By Jorge Mercado Monday, October 21st, 2024

The Community Bancorp of Santa Maria, the parent company of Community Bank of Santa Maria, announced its earnings for the third quarter of 2024 on Oct. 16 after the markets closed. 

The bank announced that net income for the third quarter was $819,337 which is an increase from $700,729 from the second quarter of 2024.

Net loans increased 10.9%, from $228.3 million to $253.2 million by the end of the third quarter while total assets were $400.7 million as of Sept. 30, a 2% year-over-year increase.

Total deposits decreased slightly to sit at $359.7 million at the end of the quarter.

Janet Silveria, president and CEO of the bank, said that while net income was down from the third quarter of 2023, strong loan growth at the end of the second quarter “laid the groundwork for increased earnings in the third quarter.”

“Deposit levels have stabilized, and we remain in control of interest expense growth. With the ongoing changes in the interest rate environment, we have confidence in our ongoing ability to provide for a strong and stable financial performance,” Silveria said.