Jim Glines, President and Chief Executive Officer of your Community Bank of Santa Maria has released the bank’s year end financial information. Glines said “we are pleased with the growth and profitability of your bank for the year ended December 31, 2011.”
“Most impressive about our year end financial statement was the net profit number”, said Glines. “We believe we have a story to tell about our last three year end profit numbers that truly tell the tale of our local economy and its direct reflection on a true Community Bank like ours.”
Glines noted that “At year end 2011 our net profit was $522,209, compared to $25,629 at year end 2010. And at year end 2009 we reported a net loss of $791,144. As our local business economy has incrementally improved, our loan losses have been reduced and we have shown a very nice improvement in our net profit.”
Total assets of the bank at December 31, 2011 were $162,295,329, which represented a 6.77 % increase over the $151,999,521 reported on December 31, 2010. Likewise, deposits were up 5.56% during the same period. Deposits on December 31, 2010 were $136,173,493 compared to $143,745,968 reported on December 31, 2011. Loan demand eased during the year and at year end 2011 Community Bank of Santa Maria was down some 7.27% in net loans outstanding. At December 31, 2010, total net loans were $111,121,789 versus total net loans on December 31, 2011 of $103,046,726.
Glines was pleased to report to shareholders that the bank has achieved a 5-Star Superior Rating from Bauer Financial, Inc., which is the highest rating awarded. Bauer Financial, Inc. is a premier independent bank rating and research firm. A bank may not pay for a rating, nor may they evade it.
Community Bank of Santa Maria opened for business on March 1, 2001 and now employs 47 people in three branches. One branch is in Santa Maria, one in Oak Knolls, and one in Lompoc.