Community Bank of Santa Maria Reports Profit For First Half of 2011
Bank Well-positioned For Future Growth
Community Bank of Santa Maria has released its earnings report for the first six months of 2011. President and Chief Executive Officer, Jim Glines reports that total assets, total deposits and net earnings were all up.
As of June 30, 2011, total assets were $153.6 million compared to $144.5 million for the same period ended June 30, 2010. This represents a 6.3% increase. Total deposits of the bank rose from $129.5 million at June 30, 2010 to $135.6 million at June 30, 2011 which represents a 4.7% increase. Net loans were down slightly from $112.9 million on June 30, 2010 to $110.9 million on June 30, 2011 or a decrease of 1.8%.
Perhaps the most significant part of the report is in the area of net earnings. Your Community Bank of Santa Maria reported net earnings of $194,643 for the first six months of 2011 against a net loss of $519,052 for the first six months of 2010.
“We have realized four straight quarters of profitability” said Glines. “Our profit for the first six months of 2011 is a net figure after paying $90,822 in taxes and allocating $90,000 to our provision as a hedge for potential future loan losses.”
Glines further stated that “we have just completed a successful capital campaign where we raised over $2 million in new capital. Your Bank is now positioned for future growth and prosperity right here on the Central Coast. We are proud to remain the only locally owned bank headquartered right here in Santa Maria.”
When asked about whether or not the bank was lending, Glines responded “Contrary to popular belief, community banks do have money to loan, but we continue to see a lack of loan demand as consumers and businesses seem to be waiting for more positive news on the economy. Community Bank of Santa Maria continues to seek good quality loans to businesses in our local communities.. As we begin to emerge from this recession, we expect to see slight incremental increases in loan demand.”
Community Bank of Santa Maria opened for business on March 1, 2001 and has three branch locations. They employ 50 people.