Pacific Capital Bancorp is a bank holding company. Through its banking subsidiaries, Santa Barbara Bank & Trust (SBB&T) and First National Bank of Central California (FNB), the Company provides a full range of commercial banking services to individuals and business enterprises. .

PacifiPacific Capital Bancorp Reports 43% Increase in Earnings Per Share for First Quarter of 2008
Company Release - 04/29/2008 08:00

SANTA BARBARA, Calif.--(BUSINESS WIRE)--
Pacific Capital Bancorp (Nasdaq: PCBC), a community bank holding company with $7.4 billion in assets, today announced financial results for the first quarter ended March 31, 2008.
The Company's net income for the first quarter of 2008 was $72.5 million, an increase of 40% from $51.6 million in net income for the first quarter of 2007. The Company earned $1.56 per diluted share in the first quarter of 2008, an increase of 43% from earnings of $1.09 per diluted share for the first quarter of 2007.
Pretax income for the first quarter of 2008 was $116.3 million, an increase of 36% from $85.8 million in pretax income for the same period of the prior year. Pretax income for the Core Bank was $8.3 million in the first quarter of 2008, compared to $29.5 million for the first quarter of 2007. Pretax income from the Company's Refund Anticipation Loan (RAL) and Refund Transfer (RT) programs was $108.0 million for the first quarter of 2008, compared to $56.3 million for the first quarter of 2007. As discussed in the Non-GAAP Financial Information section later in the press release, "Core Bank" represents all activities of the Company other than the RAL and RT programs.
Commenting on the first quarter of 2008, George Leis, President and Chief Executive Officer of Pacific Capital Bancorp, said, "Our strong first quarter performance was driven by substantial improvement in our RAL and RT programs. One of our highest strategic priorities entering 2008 was to enhance the risk management controls of our RAL and RT programs, and we are very pleased to have succeeded in this effort. We currently estimate a loss rate of approximately 1.00% of total RALs originated in the 2008 program, compared to a loss rate of 1.98% of total RALs originated in 2007. The reduced loss rate, combined with significant growth in the number of independent tax preparers who offer our RAL and RT products to their customers, resulted in a dramatic increase in profitability for the 2008 programs.

"Within the Core Bank, we were able to generate solid loan growth and modest expansion in our net interest margin. However, following an extensive review of our home construction portfolio, we determined that we needed to increase our allowance for loan losses in light of the significant deterioration in the homebuilding industry, particularly among customers operating in the markets of the Central Valley of California and Reno, Nevada. This resulted in a provision for loan losses in the Core Bank of $15.6 million in the first quarter. We are working closely with our borrowers in the homebuilding industry and have developed remediation plans to help us minimize any charge-offs that might have to be taken," said Leis.

 
c Capital Bancorp Names Stephen Masterson Chief Financial Officer
Company Release - 02/11/2008 18:10
SANTA BARBARA, Calif.--(BUSINESS WIRE)--
Pacific Capital Bancorp (Nasdaq:PCBC) today announced that Stephen V. Masterson will become the Company's new Chief Financial Officer, effective in the next several weeks. Mr. Masterson, 38, is a Certified Public Accountant in California with 16 years of experience in public accounting where he has provided both external audit and audit related services to his clients, mainly within the financial services industry.
Mr. Masterson comes to Pacific Capital from Grant Thornton LLP, a global accounting, tax and business advisory firm, where he was most recently the Partner-in-Charge for all of the firm's services and activities out of its Woodland Hills, CA office. Prior to his Partner-in-Charge role, Mr. Masterson was the Western Region Practice Leader for Grant Thornton's Business Advisory Services practice (BAS). In addition to building and managing the BAS practice, Mr. Masterson served as the engagement partner or concurring partner for all BAS related services in the areas of Sarbanes-Oxley compliance, internal audit, information technology, process improvement, and external audit support. Mr. Masterson joined Grant Thornton in 2002 and became a Partner in 2003.
From 1992 through 2002, Mr. Masterson rose to the level of Senior Manager in the external audit practice of Arthur Andersen, and then transferred to Ernst & Young's external audit practice upon that firm's acquisition of certain Andersen personnel in Los Angeles. In this role, Mr. Masterson managed the financial statement audit and assurance services for public and private companies, and led certain due diligence and regulatory risk management projects for a variety of financial institutions. While at Andersen, Mr. Masterson was part of the registered independent public accounting team providing external audit services to Pacific Capital Bancorp for seven years.

Pacific Capital Bancorp Reports Fourth Quarter Financial Results
Company Release - 01/31/2008 07:00
SANTA BARBARA, Calif.--(BUSINESS WIRE)--
Pacific Capital Bancorp (Nasdaq:PCBC), a community bank holding company with $7.4 billion in assets, today announced financial results for the fourth quarter ended December 31, 2007.
Net income for the fourth quarter of 2007 was $12.2 million, or $0.26 per diluted share, compared with a net loss of $1.1 million, or ($0.02) per diluted share, reported for the fourth quarter of 2006. Net income for the full year 2007 was $100.9 million, or $2.14 per diluted shared, compared with net income of $94.5 million, or $2.01 per diluted share for the full year 2006. Amounts for both years reflect the impact of the strategic actions listed below and in prior press releases.
Net income for the fourth quarter of 2007 reflects the following strategic action:
    --  $3.0 million loss (pre-tax) recorded on securities that were
        marked-to-market in order to provide greater flexibility to
        manage the securities portfolio in the future
Net income for the fourth quarter of 2006 reflected the following strategic actions (all dollar amounts are pre-tax):
    --  $8.8 million loss recorded on securities that were
        marked-to-market
    --  $9.3 million asset write-down related to obsolete software
    --  $0.5 million in severance charges
    --  $1.8 million gain on sale of the Company's San Diego branch
    --  $1.0 million benefit from the true-up of the effective tax
        rate

Excluding the impact of the strategic actions and the Refund Anticipation Loan (RAL) and Refund Transfer (RT) programs in each quarter, net income for the fourth quarter of 2007 was $15.0 million, or $0.32 per diluted share, compared with net income of $10.9 million, or $0.23 per diluted share, reported for the fourth quarter of 2006.
Pacific Capital Bancorp Announces Preliminary First Quarter 2007 Financial Results
Company Release - 04/13/2007 08:00
SANTA BARBARA, Calif.--(BUSINESS WIRE)--
Pacific Capital Bancorp (Nasdaq:PCBC), a community bank holding company with $7.5 billion in assets, today announced preliminary financial results for the first quarter of 2007. The Company expects fully diluted earnings per share for the first quarter of 2007 to range between $1.21 and $1.23. The Company also expects full year 2007 fully diluted earnings per share to range between $2.05 and $2.11.
The reduced forecast is attributable to lower than expected income from the Refund Anticipation Loan (RAL) and Refund Transfer (RT) programs. Pacific Capital provided the following details regarding the 2007 RAL/RT programs:
    --  Overall transaction volume is expected to be roughly flat with
        the 2006 season
    --  Loss rates on RALs are expected to be higher this season due
        to increased occurrences of fraud and higher losses in the
        pre-file product
    --  Continued growth in transactions sourced through Pacific
        Capital's network of independent tax preparation firms has
        been offset by a decline in transactions sourced through the
        Jackson Hewitt channel
    --  Overall RT volume has been negatively impacted by lower than
        expected requests for RTs from users of tax preparation
        software
    --  The average RAL size has increased over the 2006 season, which
        results in a slightly larger average RAL fee
    --  Through March 31, 2007, RALs comprised 30% of the total
        transactions in the 2007 programs and RTs comprised 70%
Commenting on the 2007 RAL/RT programs, George Leis, President and CEO of Pacific Capital Bancorp, said, "We now expect the RAL/RT programs to contribute $0.71 to $0.74 in earnings per share in 2007, compared to our initial expectation of $1.10 to $1.14. The primary drivers of the reduction in earnings from the RAL/RT programs are lower than expected overall transaction volume, and a higher than expected loss rate due to increased fraud and higher losses in the pre-file product. We have already made some changes to the programs, including exiting the pre-file loan and holiday loan products. We believe these actions will help reduce loss rates in future years, and we will continue to evaluate opportunities for improving our risk management procedures prior to next tax season.
"Aside from the RAL/RT programs, the core bank performed above our expectations during the first quarter and we continue to believe that we will demonstrate significant improvement in our core operations during 2007," said Leis.
Conference Call and Webcast
Pacific Capital Bancorp will host a conference call to discuss preliminary first quarter 2007 financial results and operational highlights at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time today, April 13, 2007. The dial-in number for the call is 800-366-7449. A replay of the call will be available shortly after the conclusion of the call and can be accessed by dialing 800-405-2236, passcode 11088354.

Members of the public are invited to listen to the Company's live quarterly conference call via the Internet. To hear the call, log on at the Investor Relations page of the Company's web site at www.pcbancorp.com. For those who cannot listen to the live broadcast, a replay of the conference call will be available shortly after the call at the same location.