Community Bank of Santa Maria notes key increases in second quarter
The Community Bank of Santa Maria announced its earnings for the second quarter on July 10, finding that it had recorded increases in net income and net loans.
In the second quarter, the bank saw net income increase 50.7% year-over-year to $1.3 million.
Similarly, net loans increased 8.9% from the second quarter of last year to close this period with $226.5 million.
In a press release, bank President and CEO Janet Silveria said “We are pleased with the growth in Net Income and Net Loans, especially given the challenging economic environment.”
Total assets took a small dip, about 3.2%, ending the quarter with $405.6 million while total deposits also decreased 4.1% to $372.8 million.
“Between December 31, 2019, and June 30, 2022, the Bank’s deposits surged about $154 million. Given the low-rate environment and economic uncertainty during this period of time, there was a flight to safety. We anticipated some deposit run-off when rates increased and pandemic concerns subsided, so we positioned ourselves accordingly,” Silveria said, adding that the bank is still in a strong financial position.
The bank also announced a cash dividend of 25 cents for the year, to be paid on July 7 to shareholders of record as of June 30, a 25% increase from last year’s annual dividend.
