By
Brooke Holland
Tuesday, May 3, 2022
Montecito Bank & Trust’s assets grew more than 14% in the year ended March 31, with “strong” growth in deposits, the bank said in its May 2 first-quarter earnings release.
The Santa Barbara-based bank, the largest financial institution based in the tri-county area, said its total assets increased by $302.45 million, closing at $2.39 billion, at the end of the first quarter 2022.
Deposit growth of $303.85 million, or more than 16% year-over-year, pushed total deposits at the end of the quarter to $2.19 billion, according to the release on results.
Loans fell $186.07 million, or 13.56%, year-over-year due to the cancellation of Federal Payroll Protection Program loans, quarter-end loans totaling $1.19 billion. Loan growth was $66.5 million, excluding PPP loans canceled in the first quarter, according to the bank.
First quarter net income increased nearly 26% to $4.81 million from the first quarter of 2021.
Janet Garufis, President and CEO of Montecito Bank & Trust, said in a press release that the bank continues to scale down its PPP rebate program, assisting customers with their inquiries daily, and anticipates the full resolution of this program by the end of the second. quarter 2022.
“While our first quarter results are strong, with loans and deposits continuing to grow, we remain cautious about the potential impacts of rising rates and inflation,” Garufis said.
