Income up 24% at Montecito Bank, assets top $2B
Montecito Bank & Trust, the biggest bank based in the tri-county region, reported asset growth of nearly 22% in the past year, while loan growth softened because of accelerated pandemic-related loan forgiveness and additional loan payoffs.
The Santa Barbara-based bank said in an Oct. 18 earnings release that its total assets grew $404.53 million in the 12 months ended Sept. 31, closing at $2.29 billion. Deposits grew by $407.02 million year-over-year, or 24.41%, ending the third quarter of 2021 at $2.07 billion.
Loan growth dropped slightly because of accelerated forgiveness through the federal Paycheck Protection Program and several additional loan payoffs, declining 4.48% year-over-year, with the third quarter end loans totaling $1.26 billion.
The bank’s total net income increased nearly 24% in a year, to $11.85 million.
Montecito Bank & Trust’s total risk-based capital remains “very strong” at 14.24%, exceeding the 10% regulatory minimum required to be considered well-capitalized, according to the bank’s news release.
The bank’s residential lending group funded more than $25 million in loans in the third quarter of 2021, according to Janet Garufis, the CEO and board chair of Montecito Bank & Trust.
“The bank’s continued strong deposit growth reflects the strength and depth of our relationships,” Garufis said in a news release. “I remain optimistic about what the next chapter holds for our communities and am proud of our ability to continue honoring the legacy of our founder, Michael Towbes.”
Montecito Bank & Trust operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village. Its asset and deposit totals are the biggest of the four banks based in the tri-county region, and it also has the most branches of any locally headquartered bank.