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Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: Observer who wrote (33656)	4/20/1999 12:55:00 AM
From: Michael Paul Langley	Read Replies (4) \| Respond to of 43774

A case of mistaken company symbol? (has this stock run up because of confusion with another company? Under Yahoo PABN ticker shows this companies' news. Read entire contents of press release. Monday April 19, 8:01 pm Eastern Time Company Press Release Pacific Capital Bancorp Announces Record Combined Earnings Summary: SANTA BARBARA, Calif.--(BUSINESS WIRE)--April 19, 1999-- Pacific Capital Bancorp (Nasdaq:SABB - news) today announced sharply higher net income for the first quarter of 1999 compared to the first quarter of 1998. At $14.5 million, net income was up 35% over the $10.7 million earned the same quarter a year ago. Earnings per share were up 34% from $0.44 to $0.59. The primary reasons for the higher income in 1999 were the significant growth in the company's tax refund loan and transfer programs, an increase in net interest income due to the growth in loans, and increased service fee income and fees from trust and investment services. Also contributing to the increase in earnings compared to the first quarter of 1998 was a lower cost of funds. Pacific Capital Bancorp is the parent corporation of Santa Barbara Bank & Trust, First National Bank of Central California and its affiliate South Valley National Bank. The merger of Santa Barbara Bancorp and the former Pacific Capital Bancorp was finalized Dec. 30, 1998, and this is the first full quarter representing combined operations. Detail: According to Chief Operating Officer William S. (''Tom'') Thomas, the company's first quarter performance is a positive reflection of the substantial synergies anticipated from the new community banking network serving the Central Coast. ''We are very pleased to have been able to post such a strong quarter on behalf of our shareholders,'' said Thomas, ''particularly so soon after forming this unique community banking network. We clearly remain on course with our financial goals and objectives and we are confident that the cost savings and revenue enhancements of this strategic partnership will continue to be recognized going forward.'' Additionally, Thomas noted: ''We also saw significant loan growth throughout the organization, increased fee income from our Trust & Investment Services programs, and substantially increased activity in the company's tax refund programs. Growth in deposits during the quarter at each of our subsidiary banks demonstrates their continuing ability to profitably cultivate their individual markets.'' For the first quarter of 1999, net interest income, the difference between interest income and interest expense, was $40.4 million. This was an increase of $6.3 million or 18% over the comparable 1998 figure. Interest on loans increased $6.2 million compared to the amount earned in the same quarter a year ago. This is due in part to an expansion of the refund loan program ($1.1 million), but is primarily due to a 26% increase in loans over the last 12 months. Earnings from other assets were marginally lower as proceeds from the sale or maturity of securities and money market instruments were used to fund the loan growth. Interest expense decreased despite a 10% increase in deposits because of a decline in market interest rates compared to the first quarter of 1998. The net interest margin increased from 6.38% for the first quarter of 1998 to 6.48% for the first quarter of 1999. While the refund loan program has grown this year, the loss ratio in the program is running significantly lower than in 1998. This permitted a $2.5 million decrease in the provision for credit losses related to the program. The provision related to loans other than refund loans increased $233,000 compared to the first quarter of 1998. Noninterest income in the first quarter of 1999 increased $2.4 million over the same quarter last year. This was principally due to a substantial increase in fees ($1.6 million or 37%) from the tax refund transfer program. Fees generated by the Trust & Investment Services Division are in large part based on asset values. With the stock markets higher this year and with new customers, these fees increased $486,000. Noninterest expense also increased as the company grew. The most significant increase was due to consultant expense and contract labor to assist with the company's Y2K project and the conversion of data processing systems related to the merger. Nonetheless, Pacific Capital's operating efficiency ratio for the first quarter remained virtually identical at 48.4% in 1999 compared to 48.2% in 1998. Based on the current economic outlook, management anticipates that the company will continue to experience loan and deposit growth during the remainder of 1999 and consequently expects that net income each quarter will be greater than for the same quarter of 1998. As in past years, most of the activity in the tax refund programs will occur in the first quarter, and because this program was a major contributor for first quarter 1999 net income exceeding first quarter 1998 net income by 35%, management does not anticipate that net income in subsequent quarters of 1999 will exceed net income for the corresponding quarter of 1998 by as large a percentage. In March, the board of directors declared a quarterly cash dividend of 18 cents per share. The dividend will be paid May 11, 1999, to shareholders of record April 20, 1999. The company has become aware that another financial institution has been assigned the ticker symbol PABN (Nasdaq:PABN - news) that was used by the former Pacific Capital Bancorp prior to the merger with Santa Barbara Bancorp on Dec. 30, 1998. Because many of the Internet search engines use the ticker symbol for indexing, Internet users searching for news about Pacific Capital Bancorp by using the PABN ticker symbol will now get search results that include a mixture of information about the former Pacific Capital Bancorp, about Santa Barbara Bancorp, and about the new holder of the PABN ticker symbol, PanAmerican Bancorp. Shareholders of Pacific Capital Bancorp should always remember to use the SABB ticker symbol in their search criteria. Pacific Capital Bancorp is the holding company for Santa Barbara Bank & Trust, First National Bank of Central California and its affiliate South Valley National Bank. Santa Barbara Bank & Trust maintains 27 offices serving communities throughout Santa Barbara and west Ventura counties.