Montecito Bank & Trust celebrates robust growth to close out 2016
Montecito Bank & Trust reported total assets grew $93.9 million during the 12-month period, closing at $1.3 billion, with strong loan growth of 22% year-over-year, ending the year at $868.7 million. Deposit growth saw a 6.8% lift year-over-year, pushing year-end deposit totals to $1.175 billion. In 2016 net income was down 8.5% versus 2015, to close at $14.6 million, due to loan loss reversals in 2015 which were not repeated in 2016. The bank's total risk-based capital remains very strong at 12.4%, exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, President and Chief Executive Officer, stated: “We are extremely pleased with our 2016 financial results and the bank’s strong performance in all segments. This performance is a testament to the confidence our customers put in our experienced teams every single day to deliver the financial services and solutions they need. It reinforces the fact that working with a local community bank and people who are motivated to give back and invest in the Central Coast is important when choosing a financial institution. Going into 2017 knowing that we are making a positive difference in the financial lives of individuals and local businesses simply strengthens our resolve to make the communities we serve better places to live and work. "
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 41st anniversary in 2016 and operates 10 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. 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.
Montecito Bank & Trust was the only bank in the tri-counties to receive a 2015 Super Premier Performing Bank designation by The Findley Reports, an independent service which rates the annual performance of California banks. Montecito Bank & Trust has been designated as a Premier Performing or Super Premier Performing bank by The Findley Reports 30 times in its 41-year history. The bank was also awarded a 5-star, Superior Bauer rating based on its September 30, 2016 financial data.
For more information, please contact Megan Orloff, SVP Director of Marketing at (805) 564-0236 or [email protected].