SANTA MARIA — Community Bancorp of Santa Maria experienced significant growth, according to their fourth quarter earnings report released by President Janet Silveria.
Net income increased 29% from $2.209 million in December 2020 to $2.850 million in December 2021, according to the report.
“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,” said Janet Silveria, the bank’s president and CEO, in a news release.
Compared to the fourth quarter earnings report of 2020, basic earnings per share increased from $1.02 in 2020 to $1.32 in 2021. Total deposits increased 23% from $307.6 million to $378.2 million, and total assets increased 22% from $338.8 million to $415 million.
The only figure that decreased was net loans from $236.6 million to $211.4 million.
“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,” said Mrs. Silveria in the media release, explaining this decrease. “As those loans are quickly qualifying for forgiveness, the Small Business Administration is paying off the loans.”
The bank thanked the community for its success and celebrated by giving back to Santa Maria.
“We celebrated our 20-year anniversary in 2021, which is a noteworthy milestone, and we celebrated that by giving away $20,000 in donations to local nonprofits nominated by our customers,” Mrs. Silveria said. “We could think of no better way to show our appreciation to our customers and our community for their support these past 20 years.”
— Forrest McFarland