Community Bank of Santa Maria Shows 84% Increase in Earnings in First Quarter

SANTA MARIA, Calif. - April 21, 2015 - PRLog -- Community Bank of Santa Maria saw a large increase in earnings for the first quarter of 2015, compared to the first quarter of 2014.  Net income rose from $201,818 to $373,105 for an 84.9% increase.  Janet Silveria, President and Chief Executive Officer, announced the bank’s first quarter results this week.

Other double-digit increases were reported, too.  Total Assets were up 10.4%, from $191.3 million at March 31, 2014 to $211.2 million at March 31, 2015. Total Deposits were up 10.8%, from $171.4 million at the end of Q1 in 2014 to $189.9 million at the same point this year.

Silveria explained one factor which helped boost the earnings number.  “This quarter, we recorded a negative loan loss provision of $187,000, which directly impacted the bottom line.  The negative provision taken this quarter is a direct reflection of loan recoveries realized in the first quarter.”

She went on to say “as the economy improves, we are realizing recoveries on previously recorded loan losses, and are able to lower our reserves against future loan losses.”  Silveria emphasized that even without the negative provision, net income was up over 20% from the first quarter last year.

Net Loans were $115.7 million at March 31, 2015.  This is an 8.3% increase over the $106.8 million reported at March 31, 2014. “The growth in Net Loans is exciting, but we still have the desire and commitment to make more loans in the community” said Silveria.  “Double digit growth in loans is what we’re striving for.”

Silveria expressed gratitude to the bank’s customers, shareholders, and community. “Without the support of those we are here to serve, we could not record these impressive numbers” she said.

The bank is working diligently on the opening of their newest branch at Santa Maria Way and Miller in Santa Maria, expected to open this summer. Once opened, the bank will have four full-service branches, including Santa Maria Way, South Broadway and Oak Knolls in Santa Maria, and their division, Lompoc Community Bank, in Lompoc.

Community Bank of Santa Maria Opened for business on March 1, 2001 and presently employs 53 people.