Lending slows but deposits increase at Community Bank of Santa Maria
Monday, April 18, 2022
Community Bank of Santa Maria’s total assets and deposits increased in the fiscal first quarter even as new loans and net income declined, the bank said April 18.
Community Bancorp of Santa Maria, the holding company of Community Bank of Santa Maria, announced that its total assets had grown to $411.4 million at the end of the quarter on March 31, a 15% increase over the previous quarter. ‘last year. Total deposits increased from $326.3 million on March 31, 2021 to $378.2 million a year later.
Net lending fell 16% year over year, from $249.2 million at March 31, 2021 to $208.5 million a year later. Janet Silveria, the bank’s president and CEO, said lending plummeted due to the bank’s participation in the federal Paycheck Protection Program in 2020 and 2021. The bank has helped more than 650 businesses with $81.5 million in loans, she said in a press release.
“As the vast majority of these loans have now applied for and received forgiveness, the loans have been repaid by the SBA, resulting in a decline in total loans,” Silveria said.
The bank’s net income was $458,123 for the first quarter, down 19% from the first quarter of 2021. Silveria said the bank received “significant fee income” on PPP loans, which contributed to the decline in net income after the PPP program ended. .
The company’s press release said that after adjusting for PPP loan fee revenue and provisions for loan and lease losses made in the first quarter of last year, net income was “essentially flat” from 2021 to 2022.