Community Bank of Santa Maria sees net income fall in Q1
By Uma Mazar
The Community Bancorp of Santa Maria, the parent company of Community Bank of Santa Maria, announced its earnings for the first quarter of 2025 on April 10 after the markets closed.
The bank announced that net income for the first quarter, which ended March 31, was $810,787, which is a decrease from $831,141 in the first quarter of 2024.
Net loans increased 8.5%, from $239.5 million to $259.8 million by the end of the first quarter, while total assets were $402.1 million as of March 31, a 4% year-over-year increase.
Total deposits increased slightly to sit at $360.8 million at the end of the quarter.
Janet Silveria, president and CEO of the bank, said that while earnings were slightly lower this period due to increased provisioning for credit losses, strong loan growth reflects the trust customers place in the bank and the strength of the local community.
“We’re pleased to report continued strong loan growth this quarter, a clear sign of the trust our customers place in us and the strength of the community we serve. While earnings were slightly lower this period due to increased provisioning for credit losses, this is a proactive and prudent step to support the expansion of our loan portfolio. The Bank is well-positioned for sustainable long-term growth,” Silveria said.
