Santa Barbara-based Montecito Bank & Trust reported $10.9 million of net income in the third quarter, down from $12.2 million over the same period last year, but had strong loan and deposit growth.
In 2016, MB&T discontinued reversals of excess loan loss reserves to support loan growth, which is reflected in the reduced year-to-date net income.
The largest locally owned community bank in Santa Barbara and Ventura counties ended the quarter with $112.9 million in loan growth totaling $797 million, a 16.6 percent increase over the prior year.
Deposit growth of $68.1 million pushed third quarter deposit totals over $1.1 billion, a 6.5 percent increase from the third quarter of 2015. Total assets grew $82.9 million during the same 12-month period, closing at $1.3 billion.
“We’ve seen meaningful loan and deposit growth over the last few months, and we’re excited to carry this momentum forward into the final quarter of 2016,” President and CEO Janet Garufis said in a news release. “Last week, our total gross loans surpassed the $800 million mark, a new milestone for Montecito Bank & Trust.”
The 41-year-old bank operates 10 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. It was the only bank in the Tri-Counties to receive a 2015 Super Premier Performing Bank designation by The Findley Reports, the company said.
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