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    • Pacific Capital Bancorp: Evasive Maneuvers [view article]
      Some reasons why the stock isn't down.

      "The following table provides comparative asset quality data for the comparable three-month periods of the Core Bank (dollars in millions):

      March 31, December 31,
      2008 2007
      --------- ------------

      Allowance for loan losses $ 58.3 $44.8
      Allowance for loan losses/total loans 1.06% 0.84%

      Total non-performing assets $163.7 $76.7
      Total non-performing assets/total assets 2.37% 1.04%

      Allowance to non-performing loans 36% 61%

      Net charge-offs $ 2.2 $ 1.4
      Annualized net charge-offs/total average
      loans 0.16% 0.10%

      The Company's total risk weighted capital ratios as of March 31, 2008, and December 31, 2007, were 13.2% and 12.3%, respectively.

      Outlook

      Commenting on the outlook for Pacific Capital Bancorp, Leis said, "Based on the strength of our RAL and RT programs, we still expect our overall earnings per share to increase in 2008. However, due to the higher credit costs we are experiencing in 2008, we no longer expect earnings in the Core Bank to be higher than last year. Over the remainder of 2008, we expect our quarterly provisions for loan losses to remain elevated, although they should steadily trend lower as we move through the year. We expect that our positive trends in loan growth will continue to help us mitigate the impact of the higher credit costs."

      Albeit, the numbers are not great. It isn't a disaster, considering how bad it is for other banks. The market is telling you to cover your short and move on to another bank that is being shorted more heavily and that you can try to manipulate with other shorts to make a profit when the news is bad.       May 04 06:21 PM
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