MB&T Reports Strong Growth to Close Out 2015
Montecito Bank & Trust reported 2015 net income of $15.9 million, compared to $13.1 million in December 2014, a 21% increase. Total gross loans grew 17% year-over-year, ending the year at $711 million. Total assets grew $53 million during the 12-month period, closing at $1.2 billion, while total deposit growth was 4.5%, closing the year at $1.1 billion, up $48 million. Total risk-based capital remained very strong at 13%, well above the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, President and Chief Executive Officer, stated that “We are very pleased with the bank’s performance in 2015. Our team continues to demonstrate that they have the knowledge and expertise to provide the quality banking solutions our customers expect, as evidenced by our meaningful loan, deposit and asset growth. Montecito Bank & Trust’s commitment to making the communities we serve better places to live and work is always our top priority, and we will continue to invest in the people, technology and resources needed to deliver on that promise. In the year ahead, we’re eager to build on our existing relationships and show new customers how rewarding a partnership with the local bank of choice can be.”
Montecito Bank & Trust received a 2014 designation of a Super Premier Performing Bank by The Findley Reports, an independent service which rates the annual financial performance of California banks. Montecito Bank & Trust has designated as a Premier Performing or Super Premier Performing bank by The Findley Reports 29 times in its 40-year history.
Montecito Bank & Trust, an S Corporation, is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 40th anniversary in 2015 and operates branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. The bank offers a variety of competitive deposit and lending solutions for businesses and consumers, including business loans and lines of credit; commercial real estate finance; SBA loans; consumer loans; credit cards; merchant services; and online services, including mobile banking and cash management. Its Wealth Management Division provides full investment management as well as trust services for all branch office markets.
For more information, please contact Megan Orloff, SVP Director of Marketing at (805) 564-0236 or [email protected].