Community Bank of Santa Maria’s earnings report for the period ending Dec. 31, 2021, showed growth in net income, basic earnings per share, total deposits and total assets.
Janet Silveria, president and chief executive officer of Community Bancorp of Santa Maria, the bank’s parent company, said net income increased 29% from $2.209 million at Dec. 31, 2020, to $2.850 million at the close of 2021.
Basic earnings per share increased from $1.02 in 2020 to $1.32 in 2021, Silveria said.
Total deposits increased 23%, from $307.6 million at Dec. 31, 2020, to $378.2 million at Dec, 31, 2021, while total assets increased 22%, from $338.8 million to $415.0 million during the same period.
Net loans decreased 10.6%, from $236.6 million at Dec. 31, 2020, to $211.4 million at Dec. 31, 2021.
Silveria explained that “the bank participated in the Paycheck Protection Program and funded more than $81 million in loans to over 600 businesses in the Santa Maria Valley. As those loans are quickly qualifying for forgiveness, the Small Business Administration is paying off the loans.”
After adjusting for those, the bank’s net loans increased 4.5% from $193.2 million to $201.9 million.
“The bank experienced significant growth in 2021, and we’re proud of our ability to continue to provide a return to our shareholders as well as valuable support and financial services to our community,” Silveria said.
She noted the bank celebrated its 20th anniversary in 2021 by giving $20,000 in donations to local nonprofit organizations nominated by customers.
Community Bank of Santa Maria opened for business on March 1, 2001, and currently employs 60 people in two locations in Santa Maria.
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