The results report for the period ending December 31, 2021, published by the Community Bank of Santa Maria, revealed increases in net income, basic earnings per share, total deposits, and total assets.
Community Bancorp of Santa Maria, the bank’s parent business, reported a 29 percent rise in net income from $2.209 million at the end of 2020 to $2.850 million at the end of 2021, according to Janet Silveria, president, and chief executive officer.
According to Silveria, basic profits per share climbed from $1.02 in 2020 to $1.32 in 2021, representing a 12% rise.
In the same period, total deposits climbed by 23 percent, from $307.6 million at the end of 2020 to $378.2 million at the end of 2021, while total assets increased by 22 percent, from $338.8 million to $415.0 million.
Net loans declined by 10.6 percent from $236.6 million at the end of 2020 to $211.4 million at the end of 2021, a total of $211.4 million.
“Through our participation in the Paycheck Protection Program, we have provided more than $81 million in loans to over 600 businesses throughout the Santa Maria Valley,” Silveria noted. The Small Business Administration is repaying the loans because they are rapidly becoming eligible for forgiveness.”
Once those factors were taken into consideration, the bank’s net loans climbed by 4.5 percent, from $193.2 million to $201.9 million.
We are 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. “The bank experienced significant growth in 2021, and we are proud of our ability to provide a return to our shareholders while also providing valuable support and financial services to our community,” Silveria said.
It was pointed out that the bank would commemorate its 20th anniversary in 2021 by making a $20,000 gift to a local charity organization of the customer’s choosing.
The Community Bank of Santa Maria began operations on March 1, 2001, and today employs 60 individuals at two sites around the city.