SANTA BARBARA Santa Barbara Montecito Bank & Trust reported Monday a 10.8 percent growth in total assets over the last 12 months.
According to a bank news release, total assets are now at $1.54 billion for the period ending June 30. Deposits grew to $1.35 billion over the same time period, good for a 10.5 percent increase.
Loan growth was also strong with an 8.4 percent increase over the prior year, ending the second financial quarter at $980.57 million.
Net income before taxes decreased 7.2 percent from last year to $8.38 million. Bank officials attribute the drop to increased benefits expenses.
Year-to-date net income of $5.80 million is down from $13.0 million last year.
The bank received a one-time tax credit associated with the bank’s conversion from an S Corporation to a C Corporation in 2018. The change increased the bank’s reported net income last year.
“The bank’s total risk-based capital remains very strong at 15.0%, well exceeding the 10% regulatory minimum required to be considered well-capitalized,” reads the news release.