Montecito Bank & Trust reports growth in deposits, loans and net income
Montecito Bank & Trust grew its assets 5.7 percent over the last 12 months and reported net income of $8.1 million for the first six months of 2017, up 12.5 percent from the prior year.
In the earnings release Aug. 4, the Santa Barbara company said a 20.5 percent increase in loan growth year-over-year and a 7.3 percent deposit growth accounted for much of the change.
“As the oldest, largest and independently owned community bank on the Central Coast, I am pleased that we continue to grow profitably and that we are the financial partner of choice for the lending, banking and investing needs of the communities we serve,” said Chairman and CEO Janet Garufis.
Risk-based capital was 12.4 percent for the period, higher than the 10 percent regulatory minimum.
“We are grateful for the vision, leadership and inspiration of our late founder and mentor Michael Towbes,” Garufis said. “He would be incredibly proud of the ongoing success of our team and the continued dedication they demonstrate to our communities each and every day.”
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