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Montecito Bank & Trust Reports 20% Net Income Growth to Close Out 2017

Montecito Bank & Trust reported total assets grew $56.5 million during the 12-month period ending Dec. 31, closing at $1.4 billion, with loan growth of 5 percent year-over-year, ending the year at $912.3 million.

Deposit growth saw a 4.7-percent lift year-over-year, pushing year-end deposit totals to $1.2 billion.

In 2017, net income grew 20 percent versus 2016, to close at $17.5 million, enhanced by one-time loan recoveries. The bank's total risk-based capital remains very strong at 13.3 percent, exceeding the 10-percent regulatory minimum required to be considered well-capitalized.

Janet Garufis, chairman and CEO, stated: “2017 was a year of change for the bank. In April we lost an icon and mentor in Michael Towbes, our beloved founder, but I know he would be as proud as I am about the commitment, work and performance of our teams this year. Our sustained growth in core loans and deposits enables us to operate from the same position of strength that we have for 42 years, so that our teams can continue to meet the financial needs of the Central Coast and deliver a world class experience for our personal, business, non-profit and wealth clients.

"And, while I am proud of the growth our teams achieved in 2017, I am even prouder of the compassion our associates delivered throughout what has been a challenging and emotional end of the year for so many businesses and individuals. Our hearts go out to those impacted by these events and we extend our gratitude to the first responder teams who worked tirelessly to protect our communities.”

Montecito Bank & Trust, an S Corporation, is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 42nd anniversary on March 17, 2017, and operates 10 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village.

Awarded the 2017 Bank of the Year (Western Independent Bankers) from among more than 550 independent community banks headquartered in 13 western states, 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; mortgage loans, consumer loans; credit cards; merchant services; and online services, including mobile banking and cash management.

Its Wealth Management Division provides comprehensive trust services and full investment management for all branch office markets. 

Montecito Bank & Trust received a 2016 Premier Performing Bank designation by The Findley Reports, an independent service which rates the annual performance of California banks. Montecito Bank & Trust has been designated as a Premier Performing or Super Premier Performing bank by The Findley Reports 32 times in its 42-year history.

Megan Orloff is executie vice president and chief strategy officer for Montecito Bank & Trust.

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