Montecito Bank & Trust reported total assets grew to $1.54 billion, a 10.8 percent growth during the 12-month period ending June 30. Deposits grew to $1.35 billion, a 10.5 percent year-over-year growth.

Solid loan growth saw an 8.4 percent lift year-over-year, ending the second quarter at $980.57 million. Net income before taxes (NIBT) decreased 7.2 percent year-over-year to $8.38 million. Increased benefits expenses contributed to the decrease in NIBT.

Year-to-date net income of $5.80 million is down from $13.0 million the previous year. The bank received a onetime tax credit associated with the bank’s conversion from an S Corporation to a C Corporation that was recognized in 2018 which increased the bank’s reported net income last year.

The bank’s total risk-based capital remains very strong at 15.0 percent, well exceeding the 10 percent regulatory minimum required to be considered well-capitalized.

“The material deposit and loan growth we’ve seen over the last few months highlights both the trust our clients have in our teams and the world class service our associates strive to deliver each and every day,” said Janet Garufis, chairman/CEO.

“It is a pleasure to be the financial partner of choice in our communities, supporting the residents, businesses and organizations across the Central Coast with the services and solutions they need,” she said. “It is but one of the many ways by which we are able to carry out our mission to make the communities we serve better places to live and work.”

In April, Montecito Bank & Trust earned the highest marks from both The Findley Reports and Bauer Financial, two independent services which rate the financial performance of banks.

Montecito Bank & Trust received a 2018 designation of a Super Premier Performing bank by The Findley Reports, and has been designated a Premier Performing or Super Premier Performing bank 34 times since it opened its doors 44 years ago.

The bank was also awarded a five-star, Superior Bauer rating for Dec. 31, 2018 financial data.

—Megan Orloff for Montecito Bank & Trust.