Montecito Bank & Trust reports Q1 2023 Earnings

May 30, 2023

Montecito Bank & Trust reports stable income and remains well-capitalized

Santa Barbara, Calif. – Montecito Bank & Trust reported net income of $4.83 million, a modest .30% increase year-over-year, while assets closed the quarter at $2.11 billion, down 11.97% or $287.20 million. Loans remained flat at $1.18 million. Deposits, down 12.32% year-over-year, closed the quarter at $1.92 billion. The bank's total risk-based capital remains very strong at 14.87%, an increase of 6.98% compared to the same period last year, far exceeding the 10% regulatory minimum required to be considered well capitalized.

Chairman and CEO Janet Garufis reinforced Montecito Bank & Trust's operational and financial strength, "While we did see slight deposit outflow this past quarter, we also welcomed several new relationships. Our liquidity remains strong, we are highly capitalized with total capital at nearly 15%, and our deposit and loan portfolios are well-diversified with no concentrations or exposures to crypto or blockchain." Garufis added, "Economic headwinds have started to slow growth across the industry, but our strong balance sheet and diversified high-performing loan portfolio provide a strong foundation for our locally based teams to continue providing the world-class experience and community support that is synonymous with our 48-year history. Our clients and communities can be confident in the financial health and community commitment of this organization." The Bank’s ongoing commitment is evident in the January expansion to Santa Maria where Ms. Garufis notes “We are thrilled to have joined the Santa Maria community in January and are grateful for the new clients and partnerships we continue to earn, just a few months into our opening."

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 48th anniversary on March 17, 2023 and operates 12 branch offices in Santa Barbara, Goleta, Santa Maria, 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 over $1.5 million dollars and volunteering over 5,400 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 25 Best Bank awards in the last 10 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 a six-time recipient as a 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]