Montecito Bank & Trust Reports Q3 2021 Earnings
October 28, 2021
Montecito Bank & Trust reports 21% asset growth and 24% deposit growth year-over-year
Santa Barbara, Calif. – Montecito Bank & Trust reported total assets grew $404.53 million, an increase of 21.45% during the 12-month period ending September 31, closing at $2.29 billion, with deposit growth of $407.02 million or 24.41% year-over-year, ending the third quarter at $2.07 billion. Loan growth softened due to accelerated PPP forgiveness and a number of additional loan payoffs, declining 4.48% year-over-year, with quarter-end loans totaling $1.26 billion. Total net income year-over-year, increased 23.67% to $11.85 million. The bank's total risk-based capital remains very strong at 14.24%, exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, Chairman and CEO commented “The Bank’s continued strong deposit growth reflects the strength and depth of our relationships. This growth enables us to give back and reinvest more in our communities, especially as we eagerly await our annual Community Dividends® event next month. While loan growth was down slightly, our residential lending group funded over $25 million in loans this quarter, setting a department record and affirming why we were recognized as Best Mortgage Lender for the fourth year in a row by readers of the SB Independent. This recognition, along with our ninth Best Bank in Santa Barbara award, honors the dedication our teams demonstrate each day and the trust our community has in them and our Bank. I remain optimistic about what the next chapter holds for our communities and am proud of our ability to continue honoring the legacy of our founder, Michael Towbes.”
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 46th anniversary on March 17, 2021 and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. Montecito Bank & Trust has a history of unwavering corporate philanthropy in the local communities it serves, annually donating $1.5 million dollars and volunteering over 7,500 hours to nonprofit organizations in Santa Barbara and Ventura counties. 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 21 Best Bank awards in the last 9 years, in addition to numerous accolades for Best Mortgage and Best Financial Services Company in Santa Barbara, Best Investment Company in Santa Ynez Valley and the third Best Bank to Work For in the United States (American Banker Magazine).