Assets and Deposits Up, Net Loans Down
Jim Glines, President and CEO of your Community Bank of Santa Maria has released the bank’s first quarter earnings for the period ending March 31, 2012. CBSM continues to show impressive results.
Glines reported that “we are very pleased to report our quarter end numbers which continue the favorable trend that your bank is establishing. Total Assets of the bank increased 6.95 % for the first quarter of 2012 compared to the first quarter of 2011. Total Assets went from $149.7 million to $160.1 million.
Total Deposits moved up from $133.8 million at March 31, 2011 to $141.6 million as of March 31, 2012; an increase of 5.83%. Total Net Loans moved from $109.2 million to $103.6 million or a decrease of 5.13% for the same period.
“The number we’re most proud of “ said Glines, “is our net profit for the period ended March 31, 2012, which was $141,909 compared to net profit of $59,436 reported on March 31, 2011. That’s an increase of 138.8%!”
Glines further stated “the bank’s success is due to the continuing support of the local communities in the areas we serve. The more community banks sell or merge into regional banks, the more void it leaves for personal customer service. We remain the only bank headquartered right here in Santa Maria. Your loan request goes across the lobby; not across the nation. At your Community Bank of Santa Maria you come in and talk to a decision maker.”
Community Bank of Santa Maria opened its doors for business on March 1, 2001 and currently employs 46 people in three branch locations and its administrative office.