Janet A. Garufis, president and chief executive officer of Montecito Bank & Trust said: "We are extremely pleased to report that despite the challenging economic issues in 2009, Montecito Bank & Trust earned $8.9 Million in net profit, a 46% increase over 2008. Our conservative management approach continues to serve us well through good times and bad. We did not take TARP money and we ended the year with a strong total risk-based capital ratio of 12.31%, well above the 10% regulatory minimum to be considered well-capitalized. Few local banks can match our 2009 performance.
We welcomed many new banking clients throughout 2009, and due to the resulting dramatic 20% growth in deposits; we have the liquidity and capital to continue to provide competitive loans to both our existing customers as well as new customers who appreciate our strong financial condition. We were proud to continue our tradition of community giving with our seventh annual Community Dividends® awards, especially during this time when the need is so great. In November, Montecito Bank & Trust granted $1 million to 150 nonprofits in the communities we serve."
Year end results compared to the prior year were as follows:
Net income was $8.9 million, up 46% from $6.1 million.
Total gross loans were $561.5 million, up 7% from $527.1 million.
Total deposits were $798.8 million, up 20% from $663.4 million.
Total assets were $955.0 million, up 18% from $812.7 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 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. Montecito Bank & Trust continues to demonstrate its ongoing support of the community through unique giving programs like 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 nine years by The Findley Reports, an independent service which rates the financial performance of California banks.
For more information, please contact Carolyn Tulloh, Director of Marketing (805) 564-0252 or ctulloh@montecito.com