Montecito Bank & Trust reported total assets grew $493.38 million, an increase of 30.78% during the 12-month period ending March 31, closing at $2.09 billion, with loan growth of 26.93% year-over-year, ending the first quarter at $1.37 billion.
Deposit growth saw a 37.16% lift year-over-year, with quarter-end deposits totaling $1.88 billion. Total net income for the first quarter, year-over-year, increased 34.01% to $3.82 million. The bank’s total risk-based capital remains very strong at 14.70%, exceeding the 10% regulatory minimum required to be considered well-capitalized.
“As our communities continued to navigate COVID-19 throughout the first quarter, our teams remained dedicated to helping ensure the safety of our branches and offices, and to securing as much Paycheck Protection Program (PPP) funding as possible for Central Coast organizations during the Small Business Administration program’s latest round,” said Janet Garufis, chairman and CEO.
“As a PPP financial partner of choice, our teams facilitated an additional 1,700 new PPP loans in the first quarter, providing over $115 million of critical support to businesses and organizations across the Central Coast,” she said.
“This volume was a primary driver of our year over year loan growth, coupled with heightened activity in our residential lending group,” she said. “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.”
Founded in 1975, Montecito Bank & Trust celebrated its 46th anniversary on March 17, and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo, and Westlake Village.