Montecito Bank & Trust Reports Strong Asset and Loan Growth
Santa Barbara, Calif. – Montecito Bank & Trust reported total assets grew 6.10% or $92.08 million during the 12-month period ending March 31, closing at $1.60 billion, with loan growth of 12.99% year-over-year, ending the first quarter at $1.08 billion. Deposit growth saw a 3.27% lift year-over-year, with quarter-end deposits totaling $1.37 billion. Total net income for the first quarter is flat at $2.9 million year over year. The bank's total risk-based capital remains very strong at 14.59%, exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, Chairman and CEO stated “Our hearts go out to our Central Coast communities, and our hands applaud the front line professionals who are working tirelessly to keep us all safe and healthy as we continue to weather the unimaginable impacts of the COVID-19 pandemic. For 45 years Montecito Bank & Trust has stood strong with our communities and our commitment to making the communities we serve better places to live and work is as alive today as it was 45 years ago. While the Bank’s first quarter performance was solid in many areas, it’s what our associates have done, and continue to do day in and day out, since we shifted our operations on March 16th that I inspires me each day. As we continue to adhere to the guidelines and policies in place, we remain committed to providing a world class experience in this new normal, and most importantly, securing as much Paycheck Protection Program funding as we are able to for eligible businesses, organizations and individuals across the Central Coast. It is my commitment to do so until the SBA’s funds are depleted. This is one of the greatest challenges of our lifetime, but our communities will prevail and Montecito Bank & Trust will be there every step of the way.”
In April, Montecito Bank & Trust earned the highest marks from both The Findley Reports and Bauer Financial, two independent services which rate the financial performance of banks. Montecito Bank & Trust received a 2018 designation of a Super Premier Performing bank by The Findley Reports, and has been designated a Premier Performing or Super Premier Performing bank 34 times since it opened its doors 44 years ago. The bank was also awarded a 5-star, Superior Bauer rating for December 31, 2018 financial data.
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 45th anniversary on March 17, 2020 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. 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. The Bank has earned 19 Best Bank awards in the last 7 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).