Saturday, October 20 , 2018, 6:47 am | Fair 54º


Montecito Bank & Trust Reports 46% Rise in Net Profit

The bank also posted gains in gross loans, deposits and total assets for 2009

Despite the challenging economic issues in 2009, Montecito Bank & Trust earned $8.9 million in net profit, a 46 percent increase over 2008, president/CEO Janet Garufis announced Tuesday.

“Our conservative management approach continues to serve us well through good times and bad,” she said. “We did not take TARP money, and we ended the year with a strong total risk-based capital ratio of 12.31 percent, well above the 10 percent regulatory minimum to be considered well-capitalized. Few local banks can match our 2009 performance.

“We welcomed many new banking clients throughout 2009, and due to the resulting dramatic 20 percent growth in deposits, we have the liquidity and capital to continue to provide competitive loans to both our existing customers as well as new customers who appreciate our strong financial condition.

“We were proud to continue our tradition of community giving with our seventh annual Community Dividends awards, especially during this time when the need is so great.”

In November, Montecito Bank & Trust granted $1 million to 150 nonprofit organizations.

Year-end results compared with the prior year were as follows:

» Net income was $8.9 million, up 46 percent from $6.1 million.

» Total gross loans were $561.5 million, up 7 percent from $527.1 million.

» Total deposits were $798.8 million, up 20 percent from $663.4 million.

» Total assets were $955.0 million, up 18 percent from $812.7 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.


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