Montecito Bank & Trust Reports Robust Loan and Profit Growth
Montecito Bank & Trust reported net income for the quarter of $8.1 million, compared to $5.6 million a year ago, a 44% increase. Total gross loans grew 23% year-over-year, from $540 million to $662 million. Total assets grew $54 million during the 12-month period, closing at $1.2 billion, while total deposit growth was $41 million. Total risk-based capital remained very strong at 13.32%, well above the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, President and Chief Executive Officer, expressed that “We are extremely pleased with our financial performance and the dedicated teams that contribute to our bank’s continued year-over-year growth. We continue to see an increased demand for financing in our markets, and we’re thrilled to be in a position where we can meet local needs. Our strong deposit base provides us the flexibility to lend, and it’s exciting to know that what we do lend out is being reinvested right here in our communities. This continued loan growth, driven in part by the new relationships we’ve fostered, has led to extraordinary profit growth. Thank you to our wonderful customers for always supporting us and allowing us to make the communities we serve better places to live and work.”
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. The Findley Reports has designated Montecito Bank & Trust as a Premier Performing or Super Premier Performing bank 29 times in its 40-year history.
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, and Westlake Village, and a Financial Services Center in Camarillo. 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].