Pixel Tracker

Wednesday, March 20 , 2019, 3:17 am | Overcast 54º


Community Bank of Santa Maria Shows 84% Earnings Increase in First Quarter

Community Bank of Santa Maria saw a large increase in earnings for the first quarter of 2015, compared to the first quarter of 2014. Net income rose from $201,818 to $373,105 for an 84.9 percent increase.

Janet Silveria, president and chief executive officer, announced the bank’s first-quarter results this week.

Other double-digit increases were reported, too. Total assets were up 10.4 percent, from $191.3 million at March 31, 2014, to $211.2 million at March 31, 2015. Total deposits were up 10.8 percent, from $171.4 million at the end of the first quarter in 2014 to $189.9 million at the same point this year.

Silveria explained one factor that helped boost the earnings number.

“This quarter, we recorded a negative loan loss provision of $187,000, which directly impacted the bottom line," she said. "The negative provision taken this quarter is a direct reflection of loan recoveries realized in the first quarter.

“As the economy improves, we are realizing recoveries on previously recorded loan losses, and are able to lower our reserves against future loan losses.”

Silveria emphasized that even without the negative provision, net income was up over 20 percent from the first quarter last year.

Net loans were $115.7 million at March 31. This is an 8.3 percent increase over the $106.8 million reported at March 31, 2014.

“The growth in net loans is exciting, but we still have the desire and commitment to make more loans in the community,” Silveria said. “Double-digit growth in loans is what we’re striving for.”

Silveria expressed gratitude to the bank’s customers, shareholders and community.

“Without the support of those we are here to serve, we could not record these impressive numbers,” she said.

The bank is working diligently on the opening of their newest branch at Santa Maria Way and Miller in Santa Maria, expected to open this summer. Once opened, the bank will have four full-service branches, including Santa Maria Way, South Broadway and Oak Knolls in Santa Maria, and its division, Lompoc Community Bank, in Lompoc.

Community Bank of Santa Maria opened for business on March 1, 2001, and employs 53 people.

— D.C. Carter is a publicist representing Community Bank of Santa Maria.

Support Noozhawk Today!

Our professional journalists work tirelessly to report on local news so you can be more informed and engaged in your community. This quality, local reporting is free for you to read and share, but it's not free to produce.

You count on us to deliver timely, relevant local news, 24/7. Can we count on you to invest in our newsroom and help secure its future?

We provide special member benefits to show how much we appreciate your support.

I would like give...
Great! You're joining as a Red-Tailed Hawk!
  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >

Meet Your Realtor Sponsored by Village Properties

Photo of Patricia Griffin
Patricia Griffin
"I am very hands on and feel that each transaction is special and different. My clients goals are foremost in what I do to bring about a successful transaction and I maintain relationships for many years."

Full Profile >