Montecito Bank & Trust Mortgage Rates, Fees & Info

Santa Barbara, CA

LEI: 549300A7BPOO2YO2YE30

Tax ID: 95-2900153

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Montecito Bank & Trust is a smaller bank specializing in Cash Out Refi, Home Purchase, and Refi loans. Montecito Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Santa Maria, Oxnard, San Luis Obispo, Los Angeles, and San Diego among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Montecito Bank & Trust has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Montecito Bank & Trust is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    129

    Origination Dollar Volume (All Markets)

    $105,635,000

    Employee count

    222 Show all (5) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 89 $81,215,000 $912,528 $4,197 4.18%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 30 $11,900,000 $396,667 $4,197 4.48%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 4 $4,820,000 $1,205,000 $3,959 4.51%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 4 $4,380,000 $1,095,000 $4,334 3.94%
    Outside of Metro Areas 1 $3,005,000 $3,005,000 $12,880 3.50%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $315,000 $315,000 $3,358 5.38%
    Montecito Bank & Trust's top markets include Santa Maria, Oxnard, San Luis Obispo, Los Angeles, and San Diego among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Montecito Bank & Trust based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    COASTHILLS
    Similarity Rank: 136
    CBC Federal Credit Union
    Similarity Rank: 189
    Firefighters First Federal Credit Union
    Similarity Rank: 212
    Montecito Bank & Trust
    Similarity Rank: 216
    VENTURA COUNTY
    Similarity Rank: 242
    Resource Lenders Inc.
    Similarity Rank: 242
    LOGIX FEDERAL CREDIT UNION
    Similarity Rank: 414
    WESCOM CENTRAL CREDIT UNION
    Similarity Rank: 735
    CUSTOMER SERVICE MORTGAGE CORPORATION
    Similarity Rank: 861
    Shea Mortgage Inc.
    Similarity Rank: 888

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 129 $105,635,000 $818,876 $4,279 4.26%

    For 2018, Montecito Bank & Trust's most frequently originated type of loan was Conventional, with 129 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 44 $38,080,000 $865,455 $4,008 3.91%
    Home Purchase 42 $27,100,000 $645,238 $4,889 4.54%
    Refi 33 $33,665,000 $1,020,152 $3,709 4.30%
    Other 7 $6,565,000 $937,857 $5,459 4.30%
    Home Improvement 3 $225,000 $75,000 $2,874 4.91%

    For 2018, Montecito Bank & Trust's most frequently cited loan purpose was Cash Out Refi, with 44 originations. The 2nd most popular reason was Home Purchase, with 42 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 92 $79,420,000 $863,261 $4,326 3.95%
    10 Year 10 $17,220,000 $1,722,000 $2,874 4.57%
    15 Year 10 $2,420,000 $242,000 $3,912 4.84%
    20 Year 9 $1,455,000 $161,667 $3,262 5.60%
    5 Year 4 $4,710,000 $1,177,500 $0 5.06%
    Other 4 $410,000 $102,500 $0 5.39%

    For 2018, Montecito Bank & Trust's most frequently cited loan duration was 30 Year, with 92 originations. The 2nd most popular length was 10 Year, with 10 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 92 $78,520,000 $853,478
    $2k-3k 3 $1,145,000 $381,667
    $<1k 1 $315,000 $315,000
    $4k-5k 1 $555,000 $555,000

    Montecito Bank & Trust's average total fees were $4,326, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 92 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 60 $58,040,000 $967,333
    4-5% 45 $38,185,000 $848,556
    5-6% 19 $4,015,000 $211,316
    6-7% 3 $675,000 $225,000
    2.5-3% 2 $4,720,000 $2,360,000

    During 2018, Montecito Bank & Trust's average interest rate for loans was 3.95%, while their most frequently originated rate bucket for loans was 3-4%, with 60 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 32 $23,490,000 $734,063 $4,050 3.93%
    $1MM+ 31 $62,095,000 $2,003,065 $5,466 3.79%
    $200k-400k 25 $7,575,000 $303,000 $3,428 4.41%
    $400k-600k 22 $10,290,000 $467,727 $4,165 4.30%
    $100k-200k 14 $1,900,000 $135,714 $3,459 5.32%
    $100,000 or less 5 $285,000 $57,000 $0 5.39%

    2018 saw Montecito Bank & Trust place emphasis on $600k-1MM loans with 32 originations, totaling $23,490,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 43 $50,715,000 $1,179,419 $4,996 3.88%
    $150k-250k 25 $18,605,000 $744,200 $4,163 4.16%
    $100k-150k 19 $8,255,000 $434,474 $3,474 4.22%
    $50k-75k 12 $2,750,000 $229,167 $3,547 4.83%
    $75k-100k 10 $2,850,000 $285,000 $3,595 4.63%
    $50k or less 3 $515,000 $171,667 $4,413 5.04%

    Montecito Bank & Trust lent most frequently to those with incomes in the $250k+ range, with 43 originations. The second most popular income band? $150k-250k, with 25 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 25 $18,615,000 $744,600 $4,240 4.28%
    20-30% 23 $23,725,000 $1,031,522 $4,202 4.16%
    <20% 11 $6,205,000 $564,091 $3,771 4.27%
    41% 9 $6,765,000 $751,667 $3,854 4.00%
    38% 8 $6,540,000 $817,500 $4,313 4.14%
    43% 7 $8,925,000 $1,275,000 $5,576 4.00%
    37% 7 $2,555,000 $365,000 $3,820 4.62%
    45% 5 $3,195,000 $639,000 $4,369 3.98%
    44% 5 $3,615,000 $723,000 $4,451 3.73%
    39% 4 $8,630,000 $2,157,500 $3,639 3.63%
    42% 3 $965,000 $321,667 $3,604 5.67%
    36% 3 $935,000 $311,667 $4,349 5.08%
    40% 3 $1,225,000 $408,333 $4,098 4.42%
    46% 2 $1,350,000 $675,000 $6,001 4.13%
    47% 2 $1,440,000 $720,000 $3,985 4.25%
    50-60% 2 $1,360,000 $680,000 $4,753 4.63%
    48% 1 $395,000 $395,000 $3,334 3.50%
    49% 1 $495,000 $495,000 $5,825 4.49%
    >60% 1 $475,000 $475,000 $3,239 3.25%

    Montecito Bank & Trust lent most frequently to those with DTI ratios of 30-36%, with 25 originations. The next most common DTI ratio? 20-30%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 114 $91,020,000 $798,421 $4,295 4.21%
    Not applicable 8 $11,230,000 $1,403,750 $0 4.91%
    Asian 3 $1,815,000 $605,000 $5,475 4.49%
    Other Asian 1 $725,000 $725,000 $3,051 3.25%
    Not provided 1 $605,000 $605,000 $3,554 3.75%
    American Indian 1 $135,000 $135,000 $3,262 4.88%
    Native Hawaiian or Islander 1 $105,000 $105,000 $3,395 4.50%

    Approval Rates

    Total approvals of all applications
    89.01%

    Montecito Bank & Trust has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.27%

    Montecito Bank & Trust has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1139.0 1 $105,000 $105,000
    1337.7 1 $125,000 $125,000
    1514.0 1 $145,000 $145,000
    1844.65 1 $125,000 $125,000
    1994.0 1 $65,000 $65,000
    2180.75 1 $165,000 $165,000
    2564.0 1 $55,000 $55,000
    2589.0 1 $255,000 $255,000
    2769.0 1 $115,000 $115,000
    2899.0 1 $165,000 $165,000
    3404.0 1 $155,000 $155,000
    4079.0 1 $355,000 $355,000
    4364.0 1 $245,000 $245,000
    489.0 1 $45,000 $45,000
    639.0 1 $55,000 $55,000
    729.0 1 $65,000 $65,000
    NA 113 $103,395,000 $915,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $6,160,000 $3,080,000
    Single Family (1-4 Units):Manufactured 19 $3,415,000 $179,737
    Single Family (1-4 Units):Site-Built 108 $96,060,000 $889,444

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $22,505,000 $833,519 $3,829 4.31%
    40-60% 29 $27,995,000 $965,345 $4,442 4.11%
    60-80% 57 $47,555,000 $834,298 $4,398 4.31%
    80-100% 12 $6,680,000 $556,667 $4,580 4.21%
    Under 20% 4 $900,000 $225,000 $3,302 4.34%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Montecito Bank & Trust 1000 State Street Santa Barbara, CA 93101 Full Service B&M $202,377
    Montecito Bank & Trust 1023 Casitas Pass Road Carpinteria, CA 93013 Full Service B&M $112,768
    Montecito Bank & Trust 1106-A Coast Village Road Montecito, CA 93108 Full Service B&M $231,406
    Montecito Bank & Trust 1933 Cliff Drive Suite 28 Santa Barbara, CA 93109 Full Service B&M $2,155
    Montecito Bank & Trust 300 Hot Springs Road Montecito, CA 93108 Full Service B&M $263
    Montecito Bank & Trust 3802 State Street Santa Barbara, CA 93105 Full Service B&M $174,592
    Montecito Bank & Trust 4730 Telephone Road Ventura, CA 93003 Full Service B&M $80,931
    Montecito Bank & Trust 5486 Calle Real Santa Barbara, CA 93111 Full Service B&M $571
    Montecito Bank & Trust 5658 Calle Real Goleta, CA 93117 Full Service B&M $145,011
    Montecito Bank & Trust 591 Alamo Pintado Road Solvang, CA 93463 Full Service B&M $168,921
    Montecito Bank & Trust 6900 Hollister Avenue Goleta, CA 93117 Full Service B&M $44,286
    Montecito Bank & Trust 770 Paseo Camarillo, Suite 120 Camarillo, CA 93010 Full Service B&M $16,365
    Montecito Bank & Trust 968 South Westlake Blvd., Suite 10 Westlake Village, CA 91361 Full Service Retail $46,030

    For 2018, Montecito Bank & Trust had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $58,292
    Net interest income $55,628
    Total noninterest income $9,304
    Gross Fiduciary activities income $5,590
    Service charges on deposit accounts $830
    Trading account gains and fees $0
    Additional Noninterest Income $2,884
    Pre-tax net operating income $18,291
    Securities gains (or losses, -) $-92
    Income before extraordinary items $20,173
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $20,173
    Minority interest net income $0
    Net income $20,173
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $20,265

    Montecito Bank & Trust's gross interest income from loans was $58,292,000.
    Montecito Bank & Trust's net interest income from loans was $55,628,000.
    Montecito Bank & Trust's fee based income from loans was $830,000.
    Montecito Bank & Trust's net income from loans was $20,173,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,664
    Provision for credit losses $475
    Total noninterest expense $46,166
    Salaries and employee benefits $27,490
    Premises and equipment expense $6,464
    Additional noninterest expense $12,212
    Applicable income taxes $-1,974
    Net charge-offs $-330
    Cash dividends $2,980

    Montecito Bank & Trust's interest expense for loans was $2,664,000.
    Montecito Bank & Trust's payroll and benefits expense were $27,490,000.
    Montecito Bank & Trust's property, plant and equipment expenses $6,464,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 4.0%
    All other family 0.0%
    Commercial & industrial loans 5.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $1,316,076
    Deposits held in domestic offices $1,316,076
    Deposits by Individuals, partnerships, and corporations $1,276,502
    Deposits by U.S. Government $14
    Deposits by States and political subdivisions in the U.S. $39,560
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $61,778
    Demand deposits $61,778
    Nontransaction accounts $1,254,298
    Money market deposit accounts (MMDAs) $1,086,375
    Other savings deposits (excluding MMDAs) $33,061
    Total time deposits $134,862
    Total time and savings deposits $1,254,298
    Noninterest-bearing deposits $44,066
    Interest-bearing deposits $1,272,010
    Retail deposits $1,259,901
    IRAs and Keogh plan accounts $16,507
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,491,726
    Cash & Balances due from depository institutions $65,382
    Interest-bearing balances $42,904
    Total securities $429,434
    Federal funds sold & reverse repurchase $0
    Net loans and leases $940,885
    Loan and leases loss allowance $12,796
    Trading account assets $0
    Bank premises and fixed assets $10,618
    Other real estate owned $0
    Goodwill and other intangibles $7,319
    All other assets $38,088

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,491,726
    Total Liabilities $1,334,260
    Total deposits $1,316,076
    Interest-bearing deposits $1,272,010
    Deposits held in domestic offices $1,316,076
    % insured (estimated) $61
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $18,184

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $940,885
    Loan and leases loss allowance $12,796
    Total loans and leases (domestic) $953,681
    All real estate loans $803,870
    Real estate loans in domestic offices $803,870
    Construction and development loans $50,514
    Residential 1-4 family construction $5,759
    Other construction, all land development and other land $44,755
    Loans secured by nonfarm nonresidential properties $387,872
    Nonfarm nonresidential secured by owner-occupied properties $216,374
    Commercial real estate & other non-farm, non-residential $171,498
    Multifamily residential real estate $140,878
    1-4 family residential loans $222,052
    Farmland loans $2,554
    Loans held in foreign offices $0
    Farm loans $2,472
    Commercial and industrial loans $113,028
    To non-U.S. addressees $0
    Loans to individuals $15,511
    Credit card loans $3
    Related Plans $361
    Consumer Auto Loans $40
    Other loans to individuals $15,107
    All other loans & leases $21,556
    Loans to foreign governments and official institutions $0
    Other loans $21,556
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $36,205
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $267
    Non 1-4 family restructured loans & leases $267
    Total loans and leases (foreign) $0

    Montecito Bank & Trust had $940,885,000 of loans outstanding in 2018. $803,870,000 of loans were in real estate loans. $50,514,000 of loans were in development loans. $140,878,000 of loans were in multifamily mortgage loans. $222,052,000 of loans were in 1-4 family mortgage loans. $2,472,000 of loans were in farm loans. $3,000 of loans were in credit card loans. $40,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 126 $66,854 $530,587
    Nonfarm, nonresidential loans - <$100k 2 $98 $49,000
    Nonfarm, nonresidential loans - $100-250k 17 $2,625 $154,412
    Nonfarm, nonresidential loans - $250k-1MM 107 $64,131 $599,355
    Commercial & Industrial, US addressed loans - <$1MM 529 $48,465 $91,616
    Commercial & Industrial, US addressed loans - <$100k 246 $6,179 $25,118
    Commercial & Industrial, US addressed loans - $100-250k 143 $9,620 $67,273
    Commercial & Industrial, US addressed loans - $250k-1MM 140 $32,666 $233,329
    Farmland loans - <$1MM 1 $259 $259,000
    Farmland loans - $250k-1MM 1 $259 $259,000
    Agriculture operations loans - <$1MM 3 $420 $140,000
    Agriculture operations loans - $250k-1MM 3 $420 $140,000