Janet Silveria, president/CEO of Community Bancorp of Santa Maria, parent company of Community Bank of Santa Maria, released the company’s earnings report for the period ending Dec. 31, 2022.
Year-to-date unaudited net income increased 26.3% from $2.850 million at Dec. 31, 2021 to $3.599 million at Dec. 31, 2022. Basic Earnings Per Share increased from $1.32 in 2021 to $1.66 in 2022.
The increase in unaudited net income is primarily attributed to increased interest income on interest earning assets and loan growth.
Net Loans, excluding Paycheck Protection Program (PPP) loans, rose 8.2%, from $201.9 million at Dec. 31, 2021 to $218.4 million at Dec. 31, 2022.
Total deposits decreased 2.4%, from $378.2 million at Dec. 31, 2021 to $369.2 million at Dec. 31, 2022. The decline in total deposits is attributed to shifting customer behaviors related to personal and business investment.
“We’re proud of the return we provided our shareholders in 2022 and the support we continue to provide our community,” Silveria said. “Our balance sheet is steadfast with strong core deposits and excellent credit quality.”
Community Bancorp of Santa Maria (OTCQX: CYSM) is the single bank holding company of Community Bank of Santa Maria, which opened for business on March 1, 2001 and has two full service branch locations in Santa Maria. For more, visit www.yourcbsm.com.