Pacific Capital Bancorp turned in profits of $16.6 million in the first quarter of the year, down slightly from the same period a year earlier. The parent of Santa Barbara Bank & Trust said its latest earnings were affected by $1 million in merger-related costs.
UnionBanCal Corp., the parent of Union Bank, is acquiring Pacific Capital Bancorp, which was recapitalized two years ago with a $500 million investment by Dallas-based Ford Financial Fund. The $1.5 billion deal, announced in March, is expected to close later this year, and would rebrand the 52-year-old Santa Barbara Bank & Trust franchise as Union Bank.
Pacific Capital reported first-quarter net interest income of $57.7 million, up from $54.3 million a year ago.
The bank, which continues to operate under a regulatory agreement with the Office of the Comptroller of the Currency, said its tier-one leverage ratio increased to 12.8 percent, while its total risk-based capital level increased to 20.6 percent during the quarter. Both ratios are higher than the minimums for well-capitalized banks.
Pacific Capital shares were unchanged following the after-market earnings announcement.[wikichart align=”center” ticker=”PCBC” showannotations=”true” livequote=”true” rollingdate=”6 months” width=”390″ height=”245″]