This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

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.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,919.59 +80.85 0.48%
S&P 500 1,981.60 +9.86 0.50%
NASDAQ 4,527.5140 +19.2020 0.43%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs