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8-K - PACIFIC CAPITAL BANCORP 8-K - PACIFIC CAPITAL BANCORP /CA/ | a50354170.htm |
Exhibit 99.1
Pacific Capital Bancorp Reports Second Quarter 2012 Results
SANTA BARBARA, Calif.--(BUSINESS WIRE)--July 25, 2012--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.
Net interest income was $61.2 million, or 4.55% of average interest earning assets for the second quarter of 2012, compared with $60.2 million, or 4.42%, for the same period a year ago. The increase in net interest income is primarily the result of lower cost of funds due to the maturity of high rate certificates of deposit and the redemption of subordinated debentures.
The provision for loan losses was $317,000 for the second quarter of 2012, compared with $1.8 million for the second quarter of 2011. The decline in the provision for loan loss is attributed to lower historical loss rates, and better performance of purchased credit impaired loan portfolios than expected.
Total noninterest income was $15.6 million in the second quarter of 2012, compared with $12.5 million in the second quarter of 2011. The increase is primarily the result of increased gain on sales of other real estate owned, loans, and investment securities.
Noninterest expense increased to $52.3 million for the second quarter of 2012, compared with $50.2 million in same period of 2011. The increase was primarily the result of additional employees in 2012, when comparing to the same period a year ago, and increased accrued incentives for employees resulting from improved performance by the Company.
Pacific Capital Bancorp and its wholly-owned banking subsidiary, Santa Barbara Bank & Trust, N.A. (“SBB&T”), exceed the ratios required to be considered “well capitalized” as well as capital levels that SBB&T is required to meet under its Operating Agreement with the Office of the Comptroller of the Currency. Regulatory capital ratios for SBB&T and the Company were 12.1% and 20.2%, and 13.3% and 22.1% at June 30, 2012, for Tier 1 leverage capital and total risk-based capital ratios, respectively.
Quarterly Report on Form 10-Q
The Company intends to file with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, on or before August 9, 2012. This report can be accessed at the Securities and Exchange Commission’s website, www.sec.gov. Shortly after filing, it is also available free of charge at the Company’s website, www.pcbancorp.com or by contacting the Company’s Investor Relations Department.
About Pacific Capital Bancorp
Pacific Capital Bancorp, with $5.9 billion in assets, is the parent company of Santa Barbara Bank & Trust, N.A., a nationally chartered bank headquartered in Santa Barbara which operates 45 branches in eight California counties on the Central Coast of California. SBB&T provides a full line-up of community banking, commercial banking, and trust and wealth management products and services. The Company’s website, including investor relations information, can be found at www.pcbancorp.com; SBB&T’s website, including products and services information and branch locations, can be found at www.sbbt.com.
Additional Information and Where To Find It
In connection with the proposed merger, the Company has filed a definitive information statement relating to the merger with the Securities and Exchange Commission (SEC). INVESTORS SHOULD READ THE DEFINITIVE INFORMATION STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER AND THE COMPANY. You can obtain the definitive information statement, as well as other filings containing information about the Company, free of charge, at the website maintained by the SEC at www.sec.gov. In addition, filings made by the Company with the SEC, other than preliminary materials, may be obtained free of charge by contacting the Company at 805-884-6680 or 1021 Anacapa Street, Santa Barbara, California 93101, Attention: Investor Relations.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to, statements about anticipated future operating and financial performance, financial position and liquidity, business prospects, strategic alternatives, business strategies, regulatory and competitive outlook, investment and expenditure plans, capital and financing needs and availability, acquisition and divestiture opportunities, plans and objectives of management for future operations, consummation of the transaction with UnionBanCal Corporation and other similar forecasts and statements of expectation and statements of assumptions underlying any of the foregoing.
Words such as “will likely result,” “aims,” “anticipates,” “believes,” “could,” “estimates,” “expects,” “hopes,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of these words and similar expressions are intended to identify these forward-looking statements.
Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the regulatory environment, the economy and other future conditions. The Company’s actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are detailed in reports filed by the Company with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, filed by the Company with the Securities and Exchange Commission on March 15, 2012.
Forward-looking statements speak only as of the date they are made, and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, whether as a result of new information, future developments or otherwise, except as may be required by law.
PACIFIC CAPITAL BANCORP |
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Consolidated Balance Sheets | ||||||||
(dollars and shares in thousands, except per share amounts) | June 30, | December 31, | ||||||
(unaudited) | 2012 | 2011 | ||||||
ASSETS | ||||||||
Cash and due from banks | $ | 43,544 | $ | 49,324 | ||||
Interest bearing demand deposits in other financial institutions | 311,734 | 173,408 | ||||||
Cash and cash equivalents |
355,278 | 222,732 | ||||||
Investment securities available for sale | 1,363,573 | 1,503,425 | ||||||
Loans held for sale | 12,128 | 3,072 | ||||||
Loans held for investment | 3,705,423 | 3,660,961 | ||||||
Allowance for loan and lease losses | (6,549 | ) | (5,528 | ) | ||||
Net loans held for investment | 3,698,874 | 3,655,433 | ||||||
Premises and equipment, net | 83,434 | 75,749 | ||||||
FHLB stock and other investments | 71,398 | 76,356 | ||||||
Goodwill and other intangible assets | 85,693 | 89,255 | ||||||
Other assets | 212,719 | 224,000 | ||||||
TOTAL ASSETS | $ | 5,883,097 | $ | 5,850,022 | ||||
LIABILITIES | ||||||||
Deposits | ||||||||
Noninterest bearing | $ | 1,103,493 | $ | 1,175,532 | ||||
Interest bearing | 3,488,152 | 3,441,508 | ||||||
Total deposits | 4,591,645 | 4,617,040 | ||||||
Securities sold under agreements to repurchase | 314,274 | 315,919 | ||||||
Other borrowings | 72,342 | 66,524 | ||||||
Other liabilities | 89,796 | 88,569 | ||||||
TOTAL LIABILITIES | 5,068,057 | 5,088,052 | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Common stock ($0.001 par value; 50,000 authorized; 32,917 and 32,905 shares issued and outstanding at June 30, 2012, and December 31, 2011, respectively) |
33 | 33 | ||||||
Paid in capital | 651,965 | 651,066 | ||||||
Retained earnings | 137,007 | 96,266 | ||||||
Accumulated other comprehensive income | 26,035 | 14,605 | ||||||
TOTAL SHAREHOLDERS' EQUITY | 815,040 | 761,970 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 5,883,097 | $ | 5,850,022 | ||||
PACIFIC CAPITAL BANCORP |
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Consolidated Statements of Operations | ||||||||||||||
(dollars and shares in thousands, |
Three Months Ended |
Six Months Ended |
||||||||||||
except per share amounts) |
June 30, |
June 30, |
||||||||||||
(unaudited) | 2012 | 2011 | 2012 | 2011 | ||||||||||
Interest income | ||||||||||||||
Loans | $ | 61,931 | $ | 64,401 | $ | 120,101 | $ | 124,164 | ||||||
Investment securities | 7,164 | 7,012 | 14,886 | 13,108 | ||||||||||
Other | 745 | 526 | 1,236 | 1,163 | ||||||||||
TOTAL INTEREST INCOME | 69,840 | 71,939 | 136,223 | 138,435 | ||||||||||
Interest expense | ||||||||||||||
Deposits | 5,328 | 6,390 | 10,746 | 13,496 | ||||||||||
Securities sold under agreements to repurchase | 2,458 | 2,484 | 4,921 | 4,586 | ||||||||||
Other borrowings | 838 | 2,902 | 1,672 | 5,878 | ||||||||||
TOTAL INTEREST EXPENSE | 8,624 | 11,776 | 17,339 | 23,960 | ||||||||||
NET INTEREST INCOME | 61,216 | 60,163 | 118,884 | 114,475 | ||||||||||
Provision for loan losses | 317 | 1,799 | 1,152 | 3,466 | ||||||||||
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES |
60,899 | 58,364 | 117,732 | 111,009 | ||||||||||
Noninterest income | ||||||||||||||
Service charges and fees | 5,452 | 5,879 | 11,088 | 11,630 | ||||||||||
Trust and investment advisory fees | 5,658 | 5,319 | 10,969 | 10,654 | ||||||||||
Gain/(loss) on securities, net | 162 | (212 | ) | 149 | (216 | ) | ||||||||
Other | 4,330 | 1,545 | 7,331 | 3,313 | ||||||||||
TOTAL NONINTEREST INCOME | 15,602 | 12,531 | 29,537 | 25,381 | ||||||||||
Noninterest expense | ||||||||||||||
Salaries and employee benefits | 24,785 | 23,046 | 49,595 | 45,993 | ||||||||||
Net occupancy expense | 5,732 | 5,678 | 11,990 | 11,354 | ||||||||||
Other | 21,742 | 21,463 | 43,810 | 41,103 | ||||||||||
TOTAL NONINTEREST EXPENSE | 52,259 | 50,187 | 105,395 | 98,450 | ||||||||||
INCOME BEFORE INCOME TAX EXPENSE | 24,242 | 20,708 | 41,874 | 37,940 | ||||||||||
Income tax expense/(benefit) | 139 | (266 | ) | 1,133 | 206 | |||||||||
NET INCOME | $ | 24,103 | $ | 20,974 | $ | 40,741 | $ | 37,734 | ||||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.73 | $ | 0.64 | $ | 1.24 | $ | 1.15 | ||||||
Diluted | $ | 0.73 | $ | 0.64 | $ | 1.24 | $ | 1.15 | ||||||
Weighted average number of common shares outstanding: | ||||||||||||||
Basic | 32,912 | 32,903 | 32,908 | 32,903 | ||||||||||
Diluted | 32,970 | 32,916 | 32,959 | 32,913 | ||||||||||
PACIFIC CAPITAL BANCORP |
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Consolidated Average Balances and Annualized Yields | ||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||
June 30, 2012 | June 30, 2011 | |||||||||||||||||
(dollars in thousands)
(unaudited) |
Average
Balance |
Income / Expense (3) | Yield / Rate (3) |
Average
Balance |
Income / Expense (3) | Yield / Rate (3) | ||||||||||||
Assets | ||||||||||||||||||
Interest bearing demand deposits in other financial institutions |
$ | 212,850 | $ | 335 | 0.63 | % | $ | 264,524 | $ | 147 | 0.22 | % | ||||||
Securities: | ||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||
Taxable | 1,193,780 | 5,260 | 1.77 | % | 1,159,595 | 4,848 | 1.68 | % | ||||||||||
Non taxable | 210,527 | 1,904 | 3.62 | % | 203,426 | 2,164 | 4.26 | % | ||||||||||
Total securities | 1,404,307 | 7,164 | 2.05 | % | 1,363,021 | 7,012 | 2.07 | % | ||||||||||
Loans: (1) | ||||||||||||||||||
Commercial loans | 184,596 | 5,794 | 12.62 | % | 254,555 | 7,074 | 11.15 | % | ||||||||||
Real estate - commercial (2) | 2,115,473 | 37,775 | 7.14 | % | 2,275,139 | 43,885 | 7.72 | % | ||||||||||
Real estate - residential 1 to 4 family | 1,367,912 | 16,947 | 4.96 | % | 1,158,924 | 12,088 | 4.17 | % | ||||||||||
Consumer loans | 48,603 | 1,415 | 11.71 | % | 58,591 | 1,354 | 9.27 | % | ||||||||||
Total loans, gross | 3,716,584 | 61,931 | 6.67 | % | 3,747,209 | 64,401 | 6.88 | % | ||||||||||
Other interest earning assets | 72,514 | 410 | 2.27 | % | 82,918 | 379 | 1.83 | % | ||||||||||
Total interest earning assets | 5,406,255 | 69,840 | 5.17 | % | 5,457,672 | 71,939 | 5.28 | % | ||||||||||
Noninterest earning assets | 417,307 | 435,783 | ||||||||||||||||
Total assets | $ | 5,823,562 | $ | 5,893,455 | ||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||
Savings and interest bearing transaction accounts | $ | 2,006,799 | 1,321 | 0.26 | % | $ | 1,748,268 | 1,302 | 0.30 | % | ||||||||
Time certificates of deposit | 1,450,073 | 4,007 | 1.11 | % | 1,865,294 | 5,088 | 1.09 | % | ||||||||||
Total interest bearing deposits | 3,456,872 | 5,328 | 0.62 | % | 3,613,562 | 6,390 | 0.71 | % | ||||||||||
Borrowed funds: | ||||||||||||||||||
Securities sold under agreements to repurchase | 314,816 | 2,458 | 3.14 | % | 320,849 | 2,484 | 3.11 | % | ||||||||||
Other borrowings | 71,994 | 838 | 4.68 | % | 120,961 | 2,902 | 9.62 | % | ||||||||||
Total borrowed funds | 386,810 | 3,296 | 3.43 | % | 441,810 | 5,386 | 4.89 | % | ||||||||||
Total interest bearing liabilities | 3,843,682 | 8,624 | 0.90 | % | 4,055,372 | 11,776 | 1.17 | % | ||||||||||
Noninterest bearing demand deposits | 1,093,476 | 1,066,205 | ||||||||||||||||
Other noninterest bearing liabilities | 79,862 | 86,167 | ||||||||||||||||
Shareholders' equity | 806,542 | 685,711 | ||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,823,562 | $ | 5,893,455 | ||||||||||||||
Net interest spread | 4.27 | % | 4.11 | % | ||||||||||||||
Net interest income/margin | $ | 61,216 | 4.55 | % | $ | 60,163 | 4.42 | % | ||||||||||
(1) Nonaccrual loans are included in loan balances. Interest income includes related net deferred fee income. | ||||||||||||||||||
(2) Commercial real estate loans include multifamily residential real estate loans. | ||||||||||||||||||
(3) Includes impact of accretion or amortization of discounts and premiums. | ||||||||||||||||||
PACIFIC CAPITAL BANCORP |
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Consolidated Average Balances and Annualized Yields | ||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||
June 30, 2012 | June 30, 2011 | |||||||||||||||||
(dollars in thousands)
(unaudited) |
Average
Balance |
Income / Expense (3) | Yield / Rate (3) |
Average
Balance |
Income / Expense (3) | Yield / Rate (3) | ||||||||||||
Assets | ||||||||||||||||||
Interest bearing demand deposits in other financial institutions |
$ | 195,520 | $ | 429 | 0.44 | % | $ | 362,991 | $ | 417 | 0.23 | % | ||||||
Securities: | ||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||
Taxable | 1,227,976 | 10,828 | 1.77 | % | 1,108,762 | 8,784 | 1.60 | % | ||||||||||
Non taxable | 213,445 | 4,058 | 3.80 | % | 202,771 | 4,324 | 4.26 | % | ||||||||||
Total securities | 1,441,421 | 14,886 | 2.07 | % | 1,311,533 | 13,108 | 2.01 | % | ||||||||||
Loans: (1) | ||||||||||||||||||
Commercial loans | 189,915 | 11,116 | 11.77 | % | 263,411 | 14,777 | 11.31 | % | ||||||||||
Real estate - commercial (2) | 2,112,233 | 73,275 | 6.94 | % | 2,237,211 | 77,624 | 6.94 | % | ||||||||||
Real estate - residential 1 to 4 family | 1,342,440 | 33,037 | 4.92 | % | 1,167,395 | 28,568 | 4.89 | % | ||||||||||
Consumer loans | 50,014 | 2,673 | 10.75 | % | 58,671 | 3,195 | 10.98 | % | ||||||||||
Total loans, gross | 3,694,602 | 120,101 | 6.51 | % | 3,726,688 | 124,164 | 6.67 | % | ||||||||||
Other interest earning assets | 74,206 | 807 | 2.19 | % | 84,515 | 746 | 1.78 | % | ||||||||||
Total interest earning assets | 5,405,749 | 136,223 | 5.05 | % | 5,485,727 | 138,435 | 5.05 | % | ||||||||||
Noninterest earning assets | 419,134 | 450,553 | ||||||||||||||||
Total assets | $ | 5,824,883 | $ | 5,936,280 | ||||||||||||||
Liabilities and shareholders' equity | ||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||
Savings and interest bearing transaction accounts | $ | 1,971,258 | 2,559 | 0.26 | % | $ | 1,724,706 | 2,516 | 0.29 | % | ||||||||
Time certificates of deposit | 1,486,499 | 8,187 | 1.11 | % | 1,946,941 | 10,980 | 1.14 | % | ||||||||||
Total interest bearing deposits | 3,457,757 | 10,746 | 0.62 | % | 3,671,647 | 13,496 | 0.74 | % | ||||||||||
Borrowed funds: | ||||||||||||||||||
Securities sold under agreements to repurchase | 315,226 | 4,921 | 3.14 | % | 321,209 | 4,586 | 2.88 | % | ||||||||||
Other borrowings | 69,325 | 1,672 | 4.85 | % | 118,182 | 5,878 | 10.03 | % | ||||||||||
Total borrowed funds | 384,551 | 6,593 | 3.45 | % | 439,391 | 10,464 | 4.80 | % | ||||||||||
Total interest bearing liabilities | 3,842,308 | 17,339 | 0.90 | % | 4,111,038 | 23,960 | 1.17 | % | ||||||||||
Noninterest bearing demand deposits | 1,106,447 | 1,064,750 | ||||||||||||||||
Other noninterest bearing liabilities | 81,010 | 90,291 | ||||||||||||||||
Shareholders' equity | 795,118 | 670,201 | ||||||||||||||||
Total liabilities and shareholders' equity | $ | 5,824,883 | $ | 5,936,280 | ||||||||||||||
Net interest spread | 4.15 | % | 3.88 | % | ||||||||||||||
Net interest income/margin | $ | 118,884 | 4.42 | % | $ | 114,475 | 4.21 | % | ||||||||||
(1) Nonaccrual loans are included in loan balances. Interest income includes related net deferred fee income. | ||||||||||||||||||
(2) Commercial real estate loans include multifamily residential real estate loans. | ||||||||||||||||||
(3) Includes impact of accretion or amortization of discounts and premiums. | ||||||||||||||||||
PACIFIC CAPITAL BANCORP |
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Key Financial Ratios | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
(dollars and shares in thousands, except per share amounts) | 2012 | 2011 | 2012 | 2011 | ||||||||||
(unaudited) | ||||||||||||||
Financial Ratios, Consolidated: | ||||||||||||||
Return on average equity | 12.02 | % | 12.27 | % | 10.30 | % | 11.35 | % | ||||||
Return on average assets | 1.66 | % | 1.43 | % | 1.41 | % | 1.28 | % | ||||||
Financial Ratios, SBB&T: | ||||||||||||||
Return on average equity | 12.69 | % | 13.54 | % | 11.23 | % | 12.39 | % | ||||||
Return on average assets | 1.72 | % | 1.53 | % | 1.50 | % | 1.36 | % | ||||||
June 30, | December 31, | |||||||||||||
2012 | 2011 | |||||||||||||
Capital Ratios | ||||||||||||||
Capital Ratios, Consolidated: | ||||||||||||||
Tier 1 leverage ratio | 13.3 | % | 12.4 | % | ||||||||||
Tier 1 risk-based capital ratio | 21.5 | % | 19.6 | % | ||||||||||
Total risk-based capital ratio | 22.1 | % | 20.2 | % | ||||||||||
Capital Ratios, SBB&T: | ||||||||||||||
Tier 1 leverage ratio | 12.1 | % | 11.2 | % | ||||||||||
Tier 1 risk-based capital ratio | 19.6 | % | 17.7 | % | ||||||||||
Total risk-based capital ratio | 20.2 | % | 18.3 | % | ||||||||||
Book value per share of common stock: | ||||||||||||||
Shares of common stock outstanding | 32,917 | 32,905 | ||||||||||||
Book value per share of common stock | $ | 24.76 | $ | 23.16 | ||||||||||
PACIFIC CAPITAL BANCORP |
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Key Financial Information | |||||||||||||||
Loan Aging Table – Based on Individual Loan Basis | |||||||||||||||
|
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June 30, 2012 | |||||||||||||||
(dollars in thousands)
(unaudited) |
Current | 30-89 Days Past Due | 90+ Days Past Due - Still Accruing |
|
Nonaccrual | Total | |||||||||
Loans originated or purchased since Transaction Date (1) | $ | 959,335 | $ | 543 | $ | — | $ | 6,267 | $ | 966,145 | |||||
PCI Revolving Pools | 396,604 | 8,040 | 182 | 16,143 | 420,969 | ||||||||||
PCI Term Pools | 2,242,562 | 17,944 | 57,803 | — | 2,318,309 | ||||||||||
Total loans held for investment | $ | 3,598,501 | $ | 26,527 | $ | 57,985 | $ | 22,410 | $ | 3,705,423 | |||||
December 31, 2011 |
|||||||||||||||
(dollars in thousands)
(audited) |
Current | 30-89 Days Past Due | 90+ Days Past Due - Still Accruing | Nonaccrual | Total | ||||||||||
Loans originated or purchased since Transaction Date (1) | $ | 587,522 | $ | 503 | $ | — | $ | — | $ | 588,025 | |||||
PCI Revolving Pools | 446,735 | 12,219 | — | 17,432 | 476,386 | ||||||||||
PCI Term Pools | 2,411,642 | 59,975 | 124,933 | — | 2,596,550 | ||||||||||
Total loans held for investment | $ | 3,445,899 | $ | 72,697 | $ | 124,933 | $ | 17,432 | $ | 3,660,961 | |||||
(1) Transaction Date is defined as the Investment Transaction with the Ford Financial Group that occurred on August 31, 2010. | |||||||||||||||
CONTACT:
Pacific Capital Bancorp
Mark Olson, Chief Financial
Officer
805-884-8635
mark.olson@sbbt.com
or
Debbie
Whiteley, Public Affairs Director
805-884-6680
debbie.whiteley@sbbt.com