SANTA MARIA, Calif., Jan. 14, 2020 /PRNewswire/ -- Janet Silveria, President and Chief Executive Officer of Community Bancorp of Santa Maria (OTCQX: CYSM), parent company of Community Bank of Santa Maria, released their earnings report for the period ending December 31, 2019.
Net Loans for the Bank increased 8.24%, from $169.6 million at December 31, 2018 to $183.6 million at December 31, 2019. Total Deposits increased 7.32%, from $218.8 million at December 31, 2018 to $234.9 million at December 31, 2019. Total Assets increased 4.88%, from $251.2 million at December 31, 2018 to $263.5 million at December 31, 2019.
Net Income, after adjusting for one-time income occurrences in 2018, increased 28.23%. The one-time earnings were related to the sale of the Company's Lompoc Division, Lompoc Community Bank, as well as an expense recovery from a large vendor. Net Income reported for December 31, 2018 was $3.640 million, or $2.368 million after the adjustments. Net Income for December 31, 2019 was $2.731 million.
Silveria commented that the sale of their Lompoc division was a strategic move to divest a division that was underperforming bank goals, and allows the Company to focus on their primary Santa Maria Valley market. The sale contributed to the Company's ability to declare an annual cash dividend of $0.15 per share in June, 2019. This is up 50% from the cash dividend declared the year prior. Additionally, the Company concluded a successful stock repurchase in December, 2019, returning approximately $4.5 million in retained earnings to shareholders.
Community Bancorp of Santa Maria (OTCQX: CYSM) is the single bank holding company of Community Bank of Santa Maria, which opened for business on March 1, 2001 and currently employs 55 people in two locations in Santa Maria. For more information, visit their website at www.yourcbsm.com.
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SOURCE Community Bancorp of Santa Maria