Montecito Bank & Trust reports growth in assets, deposits and income
Montecito Bank & Trust saw its total assets grow more than 20% during 2020, on the back of strong loan production, deposit growth and higher net income, the bank said Feb. 5.
The bank’s total assets grew $344.1 million, a boost of about 21.4% from the previous year, bringing Montecito Bank & Trust’s total assets to $1.95 billion. Loan production was up even more, rising 26.7% from 2019 to 2020, and year-end deposit totals were $1.73 billion, a 22.7% increase. Those factors led to a higher net income, which at $16.7 million was about 14% higher than in 2019.
“Our 2020 performance is a story of dedication, perseverance, nimbleness, kindness, safety and heart,” Janet Garufis, the Chairman and CEO of Montecito Bank & Trust, said in a news release. “The COVID-19 pandemic has impacted our communities and each of us in ways that we could never have imagined.”
The biggest bank based in the tri-county region, Montecito Bank & Trust also donated more than $1.5 million to local nonprofits last year, and connected local businesses with more than $200 million in PPP funding.