Tuesday, June 19 , 2018, 1:46 am | Fair 57º

 
 
 
 

Business

Community Bancorp of Santa Maria Reports Growth

Year-end earnings figures for Community Bancorp of Santa Maria indicate the bank experienced significant growth, most notably in net income and net loans, Janet Silveria, president/CEO, has announced.

Net income for the year ending Dec. 31, 2017, was $1.443 million; representing a 17.6 percent increase over net income of $1.227 million for the previous year-end, the bank reports.

“It is rewarding to report that kind of increase to our shareholders and customers,” Silveria said.

Gross income for the year ending Dec. 31, 2017, was $2.759 million for an increase of 38.3 percent over year-end 2016. The growth in income is largely attributed to an increase in net loans, the bank said.

At Dec. 31, 2016, the bank reported net loans of $130.5 million. By the end of 2017, they had grown to $161.0 million; an increase of 23.3 percent, the bank said.

Total deposits and total assets also grew.

At Dec. 31, 2017, the bank reported total deposits of $247.9 million, which is a 9.0 percent increase over the $227.4 million in total deposits reported at Dec. 31, 2016.

Total assets rose from $250.1 million at Dec. 31, 2016, to $272.0 million at Dec. 31, 2017, for an 8.8 percent increase.

In January, the bank announced an agreement to sell its division, Lompoc Community Bank, to Bank of the Sierra. The transaction is expected to have a positive impact on the financial position of Community Bank of Santa Maria.

Silveria said, “2018 is shaping up to be our best performance year to date."

— Jordyn Tindell for Community Bancorp of Santa Maria.

 

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