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Pacific Capital Bancorp Reports Second Quarter 2011 Net Income Of $21.0 Million; Completes Brand Consolidation Initiative

Stocks in this article: PCBC

Pacific Capital Bancorp (Nasdaq:PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, N.A., reported net income of $21.0 million, or $0.64 per diluted share, for the three months ended June 30, 2011, compared with $16.8 million, or $0.51 per diluted share, for the three months ended March 31, 2011. This brings total net income to $63.5 million, or $2.00 per diluted share, since the closing of the $500 million investment from a wholly-owned subsidiary of Ford Financial Fund, L.P. on August 31, 2010.

Second Quarter Highlights

  • Achieved a return on average assets of 1.43% and a return on equity of 12.27% for the second quarter of 2011, compared with 1.14% and 10.39%, respectively, for the first quarter of 2011;
  • Improved net interest margins to 4.42% for the second quarter of 2011, compared with 3.99% for the first quarter of 2011;
  • Grew regulatory capital ratios to 11.6% and 18.3% for Tier 1 Leverage and Total Risk-Based Capital ratios, respectively; and,
  • Completed initiative to consolidate all operations under the single brand name of Santa Barbara Bank & Trust; changed banking subsidiary name to Santa Barbara Bank & Trust, N.A. (from Pacific Capital Bank, N.A.)

“Pacific Capital Bancorp has delivered its third consecutive quarter of strong performance since our successful recapitalization last August,” said Carl B. Webb, Chief Executive Officer. “We are very pleased with the progress we have made towards achieving our strategic goals in just ten months. Our capital levels, which have continued to grow even stronger each quarter, significantly exceed the regulatory levels to be considered well capitalized. This has allowed us to undertake the important investments in the Bank’s infrastructure that will ensure a quality banking experience for our customers, provide scalability for future growth, and allow us to operate at a lower overall cost in the future.

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