- Completed the early redemption of $35.0 million of outstanding subordinated debentures, resulting in a $4.7 million fourth quarter charge to noninterest expense, which eliminated an obligation that no longer fully qualified as Tier 2 capital value and will reduce interest expense by approximately $1.1 million in 2012. Including the redemption of subordinated debt, the Company has eliminated over $1.2 billion in wholesale funding since the recapitalization transaction;
- Ended the deferral of interest payments on Trust Preferred Securities and brought the obligations current;
- Delivered the fifth consecutive quarter of profitability following the successful recapitalization on August 31, 2010;
- Increased regulatory capital ratios to 12.4% and 20.2% for Tier 1 Leverage and Total Risk-Based Capital, respectively; and,
- Continued to execute the strategic plan to focus on core deposit growth, loan origination to commercial and private clients, and technology and operational infrastructure enhancements.
Pacific Capital Bancorp Reports Strong Fourth Quarter 2011 Results
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