Montecito Bank & Trust (MB&T) has reported that their total assets grew $344.13 million in 2020, an increase of 21.39% during the 12-month period. MB&T’s current assets total $1.95 billion.
Strong loan production yielded an increase of $277.26 million for MB&T last year, a year-over-year increase of 26.65%. Loans now equate to $1.32 billion of the bank’s assets. Deposit growth of 22.71% year-over-year, or $320.65 million, pushed year-end deposit totals to $1.73 billion. Net income before taxes of $16.65 million was a 13.67% increase from the previous year. The bank’s total risk-based capital is at 14.56%, exceeding the 10% regulatory minimum required to be considered “well-capitalized.”
In 2020, MB&T donated over $1.5 million to local nonprofits and secured over $206 million in federal Payroll Protection Program funding for Santa Barbara and Ventura county business owners.