Janet A. Garufis, president and chief executive officer of Montecito Bank & Trust said: "We are pleased to report that for the first six months of 2010 Montecito Bank & Trust earned $4.4 million in net profit, a 13% increase over 2009. We are benefiting from our disciplined management practices and a long-term strategic approach to growth and profitability. We ended the quarter with a strong total risk-based capital ratio of 12.83%, well above the 10% regulatory minimum to be considered well-capitalized.
"Montecito Bank & Trust continues to be a leader in real estate and construction lending in our market. Our substantial growth in deposits and the bank’s continued profitability, liquidity and strong capitalization allows us to continue to lend to local businesses and individuals and to provide continuing support of local nonprofit organizations. We are proud to be in a position to take a leadership role in identifying innovative ways to help our local communities address the challenges presented by this persistently difficult economic environment."
Year-to-Date, 2010 Results Compared to Year-to-Date, 2009:
Net income was $4.4 million, up 13% from $3.9 million.
Total gross loans were $554.1 million, up 0.3% from $552.3 million.
Total deposits were $825.7 million, up 10% from $750.1 million.
Total assets were $960.8 million, up 7% from $896.5 million.
Montecito Bank & Trust has branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, and Westlake Village. We offer a variety of competitive deposit and lending solutions for businesses and consumers including: business loans and lines of credit, commercial real estate finance, SBA loans, consumer loans, credit cards, merchant services, online services including mobile banking and cash management. Our Wealth Management Division, with locations in Montecito, Solvang and Ventura, provides full investment management as well as Trust services for all branch office markets.
Montecito Bank & Trust, an S Corporation, is a locally owned community bank founded in 1975, proudly celebrating its 35th anniversary. It is known for its ongoing support of the community through unique giving programs such as Community Dividends® and Anniversary Grants®. The bank has branch offices in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura and Westlake Village. It offers a variety of competitive deposit and lending solutions for businesses and consumers, including consumer loans, business loans and lines of credit, SBA loans, credit cards, merchant services, online and mobile banking, and cash management. Its Wealth Management Division, located in Montecito, Solvang and Ventura, provides full investment management as well as trust and estate services for all of the bank’s branch office markets.
Montecito Bank & Trust has been designated a Super Premier or Premier Performing Bank for the last ten years by The Findley Reports, an independent service which rates the financial performance of California banks.
For more information, please contact Carolyn C. Tulloh, Director of Marketing at (805) 564-0252 or ctulloh@montecito.com