Montecito Bank & Trust, which has a branch in Solvang, said in its third-quarter report that net income grew 11.52 percent year-over-year to $12.2 million.

Bank officials said that increase was driven by strong loan growth of 16 percent during the same period, from $127 million to $924 million.

Deposits also grew by $35 million, or 3 percent, year-over-year, and assets grew 3.64 percent, from $1.3 billion to $1.35 billion, during the same period, according to the report.

A bank spokeswoman said total capital remains very strong at 12.7 percent, exceeding the 10-percent regulatory minimum required to be considered well-capitalized.

Founded in 1975, Montecito Bank & Trust is the oldest and largest locally owned community bank in Santa Barbara and Ventura counties and, including the Solvang branch, operates 10 branch offices.

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News Editor

Mike Hodgson is news editor at the Santa Ynez Valley News, where he writes about local government, special events and the people who live in the Valley. He has been a photographer, writer, news editor and managing editor at weekly newspapers since 1972

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