Community Bancorp of Santa Maria, parent company of Community Bank of Santa Maria, has released the company’s earnings report for the period ending Dec. 31, 2024.
 
Net income for the quarter ended Dec. 31, 2024 totaled $971,660 compared to $819,337 for the quarter ended Sept. 30, 2024, an increase of 18.6%.

Year-to-date unaudited net Income decreased 15.4% from $3.926 million at Dec. 31, 2023, to $3.323 million at Dec. 31, 2024.

Basic Earnings Per Share declined from $1.81 in 2023 to $1.54 in 2024. Book value per share increased from $13.37 at Dec. 31, 2023 to $14.85 on Dec. 31, 2024, the bank reports.

Net loans increased 7.2%, from $236.2 million at Dec. 31, 2023, to $253.2 million at Dec. 31, 2024. Total Deposits increased 2.8%, from $355.9 million at Dec. 31, 2023, to $366.0 million at Dec. 31, 2024.

Total assets increased 3.5% from $391.8 million at Dec. 31, 2023, to $405.6 million at Dec. 31, 2024.
 
“We are pleased wCEOith our growth in loans and deposits in 2024,” said Janet Silveria, bank president/and CEO. “The balance sheet remains steadfast with strong core deposits, no borrowings, and excellent credit quality in our loan portfolio.

“Net income was impacted by a challenging environment of rising interest expense costs and inflationary pressures on non-interest expense. We believe the growth we experienced in loans and deposits has set the foundation for positive earnings growth in 2025.”
 
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. For more visit www.yourcbsm.com.