Montecito Bank & Trust reported net income of $18.27 million, an increase of 4.22% year-over-year, while assets closed the year 2022 at $2.29 billion, down 2.8% or $65.95 million.

Loans grew $20.92 million finishing at $1.19 billion, an increase of 1.78%. Excluding the payoff of PPP loans, loans grew $64.0 million or 5.66%.

Deposits ended the year at $2.11 billion, down 1.03% for the year ending 12/31/2022. The bank’s total risk-based capital remains very strong at 14.22%, far exceeding the 10% regulatory minimum required to be considered well capitalized.

“The bank’s strong earnings and profitability performance allowed us to celebrate and honor our founder, Michael Towbes, by increasing our 20th annual community dividends awards to over $2 million this year, while also enabling us to continue investing in our digital platforms, our technology infrastructure and our cyber security programs,” said Janet Garufis, chairman/CEO.

Continued weak loan demand and rising interest rates will create headwinds in 2023, but Garufis said she is “confident that the bank’s strong balance sheet and high-performing loan portfolio will successfully lead Montecito Bank & Trust through these economic headwinds, and that our locally based teams remain resolute in their commitment to working with our clients, delivering a world-class experience and continuing our unwavering support of the communities we serve.”

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