Montecito Bank & Trust reported net income of $4.83 million, a modest .30% increase year-over-year, while assets closed the quarter at $2.11 billion, down 11.97% or $287.20 million.

Loans remained flat at $1.18 million. Deposits, down 12.32% year-over-year, closed the quarter at $1.92 billion.

The bank’s total risk-based capital remains strong at 14.87%, an increase of 6.98% compared to the same period last year, exceeding the 10% regulatory minimum required to be considered well-capitalized.

Reinforcing Montecito Bank & Trust’s operational and financial strength, Janet Garufis, chairman/CEO, said: “While we did see slight deposit outflow this past quarter, we also welcomed several new relationships.

“Our liquidity remains strong, we are highly capitalized with total capital at nearly 15%, and our deposit and loan portfolios are well-diversified with no concentrations or exposures to crypto or blockchain.

“Economic headwinds have started to slow growth across the industry, but our strong balance sheet and diversified high-performing loan portfolio provide a strong foundation for our locally based teams to continue providing the world-class experience and community support that is synonymous with our 48-year history,” she said.

“Our clients and communities can be confident in the financial health and community commitment of this organization,” she said.

The bank’s ongoing commitment is evident in the January expansion to Santa Maria where Garufis notes: “We are thrilled to have joined the Santa Maria community in January and are grateful for the new clients and partnerships we continue to earn, just a few months into our opening.”

Montecito Bank & Trust is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank operates 12 branch offices in Santa Barbara, Goleta, Santa Maria, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village.