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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.

“We are excited to report across the board increases in assets, deposits, and loans and more importantly, a very impressive increase in Net Income” Silveria said.

Total assets increased 7.7 percent, from $238.0 million as of March 31, 2016, to $256.3 million as of March 31, 2017.

Total deposits increased 8.0 percent, from $215.9 million as of March 31, 2016, to $233.2 million as of March 31, 2017.

Net Loans were up 9.6 percent, from $125.3 million as of March 31, 2016, to $137.3 million as of March 31, 2017.

Net income was up an 115.3 percent, from $182,713 from March 2016 to $393,343 as of March 31, 2017.

Commenting on the significant increase in earnings, Silveria said, “Loan growth provided fuel to grow our earnings.

“In addition, last year, our branch and headquarters at 2739 Santa Maria Way had only recently opened and we were still absorbing some of those opening expenses. Since then, it has experienced significant growth and is now profitable,” she said.

Silveria also noted that loan growth has been primarily in residential and commercial construction, commercial real estate, and home equity lines of credit.

“Our customers benefit from being able to talk with a decision maker, making their process to get a loan quick and easy. Plus, because we are the only locally owned bank headquartered in Santa Maria we are uniquely positioned to meet the borrowing needs of the community” she said.

Community Bank of Santa Maria operates two branches in Santa Maria, and their division, Lompoc Community Bank in Lompoc, and presently employs some 60 people.

— Michela Cagliero for Community Bank of Santa Maria.

 

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