Montecito Bank & Trust reports strong income growth

Santa Barbara, Calif. - Montecito Bank & Trust reported strong earnings year to date of $13.0 million, up 61% versus prior year, a one-time deferred tax adjustment contributed to the net income; the Bank's net income before taxes grew 7.8% to $9.0 million, during the same period. Deposits grew 4.1% year-over-year, with quarter-end deposits totaling $1.2 billion. Solid loan production was offset by payoffs and paydowns, yielding flat year-over-year growth to end the second quarter at $904.8 million. Total assets grew $45.9 million, an increase of 3.4%, during the 12-month period, closing at $1.4 billion. The bank's total risk-based capital remains very strong at 14.3%, exceeding the 10% regulatory minimum required to be considered well-capitalized.

Janet Garufis, Chairman and CEO commented "The second quarter was an active time for the Bank. We introduced a new cash back credit card for businesses and non-profits and held a month-long celebration of the local businesses that are at the heart of our communities. We also expanded our branch network, adding three locations in Santa Barbara - Mesa, Casa Dorinda and Maravilla - and are actively evaluating additional expansion plans, north of Santa Barbara and further into Ventura County. Having the very strong capital base and liquidity position like we do, allows Montecito Bank & Trust to meet the financing needs of local businesses and investors with loans for expansion, capital improvement, and the purchase or refinance of real estate. It also enables us to fulfill the needs of residents through mortgages, manufactured home loans, home equity and construction financing. We believe that the right partner can make all the difference and it's our depth of expertise, our local decisioning and our flexible solutions that make us the right partner for so many in our communities."

Montecito Bank & Trust received a 2017 designation of a Super Premier Performing bank by The Findley Reports, an independent service which rates the financial performance of banks, 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]