Montecito Bank & Trust reported net income growth of 11.52 percent year-over-year in its earnings report for the quarter ended Sept. 30, 2017.
The Santa Barbara-based bank said in a news release Oct. 27 that the higher net income was driven by loan growth of 16 percent. Deposits increased 3 percent and assets increased 3.64 percent during the same time period.
Total capital for Montecito Bank & Trust is at 12.7 percent, well above the 10 percent regulatory minimum required to be considered well-capitalized.
The bank is the oldest and largest locally-owned community bank in Santa Barbara and Ventura counties. It has 10 branches throughout the Central Coast.
• Contact Robert Shutt at [email protected]