Montecito Bank & Trust reported total assets grew $404.53 million, an increase of 21.45% during the 12-month period ending Sept. 31, closing at $2.29 billion, with deposit growth of $407.02 million or 24.41% year-over-year, ending the third quarter at $2.07 billion.

Loan growth softened due to accelerated PPP forgiveness and a number of additional loan payoffs, declining 4.48% year-over-year, with quarter-end loans totaling $1.26 billion. Total net income year-over-year, increased 23.67% to $11.85 million. The bank’s total risk-based capital remains very strong at 14.24%, exceeding the 10% regulatory minimum required to be considered well-capitalized.

“The bank’s continued strong deposit growth reflects the strength and depth of our relationships,” said Janet Garufis, chairman/CEO. “This growth enables us to give back and reinvest more in our communities, especially as we eagerly await our annual Community Dividends event next month.

“While loan growth was down slightly, our residential lending group funded over $25 million in loans this quarter, setting a department record and affirming why we were recognized as Best Mortgage Lender for the fourth year in a row by readers of the Santa Barbara Independent.

“This recognition, along with our ninth Best Bank in Santa Barbara award, honors the dedication our teams demonstrate each day and the trust our community has in them and our bank. I remain optimistic about what the next chapter holds for our communities and am proud of our ability to continue honoring the legacy of our founder, Michael Towbes.”
 
Founded in 1975, Montecito Bank & Trust is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. The bank has earned 21 Best Bank awards in the last nine years, in addition to accolades for Best Mortgage and Best Financial Services Company in Santa Barbara, and Best Investment Company in Santa Ynez Valley.