Montecito Bank & Trust reported total assets grew $302.45 million, an increase of 14.43% during the 12-month period ending March 31, closing at $2.39 billion. Strong deposit growth of $303.85 million or 16.14% year-over-year, pushed quarter-end deposit totals to $2.19 billion.

Loan growth declined $186.07 million or 13.56% year-over-year due to Payroll Protection Program (PPP) loan forgiveness with quarter-end loans totaling $1.19 billion. Excluding PPP loans forgiven in the first quarter, loan growth was $66.5 million or 6.04% year over year.

Net income for the first quarter of $4.81 million was a 25.75% increase year-over-year. The bank’s total risk-based capital remains very strong at 13.90%, far exceeding the 10% regulatory minimum required to be considered well capitalized.

“I am excited about the progress our communities have and continue to make on the road to recovery from the global pandemic, and we are proud to have been a part of that local and vital support system,” said Janet Garufis, chairman/CEO. “We continue to wind down our PPP Forgiveness program, assisting clients with their applications daily, and anticipate complete resolution of that program by the end of next quarter.

“While our first quarter results are strong, with loans and deposits continuing to grow, we do remain cautious about the potential impacts of rising rates and inflation. However, one thing remains certain — our commitment to the communities we serve and our dedication to a world-class experience for our residential, business and nonprofit communities.”
 
Montecito Bank & Trust is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 47th anniversary on March 17, and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village.