pcbc ist wieder in die gewinnzone zurück.
das lässt nicht nur hoffen ,sondern es ist fakt.
Pacific Capital Bancorp Announces Return to Profitability After Completion of Recapitalization Transaction
Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company, announced today that it had returned to profitability after the completion of its recapitalization transactions during the third quarter of 2010. The Company reported net income of $5.0 million for the one month ended September 30, 2010. The one-month reporting is related to the Company after the closing of the $500 investment from a wholly-owned subsidiary of Ford Financial Fund, L.P. on August 31, 2010.
"We are pleased to return Pacific Capital Bancorp to profitable operations," said Carl B. Webb, Chief Executive Officer. "A significant aspect of the $500 million investment is our ability to record the Company's loan portfolio under 'purchased credit-impaired loans' accounting guidance. This accounting treatment allows us to put the credit issues related to our loan portfolio behind us and move forward with a strong balance sheet to support our operations.
"Following the completion of our recapitalization transactions, we are poised to resume our position as the premier community banking franchise along the Central Coast of California," continued Mr. Webb. "We have returned to the basic community banking principles that this franchise was built upon, and we are now in a position to fully serve the financial services needs of our customers with a broad array of lending, depository and wealth management products and services, delivered with a commitment to superior customer service. We believe the model we have put in place will enable us to generate consistent profitability going forward and steadily increase the value of the franchise over time."
As a result of the completion of its recapitalization transactions, the Company and its wholly-owned banking subsidiary, Pacific Capital Bank, N.A. (the "Bank") now exceed the ratios required to be considered "well capitalized" under generally applicable regulatory guidelines, as well as capital levels that the Bank is required to meet under its agreement with the Office of the Comptroller of the Currency.
Impact of Push-Down Accounting
On August 31, 2010, pursuant to the terms of the Investment Agreement dated April 29, 2010, a wholly-owned subsidiary of Ford Financial Fund, L.P. became a majority owner of the Company. As a result of this change in control, the Company was required to account for this transaction using the acquisition method of accounting and applied "push down accounting" treatment based on authoritative accounting guidance. Accordingly, the Company was required to allocate the aggregate purchase price of $500 million to the assets, liabilities and non-controlling interests of the Company based on their respective fair values. Authoritative accounting guidance also requires that the statements of financial position and results of operations from periods prior to the transaction be labeled as the predecessor company and periods subsequent to the transaction be labeled as the successor company.
Statement of Operations
Net interest income was $18.1 million for the one month ended September 30, 2010. Net interest margin was 3.77% for the one month ended September 30, 2010, or 100 bps higher than the net interest margin for the three months ended September 30, 2009. The increase in net interest margin is primarily the result of the fair valuation of interest-earning assets and interest-bearing liabilities, and the repayment of $802 million in FHLB advances with the proceeds from this investment transaction and excess cash held by the Company.
The Company recorded a provision for loan losses of $55,000 for the month ended September 30, 2010, which related only to loans originated subsequent to the closing of the investment on August 31, 2010.
Non-interest income was $4.1 million for the one month ended September 30, 2010, primarily from service charges and fees from the Company's retail banking operations, and trust and investment advisory fees from the Company's wealth management operations.
Non-interest expense was $17.2 million for the one month ended September 30, 2010.
Quarterly Report on Form 10-Q
The Company intends to file today with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended September 30, 2010. 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 $6.3 billion in assets, is the parent company of Pacific Capital Bank, N.A., a nationally chartered bank that operates 47 branches under the local brand names of Santa Barbara Bank& Trust, First National Bank of Central California, South Valley National Bank, San Benito Bank and First Bank of San Luis Obispo. The Company's website is www.pcbancorp.com.
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 in these provisions. 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, 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 therefore 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, 2009 and subsequent Quarterly Reports on Form 10-Q. 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. |
Thread abonnieren
