Montecito Bank & Trust’s assets grew by almost half a billion dollars in the past year, with strong deposit and loan growth, the bank said in its May 6 first-quarter earnings release.
The Santa Barbara-based bank is the largest financial institution based in the tri-county region. Its assets topped $2 billion at the end of the first quarter of 2021, buoyed by 27% loan growth and 37% deposit growth when compared to the first quarter of 2020. Total net income for the quarter also rose sharply, growing 34% to $3.82 million.
Montecito Bank & Trust helped local businesses access an 1,700 Paycheck Protection Program loans in the first quarter, which brought $115 million into the community. Janet Garufis, the chairman and CEO of Montecito Bank & Trust, said in a news release that the PPP loans were a major component of the bank’s growth in the past year, as well as increased residential lending activity.
“Looking ahead, as vaccination rates increase and our economy begins to reopen more fully, I am optimistic about what the next chapter holds for our communities and am confident in our team’s ability to continue providing the world-class customer experience our communities have long trusted us to deliver,” Garufis said.