Montecito Bank & Trust continues strong loan and core income growth
Montecito Bank & Trust reported 13.6% year-over-year loan growth, ending the quarter at $752 million. Total assets grew $71.5 million during the same 12-month period, and 3% from Q4 2015, closing at $1.3 billion. Total deposit growth was flat versus prior quarter and up 3.3% year-over-year, with a total of $1.1 billion. Year to date net income of $7.2 million was down $800,000 compared to the same period in 2015, which included a $1.7 millionreversal of loan loss provision. Net of one-time adjustments, core net income year to date was $6.5 million or 10.5% ahead of last year. The bank's total risk-based capital remained very strong at 13%, well above the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, President and Chief Executive Officer, stated, “We are encouraged by the continuing strong loan demand in our local markets. Santa Barbara and Ventura County residents and business owners are taking the necessary steps to grow and invest in their future success, and we are proud to be the local business banking partner who facilitates that growth. Our priority is to provide flexible solutions to meet the individual needs of our customers. Because we have local decision makers, we are able to be extremely responsive.”
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 2015 and operates 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 full investment management as well as trust services 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 for March 31, 2016 financial data.
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