Janet Garufis, president and chief executive officer of Montecito Bank & Trust, on Friday announced strong performance and continued growth during the second quarter.
Total assets grew 7 percent from $1.07 billion to $1.15 billion year over year, with deposits up 7 percent to $1.02 billion from $951 million over the comparable period last year.
Total gross loans remained largely unchanged at $540.2 million as compared to $538.2 million from a year ago. Net income was $5.630 million, compared with $5.541 million from a year ago, a 2 percent increase.
“We are pleased that Montecito Bank & Trust continues to grow its balance sheet and increase profitability," Garufis said. "Our strong deposit performance is fueled by organic growth within existing customer relationships as well as an ever increasing number of new customers who have moved their relationships from other local institutions.
"Staying relevant to our customers is at the core of everything we do and we are delighted to see so many of our customers, both new and old, continue to recognize us as the bank of choice. Equally important, the bank’s total risk-based capital of 14.02 percent at quarter end was well above the 10 percent regulatory minimum required to be considered well-capitalized.
"As the economy gains momentum, Montecito Bank & Trust has experienced a meaningful increase in loan production although such growth is not reflected in outstanding loan totals as many of our existing customers continue to de-leverage. Given the strength of our balance sheet and significant liquidity, Montecito Bank & Trust is well positioned and eager to serve the financial needs of our local businesses and investors through a variety of loan products for business expansion, capital improvements, and the purchase or refinance of real estate.”
Montecito Bank & Trust has been designated as a 2013 Premier Performing Bank by The Findley Reports, an independent service which rates all California banks. The Findley Reports has designated Montecito Bank & Trust as a Premier Performing or Super Premier Performing bank 28 times in its 39-year history.
Now the oldest and largest locally owned community bank in the tri-counties, Montecito Bank & Trust, is an S Corporation founded in 1975. Branch offices are located in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, and Westlake Village. 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; consumer loans; credit cards; merchant services; and online services, including mobile banking and cash management. Its Wealth Management Division provides full investment management as well as trust services for all branch office markets.
— Carolyn Tulloh is the director of marketing for Montecito Bank & Trust.