits during that period, we are pleased to report only a

slight decline this past year when many other institutions are reporting more significant

deposit run-off,” she said. 

“Further, the bank continues to maintain ample liquidity, a strong capital position, and overall solid financial performance.”

The company’s return on average assets increased from 0.78% to 0.99%, and return on average equity increased from 14.35% to 16.02%.