Santa Barbara, Calif. - Janet A. Garufis, president and chief executive officer of Montecito Bank & Trust said: "We are pleased to report that for the first quarter Montecito Bank & Trust earned $1.8 million in net profit, a 46% increase over the first quarter of 2009. Our conservative management approach continues to serve us well. We did not take TARP money and we ended the quarter with a strong total risk-based capital ratio of 12.84%, well above the 10% regulatory minimum to be considered well-capitalized.
"Our continued liquidity is allowing us to actively lend to qualified borrowers. We are a relationship bank helping our business customers position themselves to take advantage of the economic recovery cycle. Whether the lending solution is working capital, equipment or the purchase or refinance of real estate, our commercial lending experts are available to talk and help create a viable plan."
First quarter 2010 results compared to first quarter 2009 were as follows:
Net income was $1.8 million, up 46% from $1.3 million.
Total gross loans were $555.8 million, up 5% from $529.1 million.
Total deposits were $800.7 million, up 8% from $744.3 million.
Total assets were $959.2 million, up 9% from $882.3 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 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. As the bank celebrates its 35th anniversary this year, we continue to demonstrate ongoing support of the community through unique giving programs like Anniversary Grants® and Community Dividends®, which annually gifts $1 million to more than 100 local nonprofits.
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