Pacific Capital Bancorp Reports Third 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 $33.2 million, or $1.01 per diluted share, for the three months ended September 30, 2012 compared with $20.5 million, or $0.62 per diluted share, for the three months ended September 30, 2011. Net income for the third quarter of 2012 was the highest reported quarterly result since the Ford Financial Group’s investment in Pacific Capital Bancorp in August 2010.
For the nine months ended September 30, 2012, Pacific Capital Bancorp earned $73.9 million, or $2.24 per diluted share, compared with $58.2 million, or $1.77 per diluted share, for the same respective period a year ago. Merger related costs included in net income were $1.8 million and $4.2 million for the respective three and nine months ended September 30, 2012.
Third Quarter Highlights
- Achieved a return on average assets of 2.2% and 1.7%, and a return on average equity of 15.7% and 12.2% for the three and nine months ended September 30, 2012, respectively;
- Improved net interest margins to 4.38% and 4.41% for the three and nine months ended September 30, 2012; and
- Increased regulatory capital ratios to 13.6% and 23.5% for Tier 1 Leverage and Total Risk-Based Capital, respectively at September 30, 2012.
Net interest income was $61.2 million, or 4.38% of average interest earning assets, for the three months ended September 30, 2012 compared with $55.8 million, or 4.08%, for the same period a year ago. Net interest income for the nine months ended September 30, 2012 was $180.1 million, or 4.41% of average interest earning assets, compared with $170.3 million, or 4.17%, for the same respective period a year ago. The increase in net interest income is primarily the result of continued strong performance of purchase credit impaired loans, a decline in the cost of funds, and an increase in loan growth.
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