Montecito Bank & Trust begins 2021 with substantial loan and deposit growth
Montecito Bank & Trust reported total assets grew $493.38 million, an increase of 30.78% during the 12-month period ending March 31, closing at $2.09 billion, with loan growth of 26.93% year-over-year, ending the first quarter at $1.37 billion. Deposit growth saw a 37.16% lift year-over-year, with quarter-end deposits totaling $1.88 billion. Total net income for the first quarter, year-over-year,increased 34.01% to $3.82 million. The bank's total risk-based capital remains very strong at 14.70%, exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, Chairman and CEO commented "As our communities continued to navigate COVID-19 throughout the first quarter, our teams remained dedicated to helping ensure the safety of our branchesand offices, and to securing as much Paycheck Protection Program (PPP) funding as possible for Central Coast organizations during the Small Business Administration program's latest round. As a PPP financial partner of choice, our teams facilitated an additional 1,700 new PPP loans in the first quarter, providingover $115 million of critical support to businesses and organizations across the Central Coast. This volume was a primary driver of our year over year loan growth, coupled with heightened activity in our residential lending group. Looking ahead, as vaccination rates increase and our economy begins to reopen more fully, I am optimistic about what the next chapter holds for our communities and am confident in our team's ability to continue providing the world-class customer experience our communities have long trusted us to deliver."
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 20 Best Bank awards in the last 8 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).