Community Bank of Santa Maria released its first quarter earnings and announced that Total Deposits were $133.8 million at March 31, 2011 according to Jim Glines, President and Chief Executive Officer. This represents a 5.69% increase over the Total Deposits on March 31, 2010 of $126.6 million.
“As a result,” said Glines, “total assets of the bank rose from $142.0 million at March 31, 2010 to $149.6 million at March 31, 2011 or an increase of 5.35%.”
Net Loans meanwhile were down slightly from March 31, 2010 of $111.4 million to $109.2 million at March 31, 2011, which represents a decrease of 1.97%. However, net profits for the first quarter of 2011 were $59,436 which is nearly equal to first quarter earnings in 2010 of $59,429.
“We continue to see incremental increases in our local economy and continue to enjoy a great customer base in the communities we serve”, said Glines. “While we celebrate our 10th year of service we are heartened to see the solid growth of our bank. We are proud to be a contributing part of the Lompoc and the Santa Maria Valley and appreciate the great support we continue to receive”.