Monday, January 16 , 2017, 10:32 am | Fair 58º

 
 
 
 

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.

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made through PayPal below, or click here for information on recurring credit-card payments.

Thank you for your vital support.



Reader Comments

Noozhawk encourages free expression, regardless of viewpoint, but requires that such expressions be civil in tone, respectful of other commenters and relevant to the stories on which they are posted. We reserve the right to remove any comment for any reason.

By posting on Noozhawk, you:

» Agree not to submit a comment that is abusive, defamatory, disrespectful, illegal, libelous, profane, vulgar or disparaging (whether on the basis of disability, ethnicity, gender, nationality, race, religion, sexual orientation, traits with which people are born, or otherwise).

» Agree not to submit a comment that attacks or threatens another person, threatens or promotes violence, wishes for harm to befall another person, invades another person's privacy or proprietary rights, or uses expletives (including veiled profanity).

» Agree not to stalk or harass another person, dominate the conversation, discourage participation by others, or bait, belittle, bicker with, mock or taunt others.

» Agree not to solicit others. You agree you will not use Noozhawk’s forums to solicit and/or advertise for personal blogs and websites, without Noozhawk’s express written approval.

» Comments with spam or self-promotional links are not allowed. Comments that include links are automatically routed to a Pending queue. Regularly checking it is not a priority of ours.

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 >