By Jorge Mercado Tuesday, January 31st, 2023

Despite total assets dropping from the end of last year, Montecito Bank & Trust reported an overall strong growth in income and loans to close out fiscal year 2022, the financial institution reported Jan. 30. 

Montecito Bank & Trust, the biggest bank in the tri-county region, reported income grew to $18.27 million for the year ended Dec. 31, an increase of 4.2% year-over-year. 

Assets closed at $2.29 billion, 2.8% from the end of last year, but loans were strong as they closed at $1.19 billion, an increase of 1.7%. 

Excluding the payoff of PPP loans, loans actually grew by 5.6%. 

Deposits ended the year down 1% at $2.1 billion, but the bank’s total risk-based capital remains “very strong” at 14.2%, exceeding the 10% regulatory minimum required to be considered well capitalized, the firm said in a press release. 

Janet Garufis, CEO and chairman of Montecito Bank & Trust, said in a press release that the bank’s strong earnings and income allowed them to increase its Community Dividends awards to over $2 million this year. 

She added that while continued weak loan demand and rising interest rates will continue to be an obstacle in fiscal year 2023, Garufis remains “confident that the Bank’s strong balance sheet and high-performing loan portfolio will successfully lead Montecito Bank & Trust through these economic headwinds.” 

Montecito Bank & Trust is the oldest and largest locally owned bank in Santa Barbara and Ventura counties. The bank has 11 branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, Camarillo and Westlake Village.