Pacific Capital Bancorp announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported net loss was $38.24 million and net loss available to common shareholders was $40.7 million, or $0.87 per basic and diluted share, compared to a net loss and net loss available to common shareholders of $47.5 million, or $1.03 per basic and diluted share, in the same period of the prior year. Pre-tax, pre-provision income was $1.0 million compared to a loss of $4.6 million in the same period of the prior year. Net interest income was $50.7 million, compared with $60.8 million in the same quarter of 2008. Net interest margin was 2.68%, which compares with 3.46% in the third quarter of 2008. Total interest income was $86.52 million compared to $102.73 million for the same period a year ago. Loss before income taxes was $41.35 million compared to $68.57 million for the same period a year ago. On a Non-GAAP basis, net income was $1.02 million compared to net loss of $4.61 million for the same period a year ago. For the nine months, the company reported net loss was $403.80 million and net loss available to common shareholders was $411.26 million or $8.81 per basic and diluted share on total interest income of $423.99 million compared to net income and net income available to common shareholders of $19.09 million or $0.41 per basic and diluted share on total interest income of $417.13 million for the same period a year ago. Net interest income was $292.21 million compared to $286.37 million for the same period a year ago. Loss before income taxes was $390.57 million compared to income before income tax of $32.40 million for the same period a year ago. Book value per common share was $4.73 compared to $13.90 as of Sep. 30, 2008.

Pacific Capital Bancorp, Q3 2009 Earnings Call, Nov-03 2009

Law Offices of Howard G. Smith announced a November 9, 2009, deadline to move to be a lead plaintiff in the securities class action lawsuit filed on behalf of all persons or entities who purchased the common stock of Pacific Capital Bancorp between April 30, 2009 and July 30, 2009, inclusive. The shareholder lawsuit is pending in the United States District Court for the Central District of California. The complaint charges Pacific Capital Bancorp and certain of the company's executive officers, among others, with violations of federal securities laws. Pacific Capital Bancorp is a bank holding company and the parent company of Pacific Capital Bank, N.A., a nationally chartered bank that operates 46 branches under the local brand names 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 complaint alleges that the defendants violated federal securities laws by issuing material misrepresentations to the market concerning Pacific Capital Bancorp's financial performance and prospects, thereby artificially inflating the price of the company's securities.