Janet Garufis, president and chief executive officer of Montecito Bank & Trust, has announced the bank’s third-quarter financial performance.
As of Sept. 30, year-over-year gross loans grew by $36.8 million, up 6.5 percent, ending the quarter at $599 million; total deposits grew $70.2 million, up 7.3 percent, ending the quarter at $1.03 billion; and total assets grew by $76.6 million to $1.16 billion, up 7.06 percent.
Net income year to date was $9.8 million, down 5 percent from $10.4 million a year ago, which was enhanced last year by the collection of non-accrual interest from troubled loans. Total risk based capital ended the quarter at 14.12 percent, well above the 10 percent regulatory minimum required to be considered well capitalized.
“We are extremely pleased with our third-quarter financial results and the bank’s strong performance in all segments, coupled with impressive overall growth,” Garufis said. “Of particular note is the continued year-over-year growth in market share in both Santa Barbara and Ventura counties. During the period from June 30, 2013, to June 30, 2014, total bank deposits in the markets we serve collectively grew by just under 4 percent, while deposits at Montecito Bank & Trust grew by well over 7 percent during the same period.
“We are delighted to have been selected as the ‘Best Bank’ for the second year in a row by the readers of the Santa Barbara Independent as well as a new recognition as the ‘Best Bank’ by the readers of the Santa Barbara News-Press and the Santa Ynez Valley News. Knowing that we are making a positive difference in the financial lives of individuals and local businesses simply strengthens our resolve to make the communities we serve better places to live and work.”
Montecito Bank & Trust received a 2013 designation of a Premier Performing Bank by The Findley Reports, an independent service which rates the annual financial performance of 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.
Montecito Bank & Trust, an S Corporation, is the oldest and largest locally owned community bank in the tri-counties. Founded in 1975, with branch offices located in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura and Westlake Village, and a Financial Services Center in Camarillo, 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 and estate services for all branch office markets.
— Carolyn Tulloh is the marketing director for Montecito Bank & Trust.