Montecito Bank & Trust reports strong net income growth
Santa Barbara, Calif. - Montecito Bank & Trust reported strong year to date net income of $17.5 million, up 43% versus prior year, a one-time deferred tax adjustment contributed to the net income; net income before taxes grew 8.6% to $13.7 million, during the same period. Deposits grew 4.3% year-over-year, with quarter-end deposits totaling $1.2 billion. Continued strong loan production was again offset by payoffs and paydowns, yielding a slight 1% decline year-over-year to end the second quarter at $916.5 million. Total assets grew $48.3 million, an increase of 3.6%, during the 12-month period, closing at $1.4 billion. The bank's total risk-based capital remains very strong at 14.85%, exceeding the 10% regulatory minimum required to be considered well-capitalized.
Janet Garufis, Chairman and CEO commented "Our Wealth Management practice, with assets under management of over $1.2 billion, continues to be a highly-regarded practice in our communities and a strong contributor to the Bank's overall performance. Their continued annual double-digit asset growth is a testament to the team's depth of expertise and a commitment to the individual attention you'd expect from a community leader. It's this same unparalleled level of service across the Bank that earned us "Best Bank" for the fifth year in a row by the readers of the Santa Barbara News-Press and a "Top 3 Bank" for the second consecutive year by readers of the VC Reporter. Combined with our number one in California and second place national award as "Best Banks to Work For" in August by American Banker, these recognitions reinforce why our associates come to work each day - knowing that we strive everyday to make the communities we serve better places to live and work."
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]o.bank