SANTA MARIA, Calif., April 13, 2020 /PRNewswire/ -- Janet Silveria, President and Chief Executive Officer of Community Bancorp of Santa Maria, parent company of Community Bank of Santa Maria, released the company's first quarter earnings report for the period ending March 31, 2020.
Total Deposits increased 7.3% from $216.2 million at March 31, 2019 to $231.9 million at March 31, 2020. Net Loans increased 1.8% from $175.0 million at March 31, 2019 to $178.3 million at March 31, 2020. Net Income was up 2.9%, from $592,158 at March 31, 2019 to $609,521 as of March 31, 2020. The company's annualized Return on Average Assets was 0.94%, and the annualized Return on Average Equity was 9.40%. Basic Net Income per share was $0.29.
Silveria commented that the positive first quarter 2020 earnings report is a follow up to a strong 2019. "The bank was recognized as a Findley 'Super Premier Performing' bank for 2019, and also received our 35th consecutive quarter with a 'Five Star' rating from Bauer Financial. Those are the highest ratings available from these independent agencies, and we have maintained that momentum entering 2020."
Silveria confirmed that Community Bank of Santa Maria remains open to serve their customers as an essential business, and the bank is participating in the Paycheck Protection Plan lending facility being offered through the Small Business Administration. "We are making all types of loans and opening new accounts, and otherwise available to help our customers and our community during these unprecedented times," Silveria said.
Community Bank of Santa Maria, the wholly owned subsidiary of Community Bancorp of Santa Maria, opened for business on March 1, 2001, and presently employs some 55 people. The Company's stock is traded onOTCQX: CYSM. For more information, visit their website at www.yourcbsm.com.
SOURCE Community Bancorp of Santa Maria