Community Bank of Santa Maria Announces Revenue and Asset Growth
Community Bancorp of Santa Maria saw its net lending decline in the fourth quarter of last year, but saw an increase in net income and total assets, reflecting what the bank called “significant growth” in 2021.
The bank’s net profit increased by nearly 30%, from $2.209 million in the fourth quarter of 2020 to $2.85 million in the same quarter of 2021. The bank’s net loans decreased by 10.6 %, going from $236.6 million to $211.4 million.
Total assets rose 22% year-on-year from $338.8 million to $415 million, the bank said in a Jan. 14 press release.
Total deposits increased 23% from $307.6 million as of December 31, 2020 to $378.2 million a year later.
The bank also saw growth in basic earnings per share, from $1.02 in 2020 to $1.32 in 2021.
In a press release, CEO Janet Silveria noted the drop in net lending and explained that the bank participated in the federal Paycheck Protection Program and funded more than $81 million in loans to more than 600 businesses across the region. Santa Maria Valley.
“As these loans are quickly eligible for cancellation, the Small Business Administration is repaying the loans,” Silveria said.
After adjusting for PPP lending, the bank’s net lending increased by 4.5%, from $193.2 million at the end of 2020 to $201.9 million at the end of 2021.
Community Bancorp of Santa Maria is the holding company of Community Bank of Santa Maria, which opened in March 2001. The company employs 60 people at two locations in Santa Maria and is one of four banks based in the area of the three counties.