Janet Silveria, President and CEO of Community Bancorp of Santa Maria, the single bank holding company of Community Bank of Santa Maria, has released the company’s earnings report for the period ending Sept. 30.
Net loans for the bank grew 9.3%, from $164.8 million at Sept. 30, 2018 to $180.1 million at Sept. 30, 2019. Total deposits increased 8.6%, from $214.9 million at Sept. 30, 2018 to $233.3 million at Sept. 30, 2019.
Total assets were $264.0 million at Sept. 30, 2019, an increase of 9.6% over the $240.9 million reported at Sept. 30, 2018. Net income was reported as $2.566 million at Sept. 30, 2018, versus $2.007 million at Sept. 30, 2019.
The decline is attributed to one-time earnings realized in the 2nd quarter last year. The bank concluded the sale of their Lompoc division on May 18, 2018, which resulted in one-time net earnings of approximately $824,200 as of Sept. 30, 2018. After adjusting for the one time net earnings, net income increased 15.2% from the same period last year.
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Silveria said that the sale of the Lompoc division was a strategic move to divest of a division that was underperforming company goals.
As a result of the improved earnings and strong capital position, the company has announced an offer to repurchase up to 300,000 of its shares at a price of $15 per share. The offer to purchase for cash was announced by the company on Oct. 7, 2019. Additional details may be found on the company website.
Community Bancorp of Santa Maria (OTCQX: CYSM) is the single bank holding company of Community Bank of Santa Maria, which opened for business on March 1, 2001 and currently employs 55 people in two locations in Santa Maria. For more information, visit their website at www.yourcbsm.com.