Pacific Capital Bancorp Reports Third Quarter 2011 Net Income Of $20.5 Million
Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, reported net income of $20.5 million, or $0.62 per diluted share, for the three months ended September 30, 2011, compared with $21.0 million, or $0.64 per diluted share, for the three months ended June 30, 2011. This brings total net income to $84.0 million, or $2.62 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.
Third Quarter Highlights
- Delivered the fourth consecutive quarter of strong profitable results, following the successful recapitalization on August 31, 2010;
- Achieved a return on average assets of 1.39% and a return on average equity of 11.14% for the third quarter of 2011;
- Increased regulatory capital ratios to 12.1% and 20.0% for Tier 1 Leverage and Total Risk-Based Capital ratios, respectively; and,
- Continued to execute strategic plan to focus on core deposit growth, increase loan originations to commercial and private clients, and enhance technology and operational infrastructure.
“We’re pleased with what has been achieved in the first year since our recapitalization of this great community bank,” said Carl B. Webb, Chief Executive Officer of Pacific Capital Bancorp. “We’ve achieved strong earnings performance, effectively managed credit issues from the Company’s legacy loan portfolio, reintroduced lending products within our footprint, and continue to grow our core deposit base. At the same time, our capital levels have continued to grow stronger each quarter, and today, our capital significantly exceeds the regulatory levels to be considered a well capitalized financial institution.
“Our strong performance has allowed us to make important investments in the Bank’s systems and operational infrastructure,” said Mr. Webb. “These upgrades will enhance our clients’ banking experience in the years ahead, provide a substantial platform for future growth initiatives, and allow us to operate more efficiently in the future.”
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