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

Review & Overview

Montecito Bank & Trust is a smaller bank specializing in Refi loans. Montecito Bank & Trust has a high proportion of conventional loans. Their top markets by origination volume include: Santa Maria, Oxnard, Los Angeles, San Luis Obispo, and Reno among others. We have data for 7 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.

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Originations

181

Origination Dollar Volume (All Markets)

$160,595,000

Employee count

248

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)	127	$96,095,000	$756,654	$0	0.00%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA\|USDA\|VA)	38	$43,310,000	$1,139,737	$0	0.00%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	10	$18,160,000	$1,816,000	$0	0.00%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA\|USDA\|VA)	2	$1,510,000	$755,000	$0	0.00%
RENO, NV (FHA\|USDA\|VA)	1	$775,000	$775,000	$0	0.00%
San Francisco-Oakland-Berkeley, CA (FHA\|USDA\|VA)	2	$590,000	$295,000	$0	0.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA\|USDA\|VA)	1	$155,000	$155,000	$0	0.00%

Montecito Bank & Trust's top markets include Santa Maria, Oxnard, Los Angeles, San Luis Obispo, and Reno among others.

Their top states include:

California (FHA|USDA|VA)

Nevada (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.

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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	181	$160,595,000	$887,265	$0	0.00%

For 2020, Montecito Bank & Trust's most frequently originated type of loan was Conventional, with 181 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	111	$107,515,000	$968,604	$0	0.00%
Cash Out Refi	32	$23,250,000	$726,563	$0	0.00%
Home Purchase	27	$24,125,000	$893,519	$0	0.00%
Other	9	$5,015,000	$557,222	$0	0.00%
Home Improvement	2	$690,000	$345,000	$0	0.00%

For 2020, Montecito Bank & Trust's most frequently cited loan purpose was Refi, with 111 originations. The 2nd most popular reason was Cash Out Refi, with 32 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	181	$160,595,000	$887,265	$0	0.00%

For 2020, Montecito Bank & Trust's most frequently cited loan duration was Other, with 181 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$400k-600k	54	$27,150,000	$502,778	$0	0.00%
$1MM+	40	$92,950,000	$2,323,750	$0	0.00%
$600k-1MM	39	$29,075,000	$745,513	$0	0.00%
$200k-400k	30	$8,900,000	$296,667	$0	0.00%
$100k-200k	16	$2,410,000	$150,625	$0	0.00%
$100,000 or less	2	$110,000	$55,000	$0	0.00%

2020 saw Montecito Bank & Trust place emphasis on $400k-600k loans with 54 originations, totaling $27,150,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$250k+	28	$25,410,000	$907,500	$0	0.00%
$150k-250k	25	$16,665,000	$666,600	$0	0.00%
$100k-150k	14	$6,610,000	$472,143	$0	0.00%
$75k-100k	8	$3,040,000	$380,000	$0	0.00%
$50k-75k	6	$880,000	$146,667	$0	0.00%
$50k or less	4	$670,000	$167,500	$0	0.00%

Montecito Bank & Trust lent most frequently to those with incomes in the $250k+ range, with 28 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
Exempt%	181	$160,595,000	$887,265	$0	0.00%

Montecito Bank & Trust lent most frequently to those with DTI ratios of Exempt%, with 181 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	153	$108,625,000	$709,967	$0	0.00%
Not applicable	23	$49,265,000	$2,141,957	$0	0.00%
Asian	3	$2,005,000	$668,333	$0	0.00%
Black	2	$700,000	$350,000	$0	0.00%

Approval Rates

Total approvals of all applications
84.59%

Montecito Bank & Trust has a below average approval rate.

Pick Rate

Approvals leading to origination
81.22%

Montecito Bank & Trust has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	181	$160,595,000	$887,265

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	23	$58,875,000	$2,559,783
Single Family (1-4 Units):Manufactured	8	$1,260,000	$157,500
Single Family (1-4 Units):Site-Built	150	$100,460,000	$669,733

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	$321,134
Montecito Bank & Trust	1023 Casitas Pass Road Carpinteria, CA 93013	Full Service B&M	$151,500
Montecito Bank & Trust	1106-A Coast Village Road Montecito, CA 93108	Full Service B&M	$284,406
Montecito Bank & Trust	1933 Cliff Drive Suite 28 Santa Barbara, CA 93109	Full Service B&M	$14,934
Montecito Bank & Trust	2550 Treasure Drive Santa Barbara, CA 93105	Full Service B&M	$832
Montecito Bank & Trust	300 Hot Springs Road Montecito, CA 93108	Full Service B&M	$6,472
Montecito Bank & Trust	3802 State Street Santa Barbara, CA 93105	Full Service B&M	$193,890
Montecito Bank & Trust	4730 Telephone Road, Suite 10 Ventura, CA 93003	Full Service B&M	$130,023
Montecito Bank & Trust	5486 Calle Real Santa Barbara, CA 93111	Full Service B&M	$2,279
Montecito Bank & Trust	5658 Calle Real Goleta, CA 93117	Full Service B&M	$165,843
Montecito Bank & Trust	591 Alamo Pintado Road Solvang, CA 93463	Full Service B&M	$232,539
Montecito Bank & Trust	6900 Hollister Avenue Goleta, CA 93117	Full Service B&M	$54,487
Montecito Bank & Trust	770 Paseo Camarillo, Suite 120 Camarillo, CA 93010	Full Service B&M	$44,377
Montecito Bank & Trust	968 South Westlake Blvd., Suite 10 Westlake Village, CA 91361	Full Service Retail	$64,931

For 2020, Montecito Bank & Trust had 14 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$63,821
Net interest income	$60,691
Total noninterest income	$10,940
Gross Fiduciary activities income	$6,525
Service charges on deposit accounts	$933
Trading account gains and fees	$0
Additional Noninterest Income	$3,482
Pre-tax net operating income	$15,299
Securities gains (or losses, -)	$1,347
Income before extraordinary items	$11,948
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$11,948
Minority interest net income	$0
Net income	$11,948
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$10,883

Montecito Bank & Trust's gross interest income from loans was $63,821,000.
Montecito Bank & Trust's net interest income from loans was $60,691,000.
Montecito Bank & Trust's fee based income from loans was $933,000.
Montecito Bank & Trust's net income from loans was $11,948,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$3,130
Provision for credit losses	$1,631
Total noninterest expense	$54,701
Salaries and employee benefits	$32,940
Premises and equipment expense	$7,091
Additional noninterest expense	$14,670
Applicable income taxes	$4,698
Net charge-offs	$135
Cash dividends	$1,702

Montecito Bank & Trust's interest expense for loans was $3,130,000.
Montecito Bank & Trust's payroll and benefits expense were $32,940,000.
Montecito Bank & Trust's property, plant and equipment expenses $7,091,000.

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	0.0%
HELOC loans	5.0%
All other family	0.0%
Commercial & industrial loans	2.0%
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	$1,732,862
Deposits held in domestic offices	$1,732,862
Deposits by Individuals, partnerships, and corporations	$1,686,875
Deposits by U.S. Government	$14
Deposits by States and political subdivisions in the U.S.	$45,973
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	$83,711
Demand deposits	$83,711
Nontransaction accounts	$1,649,151
Money market deposit accounts (MMDAs)	$1,500,458
Other savings deposits (excluding MMDAs)	$54,023
Total time deposits	$94,671
Total time and savings deposits	$1,649,151
Noninterest-bearing deposits	$66,540
Interest-bearing deposits	$1,666,322
Retail deposits	$1,704,065
IRAs and Keogh plan accounts	$18,061
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,952,638
Cash & Balances due from depository institutions	$107,750
Interest-bearing balances	$89,072
Total securities	$469,757
Federal funds sold & reverse repurchase	$0
Net loans and leases	$1,303,054
Loan and leases loss allowance	$14,555
Trading account assets	$0
Bank premises and fixed assets	$12,309
Other real estate owned	$0
Goodwill and other intangibles	$7,319
All other assets	$52,449

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,952,638
Total Liabilities	$1,763,813
Total deposits	$1,732,862
Interest-bearing deposits	$1,666,322
Deposits held in domestic offices	$1,732,862
% insured (estimated)	$57
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$5,000
Subordinated debt	$0
All other liabilities	$25,951

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$1,303,054
Loan and leases loss allowance	$14,555
Total loans and leases (domestic)	$1,317,609
All real estate loans	$977,789
Real estate loans in domestic offices	$977,789
Construction and development loans	$31,636
Residential 1-4 family construction	$11,382
Other construction, all land development and other land	$20,254
Loans secured by nonfarm nonresidential properties	$483,561
Nonfarm nonresidential secured by owner-occupied properties	$232,695
Commercial real estate & other non-farm, non-residential	$250,866
Multifamily residential real estate	$180,941
1-4 family residential loans	$278,893
Farmland loans	$2,758
Loans held in foreign offices	$0
Farm loans	$991
Commercial and industrial loans	$304,862
To non-U.S. addressees	$0
Loans to individuals	$17,722
Credit card loans	$151
Related Plans	$240
Consumer Auto Loans	$20
Other loans to individuals	$17,311
All other loans & leases	$22,481
Loans to foreign governments and official institutions	$0
Other loans	$22,481
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$43,022
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$71
Non 1-4 family restructured loans & leases	$71
Total loans and leases (foreign)	$0

Montecito Bank & Trust had $1,303,054,000 of loans outstanding in 2020. $977,789,000 of loans were in real estate loans. $31,636,000 of loans were in development loans. $180,941,000 of loans were in multifamily mortgage loans. $278,893,000 of loans were in 1-4 family mortgage loans. $991,000 of loans were in farm loans. $151,000 of loans were in credit card loans. $20,000 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	139	$71,338	$513,223
Nonfarm, nonresidential loans - <$100k	3	$39	$13,000
Nonfarm, nonresidential loans - $100-250k	17	$2,257	$132,765
Nonfarm, nonresidential loans - $250k-1MM	119	$69,042	$580,185
Commercial & Industrial, US addressed loans - <$1MM	2,321	$182,655	$78,697
Commercial & Industrial, US addressed loans - <$100k	1,688	$44,816	$26,550
Commercial & Industrial, US addressed loans - $100-250k	345	$42,397	$122,890
Commercial & Industrial, US addressed loans - $250k-1MM	288	$95,442	$331,396
Farmland loans - <$1MM	1	$226	$226,000
Farmland loans - $250k-1MM	1	$226	$226,000
Agriculture operations loans - <$1MM	1	$403	$403,000
Agriculture operations loans - $250k-1MM	1	$403	$403,000