Montecito Bank & Trust reports Q4 2019 Earnings
Montecito Bank & Trust assets grow to $1.6 billion in 2019
Santa Barbara, Calif. – Montecito Bank & Trust reported total assets grew $116.8 million, an increase of 7.8% during the 12-month period, ending the year at $1.6 billion. Strong loan production yielded an increase of $87.0 million for the year ending 12/31/2019, up 9.1% versus prior year, to finish the year at $1.0 billion. Deposit growth of 7.3% year-over-year, or $96.1 million, pushed year-end deposit totals to $1.4 billion. Net income before taxes of $14.6 million was down year over year 19.5% due to expenses related to a onetime change to an employee benefit program. 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 2019. Not only did we eclipse $1.6 billion in assets, but our loan portfolio surpassed the $1 billion mark, our Wealth Management division reached $1 billion in assets under management, and our teams grew deposits 7% year over year. Plus, we earned five more Best Bank and Best Places to Work recognitions, gave away over $1.4 million to local nonprofits and volunteered over 7,400 hours to organizations across Santa Barbara and Ventura counties. I am so grateful for the opportunity to lead this organization and continue delivering on the vision Michael Towbes imagined for our Bank. And, I am always inspired by the work and commitment our associates demonstrate every day in helping to make the communities we serve better places to live and work.”
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 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]