Santa Barbara Bancorp Posts Highest Earnings

Santa Barbara Bancorp, parent company of Santa Barbara Bank & Trust, said earnings for the three months ending Sept. 30 were $3.7 million, the highest ever for a third quarter.

Earnings increased ?116% from the $1.7 million earned in the same quarter of 1995, and $700,000 more than the $3 million earned in the same quarter of 1994.

Earnings per share for the third quarter of 1996 were 48 cents compared with 22 cents for the same period of 1995. Year-to-date earnings per share now stand at $1.48, an increase of 63% over the 91 cents for the first nine months of 1995.

Compared with the same totals a year ago, end-of-period deposits increased 5.6% to $1.033 billion from $978 million, loans increased 13.5% to $604 million from $532 million, and total assets increased 5.3% to $1.178 billion from $1.118 billion.

In September, Santa Barbara Bancorp’s board of directors declared a quarterly dividend of 18 cents per share. The dividend is payable Nov. 12 to shareholders of record today.

Santa Barbara Bank & Trust has offices in Ventura, Oxnard and Camarillo.