Montecito Bank & Trust Eclipses $1.5 Billion in Assets
Santa Barbara, Calif. – Montecito Bank & Trust reported total assets grew 7.9% or $110.3 million during the 12-month period ending March 31, closing at $1.5 billion, with loan growth of 7.4% year-over-year, ending the first quarter at $957.0 million. Deposit growth saw a 7.8% lift year-over-year, with quarter-end deposits totaling $1.3 billion. Net income before taxes grew 3.2% to $4.2 million, for the first quarter. Total net income for the first quarter is down 69.9% year-over-year, to $2.9 million, due to a onetime tax credit associated with the bank’s conversion from an S Corporation to a C Corporation. The bank's total risk-based capital remains very strong at 15.1%, well exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, Chairman and CEO stated "Surpassing $1.5 billion in assets is a significant milestone for our Bank, and it is a testimony to the dedication of our associates and the loyalty of our clients. I am grateful that we are the financial partner of choice for the lending, banking and investing needs of the communities we serve. Accepting local deposits, funding loans to local businesses and reinvesting in the community is the value of community banking, and it is a responsibility we take seriously. I am very proud of the work our associates do each and every day to contribute to the Bank’s growth and to making the communities we serve better places to live and work."
In April, Montecito Bank & Trust earned the highest marks from both The Findley Reports and Bauer Financial, two independent services which rate the financial performance of banks. Montecito Bank & Trust received a 2018 designation of a Super Premier Performing bank by The Findley Reports, and has been designated a Premier Performing or Super Premier Performing bank 34 times since it opened its doors 44 years ago. The bank was also awarded a 5-star, Superior Bauer rating for December 31, 2018 financial data.
Montecito Bank & Trust is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 44th anniversary on March 17, 2019 and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. Awarded the 2017 Bank of the Year (Western Independent Bankers) from among more than 550 independent community banks headquartered in 13 western states 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. The Bank has earned 16 Best Bank awards in the last 6 years, in addition to 2018 accolades for the Best Mortgage Company in Santa Barbara, Best Investment Company in Santa Ynez Valley and the second Best Bank to Work For in the United States (American Banker Magazine).
For more information, please contact Megan Orloff, EVP, Chief Strategy Officer, at (805) 564-0236 or [email protected].