Montecito Bank & Trust profits up 21 percent in 2015
Santa Barbara-based Montecito Bank & Trust reported net income of $15.9 million for 2015, up from $13.1 million in 2014.
Total gross loans grew 17 percent year-over-year, totaling $711 million on Dec. 31. Total assets were up $53 million in 2015 to $1.2 billion. Total deposits increased 4.5 percent to $1.1 billion, up $48 million.
“Our team continues to demonstrate that they have the knowledge and expertise to provide the quality banking solutions our customers expect, as evidenced by our meaningful loan, deposit and asset growth,” President and CEO Janet Garufis said in a release.
With assets of $1.2 billion, MB&T is the largest financial institution headquartered in Santa Barbara County.
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