James D. Glines, Chief Executive Officer
SANTA MARIA, CA – October 17, 2014 – Steady growth continues at Community Bank of Santa Maria, with net earnings up 20.22 percent. The bank’s Third Quarter Earnings were recently released by Jim Glines, Chief Executive Officer, and Janet Silveria, President and Chief Operating Officer.
Net earnings were $674,736 for the Quarter ended September 30, 2014, compared with $561,246 at September 30, 2013.
The two Executive Officers were pleased with the bank’s performance, especially the increase in net profits, and said it was a clean operation with no regulatory issues. On September 30, 2014, the bank had no loans that were more than 30 days past due, no loans on non accrual, and nothing in their ‘Real Estate Owned’ portfolio.
Other important numbers were also impressive for Community Bank of Santa Maria. Growth in total deposits was up 6.43 percent when comparing the bank’s total deposits of $167,969,084 at September 30, 2013 to total deposits of $178,767,608 reported at September 30, 2014. Total loans for the quarter ended September 30, 2013 were $ 105,194,518 which represents an 11.8 percent increase to the $117,235,364 reported at September 30, 2014. Likewise, total assets of the bank at September 30, 2013 were $187,602,459 and reflected a 6.37 percent increase to $199,549,585 at September 30, 2014.
Jim Glines thanked the loyal customers of the bank. “They support our style of banking and see that the bank is increasing its asset base and its earnings as the economy continues to show sustained recovery.” Glines also emphasized that the bank has money to loan. “Every decision is made at a local level. No 800 numbers in this bank. Come in and talk to a decision maker.”
Community Bank of Santa Maria opened for business on March 1, 2001 and presently has three branch locations: South Broadway, Oak Knolls, and Lompoc Community Bank, a division of Community Bank of Santa Maria.