Montecito Bank & Trust Reports Record Income
Montecito Bank & Trust reported that total assets grew $398.62 million, an increase of 20.41% during the 12-month period, to $2.35 billion for the year ending 12/31/2021. Strong deposit growth of $401.15 million or 23.15% year-over-year, pushed year-end deposit totals to $2.13 billion. Loan growth declined $143.4 million or 10.88% year-over-year due to Payroll Protection Program (PPP) loan forgiveness with year-end loans totaling $1.17 billion. Net income of $17.5 million was a 46.68% increase year-over-year. The bank’s total risk-based capital remains very strong at 14.49%, far exceeding the 10% regulatory minimum required to be considered well capitalized.
Reflecting on another year of pandemic related challenges, Chairman and CEO Janet Garufis said, “Our 2021 record performance is a testament to service excellence and the resiliency and dedication of our over 260 associates, and to the confidence and trust our clients and communities have in our teams. For that, we are forever grateful. Our Wealth Management group, with assets under management in excess of $1.2 billion, continues to excel. Moreover, when coupled with our significant deposit growth, securing over $115 million additional Round 2 PPP funds for Central Coast organizations, and donating in excess of $1.6 million to deserving nonprofits across our communities, I am confident we are making our founder, Michael Towbes, proud. It is that very commitment to world-class service that earned our teams an additional six Best Bank and Best Places to Work recognitions this year.”
Montecito Bank & Trust is the oldest and largest locally owned community bank in the Santa Barbara and Ventura counties. Founded in 1975, the bank celebrated its 46th anniversary on March 17, 2021 and operates 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo, and Westlake Village.