Janet Silveria, president/CEO of Community Bancorp of Santa Maria, parent company of Community Bank of Santa Maria, has released the company’s earnings report for the period ending March 31, 2023.

Year-to-date unaudited net income increased 137.1% from $458,123 as of March 31, 2022, to $1,086,255 as of March 31, 2023. Earnings per share increased from $0.21 to $0.50 in the same respective periods.

Net loans, excluding Paycheck Protection Program loans, increased 6.2%, from $202.3 million as of March 31, 2022, to $214.9 million as of March 31, 2023, and maintained strong credit quality with no other real estate owned, no loans 90 days or more past due, and no loans on non-accrual status.

The bank is reporting stable deposit levels, reaching $373.4 million as of March 31, 2023. This represents a 1.3% decrease compared to March 31, 2022, and a 1.2% increase from December 31, 2022.

“In recent years, the bank has experienced exceptional deposit growth,” Silveria said. “Since Dec. 31, 2019, the bank has increased deposits by 59%.

“We are quite pleased we’ve been able to grow deposits this quarter given the number of banks experiencing deposit run-off.”

Silveria attributes the stability of deposits to the community’s confidence in the company’s financial strength.

She further commented that the first quarter-earnings report is a follow-up to a strong 2022.

“The bank was recognized as a Findley ‘Super Premier Performing’ bank in 2022, and once again received a Five Star rating from Bauer Financial,” Silveria said. “Those are the highest ratings available from these independent agencies, and we look forward to building on that momentum throughout 2023.” 
 
Community Bank of Santa Maria, the wholly owned subsidiary of Community Bancorp of Santa Maria, opened for business on March 1, 2001, and presently employs 60 people.

For more, visit www.yourcbsm.com.