Santa Barbara Bancorp Posts Record Earnings

Santa Barbara Bancorp, parent company of Santa Barbara Bank & Trust, announced record earnings for last year and the highest earnings for any quarter in the company’s history.

Earnings for the year were $15.67 million, or $2.05 per share, and for the quarter were $4.31 million or 57 cents a share.

Earnings for the year were up 50% over 1995 and amounted to 21% more than the $12.95 million in 1994, which had previously been the firm’s most profitable year. The quarter’s earnings were up 27% over the same quarter of 1995.

President Tom Thomas said the increased profitability was due primarily to asset and deposit growth, new trust and investment services business and improved asset quality. Fourth-quarter earnings were helped by the purchase of $60 million in lease assets in December, and annual earnings benefited from a more profitable tax refund loan and transfer program.

Santa Barbara Bank & Trust has several offices in west Ventura County.