Montecito Bank & Trust Grows Net Income
Santa Barbara, CA - Montecito Bank & Trust reported net income grew 11.52% year-over-year, to $12.2 million, driven by strong loan growth of 16% during the same period, or $127 million, to $924 million. Deposits grew 3%, or $35 million, year-over-year. Assets grew 3.64%, from $1.3 billion to $1.35 billion, during the same period. The bank's total capital remains very strong at 12.7%, exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, Chairman and CEO stated, "I am proud of the continued dedication our locally-based teams demonstrate to our communities each and every day. Our priority is to provide flexible solutions to meet the individual needs of our customers and as loan demand continues to be strong we can be extremely responsive in offering the communities we serve the products and services they need to thrive."
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 42nd anniversary on March 17, 2017 and operates 10 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.
Montecito Bank & Trust received a 2016 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 32 times in its 41-year history.
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Megan Orloff, SVP Director of Marketing
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