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Montecito Bank & Trust Reports Increase in Earnings

The bank nets $4.4 million in profit for the first six months of the year

For the first six months of 2010, Montecito Bank & Trust earned $4.4 million in net profit, a 13 percent increase over 2009, president and CEO Janet Garufis announced Wednesday.

“We are benefiting from our disciplined management practices and a long-term strategic approach to growth and profitability,” she said. “We ended the quarter with a strong total risk-based capital ratio of 12.83 percent, well above the 10 percent regulatory minimum to be considered well-capitalized.”

Montecito Bank & Trust’s substantial growth in deposits and the bank’s continued profitability, liquidity and strong capitalization allows it to continue to lend to local businesses and individuals and to provide continuing support of local nonprofit organizations, according to Garufis.

“We are proud to be in a position to take a leadership role in identifying innovative ways to help our local communities address the challenges presented by this persistently difficult economic environment,” she said.

Year-to-Date 2010 Results Compared with Year-to-Date 2009

» Net income was $4.4 million, up 13 percent from $3.9 million.

» Total gross loans were $554.1 million, up 0.3 percent from $552.3 million.

» Total deposits were $825.7 million, up 10 percent from $750.1 million.

» Total assets were $960.8 million, up 7 percent from $896.5 million.

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


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