Financial Corp. of Santa Barbara: The parent...

Financial Corp. of Santa Barbara: The parent of Santa Barbara Savings said a special gain stemming from the exchange of common stock for $60 million in junk bonds boosted its first-quarter profit to $37.7 million. In 1989, the company posted a first-quarter profit of $5.3 million. The ailing thrift bolstered its financial cushion against losses significantly in the current quarter but still falls about $39 million short of the most basic capital level it should be meeting under new federal thrift rules. The Santa Barbara-based company, whose thrift unit has been put under tough operating restrictions by regulators, said it is continuing efforts to find a buyer or attract a large infusion of money.