This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Pacific Capital Bancorp Reports Second Quarter 2012 Results

Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company and parent of Santa Barbara Bank & Trust, N.A., reported net income of $24.1 million, or $0.73 per diluted share, for the three months ended June 30, 2012, compared with $21.0 million, or $0.64 per diluted share, for the three months ended June 30, 2011. Net income for the second quarter of 2012 was the highest reported for a quarter since the Ford Financial Group’s investment in Pacific Capital Bancorp in August 2010. Net income for the second quarter of 2012, included $1.4 million of merger related costs.

Second Quarter Highlights

  • The Written Agreement dated May 11, 2010, between Pacific Capital Bancorp and the Federal Reserve Bank of San Francisco was terminated effective as of May 23, 2012;
  • Achieved a return on average assets of 1.66% and a return on average equity of 12.02% for the three months ended June 30, 2012;
  • Improved net interest margins to 4.55% for the second quarter of 2012, compared with 4.42% for the second quarter of 2011;
  • Increased regulatory capital ratios to 13.3% and 22.1% for Tier 1 Leverage and Total Risk-Based Capital at June 30, 2012, respectively; and
  • Progress continues to be made to consummate the acquisition of PCBC by UnionBanCal Corporation that was announced on March 12, 2012. 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.

“Our strong performance in the second quarter reflects our successful execution of bringing high quality banking and financial services to our customers,” said Carl B. Webb, Chief Executive Officer of Pacific Capital Bancorp. “This customer focus is shared by Union Bank and makes us confident that joining forces with such a strong, California-based financial services organization will position us to continue to provide this level of service to the communities we serve,” continued Mr. Webb.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

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