Community Bank of Santa Maria showed a dramatic increase in net profit for the third quarter of 2010, when compared to the same quarter in 2009. Jim Glines, President and Chief Executive Officer of your Community Bank of Santa Maria, released the bank’s 3rd quarter financial statements today and they showed that for the period ended September 30, 2010, net profits were $308,967, which is a 169% increase over the $114,587 reported for the period ended September 30, 2009.
Glines said bank officials were encouraged by the story these comparative numbers tell. “Total assets for the bank rose by 3.11% from the $138,563,000 reported at September 30, 2009 to $142,874,000 at September 30, 2010. Net loans rose by 1.30% from $109,420,000 to $110,842,000 for the same period. Total deposits for the bank rose by 3.84% from $122,654,000 to $127,359,000 for the comparative quarter-end. On September 30, 2009 the bank reported a net loss of $279,135 for the nine months then ended. At September 30, 2010 net loss for the first nine months of 2010 was $210,085.”
“There are always numbers behind the numbers” said Glines. “The first nine months of 2009 we set $1,225,500 aside as a prudent loan loss reserve to protect ourselves against further deterioration as a result of the sluggish economy. During the first nine months of 2010 we set $1,527,000 aside for loan loss reserves and still showed lower net losses than the same quarter last year.”
Glines further stated that the bank owes its continued success to the ongoing support of local businesses and individuals of the Lompoc Valley, the Santa Maria market and the areas the bank services. “There is a vast difference between the philosophies of the ‘Wall Street’ financial institutions and a true hometown ‘Main Street’ community bank. We are proud to remain the only bank headquartered right here in Santa Maria”
Community Bank of Santa Maria opened for business in March, 2001 and has since opened Lompoc Community Bank, a division of Community Bank of Santa Maria, and a branch in the Acorn Plaza in Oak Knolls. The bank presently employs 49 people.