Montecito Bank & Trust reports 2018 net income growth of 15%

Santa Barbara, Calif. - Montecito Bank & Trust reported strong net income of $20.8 million for the year ending 12/31/2018, up 15.2% versus prior year. Total assets grew $98.1 million, an increase of 7.0%, during the 12-month period, ending the year at $1.49 billion. Deposit growth of 6.9% year-over-year pushed year-end deposit totals to $1.3 billion. Strong loan production throughout the year was offset by payoffs and paydowns, yielding a 4.5% gross loan growth year-over-year to end the year at $953.4 million. The bank's total risk-based capital remains very strong at 15%, far exceeding the 10% regulatory minimum required to be considered well-capitalized.

Janet Garufis, Chairman and CEO commented "The Montecito Bank & Trust team has a lot to be proud of in 2018, achieving nearly 7% deposit growth, opening three new Santa Barbara locations, donating over $1.4 million to local non-profits, while also volunteering over 5,400 hours to 172 organizations across Santa Barbara and Ventura counties. It is truly an honor to work with our associates every day to help make the communities we serve better places to live and work."

Ms. Garufis added "as I reflect on the unimaginable events of 2018 that continue to shape the communities we serve, from the 1/9 Debris Flow and Woolsey Fire, to the tragedy in Thousand Oaks I am inspired by our Montecito Bank & Trust associates and their commitment to serving the residents, businesses and organizations of Santa Barbara and Ventura counties. I assure you that the oldest and largest locally owned community bank on the Central Coast will continue to be here every step of the way."

Montecito Bank & Trust is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank will celebrate its 44th anniversary on March 17, 2019 and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. 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 16 Best Bank awards in the last 6 years, in addition to 2018 accolades for the Best Mortgage Company in Santa Barbara, Best Investment Company in Santa Ynez Valley and the second Best Bank to Work For in the United States (American Banker Magazine).

For more information, please contact
Megan Orloff, EVP, Chief Strategy Officer
(805) 564-0236 or [email protected]