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Montecito Bank & Trust Reports Strong Growth in Profits, Loans and Deposits

Janet Garufis, president and chief executive officer of Montecito Bank & Trust, announced Thursday the bank’s third-quarter financial performance, with year-to-date net income up 18.18 percent to $10.4 million, compared with $8.8 million from a year ago.

Total gross loans grew 13.85 percent to $562.2 million from $493.8 million a year ago. Total deposits grew 5.98 percent to $959.7 million from $905.5 million a year ago.

The bank's total assets grew to $1.08 billion from $1.05 billion, representing year-to-date growth of 3.56 percent. Total risk-based capital of 14 percent is well above the 10 percent regulatory minimum required to be considered well capitalized.

“We are very thrilled about our third-quarter financial results and the bank’s impressive growth on all fronts: profits, loans, deposits and assets," Garufis said. "We believe our hard work and the improving economies within our local markets are both helping fuel our growth. I am also very pleased to report that all of our hard work and unrivaled community focus was evident in the bank's strong market share growth over the last 12 months."

While total deposits in Santa Barbara and Ventura counties collectively grew less than 2 percent from June 30, 2012, to this June 30, during the same period Montecito Bank & Trust grew overall deposits by 6.68 percent.

"These results are all the more impressive when you consider that the Santa Barbara market actually saw total deposits shrink and in Ventura, our growth rate was more than three times greater than the market’s total deposit increase,” Garufis said. “We are certainly excited about the meaningful growth in our market share. More importantly, the growth serves to confirm our value proposition resonates with customers and prospects and validates that we are making a positive difference to individuals, families and businesses within each of the communities we serve. Knowing that we are making a positive difference in the financial lives of the individual and business members within our communities simply strengthens our resolve to continue.

"We continue to invest in our markets through people, lending support and our unrivaled community outreach efforts and philanthropic support. And with the recent addition of Jeff Paul, we are now well poised to further extend our reach into Ventura County and to more broadly support our customers throughout all of our markets.”

Montecito Bank & Trust received a 2012 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 27 times in its 38-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, 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 services for all branch office markets.

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

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