Montecito Bank & Trust has reported that total assets grew 7.9 percent, or $110.3 million, during the 12-month period ending March 31, closing at $1.5 billion, with loan growth of 7.4 percent year-over-year, ending the first quarter at $957.0 million.
Deposit growth saw a 7.8 percent lift year-over-year, with quarter-end deposits totaling $1.3 billion. Net income before taxes grew 3.2 percent to $4.2 million for the first quarter. Total net income for the first quarter was down 69.9 percent year-over-year, to $2.9 million, because of a one-time tax credit associated with the bank’s conversion from an S Corporation to a C Corporation. The bank’s total risk-based capital remains very strong at 15.1 percent, well exceeding the 10 percent regulatory minimum required to be considered well-capitalized.
“Surpassing $1.5 billion in assets is a significant milestone for our bank, and it is a testimony to the dedication of our associates and the loyalty of our clients,” Montecito Bank & Trust Chairman and CEO Janet Garufis said. “I am grateful that we are the financial partner of choice for the lending, banking and investing needs of the communities we serve. Accepting local deposits, funding loans to local businesses and reinvesting in the community is the value of community banking, and it is a responsibility we take seriously. I am very proud of the work our associates do each and every day to contribute to the bank’s growth and to making 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 that 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 five-star, Superior Bauer rating for Dec. 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 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 past six 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).
— Megan Orloff is the executive vice president and chief strategy officer for Montecito Bank & Trust.