Pacific Capital Bancorp Reports Net Income Of $20.8 Million In Fourth Quarter 2010
Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company, reported net income of $20.8 million, or $0.66 per diluted share for the three months ended December 31, 2010, and $25.7 million, or $0.83 per diluted share, for the four months since the closing of the $500 million investment from a wholly-owned subsidiary of Ford Financial Fund, L.P. on August 31, 2010.
“We are pleased with the results Pacific Capital Bancorp has achieved over the past four months,” said Carl B. Webb, Chief Executive Officer. “Following the completion of our recapitalization transactions, we have resumed our position as the premier community banking franchise along the Central Coast of California. We have returned to the basic community banking principles that this franchise was built upon, and we are now in a position to fully serve the financial services needs of our customers with a broad array of lending, depository and wealth management products and services.”
During the fourth quarter of 2010, Pacific Capital Bancorp completed its shareholders rights offering, raising gross proceeds of $76.4 million, and completed its 1-for-100 reverse stock split of its common stock, reducing the current number of outstanding shares from approximately 3.29 billion to approximately 32.9 million (without giving effect to the treatment of fractional shares) bringing the Company’s book value per share to $19.53 at December 31, 2010.
Pacific Capital Bancorp and its wholly-owned banking subsidiary, Pacific Capital Bank, N.A. (the “Bank”), exceed the ratios required to be considered ”well capitalized” under generally applicable regulatory guidelines, as well as capital levels that the Bank is required to meet under its agreement with the Office of the Comptroller of the Currency. Tier 1 leverage capital ratios were 9.2% and 10.3% and total risk-based capital ratios were 14.6% and 16.4% at December 31, 2010, for the Bank and Company, respectively.
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