Montecito Bank & Trust reports Q4 2022 Earnings

January 30, 2023

Montecito Bank & Trust reports strong income growth in 2022 and closes the year with $2.29 billion in assets

Santa Barbara, Calif. – Montecito Bank & Trust reported net income of $18.27 million, an increase of 4.22% year-over-year, while assets closed the year at $2.29 billion, down 2.8% or $65.95 million. Loans grew $20.92 million finishing at $1.19 billion, an increase of 1.78%. Excluding the payoff of PPP loans, loans grew $64.0 million or 5.66%. Deposits ended the year at $2.11 billion, down 1.03% for the year ending 12/31/2022. The bank's total risk-based capital remains very strong at 14.22%, far exceeding the 10% regulatory minimum required to be considered well capitalized.

Chairman and CEO Janet Garufis noted “The Bank’s strong earnings and profitability performance allowed us to celebrate and honor our Founder, Michael Towbes, by increasing our 20th annual Community Dividends awards to over $2 million this year, while also enabling us to continue investing in our digital platforms, our technology infrastructure and our cyber security programs.” Continued weak loan demand and rising interest rates will create headwinds in 2023, but Garufis is “confident that the Bank’s strong balance sheet and high-performing loan portfolio will successfully lead Montecito Bank & Trust through these economic headwinds, and that our locally based teams remain resolute in their commitment to working with our clients, delivering a world-class experience and continuing our unwavering support of the communities we serve.”

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 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]