By pacbiztimes Friday, August 5th, 2022

Montecito Bank & Trust, the biggest bank based in the tri-county region, reported total assets increased nearly 13% during the 12 months ending June 30.

The Santa Barbara-based bank saw total assets grow $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, pushing its quarter-end deposit totals to $2.28 billion.

Loans were down by 8.44% year-over-year, due to the federal Payroll Protection Program loan forgiveness, with quarter-end loans totaling $1.19 billion.

Excluding PPP loans forgiven 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% increase year-over-year. The bank’s total risk-based capital remains strong at 13.59%, far exceeding the 10% regulatory minimum required to be considered well capitalized.

“The bank’s sustained growth in the second quarter is a testament to our team’s unwavering dedication to world-class experience and the continued loyalty and advocacy of our existing clients,” Janet Garufis, the chairman and CEO of Montecito Bank & Trust, said in a news release. “Year-over-year double-digit percentage deposit growth positions us well to fulfill the lending needs of small and large businesses, organizations and residents across the Central Coast.”