Santa Barbara Bancorp Posts 19% Earnings Hike

Santa Barbara Bancorp, parent company of Santa Barbara Bank & Trust, had second-quarter earnings of $4.5 million compared with $3.77 million for the same quarter last year.

Earnings were 57 cents per share, an increase of 19% over the 48 cents per share for the second quarter of 1996. The increase in earnings was due primarily to loan growth and additional fee income.

Included in second quarter results were figures for five former branches of First Valley Bank, which merged into Santa Barbara Bank & Trust on April 1.

Loans and leases increased by 36%, from $581 million at the end of June 1996 to $789 million at the end of June this year. Approximately $55 million of this increase came from a leasing portfolio purchased last December, and $62 million was added in the First Valley Bank acquisition. These new portfolios and the increase in other loans in Santa Barbara and Ventura resulted in $5 million of additional interest income for the quarter.

Trust fee income was up 18% over the same quarter last year, and other fees, including service charges, increased 44% to $3.6 million for the quarter.

Santa Barbara Bank & Trust has offices in Ventura, Camarillo and Oxnard, with plans to open additional offices in Camarillo and Port Hueneme this year. The bank also has proposed a merger with the three branches of Citizens State Bank of Santa Paula.

In June, the board of directors declared a quarterly dividend of 23 cents per share. The dividend will be paid Aug. 13 to shareholders of record on July 23.