MB&T reports strong loan growth and solid deposit growth
Montecito Bank & Trust reported continued strong loan growth of $112.9 million, ending the quarter at $797 million, 16.6% over the prior year. Deposit growth of $68.1 million pushed third quarter deposit totals over $1.1billion, a 6.5% year-over-year increase. Total assets grew $82.9 million during the same 12-month period, closing at $1.3 billion. YTD net income was $10.9 million compared to $12.2 in 2015. (In 2016, MB&T discontinued reversals of excess loan loss reserves to support the strong loan growth, which is reflected in a reduction in year to date net income). The bank's total risk-based capital remains very strong at 12.97%, well above the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, President and Chief Executive Officer, stated: “We’ve seen meaningful loan and deposit growth over the last few months, and we’re excited to carry this momentum forward into the final quarter of 2016. Last week, our total gross loans surpassed the $800 million mark, a new milestone for Montecito Bank & Trust. I’m so proud of our associates who work hard every day to make Montecito Bank & Trust the best place to bank and in doing so help us reach new heights. We have welcomed many new customers to our bank this year and sincerely appreciate their confidence as well as the continued loyalty of all our customers who help support our mission to make the communities we serve better places to live and work.”
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 41st anniversary in 2016 and operates 10 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; mortgage loans, consumer loans; credit cards; merchant services; and online services, including mobile banking and cash management. Its Wealth Management Division provides comprehensive trust services and full investment management for all branch office markets.
Montecito Bank & Trust was the only bank in the tri-counties to receive a 2015 Super Premier Performing Bank designation by The Findley Reports, an independent service which rates the annual performance of California banks. Montecito Bank & Trust has been designated as a Premier Performing or Super Premier Performing bank by The Findley Reports 30 times in its 41-year history. The bank was also awarded a 5-star, Superior Bauer rating for March 31, 2016 financial data.
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