Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, reported net income of $16.6 million, or $0.50 per diluted share, for the three months ended March 31, 2012, compared with $16.8 million, or $0.51 per diluted share, for the three months ended March 31, 2011. Net income for the first quarter of 2012, included $1.0 million of merger related costs.
First Quarter Highlights
- On March 12, 2012, the Company announced that it had entered into a merger agreement with UnionBanCal Corporation. Pursuant to the merger agreement, each outstanding share of the Company’s common stock will receive cash in the amount of $46.00 per share upon consummation of the Merger. The acquisition requires approval from banking regulators and is subject to other customary closing conditions, and is expected to be completed in the fourth quarter of 2012;
- Achieved a return on average assets of 1.15% and a return on average equity of 8.54% for the three months ended March 31, 2012;
- Improved net interest margins to 4.29% for the first quarter of 2012, compared with 3.99% for the first quarter of 2011; and
- Increased regulatory capital ratios to 12.8% and 20.6% for Tier 1 Leverage and Total Risk-Based Capital, respectively.
“The merger announcement with Union Bank is confirmation of the significant achievements made by the entire team at Santa Barbara Bank & Trust,” said Carl B. Webb, Chief Executive Officer of Pacific Capital Bancorp. “We have joined forces with a strong, California-based financial services organization that shares our vision of community banking. The combination of these two organizations ensures that our local customers and communities will continue to be well served in the future by a responsible, high quality bank with significant capabilities and convenience throughout California,” continued Webb.