Montecito Bank & Trust has exhibited continued growth in its first quarter earnings report.
The bank reported 12 percent year-over-year gross loan growth, ending the quarter at $722 million, up 1.5 percent versus prior quarter.
Total assets grew $59 million during the same 12-month period, and 1 percent from Q4 2015, closing at $1.3 billion.
Total deposit growth was flat at 0.5 percent versus prior quarter and 4.5 percent year-over-year, up to $1.1 billion.
First quarter net income of $3.6 million is a decline year-over-year from $3.8 million in Q1 2015, which included one-time events.
The bank’s total risk-based capital remained very strong at 13 percent, well above the 10 percent regulatory minimum required to be considered well-capitalized.
The continued strong performance also earned Montecito Bank & Trust the highest marks from both The Findley Reports and Bauer Financial, two independent services which rate the financial performance of banks.
Montecito Bank & Trust was the only bank in the tri-counties to receive a 2015 designation of a Super Premier Performing bank by The Findley Reports and has been designated a Premier Performing or Super Premier Performing bank 30 times since it opened its doors 41 years ago. The bank was also awarded a five-star, Superior Bauer rating for Dec. 31, 2015 financial data.
Janet Garufis, president and CEO, said, “Coming off of our record-setting 2015, we remain focused on delivering the experience and service our clients have come to expect from the leading community bank in Santa Barbara and Ventura Counties. As part of this commitment, we launched our mortgage department in March. We have an excellent, locally based and highly experience mortgage team that is excited about creating home financing opportunities within our markets for both first time and seasoned buyers.
“This is an exciting step for the bank and a strong complement to our demonstrated expertise in construction and commercial real estate lending. Loan demand continues to be strong and remains a priority as we continue to offer the communities we serve the products and services they need to thrive. Our dedicated team continues to find new and innovative ways to better serve our customers and potential customers, and we look forward to providing an even better banking experience as 2016 moves forward,” Garufis said.
Montecito Bank & Trust, an S corporation, is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 40th anniversary in 2015 and operates branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo 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; mortgage and 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.
— Megan Orloff is the director of marketing at Montecito Bank & Trust.