Janet Silveria, president/CEO of Community Bancorp of Santa Maria, the single bank holding company of Community Bank of Santa Maria, released its earnings report for the period ending June 30, and announced its Board of Directors declared an annual cash dividend.
Net loans for the bank grew 9.1 percent, from $165.1 million at June 30, 2018, to $180.1 million at June 30, 2019. Total deposits increased 6.6 percent, from $212.0 million at June 30, 2018, to $225.9 million at June 30, 2019.
Total assets were $256.6 million at June 30, 2019, an increase of 2.4 percent over the $250.5 million reported at June 30, 2018. Net income was reported as $1.822 million at June 30, 2018, versus $1.279 million at June 30, 2019. The decline is attributed to one-time earnings realized in the second quarter last year.
The bank concluded the sale of its Lompoc division on May 18, 2018, which resulted in one-time net earnings of about $815,000 as of June 30, 2018. After adjusting for the one-time net earnings. Net income increased 27 percent from the same period last year.
Silveria said the sale of the Lompoc division was a strategic move to divest of a division that was underperforming company goals.
As a result of the improved earnings, the company recently announced the payment of an annual cash dividend of $0.15 per share payable on July 3, to shareholders of record as of June 19.
“That is an increase of 50 percent from the dividend declared last year,” said Silveria.
In addition to being happy to reward shareholders, Silveria said the bank is proud of the recognition it is receiving from independent bank-rating agencies. The Findley Report recognized the bank as a Super Premier Performing bank for 2018. The bank also celebrated its 32nd consecutive quarter with a 5 Star rating from Bauer Financial.