By Megan Orloff
Montecito Bank & Trust has reported total assets grew $56.5 million during the 12-month period ending Dec. 31, closing at $1.4 billion, with loan growth of 5 percent year-over-year, ending the year at $912.3 million.
Deposit growth saw a 4.7-percent lift year-over-year, pushing year-end deposit totals to $1.2 billion.
In 2017, net income grew 20 percent from 2016 to close at $17.5 million, enhanced by one-time loan recoveries. The bank’s total risk-based capital remains at 13.3 percent, exceeding the 10-percent regulatory minimum required to be considered well-capitalized.
“2017 was a year of change for the bank. In April we lost an icon and mentor in Michael Towbes, our beloved founder, but I know he would be as proud as I am about the commitment, work and performance of our teams this year,” said Chairman and CEO Janet Garufis.
“And, while I am proud of the growth our teams achieved in 2017, I am even prouder of the compassion our associates delivered throughout what has been a challenging and emotional end of the year for so many businesses and individuals. Our hearts go out to those impacted by these events and we extend our gratitude to the first responder teams who worked tirelessly to protect our communities.”
Montecito Bank & Trust, an S Corporation, is the oldest and largest locally owned community bank in Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 42nd anniversary on March 17 and operates 10 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village.