Friday, August 5, 2022
Montecito Bank & Trust, the largest bank based in the tri-county area, said its total assets grew nearly 13% in the 12 months ending June 30.
The Santa Barbara-based bank saw its total assets increase by $276.45 million during the period, closing at $2.46 billion, it said in a quarterly report released Aug. 5.
Montecito Bank & Trust reported deposit growth of $308.97 million, or 15.71% year-over-year, bringing its total deposits at the end of the quarter to $2.28 billion.
Loans were down 8.44% year-over-year due to the cancellation of Federal Payroll Protection Program loans, with quarter-end loans totaling $1.19 billion.
Excluding canceled PPP loans in the first quarter, loan growth was $65.61 million, or 5.84% year-over-year.
Net income for the first quarter was $9.66 million, a 13.85% year-over-year increase. The bank’s total risk-based capital remains strong at 13.59%, far exceeding the regulatory minimum of 10% required to be considered well capitalized.
“The bank’s continued growth in the second quarter is a testament to our team’s unwavering dedication to the world-class experience and the continued loyalty and advocacy of our existing customers,” said Janet Garufis, President and Chief Executive Officer. of Montecito Bank & Trust, in a statement. Press release. “Double-digit year-over-year percentage deposit growth positions us well to serve the lending needs of small and large businesses, organizations and Central Coast residents.”