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Business

Community Bank of Santa Maria’s Net Profits Up 36% in 2014

Community Bank of Santa Maria has released its June 30 earnings report, and it was highlighted by a 36.1 percent increase in net profits over the same period last year.

The numbers were released by Jim Glines, chief executive officer, and Janet Silveria, president and chief operating officer. They reported that six-month net earnings for the bank for the period ending June 30 were $470,437 compared with net earnings of $345,622 for the period ending June 30, 2013.

Total deposits were up this year by 9.8 percent — $172.2 million at June 30 compared with the $156.9 million reported on June 30, 2013. Total loans were up 5.6 percent — $111.7 million versus $105.8 million.

The bank's increase in total assets was 9.6 percent, again comparing June 30, 2014, to June 30, 2013.

Glines and Silveria said they were very happy with these midyear numbers, which represent a greater confidence in the local economy. They credit the improved showing as a further indication that local businesses and consumers are supporting the only bank headquartered in Santa Maria. Increased merger activity among banks and new service fees imposed by competitors have helped drive business to Community Bank of Santa Maria, and its division, Lompoc Community Bank.

Community Bank of Santa Maria opened for business on March 1, 2001, and presently employs 50 people.

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

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