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Thursday, March 21 , 2019, 1:57 am | Fair 49º

 
 
 
 

Montecito Bank & Trust Grows Deposits, Loans and Assets in 2nd Quarter

Janet Garufis, president and chief executive officer, announced Montecito Bank & Trust’s second-quarter financial performance as of June 30.

Total deposits grew 7 percent to $950.7 million from $891.2 million a year ago. Total gross loans grew 6.5 percent to $538.2 million from $505.5 million a year ago.

The bank grew total assets to $1.07 billion from $1.03 billion year over year, a 4.5 percent increase. The continuation of the low-interest rate environment put pressure on the net interest margin, resulting in lower net interest income for the same period. Year to date net income was $5.5 million, compared with $5.9 million from a year ago. Total risk-based capital of 13.94 percent at quarter’s end is well above the 10 percent regulatory minimum required to be considered well capitalized.

“We are seeing improving consumer and business confidence which is resulting in increasing loan demand,” Garufis said. “Our strong capital base and liquidity solidly position Montecito Bank & Trust with maximum capacity to meet the growing financing needs of local businesses and investors with loans for expansion, capital improvement, and the purchase or refinance of real estate. Funding loans to local businesses and consumers, accepting local deposits, and reinvesting in the community is the value of community banking and an important driver of the vitality of our local economy.”

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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