Montecito Bank & Trust Reports Net Income Growth of 25%
Montecito Bank & Trust reported net income year to date of $12.2 million, compared to $9.8 million in September 2014, a 25% increase. Total gross loans grew 14% year-over-year, ending the quarter at $684 million. Total assets grew $56 million during the 12-month period, closing at $1.2 billion, while total deposit growth was 3.8%, closing the quarter at $1.1 billion, up $40 million. Total risk-based capital remained very strong at 13.4%, well above the 10% regulatory minimum required to be considered well-capitalized.
In addition to continued growth, Montecito Bank & Trust has received a number of recent accolades, both at the organizational and individual levels. Montecito Bank & Trust was just voted Best Bank for the third straight year in the Santa Barbara Independent’s Best Of Readers’ Poll, and the second consecutive year in both the Santa Barbara News Press Readers’ Choice Poll and the Santa Ynez Valley News Best of the Valley Poll. In late September, President and CEO Janet Garufis was named one of American Banker Magazine’s 25 Women to Watch, part of their national rankings of the Most Powerful Women in Banking. Ms. Garufis was also selected to serve as vice president for the Federal Reserve Board’s Community Depository Institutions Advisory Council (CDIAC) for 2016.
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.
Janet Garufis, President and Chief Executive Officer, stated that “We are very pleased with our continued growth and financial performance. Our commitment to investing in the best people and resources to serve the needs of our customers has made an impressive difference in our year over year results. Loan demand is still growing and our strong deposit base provides us the flexibility to fulfill our mandate as a community bank: to help keep our local communities economically vibrant by providing financial services to local consumers and businesses. Lending, reinvesting in local communities, contributes to the health of the local economy. We are grateful to our customers for their loyal support. Together we 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 40th anniversary in March, and operates branch offices located 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]