Pacific Capital Bancorp (PCBC, Financial) filed Quarterly Report for the period ended 2010-06-30.
Pacific Capital Bancorp has a market cap of $43.59 million; its shares were traded at around $0.9301 with and P/S ratio of 0.07. PCBC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Net loss for the six month period ended June 30, 2010 was $144.0 million or $3.08 applicable to common shareholders per share, compared with a net loss of $370.5 million, or $7.94 applicable to common shareholders per share, reported for the six month period ended June 30, 2009. For the six month period ended June 30, 2010 and 2009, the net loss from continuing operations was $145.5 million and $401.8 million, respectively.
The Exchange Closing is subject to the consummation of the Ford Investment and the satisfaction or waiver of other closing conditions, including, among others, that the Company shall have completed a cash tender offer for $50 million in aggregate principal amount of its Subordinated Debenture due 2014 and at least $18 million in aggregate principal amount of its 9.22% Subordinated Bank Notes due 2011, in each case at a purchase price of $650 per $1,000 in principal amount of such securities, and that the approval of NASDAQ to issue the securities to Treasury under the Exchange Agreement without approval of the Companys shareholders in reliance on NASDAQ Rule 5635(f) previously received by the Company shall remain in full force and effect.
Interest income on loans declined for the three month period ended June 30, 2010 primarily due to the $931.6 million decrease in the average loan balance compared to the three month period ended June 30, 2009. This decline is due to repayment or maturity of loans, increased nonperforming loans and charge-offs and sale of loans. Contributing to the decrease in interest income is the repayment and maturity of loans which is attributable to the low interest rate environment and the stricter loan underwriting guidelines implemented by the Bank in 2009 to reduce the risk of loan losses. The growth in nonperforming loans has also contributed to the decrease in interest income from loans since the Bank is not accruing interest on a majority of these loans. Nonperforming assets were $604.5 million at June 30, 2010 compared to $348.3 million at June 30, 2009. During the second quarter, there was $64.6 million of charge-offs which have also impacted the average balance of loans. The decrease in loan balances due to loan sales is discussed in Note 7, Loan Sales and Transactions of the Consolidated Financial Statements of this Form 10-Q.
Interest income on loans declined for the six month period ended June 30, 2010 compared to the same period a year ago, primarily due to the decline in the average loan balance. This decline is mostly due to the repayment or maturity of loans, an increase in nonperforming assets and charge-offs, and the sale of loans. The decrease in interest income from the repayment and maturity of loans is attributable to the low interest rate environment and the stricter loan underwriting guidelines implemented by the Bank in 2009 to reduce the risk of loan losses. The growth in nonperforming assets was $256.1 million when comparing the balance of $604.5 million at June 30, 2010 compared to $348.3 million at June 30, 2009 since the Bank is not accruing interest on a majority of these loans. Loan charge-offs of $148.9 million during the six month period ended June 30, 2010 have also reduced the balance of loans and interest income. The decrease in loan balances from the sale of loans is discussed in Note 7, Loan Sales and Transactions of the Consolidated Financial Statements of this Form 10-Q.
second quarter of 2010, $35.1 million of MBS securities and $9.1 million of other types of securities from the AFS securities portfolio were sold. Also, during the first and second quarter of 2010, $250.3 million of AFS securities were called, reducing the balance of AFS securities held. The securities called were mostly U.S. Agency securities. At the same time, the interest rate for some of the adjustable rate securities has adjusted lower due to the decrease in long-term interest rates.
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Pacific Capital Bancorp has a market cap of $43.59 million; its shares were traded at around $0.9301 with and P/S ratio of 0.07. PCBC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Net loss for the second quarter of 2010 was $61.0 million or $1.30 applicable to common shareholders per share, compared with a net loss of $362.6 million, or $7.77 applicable to common shareholders per share, reported for the second quarter of 2009. Net loss from continuing operations was $58.2 million in the second quarter of 2010 compared with a net loss of $364.2 million in the second quarter of 2009.Net loss for the six month period ended June 30, 2010 was $144.0 million or $3.08 applicable to common shareholders per share, compared with a net loss of $370.5 million, or $7.94 applicable to common shareholders per share, reported for the six month period ended June 30, 2009. For the six month period ended June 30, 2010 and 2009, the net loss from continuing operations was $145.5 million and $401.8 million, respectively.
The Exchange Closing is subject to the consummation of the Ford Investment and the satisfaction or waiver of other closing conditions, including, among others, that the Company shall have completed a cash tender offer for $50 million in aggregate principal amount of its Subordinated Debenture due 2014 and at least $18 million in aggregate principal amount of its 9.22% Subordinated Bank Notes due 2011, in each case at a purchase price of $650 per $1,000 in principal amount of such securities, and that the approval of NASDAQ to issue the securities to Treasury under the Exchange Agreement without approval of the Companys shareholders in reliance on NASDAQ Rule 5635(f) previously received by the Company shall remain in full force and effect.
Interest income on loans declined for the three month period ended June 30, 2010 primarily due to the $931.6 million decrease in the average loan balance compared to the three month period ended June 30, 2009. This decline is due to repayment or maturity of loans, increased nonperforming loans and charge-offs and sale of loans. Contributing to the decrease in interest income is the repayment and maturity of loans which is attributable to the low interest rate environment and the stricter loan underwriting guidelines implemented by the Bank in 2009 to reduce the risk of loan losses. The growth in nonperforming loans has also contributed to the decrease in interest income from loans since the Bank is not accruing interest on a majority of these loans. Nonperforming assets were $604.5 million at June 30, 2010 compared to $348.3 million at June 30, 2009. During the second quarter, there was $64.6 million of charge-offs which have also impacted the average balance of loans. The decrease in loan balances due to loan sales is discussed in Note 7, Loan Sales and Transactions of the Consolidated Financial Statements of this Form 10-Q.
Interest income on loans declined for the six month period ended June 30, 2010 compared to the same period a year ago, primarily due to the decline in the average loan balance. This decline is mostly due to the repayment or maturity of loans, an increase in nonperforming assets and charge-offs, and the sale of loans. The decrease in interest income from the repayment and maturity of loans is attributable to the low interest rate environment and the stricter loan underwriting guidelines implemented by the Bank in 2009 to reduce the risk of loan losses. The growth in nonperforming assets was $256.1 million when comparing the balance of $604.5 million at June 30, 2010 compared to $348.3 million at June 30, 2009 since the Bank is not accruing interest on a majority of these loans. Loan charge-offs of $148.9 million during the six month period ended June 30, 2010 have also reduced the balance of loans and interest income. The decrease in loan balances from the sale of loans is discussed in Note 7, Loan Sales and Transactions of the Consolidated Financial Statements of this Form 10-Q.
second quarter of 2010, $35.1 million of MBS securities and $9.1 million of other types of securities from the AFS securities portfolio were sold. Also, during the first and second quarter of 2010, $250.3 million of AFS securities were called, reducing the balance of AFS securities held. The securities called were mostly U.S. Agency securities. At the same time, the interest rate for some of the adjustable rate securities has adjusted lower due to the decrease in long-term interest rates.
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