Montecito Bank & Trust reported total assets grew $276.45 million, an increase of 12.65% during the 12-month period ending June 30, closing at $2.46 billion.

Strong deposit growth of $308.97 million or 15.71% year-over-year, pushed quarter-end deposit totals to $2.28 billion. Loan growth declined $109.88 million or 8.44% 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 $65.61 million or 5.84% year over year. Net income for the first quarter of $9.66 million was a 13.85% increase year-over-year. The bank’s total risk-based capital remains very strong at 13.59%, far exceeding the 10% regulatory minimum required to be considered well capitalized.

“The bank’s sustained growth in the second quarter is a testament to our team’s unwavering dedication to world-class experience and the continued loyalty and advocacy of our existing clients. Year-over-year double-digit percentage deposit growth positions us well to fulfill the lending needs of small and large businesses, organizations and residents across the Central Coast,” said Janet Garufis, chairman/CEO.

“We are proud to continue welcoming new clients seeking local lending, investment and business expertise, 24/7 digital banking and unparalleled community support in the form of philanthropy, volunteerism and leadership. And, while we remain cautious about the current economic environment, we look forward to continuing to expand those relationships in meaningful ways across our communities,” she said.