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Community Bank of Santa Maria Releases First Quarter Earnings Report

Janet Silveria, president and CEO of Community Bank of Santa Maria, has released the bank’s first quarter earnings report.

Total assets increased 12.7 percent, from $211.2 million as of March 31, 2015, to $238.0 million as of March 31, 2016. Total deposits increased 13.7 percent, from $189.9 million as of March 31, 2015, to $215.9 million as of March 31, 2016. Net loans were up 8.3 percent, from $115.7 million as of March 31, 2015, to $125.3 million as of March 31, 2016.

“This is the largest increase we have seen in net loans since the economic downturn,” said Silveria. “The increase in loans fueled 5.5 percent growth in interest income.” 

However, net income for the first quarter of 2016 compared to the first quarter of 2015 was down 51 percent, from $373,105 as of March 31, 2015, to $182,713 as of March 31, 2016.  

Silveria commented that additional expenses related to the opening of their new branch and headquarters on Santa Maria Way contributed to the decline in net income.

“The branch is doing well, and we are very happy with the growth, but it will take time for the branch to have a positive impact on earnings” said Silveria.

Further, it was noted that in the first quarter of last year, the bank was able to recover some previous loan losses.

Silveria explained, “although we are still seeing some recoveries, we have not seen them at the levels we did last year.”

Community Bank of Santa Maria opened for business March 1, 2001. Presently employing some 60 people, it operates three branches in Santa Maria, and its division, Lompoc Community Bank in Lompoc.

— Michela Cagliero represents Community Bank of Santa Maria.

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