Montecito Bank & Trust reports Q2 2022 Earnings
August 5, 2022
Montecito Bank & Trust reports double-digit asset and deposit growth
Santa Barbara, Calif. – Montecito Bank & Trust reported total assets grew $276.45 million, an increase of 12.65% during the 12-month period ending June 30, closing at $2.46 billion. Strong deposit growth of $308.97 million or 15.71% year-over-year, pushed quarter-end deposit totals to $2.28 billion. Loan growth declined $109.88 million or 8.44% year-over-year due to Payroll Protection Program (PPP) loan forgiveness with quarter-end loans totaling $1.19 billion. Excluding PPP loans forgiven in the first quarter, loan growth was $65.61 million or 5.84% year over year. Net income for the first quarter of $9.66 millionwas a 13.85% increase year-over-year. The bank's total risk-based capital remains very strong at 13.59%, far exceeding the 10% regulatory minimum required to be considered well capitalized.
Janet Garufis, Chairman and CEO commented "The Bank's sustained growth in the second quarter is a testament to our team's unwavering dedication to world-class experience and the continued loyalty and advocacy of our existing clients. Year-over-year double-digit percentage deposit growth positions us well to fulfill the lending needs of small and large businesses, organizations and residents across the Central Coast. We are proud to continue welcoming new clients seeking local lending, investment and business expertise, 24/7 digital banking and unparalleled community support in the form of philanthropy, volunteerism and leadership. And, while we remain cautious about the current economic environment, we look forward to continuing to expand those relationships in meaningful ways across our communities."
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 47th anniversary on March 17, 2022 and operates 11 branch offices in Santa Barbara, Goleta, 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 23 Best Bank awards in the last 9 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 the fourth Best Bank to Work For in the United States (American Banker Magazine).