Community Bancorp of Santa Maria released the Bank’s first quarter earnings report this week.
“We are pleased to report a strong beginning in 2019,” said Janet Silveria, president and CEO.
Net Income was up 17.3%, from $504,853 at March 31, 2018, to $592,158 as of March 31, 2019. Net Loans increased 8.0% from $162 million at March 31, 2018, to $175 million at March 31, 2019.
In May 2018, the company divested its Lompoc Division, Lompoc Community Bank, which included the sale of Deposits, Real Property and Fixed Assets and resulted in a decline in Total Assets of 9.1% and Total Deposits of 12.6% on a combined basis. However, Total Deposits at the branches of Community Bank of Santa Maria, the remaining wholly owned subsidiary of Community Bancorp of Santa Maria, increased 4.1%, from $207.7 million at March 31, 2018, to $216.2 million at March 31, 2019.
Silveria said that the strong first quarter 2019 earnings report is a follow up to a strong 2018.
“The bank was recognized as a Findley ‘Super Premier Performing’ bank in 2018, and received our 31st consecutive quarter with a ‘Five Star’ rating from Bauer Financial," she said. "Those are the highest ratings available from these independent agencies, and we have maintained that momentum entering 2019.”
Community Bank of Santa Maria opened for business on March 1, 2001, and presently employs some 55 people. The company’s stock is traded on OTCQX:CYSM. For more information, visit www.yourcbsm.com.