Montecito Bank & Trust reports Q1 Earnings
Santa Barbara, Calif. - Montecito Bank & Trust reported total assets grew 5.6% to $74.8 million during the 12-month period, closing at $1.40 billion, with loan growth of 1.6% year-over-year, ending the first quarter at $891.2 million. Deposit growth saw a 3.8% lift year-over-year, with quarter-end deposits totaling $1.2 billion. Net income before taxes grew 5.8% to $4.1 million, for the same period, excluding the one-time collection of interest on a loan in Q1 2017. Total net income for the first quarter of $9.5 million was enhanced by the Bank's election from S Corp to C Corp, resulting in a one-time tax credit in the amount of $6 million due to the accounting treatment of establishing a deferred tax asset. The bank's total risk-based capital remains very strong at 13.9%, exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, Chairman and CEO stated "A little more than a year ago, we lost our beloved Founder, Michael Towbes. In the year since, the Bank and its Board of Directors elected to become a C Corp, as a tax strategy to maintain and grow the Bank's capital. While this change alters our tax reporting, it does not impact our commitment to corporate philanthropy. Our dedication to making the communities we serve better places to live and work is unwavering and will continue to drive the decisions we make today and into the future."
Ms. Garufis continued "At this time, when our communities continue to feel the impact of the Thomas Fire and 1/9 Debris Flow, I am incredibly proud of the work our over 200 associates at Montecito Bank & Trust carry out every day. We remain inspired by, and committed to, 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 be there every step of the way."
In April, Montecito Bank & Trust earned the highest marks from both The Findley Reports and Bauer Financial, two independent services which rate the financial performance of banks. Montecito Bank & Trust received a 2017 designation of a Super Premier Performing bank by The Findley Reports, and has been designated a Premier Performing or Super Premier Performing bank 33 times since it opened its doors 43 years ago. The bank was also awarded a 5-star, Superior Bauer rating for December 31, 2017 financial data.
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 43rd anniversary on March 17, 2018 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.
For more information, please contact
Megan Orloff, EVP, Chief Strategy Officer
(805) 564-0236 or [email protected]