President and Chief Executive Officer Jim Glines reports that “the bank saw gains in profits, total assets, deposits and net loans. We couldn’t be more proud of the support we receive from the community”.
An enthusiastic Glines says Community Bank of Santa Maria reported Total Assets of $152.0 million at year end 2010, which represents a 12.7% increase over the $134.9 million reflected at year end 2009. Deposits increased 13.9% from $119.6 million reported at December 31, 2009 to $136.2 million at December 31, 2010. Net Loans were $111.1 million at year end 2010; a 0.2% increase over the $110.9 million at year end 2009.
“Perhaps most impressive of all”, says Glines, “is the fact that we showed a profit of $25,629.00 at December 31, 2010. When compared to the loss of $791,144 at year end 2009 I would say that $25,629 never looked so good!” The bank contributed $1.5 million to Loan Loss Reserves in 2010 versus $2.3 million in 2009. Glines further notes that “as the year 2010 wore on, we saw some definite signs of recovery in our economy”.
Community Bank of Santa Maria opened for business on March 1, 2001 and will celebrate its 10 year anniversary this year. It employs 50 people in three branch locations and an administrative center.
Recently, Community Bank of Santa Maria (yourcbsm.com) received the highest rating of any bank based in San Luis Obispo or Santa Barbara Counties in the most recent Star Ratings from BauerFinancial. CBSM received four stars, which Bauer categorizes as “Excellent” in the company’s 0-5 star rating system.