Montecito Bank & Trust reports strong deposit growth
Santa Barbara, Calif. – Montecito Bank & Trust reported total assets grew to $1.54 billion, a 10.8% growth during the 12-month period ending June 30. Deposits grew to $1.35 billion, a 10.5% year-over-year growth. Solid loan growth saw an 8.4% lift year-over-year, ending the second quarter at $980.57 million. Net income before taxes (NIBT) decreased 7.2% year-over-year to $8.38 million. Increased benefits expenses contributed to the decrease in NIBT. Year to date net income of $5.80 million is down from $13.0 million the previous year. The bank received a onetime tax credit associated with the bank's conversion from an S Corporation to a C Corporation that was recognized in 2018 which increased the bank's reported net income last year. The bank's total risk-based capital remains very strong at 15.0%, well exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, Chairman and CEO stated "The material deposit and loan growth we've seen over the last few months highlights both the trust our clients have in our teams and the world class service our associates strive to deliver each and every day. It is a pleasure to be the financial partner of choice in our communities, supporting the residents, businesses and organizations across the Central Coast with the services and solutions they need. It is but one of the many ways by which we are able to carry out our mission to make the communities we serve better places to live and work."
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 2018 designation of a Super Premier Performing bank by The Findley Reports, and has been designated a Premier Performing or Super Premier Performing bank 34 times since it opened its doors 44 years ago. The bank was also awarded a 5-star, Superior Bauer rating for December 31, 2018 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 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]