Total deposits grew 7% to $950.7 million from $891.2 million a year ago. Total gross loans grew 6.5% to $538.2 million from $505.5 million a year ago. The bank grew total assets to $1.07 billion from $1.03 billion year over year, a 4.5% increase. The continuation of the low-interest rate environment put pressure on the net interest margin, resulting in lower net interest income for the same period. Year to date net income was $5.5 million, compared to $5.9 million from a year ago. Total risk-based capital of 13.94% at quarter’s end is well above the 10% regulatory minimum required to be considered well capitalized.

Ms. Garufis noted, “We are seeing improving consumer and business confidence which is resulting in increasing loan demand. Our strong capital base and liquidity solidly position Montecito Bank & Trust with maximum capacity to meet the growing financing needs of local businesses and investors with loans for expansion, capital improvement, and the purchase or refinance of real estate. Funding loans to local businesses and consumers, accepting local deposits, and reinvesting in the community is the value of community banking and an important driver of the vitality of our local economy. ”

Montecito Bank & Trust received a 2012 designation of a Premier Performing Bank by The Findley Reports, an independent service which rates the annual financial performance of California banks. The Findley Reports has designated Montecito Bank & Trust as a Premier Performing or Super Premier Performing bank 27 times in its 38-year history.

Montecito Bank & Trust, an S Corporation, is the oldest and largest locally owned community bank in the tri-counties. Founded in 1975, with branch offices located in Santa Barbara, Goleta, Solvang, Montecito, Carpinteria, Ventura, and Westlake Village, the bank offers 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; and online services, including mobile banking and cash management. Its Wealth Management Division provides full investment management as well as trust services for all branch office markets.

For more information, please contact Carolyn Tulloh, Director of Marketing at (805) 564-0252 or


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