Montecito Bank & Trust announced this week that for the first quarter of 2010, it earned $1.8 million in net profit, a 46 percent increase over the first quarter of 2009.

“Our conservative management approach continues to serve us well,” said Janet Garufis, the bank’s CEO and president. “We did not take TARP money, and we ended the quarter with a strong total risk-based capital ratio of 12.84 percent, well above the 10 percent regulatory minimum to be considered well-capitalized.

“Our continued liquidity is allowing us to actively lend to qualified borrowers. We are a relationship bank helping our business customers position themselves to take advantage of the economic recovery cycle. Whether the lending solution is working capital, equipment or the purchase or refinance of real estate, our commercial lending experts are available to talk and help create a viable plan.”

First-quarter 2010 results compared with the first quarter of 2009 were as follows:

» Net income was $1.8 million, up 46 percent from $1.3 million.

» Total gross loans were $555.8 million, up 5 percent from $529.1 million.

» Total deposits were $800.7 million, up 8 percent from $744.3 million.

» Total assets were $959.2 million, up 9 percent from $882.3 million.

Montecito Bank & Trust has branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura and Westlake Village.

— Carolyn Tulloh is the director of marketing for Montecito Bank & Trust.