Montecito Bank & Trust reported net income for the quarter of $3.8 million, compared with $2.9 million a year ago, a 13 percent increase.
Total gross loans grew 20 percent year-over-year, from $535 million to $642 million. Total assets grew from $1.09 billion to $1.20 billion, representing asset growth of approximately $110 million during the 12-month period, and total deposits grew from $970 million to $1.06 billion. Total risk-based capital remained very strong, ending the quarter at 13.33 percent, well above the 10 percent regulatory minimum required to be considered well-capitalized.
Montecito Bank & Trust has once again been designated as a 2014 Super Premier Performing Bank by The Findley Reports, an independent service that tracks the annual financial performance of all California banks. The Findley Reports has designated Montecito Bank & Trust as a Premier Performing or Super Premier Performing bank 29 times in its 40-year history.
Montecito Bank & Trust, now the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties, celebrated its 40th anniversary in March by continuing its tradition of Anniversary Grants. This year, 10 local nonprofits were selected by the bank’s employees to receive a total of $40,000 in grants.
The Anniversary Grants program, combined with the bank’s Community Dividends and a multitude of sponsorships for local nonprofit events, are some of the ways Montecito Bank & Trust works to make the communities it serves better places to live and work. Accepting local deposits, funding loans to local businesses and reinvesting in the community is the value of community banking.
Montecito Bank & Trust, an S Corporation, is a locally owned community bank founded in 1975, with branch offices located in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura and Westlake Village. The bank offers a variety of competitive deposit and lending solutions for businesses and consumers, including business loans and lines of credit; commercial real estate finance; SBA loans; consumer loans; credit cards; merchant services; and online services, including mobile banking and cash management. Its Wealth Management Division provides full investment management as well as trust services for all branch office markets.
— Carolyn Tulloh is the director of marketing for Montecito Bank & Trust.