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Montecito Bank & Trust net income jumped 44 percent over prior year

By   /   Wednesday, July 15th, 2015  /   Comments Off on Montecito Bank & Trust net income jumped 44 percent over prior year

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Montecito Bank & Trust said July 15 that net income jumped 44 percent from a year earlier as total assets reached $1.2 billion.

The privately-held bank is the largest financial institution headquartered in Santa Barbara County and it said loans grew 23 percent to $662 million. “We continue to see an increased demand for financing in our markets,” said President and CEO Janet Garufis.

For the six months ended June 30, the bank said its net income was $8.1 million compared to $5.6 million for the same period a year ago. Assets grew $54 million compared to June 30, 2014.

The bank operates branches from Westlake Village to Solvang and celebrated its 40th anniversary in March 2015. The bank said risk-based capital was at 13.32 percent, well above the regulatory benchmark to be considered “well capitalized.”

Updated July 16.

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