Montecito Bank & Trust loans grew but net income down for first quarter
Montecito Bank & Trust reported total assets of $1.3 billion in an April 27 statement.
Loans grew to $722 million for the first quarter of 2016, up 1.5 percent from the previous quarter and 12 percent year-over-year. Net income for the bank was $3.6 million, a decline from first quarter earnings of $3.8 million in 2015.
Total deposits only grew 0.5 percent, ending up 4.5 percent for the year at $1.1 billion. Risk-based capital came in at 13 percent.
Santa Barbara-based Montecito received the designation of Super Premier Performing Bank by the Findley Reports, the 30th time it has done so since its founding. End of year data for 2015 also earned it a 5-star Superior Bauer rating.
The bank launched a mortgage department in March, offering home financing for first time and repeat buyers in addition to its 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,” President and CEO Janet Garufis said in the statement. “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.”
