SANTA MARIA — Community Bancorp of Santa Maria, parent company of Community Bank of Santa Maria, released its earnings report for the fourth quarter of 2020.
Net loans increased 28.9%, from $183.6 million Dec. 31, 2019, to $236.6 million Dec. 31, 2020. The bank attributes 23.6% of the growth to Paycheck Protection Program loans.
Total deposits increased 31%, from $234.9 million Dec. 31, 2019, to $307.6 million Dec. 31, 2020. Total assets increased 28.6%, from $263.5 million at the end of 2019 to $338.8 million at the end of 2020.
Total income increased 4.3% whereas net income decreased 19.1%, from $2.731 million Dec. 31, 2019, to $2.209 million Dec. 31, 2020.
The increased expenses in 2020 are in correlation with the pandemic. The bank had to purchase software to process PPP loans, increase salaries to keep branches open and staffed and additional provisions to loan loss reserves. A portion of these expenses will be recouped as fee income on PPP loans is recognized.
“We’re proud of the bank’s response to the pandemic as we continued to serve our community and provided over $56 million in Paycheck Protection Program loans, which positively impacted over 450 small businesses in our community. Further, we issued a $0.15 cash dividend to our shareholders and concluded 2020 with earnings per share of $1.02,” Janet Silveria, president and chief executive officer of Community Bancorp of Santa Maria, said in a statement.
— Annelise Hanshaw
