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, reports Janet Silveria, president/CEO.

“The bank experienced significant growth over this period last year,” Silveria said. Total Assets grew 36.8%, from $261.7 million at March 31, 2020 to $358.0 million at March 31, 2021. Total deposits increased 40.7%, from $231.9 million at March 31, 2020 to $326.3 million at March 31, 2021.

Net loans increased from $178.3 million at March 31, 2020 to $249.2 million at March 31, 2021 — an increase of 39.8%.

“While we attribute much of this growth to the bank’s participation in the SBA’s Paycheck Protection Program [PPP] provided by the CARES Act, the bank has significantly grown our customer base over this past year,” Silveria said. After adjusting for PPP loans, net loans increased 12.8%.

While the company experienced significant growth in the balance sheet, net income declined 7.2%, to $565,683 as of March 31, 2021 from $609,521 reported at March 31, 2020.

“The most significant impact to net income this quarter were additional provisions for loan losses,” said Silveria. Although credit quality remains strong, the bank felt the additional provisions were prudent given the economic uncertainty that still exists.

Income for the company, excluding taxes and loan loss provisions, increased 25.4% over the same period last year.

Silveria commented that the strong first quarter earnings report is a follow up to a strong 2020.

“The bank was recognized as a Findley ‘Super Premier Performing’ bank in 2020 and received our 39th consecutive quarter with a ‘Five Star‘ rating from Bauer Financial. Those are the highest ratings available from these independent agencies, and we have maintained that momentum entering 2021.”

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