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Montecito Bank & Trust Reports 35% Increase in Earnings

Deposits and assets for the year also show strong growth for the bank

Montecito Bank & Trust reported Wednesday that it ended the second quarter with year to date $5.95 million in net profit, up 35 percent from a year ago.

The bank ended the quarter with a strong total risk-based capital ratio of 13.56 percent, well above the 10 percent regulatory minimum to be considered well-capitalized.

Total deposits have grown 4.64 percent year over year, from $851.7 million to $891.2 million. Assets grew from $984 million to $1.027 billion, a 4.4 percent growth from a year ago. Soft loan demand continues to impact gross loans, which were $506 million at quarter end, down from $524.7 million a year ago.

“The bank’s solid financial performance and extremely strong liquidity position ensures that the bank continues to be well positioned to make loans to businesses and consumers in all the markets it serves,” said Janet Garufis, president and CEO of Montecito Bank & Trust.

Montecito Bank & Trust, an S Corporation, is a locally owned community bank founded in 1975 with branch offices 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, with locations in Montecito, Solvang and Ventura, provides full investment management as well as trust services for all branch office markets.

Montecito Bank & Trust received a 2011 designation of a Super Premier Performing Bank by The Findley Reports, an independent service that 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 26 times in its 37-year history.

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

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