Community Bank of Santa Maria fourth quarter report shows significant growth | Business
Community Bank of Santa Maria’s earnings report for the period ending December 31, 2021 showed growth in net income, basic earnings per share, total deposits and total assets.
Janet Silveria, president and CEO of Community Bancorp of Santa Maria, the bank’s parent company, said net income rose 29% to $2.850 million from $2.209 million as of December 31, 2020. at the end of 2021.
Basic earnings per share fell from $1.02 in 2020 to $1.32 in 2021, Silveria said.
Total deposits increased 23% from $307.6 million as of December 31, 2020 to $378.2 million as of December 31, 2021, while total assets increased 22% from 338, $8 million to $415.0 million over the same period.
Net loans decreased by 10.6%, from $236.6 million at December 31, 2020 to $211.4 million at December 31, 2021.
Silveria explained that “the bank has participated in the Paycheck Protection Program and has funded more than $81 million in loans to more than 600 businesses in the Santa Maria Valley. As these loans are quickly eligible for cancellation, the Small Business Administration reimburses the loans.
After adjusting for these, the bank’s net lending increased by 4.5%, from $193.2 million to $201.9 million.
“The bank experienced significant growth in 2021, and we are proud of our ability to continue to provide returns to our shareholders as well as valuable financial support and services to our community,” Silveria said.
She noted that the bank celebrated its 20th anniversary in 2021 by donating $20,000 to local nonprofits nominated by customers.
Community Bank of Santa Maria opened on March 1, 2001 and currently employs 60 people at two locations in Santa Maria.