Montecito Bank & Trust reports big quarter due to PPP loans
Montecito Bank & Trust’s total net income grew more than 15 percent in the second quarter, buoyed by increases in total assets, loan growth and deposit growth, the bank announced Aug. 10.
Many of the bank’s key measures grew by leaps and bounds between June 30, 2019 and June 30, 2020. Montecito Bank & Trust’s total assets grew almost 22 percent, or $339.3 million, over the year, to a total of $1.88 billion. Loan growth increased by more than 30 percent, and deposit growth was up 23.2 percent.
For the second quarter, net income was $6.69 million for the privately held bank, which is headquartered in Santa Barbara and is the largest financial institution based in the tri-county region.
All of those factors were lifted by the bank’s participation in the federal Payroll Protection Program, through which the bank provided more than $205 million in funding to more than 1,700 recipients. According to Montecito Bank & Trust, the funds supported more than 22,000 jobs in Santa Barbara and Ventura counties. The bank expects to see many of the PPP loans it issued forgiven in the third and fourth quarters, which will impact growth numbers in those quarters.
“Our second quarter performance is a direct testament to the unwavering dedication and customer service excellence our teams demonstrate day in and day out,” Janet Garufis, the chair and CEO of Montecito Bank & Trust, said in a press release. “We remain committed to supporting our communities and providing a world class experience as we each continue to endure the impacts of the COVID-19 pandemic.”