Montecito Bank remains “well-capitalized” after the first quarter
Montecito Bank & Trust reported a 30% increase in net income for the first quarter of 2023 on June 6, even despite a drop in total deposits.
Montecito Bank & Trust generated $4.8 million in the first quarter while assets closed at $2.1 billion.
According to the bank, it remains well-capitalized as its total risk-based capital remains very strong at 14.87%, an increase of 6.98% compared to the same period last year, exceeding the 10% regulatory minimum required to be considered well-capitalized.
Deposits did fall 12.3% year-over-year, however, closing the quarter at $1.9 billion while loans remained flat at $1.1 million.
Janet Garufis, chairman and CEO of MB&T, said in a press release while the bank did see deposit outflow this quarter, the bank welcomed “several new relationships,” liquidity remains strong and overall its deposit and loan portfolios “are well-diversified with no concentrations or exposures to crypto or blockchain.”
“Economic headwinds have started to slow growth across the industry, but our strong balance sheet and diversified high-performing loan portfolio provide a strong foundation for our locally based teams,” she said.