Community Bank of Santa Maria released its third quarter financial statements Oct. 18, showing a large increase in net profits over the same period in 2009.
For the period ending Sept. 30, net profits for the bank were $308,967, a 169-percent increase over the $114,587 reported for the period ending Sept. 30, 2009.
Total assets for the bank rose by 3.11 percent from the $138,563,000 reported in 2009 to $142,874,000 at third quarter’s end in 2010. Net loans rose by 1.3 percent from $109,420,000 to $110,842,000 for the same period, while total deposits for the bank rose by 3.84 percent, from $122,654,000 to $127,359,000 for the comparative quarter-end. In 2009, the bank reported a net loss of $279,135 for the nine months then ended. As of Sept. 30, 2010 net loss for the first nine months of the year was $210,085.
Community Bank of Santa Maria has branches at 1421 S. Broadway and 4869 S. Bradley Road and operates Lompoc Community Bank at 705 W. Central Ave.
For more information, visit yourcbsm.com.
This article appears in Oct 28 – Nov 4, 2010.