Community Bank of Santa Maria released its earnings report for the second quarter of 2009, revealing the mixed-bag state of the local economy.
Bank deposits increased 10 percent from June of 2008 to the quarter’s end this year, from $108.2 million to $119 million. The bank’s total assets tallied $135.2 million, up 5 percent from $128.2 million last year.
The bank continues to increase its Loan Loss Reserve with an aim to provide an adequate cushion against a volatile economy and unstable real estate market. The Loan Loss Reserve expense rose from $151,600 to $1.1 million from the second quarter of 2008 to 2009. The increase resulted in a net loss of $393,722 as of June 30.
For more information about Community Bank of Santa Maria, visit yourcbsm.com or contact Jim Glines or Janet Silveria at 922-2900.
This article appears in Aug 13-20, 2009.
