Montecito Bank & Trust Reports Q4 2021 Earnings
January 27, 2022
Montecito Bank & Trust reports record income and strong asset growth to close out 2021 with $2.35 billion in assets
Santa Barbara, Calif. – Montecito Bank & Trust reported total assets grew $398.62 million, an increase of 20.41% during the 12-month period, to $2.35 billion for the year ending 12/31/2021. Strong deposit growth of $401.15 million or 23.15% year-over-year, pushed year-end deposit totals to $2.13 billion. Loan growth declined $143.4 million or 10.88% year-over-year due to Payroll Protection Program (PPP) loan forgiveness with year-end loans totaling $1.17 billion. Net income of $17.5 million was a 46.68% increase year over year. The bank's total risk-based capital remains very strong at 14.49%, far exceeding the 10% regulatory minimum required to be considered well capitalized.
Reflecting on another year of pandemic related challenges, Chairman and CEO Janet Garufis commented “Our 2021 record performance is a testament to service excellence and the resiliency and dedication of our over 260 associates, and to the confidence and trust our clients and communities have in our teams. For that, we are forever grateful. Our Wealth Management group, with assets under management in excess of $1.2 billion, continues to excel. Moreover, when coupled with our significant deposit growth, securing over $115 million additional Round 2 PPP funds for central coast organizations, and donating in excess of $1.6 million to deserving non-profits across our communities, I am confident we are making our founder, Michael Towbes, proud. It is that very commitment to world-class service that earned our teams an additional six Best Bank and Best Places to Work recognitions this year.” Looking ahead to 2022, Garufis stated “While we are anticipating more modest financial performance in 2022, we are excited to continue exploring what’s possible with our clients and our communities and to continue supporting our community through reinvestment in the form of loans, corporate philanthropy and volunteerism.”
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 over $1.5 million dollars and volunteering over 5,400 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 23 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 fourth Best Bank to Work For in the United States (American Banker Magazine).