Pacific Capital Bancorp Reports Second Quarter 2008 Financial Results

SANTA BARBARA, Calif.--(Business Wire)--
Pacific Capital Bancorp (NASDAQ:PCBC), a community bank holding
company with $7.5 billion in assets, today announced financial results
for the second quarter ended June 30, 2008.

The Company's net loss for the second quarter of 2008 was $5.9
million, or ($0.13) per diluted share, compared to net income of $33.2
million, or $0.70 per diluted share, in the same period of the prior
year. Financial results for the second quarter of 2008 include a
provision for loan losses of $37.2 million, which reflects a provision
for loan losses in the Core Bank of $43.5 million, and a negative
provision related to Refund Anticipation Loan (RAL) losses of $6.4
million. Net income for the second quarter of 2007 was positively
impacted by a $23.5 million pre-tax gain on the sale of the Company's
Indirect Auto and Equipment Leasing loan portfolios.

Pretax loss for the second quarter of 2008 was $15.3 million,
compared with $53.5 million in pretax income for the same period of
the prior year. The Core Bank recorded a pretax loss of $25.2 million
in the second quarter of 2008, compared to pretax income of $44.8
million for the second quarter of 2007. Pretax income from the
Company's RAL and Refund Transfer (RT) programs was $10.0 million for
the second quarter of 2008, compared to pretax income of $8.8 million
for the second quarter of 2007. The Company also recorded a negative
tax provision during the second quarter of 2008, given a change in its
effective tax rate for the year from 37.65% at March 31, 2008, to
34.05% at June 30, 2008. As discussed in the Non-GAAP Financial
Information section later in the press release, "Core Bank" represents
all activities of the Company other than the RAL and RT programs.

The second quarter loan loss provision for the Company included:

-- Approximately $29.3 million to cover charge-offs in the
quarter, including approximately $13.7 million in home
building and land loans, $5.4 million for commercial and
industrial loans, $4.9 million in residential real estate
loans, $2.3 million in small business loans, $2.2 million in
home owner equity lines, and $0.8 million in other

-- Approximately $3.8 million related to the growth in the loan
portfolios and the increase in problem loans during the second
quarter

-- Approximately $10.5 million added to the qualitative factors
portion of the allowance

-- A negative provision of $6.4 million related to the RAL
program due to higher than expected collections

Commenting on the second quarter of 2008, George Leis, President
and Chief Executive Officer of Pacific Capital Bancorp, said, "We are
seeing substantial stress in our loan portfolio due to the weakness in
the homebuilding industry and the slowing economy. The majority of the
credit deterioration in the portfolio is located in home construction,
which represents approximately 6.0% of the portfolio. However, during
the second quarter, we saw increasing problem loans in other
portfolios as well.

"The actions we took in the second quarter reflect more
conservative assumptions of the collateral values underlying certain
non-performing loans, an aggressive approach to charging-off problem
loans, and a strong commitment to building our allowance level. We
believe that these actions have significantly strengthened our balance
sheet, which will enable us to better manage through this challenging
point in the credit cycle," said Leis.

Income Statement

The Company's net interest income for the second quarter of 2008
was $64.4 million, compared with $66.8 million in the same quarter of
2007. Net interest income for the Core Bank was $61.4 million in the
second quarter of 2008, compared with $64.2 million in the same period
of the prior year. The decrease in Core Bank net interest income is
primarily attributable to the sale and transfer of loans during the
past year, and a decline in loan interest rates that could not be
fully offset by reductions in interest expense on deposits and
borrowings.

The Company's net interest margin for the second quarter of 2008
was 3.91%, which compares with 4.13% in the second quarter of 2007.
For the Core Bank, net interest margin for the second quarter of 2008
was 3.74%, compared with 4.01% in the second quarter of 2007 and 3.64%
in the first quarter of 2008. The sequential quarter increase in net
interest margin was primarily attributable to borrowings at lower
interest rates.

The Company's non-interest income was $22.2 million in the second
quarter of 2008, compared with $48.9 million in the second quarter of
2007. The decrease of $26.7 million in non-interest income when
compared to the second quarter of 2007 was mostly impacted by the sale
of the indirect auto and equipment leasing loan portfolios, which
generated net gains on sale of $23.5 million. In addition, during the
second quarter of 2008, the mortgage-backed securities (MBS) held in
the available-for-sale portfolio had an impairment of $2.6 million due
to changes in market values. The Company also incurred an additional
loss of $2.2 million related to an investment in low-income housing
partnerships which generate tax credits for the Company and assist in
compliance with the Community Reinvestment Act.

The Company's operating efficiency ratio for the second quarter of
2008 was 71.1%, compared with 48.7% in the same period last year. The
following reflects current and historical operating efficiency ratios
for the Core Bank:

-- Q2 2008: 71.1%

-- Q1 2008: 71.3%

-- Q2 2007: 63.0% (excludes the impact of the gain on sale of
loan portfolios)

Balance Sheet

The Company's total gross loans were $5.69 billion at June 30,
2008, compared with $5.55 billion at March 31, 2008, and $5.47 billion
at June 30, 2007.

For the Core Bank, total gross loans were $5.69 billion at June
30, 2008, an increase of 15.0% annualized from total gross loans of
$5.49 billion at March 31, 2008. The growth in the loan portfolio
during the second quarter of 2008 included annualized growth rates of
27.9%, 21.8%, 16.2%, and 20.4% in the residential real estate,
commercial real estate, commercial, and home equity loan portfolios,
respectively. For the trailing 12 months ended June 30, 2008, total
gross loans increased 11.8%, excluding loan sales and transfers and
RALs.

The Company's total deposits were $4.64 billion at June 30, 2008,
compared to $4.84 billion at March 31, 2008, and $4.78 billion at June
30, 2007. Total deposits for the Core Bank were $4.57 billion at June
30, 2008, compared to $4.62 billion at March 31, 2008, and $4.72
billion at June 30, 2007.

"We are moving forward with our strategy to reduce our reliance on
wholesale funding," said Leis. "During the second quarter, our retail
deposit campaigns resulted in a net increase of $109.2 million in our
CD balances. These campaigns have attracted new customers to the Bank
that provide excellent cross-selling opportunities for our other
deposit and loan products and Wealth Management services."

Asset Quality

Total non-performing assets were $161.8 million at June 30, 2008,
compared to $163.7 million at March 31, 2008. The following table
provides comparative asset quality data for the comparable three-month
periods of the Core Bank (dollars in millions):

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June 30, March 31,
2008 2008
---------- -----------

Allowance for loan losses $ 73.3 $ 58.3
Allowance for loan losses/total loans 1.29% 1.06%

Total non-performing assets $ 161.8 $ 163.7
Total non-performing assets/total assets 2.16% 2.37%

Allowance to non-performing loans 46% 36%

Net charge-offs $ 28.5 $ 2.2
Annualized net charge-offs/total average loans 2.05% 0.16%

*T

Capital Ratios

All of the Company's capital ratios continue to exceed the
regulatory definition of "well capitalized".

The Company's Tier 1 tangible asset ratios as of June 30, 2008,
and March 31, 2008, were 8.4% and 7.6%, respectively.

The Company's total risk weighted capital ratios as of June 30,
2008, and March 31, 2008, were 13.1% and 13.2%, respectively.

RAL and RT Programs

Through the first six months of 2008, the Company's RAL and RT
programs generated $117.9 million in pre-tax income, an increase of
81.3% from the $65.0 million during the same period in 2007. Total
volume for these programs was 8.3 million transactions during the
first six months of 2008, an increase of 25.8% from the 6.6 million
transactions processed in the same period of the prior year.

During the second quarter of 2008, the Company recorded a negative
provision for RAL related loan losses of $6.4 million. The negative
provision was attributable to greater than expected collections during
the second quarter. Through the first six months of 2008, the Company
experienced a loss rate of 1.01% for the 2008 RAL program. With a
modest amount of additional collections expected in the second half of
the year, the Company believes that the loss rate for the full year
will be at the targeted rate of 1.00% or lower.

Through the first six months of 2008, the RAL/RT programs had
generated approximately $67 million of capital for the Company.

Outlook

Commenting on the outlook for Pacific Capital Bancorp, Leis said,
"Given the continued weakness in the homebuilding industry and the
challenging economic environment, we anticipate that our
non-performing assets and provision for loan losses will remain
elevated until economic conditions improve. However, we believe the
positive trends in our loan and deposit gathering, along with improved
expense management, should help the Core Bank to generate greater
profitability in the second half of the year."

Conference Call and Webcast

The Company will hold a conference call today at 11:00 a.m.
Eastern time / 8:00 a.m. Pacific time to discuss its second quarter
2008 results. To access a live webcast of the conference call, log on
at the Investor Relations page of the Company's website at
www.pcbancorp.com. For those who cannot listen to the live broadcast,
a replay of the conference call will be available shortly after the
call at the same location.

About Pacific Capital Bancorp

Pacific Capital Bancorp is the parent company of Pacific Capital
Bank, N.A., a nationally chartered bank that operates 50 branches
under the local brand names of Santa Barbara Bank & Trust, First
National Bank of Central California, South Valley National Bank, San
Benito Bank and First Bank of San Luis Obispo.

Forward Looking Statements

This press release contains forward-looking statements with
respect to the financial condition, results of operation and
businesses of Pacific Capital Bancorp. These include statements that
relate to or are dependent on estimates or assumptions relating to the
prospects of continued loan and deposit growth, improved credit
quality, the health of the capital markets, the Company's de novo
branching and acquisition efforts, the operating characteristics of
the Company's income tax refund loan and transfer programs and the
economic conditions within its markets. These forward-looking
statements involve certain risks and uncertainties, many of which are
beyond the Company's control. Factors that may cause actual results to
differ materially from those contemplated by such forward-looking
statements include, among others, the following possibilities: (1)
deterioration in general economic conditions, internationally,
nationally or in California; (2) changes in the interest rate
environment reducing interest margins or increasing interest rate
risk; (3) increased competitive pressure among financial services
companies; (4) the occurrence of terrorist acts; (5) reduced demand
for or earnings derived from the Company's income tax refund loan and
refund transfer programs; (6) legislative or regulatory changes or
litigation adversely affecting the businesses in which Pacific Capital
Bancorp engages; (7) unfavorable conditions in the capital markets;
(8) difficulties in opening additional branches or integrating
acquisitions; and (9) other risks detailed in reports filed by Pacific
Capital Bancorp with the Securities and Exchange Commission.
Forward-looking statements speak only as of the date they are made,
and Pacific Capital Bancorp does not undertake to update
forward-looking statements to reflect circumstances or events that
occur after the date the forward-looking statements are made. For a
more detailed description of the risk factors associated with the
Company's businesses, please refer to the Company's most recent Annual
Report on Form 10-K.

Non-GAAP Amounts and Measures

This press release contains amounts and ratios that are computed
excluding the results of operations of the RAL and RT programs and/or
exclude asset and liability balances related to those programs.
Because they relate to the filing of individual tax returns, these
programs are activities conducted primarily during the first and
second quarters of each year. These programs comprise one of the
Company's operating segments for purposes of segment reporting in the
Company's quarterly and annual reports to the SEC. The Company's
Management believes analysts and investors find this information
useful for the same reason that Management uses it internally, namely,
it provides more comparability with virtually all of the rest of the
Company's peers that do not operate such programs.

The information that excludes balances and results of the RAL and
RT programs is reconciled to the consolidated information prepared in
accordance with Generally Accepted Accounting Principles in several
tables at the end of this release.

In addition to the non-GAAP measures computed related to the
Company's balances and results exclusive of its RAL and RT programs,
this release contains other financial information determined by
methods other than in accordance with GAAP. Management uses these
non-GAAP measures in their analysis of the business and its
performance. In particular, net interest income, net interest margin
and operating efficiency are calculated on a fully tax-equivalent
basis ("FTE"). Management believes that the measures calculated on a
FTE basis provide a useful picture of net interest income, net
interest margin and operating efficiency for comparative purposes. Net
interest income and net interest margin on a FTE basis is determined
by adjusting net interest income to reflect tax-exempt interest income
on an equivalent before-tax basis. The efficiency ratio also uses net
interest income on a FTE basis.

The assets, liabilities, and results of operations of the
Company's refund programs are reported in its periodic filings with
the SEC as a segment of its business. Because these are activities
conducted by very few other financial institutions, users of the
financial statements have indicated that they are interested in
information for the Company exclusive of these programs so that they
may compare the results of operations with financial institutions that
have no comparable programs. The amounts and ratios may generally be
computed from the information provided in the note to its financial
statements that discloses segment information, but are computed and
included in the press release for the convenience of those users.

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Consolidated Balance
Sheets
(dollars in
thousands) As of
------------------------------------------------
6/30/2008 3/31/2008 12/31/2007 9/30/2007
----------- ----------- ----------- ------------
(unaudited) (unaudited) (unaudited)
Assets
Cash and due from
banks $ 149,343 $ 179,328 $ 141,086 $ 163,418
Federal funds sold -- 20,000 -- 87,400
Trading securities 62,324 65,885 146,862 --
Available-for-sale
securities 1,118,229 1,095,876 1,176,887 976,161
Loans held for sale -- -- 68,343 --
Loans held for
investment
Real estate
Residential 1,175,267 1,098,606 1,075,663 1,401,282
Multi-family
residential 279,922 285,241 278,935 285,779
Commercial 1,713,846 1,625,242 1,558,761 1,517,370
Construction 677,678 696,577 651,307 655,424
Commercial loans 1,233,030 1,184,956 1,196,808 1,112,027
Home equity loans 413,832 393,732 394,331 379,564
Consumer loans 196,066 199,171 200,094 206,312
Tax refund loans
(RALs) 1,000 61,102 -- 2,695
Leases -- -- -- --
Other loans 2,411 2,836 3,257 2,759
----------- ----------- ----------- ------------
Gross loans
held for
investment 5,693,052 5,547,463 5,359,156 5,563,212
Allowance for loan
losses 73,288 65,491 44,843 40,375
----------- ----------- ----------- ------------
Total loans held
for investment,
net 5,619,764 5,481,972 5,314,313 5,522,837
Premises and
equipment, net 79,636 84,210 86,921 88,981
Goodwill 150,354 150,354 145,749 145,749
Other intangible
assets 11,480 12,058 10,037 7,555
Other assets 294,193 309,698 284,148 294,975
----------- ----------- ----------- ------------
Total assets $7,485,323 $7,399,381 $ 7,374,346 $7,287,076
=========== =========== =========== ============

Liabilities
Deposits
Non-interest-
bearing demand
deposits $ 991,570 $1,116,182 $ 1,002,281 $1,067,401
Interest-bearing
deposits
NOW accounts 1,037,582 1,119,338 1,145,655 1,142,055
Money market
deposit
accounts 631,925 727,147 748,417 812,654
Other savings
deposits 240,795 244,443 254,273 266,651
Time
certificates
of $100,000 or
more 1,203,624 1,094,486 1,063,271 987,480
Other time
deposits 533,703 533,608 749,915 572,406
----------- ----------- ----------- ------------
Total interest-
bearing deposits 3,647,629 3,719,022 3,961,531 3,781,246
----------- ----------- ----------- ------------
Total deposits 4,639,199 4,835,204 4,963,812 4,848,647
Federal funds
purchased and
securities sold
under agreements
to repurchase 424,739 327,640 272,673 246,293
Long-term debt and
other borrowings 1,643,766 1,343,530 1,405,602 1,441,628
Other liabilities 67,949 159,446 63,903 82,696
----------- ----------- ----------- ------------
Total liabilities 6,775,653 6,665,820 6,705,990 6,619,264

Shareholders' equity 709,670 733,561 668,356 667,812
----------- ----------- ----------- ------------
Total liabilities and
shareholders' equity $7,485,323 $7,399,381 $ 7,374,346 $7,287,076
=========== =========== =========== ============

Consolidated Balance Sheets % Change
-----------------------
(dollars in thousands) As of 6/30/2008 06/30/2008
------------- vs. vs.
6/30/2007 3/31/2008 6/30/2007
----------- ------------ ----------
(unaudited) (Annualized)
Assets
Cash and due from banks $ 157,605 (66.9%) (5.2%)
Federal funds sold 187,700 N/A N/A
Trading securities 1,011 (21.6%) N/A
Available-for-sale securities 963,687 8.2% 16.0%
Loans held for sale -- N/A N/A
Loans held for investment
Real estate
Residential 1,360,031 27.9% (13.6%)
Multi-family residential 287,392 (7.5%) (2.6%)
Commercial 1,502,310 21.8% 14.1%
Construction 621,601 (10.9%) 9.0%
Commercial loans 1,077,305 16.2% 14.5%
Home equity loans 379,407 20.4% 9.1%
Consumer loans 213,682 (6.2%) (8.2%)
Tax refund loans (RALs) 30,195 (393.5%) (96.7%)
Leases 14 N/A N/A
Other loans 2,314 (59.9%) 4.2%
-----------
Gross loans held for
investment 5,474,251 10.5% 4.0%
Allowance for loan losses 43,549 47.6% 68.3%
-----------
Total loans held for
investment, net 5,430,702 10.1% 3.5%
Premises and equipment, net 90,788 (21.7%) (12.3%)
Goodwill 145,272 0.0% 3.5%
Other intangible assets 7,572 (19.2%) 51.6%
Other assets 304,562 (20.0%) (3.4%)
-----------
Total assets $7,288,899 4.6% 2.7%
===========

Liabilities
Deposits
Non-interest-bearing demand
deposits $1,030,617 (44.7%) (3.8%)
Interest-bearing deposits
NOW accounts 1,142,744 (29.2%) (9.2%)
Money market deposit
accounts 747,120 (52.4%) (15.4%)
Other savings deposits 280,819 (6.0%) (14.3%)
Time certificates of
$100,000 or more 981,570 39.9% 22.6%
Other time deposits 601,107 0.1% (11.2%)
-----------
Total interest-bearing
deposits 3,753,360 (7.7%) (2.8%)
-----------
Total deposits 4,783,977 (16.2%) (3.0%)
Federal funds purchased and
securities sold under
agreements to repurchase 285,391 118.5% 48.8%
Long-term debt and other
borrowings 1,431,812 89.4% 14.8%
Other liabilities 105,831 (229.5%) (35.8%)
-----------
Total liabilities 6,607,011 6.6% 2.6%
--
Shareholders' equity 681,888 (13.0%) 4.1%
-----------
Total liabilities and
shareholders' equity $7,288,899 4.6% 2.7%
===========

*T

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Consolidated Statements of Income
(unaudited)
(dollars in thousands) For the Three-Month Periods Ended
June 30,
-----------------------------------
2008
---------------------------------
Consolidated Core Bank RAL and RT
------------ --------- ----------
Interest income
Loans $ 89,163 $ 85,552 3,611
Trading securities 803 803 --
Available-for-sale securities 13,259 13,259 --
Federal funds sold, securities
purchased under resale
agreements and other earning
assets 150 150 --
------------ --------- ----------
Total interest income 103,375 99,764 3,611
------------ --------- ----------
Interest expense
Deposits 18,388 18,388 --
Securities sold under agreements
to repurchase and federal funds
purchased 2,802 2,802 --
Long-term debt and other
borrowings 17,817 17,132 685
------------ --------- ----------
Total interest expense 39,007 38,322 685
------------ --------- ----------
Net interest income 64,368 61,442 2,926
------------ --------- ----------
Provision for loan losses
Provision for loan losses - RALs (6,378) -- (6,378)
Provision for loan losses - Core
Bank 43,545 43,545 --
------------ --------- ----------
Provision for loan losses 37,167 43,545 (6,378)
------------ --------- ----------
Net interest income after
provision for loan losses 27,201 17,897 9,304
------------ --------- ----------
Non-interest income
Refund transfer fees 8,636 -- 8,636
Service charges and fees 9,067 8,642 425
Trust and investment advisory
fees 6,655 6,655 --
Loss on securities, net (2,773) (2,773) --
Gain on sale of leasing
portfolio -- -- --
Other 616 616 --
------------ --------- ----------
Total non-interest income 22,201 13,140 9,061
------------ --------- ----------
Non-interest expense
Salaries and employee benefits 31,314 28,670 2,644
Occupancy expenses, net 6,506 6,236 270
Furniture, fixtures and
equipment, net 1,975 2,071 (96)
Refund program marketing and
technology fees 1,257 -- 1,257
Other 23,632 19,304 4,328
------------ --------- ----------
Total non-interest expense 64,684 56,281 8,403
------------ --------- ----------
Income before provision for income
taxes (15,282) $(25,244) $ 9,962
--------- ----------
Provision for income taxes (9,389)
------------
Net income $ (5,893)
============

Income per share - basic $ (0.13)
Income per share - diluted $ (0.13)
Average number of shares - basic 46,172
Average number of shares - diluted 46,518

Consolidated Statements
of Income (unaudited)
(dollars in thousands) For the Three-Month Periods Ended
June 30,
----------------------------------
2007
----------------------------------
Consolidated
Consolidated Core Bank RAL and RT % Change
------------- --------- ---------- ------------
Interest income
Loans $108,545 $104,357 $4,188 (17.9%)
Trading securities -- -- -- N/A
Available-for-sale
securities 11,550 11,550 -- 14.8%
Federal funds sold,
securities purchased
under resale
agreements and other
earning assets 297 297 -- (49.5%)
------------- --------- ----------
Total interest
income 120,392 116,204 4,188 (14.1%)
------------- --------- ----------
Interest expense
Deposits 31,416 31,416 -- (41.5%)
Securities sold under
agreements to
repurchase and
federal funds
purchased 4,272 3,733 539 (34.4%)
Long-term debt and
other borrowings 17,869 16,897 972 (0.3%)
------------- --------- ----------
Total interest
expense 53,557 52,046 1,511 (27.2%)
------------- --------- ----------
Net interest income 66,835 64,158 2,677 (3.7%)
------------- --------- ----------
Provision for loan
losses
Provision for loan
losses - RALs (281) -- (281) N/A
Provision for loan
losses - Core Bank 5,396 5,396 -- 707.0%
------------- --------- ----------
Provision for loan
losses 5,115 5,396 (281) 626.6%
------------- --------- ----------
Net interest income
after provision for
loan losses 61,720 58,762 2,958 (55.9%)
------------- --------- ----------
Non-interest income
Refund transfer fees 6,168 -- 6,168 40.0%
Service charges and
fees 10,427 8,585 1,842 (13.0%)
Trust and investment
advisory fees 5,944 5,944 -- 12.0%
Loss on securities,
net (2) (2) -- N/A
Gain on sale of
leasing portfolio 24,344 24,344 -- (100.0%)
Other 1,978 1,952 26 (68.9%)
------------- --------- ----------
Total non-interest
income 48,859 40,823 8,036 (54.6%)
------------- --------- ----------
Non-interest expense
Salaries and employee
benefits 31,081 31,293 (212) 0.7%
Occupancy expenses,
net 5,579 5,308 271 16.6%
Furniture, fixtures
and equipment, net 2,610 2,447 163 (24.3%)
Refund program
marketing and
technology fees 13 -- 13 N/A
Other 17,776 15,784 1,992 32.9%
------------- --------- ----------
Total non-interest
expense 57,059 54,832 2,227 13.4%
------------- --------- ----------
Income before provision
for income taxes 53,520 $ 44,753 $8,767 (128.6%)
--------- ----------
Provision for income
taxes 20,354 (146.1%)
-------------
Net income $ 33,166 (117.8%)
=============

Income per share -
basic $ 0.71
Income per share -
diluted $ 0.70
Average number of
shares - basic 47,016
Average number of
shares - diluted 47,286

The Company's management utilizes the above "Core Bank" financial
information in the evaluation of its banking operations and believes
that the investment community also finds this information valuable to
understand the key drivers of the business.

*T

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Consolidated Statements of Income For the Six-Month Periods Ended
(unaudited) June 30,
-----------------------------------
(dollars in thousands) 2008
---------------------------------

Consolidated Core Bank RAL and RT
------------ --------- ----------
Interest income
Loans $283,252 $174,490 $108,762
Trading securities 1,636 1,636 --
Available -for-sale securities 27,345 27,345 --
Federal funds sold, securities
purchased under resale
agreements and other earning
assets 2,161 458 1,703
------------ --------- ----------
Total interest income 314,394 203,929 110,465
------------ --------- ----------
Interest expense
Deposits 46,811 43,101 3,710
Securities sold under agreements
to repurchase and federal funds
purchased 6,415 6,078 337
Long-term debt and other
borrowings 35,614 33,327 2,287
------------ --------- ----------
Total interest expense 88,840 82,506 6,334
------------ --------- ----------
Net interest income 225,554 121,423 104,131
------------ --------- ----------
Provision for loan losses
Provision for loan losses - RALs 26,414 -- 26,414
Provision for loan losses - Core
Bank 59,147 59,147 --
------------ --------- ----------
Provision for loan losses 85,561 59,147 26,414
------------ --------- ----------
Net interest income after
provision for loan losses 139,993 62,276 77,717
------------ --------- ----------
Non-interest income
Refund transfer fees 68,191 -- 68,191
Gain on sale RALs, net 44,580 -- 44,580
Service charges and fees 19,191 16,148 3,043
Trust and investment advisory
fees 13,286 13,286 --
Gain on securities, net 66 66 --
Gain on sale of leasing
portfolio -- -- --
Other 2,203 2,203 --
------------ --------- ----------
Total non-interest income 147,517 31,703 115,814
------------ --------- ----------
Non-interest expense
Salaries and employee benefits 66,006 57,465 8,541
Refund program marketing and
technology fees 46,257 -- 46,257
Occupancy expenses, net 13,014 12,490 524
Furniture, fixtures and
equipment, net 4,580 4,253 327
Other 56,684 36,744 19,940
------------ --------- ----------
Total non-interest expense 186,541 110,952 75,589
------------ --------- ----------
Income before provision for income
taxes 100,969 $(16,973) $117,942
--------- ----------
Provision for income taxes 34,379
------------
Net income $ 66,590
============

Income per share - basic $ 1.44
Income per share - diluted $ 1.43
Average number of shares - basic 46,155
Average number of shares - diluted 46,490

Consolidated Statements For the Six-Month Periods Ended
of Income (unaudited) June 30,
----------------------------------
(dollars in thousands) 2007
----------------------------------

Consolidated
Consolidated Core Bank RAL and RT % Change
------------- --------- ---------- ------------
Interest income
Loans $331,465 $213,009 $118,456 (14.5%)
Trading securities -- -- -- N/A
Available -for-sale
securities 24,538 24,538 -- 11.4%
Federal funds sold,
securities purchased
under resale
agreements and other
earning assets 1,101 1,101 -- 96.3%
------------- --------- ----------
Total interest
income 357,104 238,648 118,456 (12.0%)
------------- --------- ----------
Interest expense
Deposits 66,840 63,471 3,369 (30.0%)
Securities sold under
agreements to
repurchase and
federal funds
purchased 11,116 7,289 3,827 (42.3%)
Long-term debt and
other borrowings 36,919 33,003 3,916 (3.5%)
------------- --------- ----------
Total interest
expense 114,875 103,763 11,112 (22.7%)
------------- --------- ----------
Net interest income 242,229 134,885 107,344 (6.9%)
------------- --------- ----------
Provision for loan
losses
Provision for loan
losses - RALs 71,577 -- 71,577 (63.1%)
Provision for loan
losses - Core Bank 12,516 12,516 -- 372.6%
------------- --------- ----------
Provision for loan
losses 84,093 12,516 71,577 1.7%
------------- --------- ----------
Net interest income
after provision for
loan losses 158,136 122,369 35,767 (11.5%)
------------- --------- ----------
Non-interest income
Refund transfer fees 45,386 -- 45,386 50.2%
Gain on sale RALs,
net 41,822 -- 41,822 6.6%
Service charges and
fees 23,108 16,844 6,264 (17.0%)
Trust and investment
advisory fees 12,174 12,174 -- 9.1%
Gain on securities,
net 1,939 1,939 -- (96.6%)
Gain on sale of
leasing portfolio 24,344 24,344 -- (100.0%)
Other 4,340 4,310 30 (49.2%)
------------- --------- ----------
Total non-interest
income 153,113 59,611 93,502 (3.7%)
------------- --------- ----------
Non-interest expense
Salaries and employee
benefits 66,881 60,497 6,384 (1.3%)
Refund program
marketing and
technology fees 44,500 -- 44,500 3.9%
Occupancy expenses,
net 10,888 10,361 527 19.5%
Furniture, fixtures
and equipment, net 5,076 4,694 382 (9.8%)
Other 44,608 32,172 12,436 27.1%
------------- --------- ----------
Total non-interest
expense 171,953 107,724 64,229 8.5%
------------- --------- ----------
Income before provision
for income taxes 139,296 $ 74,256 $ 65,040 (27.5%)
--------- ----------
Provision for income
taxes 54,492 (36.9%)
-------------
Net income $ 84,804 (21.5%)
=============

Income per share -
basic $ 1.80
Income per share -
diluted $ 1.79
Average number of
shares - basic 46,984
Average number of
shares - diluted 47,304

The Company's management utilizes the above "Core Bank" financial
information in the evaluation of its banking operations and believes
that the investment community also finds this information valuable to
understand the key drivers of the business.

*T

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*T
Consolidated Average Balances and
Annualized Yields (unaudited)
(dollars in thousands) For the Three-Month Periods
Ended June 30,
---------------------------
2008
-------------------------
Average
Balance Income Rate
------------------- -----
Assets:
Commercial paper $ 11,273 $ 70 2.50%
Federal funds sold 27,781 80 1.16%
Securities (1) (2)
Taxable 903,576 10,901 4.85%
Non-taxable 242,584 4,679 7.72%
---------- --------
Total securities 1,146,160 15,580 5.46%
---------- --------
Loans (1) (3)
Commercial (including Leasing) 1,196,084 18,270 6.14%
Real estate - multi family &
commercial 2,651,373 40,592 6.12%
Real estate - residential 1 - 4 family 1,135,720 16,940 5.97%
Consumer 618,088 13,383 8.71%
Other 2,802 47 6.75%
---------- --------
Total loans 5,604,067 89,232 6.38%
---------- --------
Total interest-earning assets 6,789,281 104,962 6.22%
---------- --------
Market value adjustment 30,262
Non-interest-earning assets 609,411
----------
Total assets $7,428,954
==========

Liabilities and shareholders' equity:
Interest-bearing deposits:
Savings and interest-bearing
transaction accounts $2,022,724 5,387 1.07%
Time certificates of deposit 1,660,121 13,001 3.15%
---------- --------
Total interest-bearing deposits 3,682,845 18,388 2.01%
---------- --------
Borrowed funds:
Repos and Federal funds purchased 393,818 2,802 2.86%
Other borrowings 1,459,321 17,817 4.91%
---------- --------
Total borrowings 1,853,139 20,619 4.48%
---------- --------
Total interest-bearing liabilities 5,535,984 39,007 2.83%
---------- --------
Non-interest-bearing demand deposits 1,027,124
Other liabilities 138,216
Shareholders' equity 727,630
----------
Total liabilities and
shareholders' equity $7,428,954
==========

Tax equivalent net interest income/margin 65,955 3.91%
Less: non-taxable interest from securities
and loans 1,587 0.09%
-------- -----
Net interest income $ 64,368 3.82%
======== =====

Consumer loans, Core Bank $ 602,338 $ 9,772 6.53%
Loans, Core Bank $5,588,317 $ 85,621 6.16%

Consolidated Average Balances and Annualized
Yields (unaudited)
(dollars in thousands) For the Three-Month
Periods Ended June 30,
--------------------------
2007
--------------------------
Average
Balance Income Rate
-------------------- -----
Assets:
Commercial paper $ -- $ -- --
Federal funds sold 23,177 297 5.14%
Securities (1) (2)
Taxable 755,013 8,752 4.65%
Non-taxable 207,535 4,250 8.19%
----------- --------
Total securities 962,548 13,002 5.41%
----------- --------
Loans (1) (3)
Commercial (including Leasing) 1,278,268 28,252 8.87%
Real estate - multi family & commercial 2,323,490 42,874 7.38%
Real estate - residential 1 - 4 family 1,309,967 19,296 5.89%
Consumer 741,450 18,155 9.82%
Other 2,797 57 8.17%
----------- --------
Total loans 5,655,972 108,634 7.69%
----------- --------
Total interest-earning assets 6,641,697 121,933 7.36%
----------- --------
Market value adjustment 22,767
Non-interest-earning assets 620,417
-----------
Total assets $7,284,881
===========

Liabilities and shareholders' equity:
Interest-bearing deposits:
Savings and interest-bearing transaction
accounts $2,120,651 13,389 2.53%
Time certificates of deposit 1,627,040 18,027 4.44%
----------- --------
Total interest-bearing deposits 3,747,691 31,416 3.36%
----------- --------
Borrowed funds:
Repos and Federal funds purchased 343,764 4,272 4.98%
Other borrowings 1,341,392 17,869 5.34%
----------- --------
Total borrowings 1,685,156 22,141 5.27%
----------- --------
Total interest-bearing liabilities 5,432,847 53,557 3.95%
----------- --------
Non-interest-bearing demand deposits 1,070,770
Other liabilities 115,920
Shareholders' equity 665,344
-----------
Total liabilities and
shareholders' equity $7,284,881
===========

Tax equivalent net interest income/margin 68,376 4.13%
Less: non-taxable interest from securities
and loans 1,541 0.09%
-------- -----
Net interest income $ 66,835 4.04%
======== =====

Consumer loans, Core Bank $ 674,569 $ 13,967 8.30%
Loans, Core Bank $5,589,091 $104,446 7.50%

(1) Income and yield calculations are presented on fully taxable
equivalent basis.
(2) Average securities balances are based on amortized historical
cost, excluding SFAS 115 market value adjustments to fair value,
which are included in other assets.
(3) Nonaccrual loans are included in loan balances. Interest income
includes related fee income.

*T

-0-
*T
Consolidated Average Balances and
Annualized Yields (unaudited)
(dollars in thousands) For the Six-Month Periods
Ended June 30,
----------------------------
2008
--------------------------
Average
Balance Income Rate
------------------- ------
Assets:
Commercial paper $ 35,823 $ 523 2.94%
Federal funds sold 118,487 1,638 2.78%
Securities (1) (2)
Taxable 931,758 22,857 4.93%
Non-taxable 234,172 8,611 7.35%
---------- --------
Total securities 1,165,930 31,468 5.42%
---------- --------
Loans (1) (3)
Commercial (including Leasing) 1,193,392 39,268 6.62%
Real estate - multi family &
commercial 2,592,861 81,421 6.28%
Real estate - residential 1 - 4
family 1,109,037 33,235 5.99%
Consumer 801,508 129,325 32.45%
Other 3,888 120 6.21%
---------- --------
Total loans 5,700,686 283,369 9.97%
---------- --------
Total interest-earning assets 7,020,926 316,998 9.08%
---------- --------
Market value adjustment 29,687
Non-interest-earning assets 591,564
----------
Total assets $7,642,177
==========

Liabilities and shareholders' equity:
Interest-bearing deposits:
Savings and interest-bearing
transaction accounts $2,063,403 14,424 1.41%
Time certificates of deposit 1,802,906 32,387 3.61%
---------- --------
Total interest-bearing deposits 3,866,309 46,811 2.43%
---------- --------
Borrowed funds:
Repos and Federal funds purchased 391,671 6,415 3.29%
Other borrowings 1,427,439 35,614 5.02%
---------- --------
Total borrowings 1,819,110 42,029 4.65%
---------- --------
Total interest-bearing
liabilities 5,685,419 88,840 3.14%
---------- --------
Non-interest-bearing demand deposits 1,196,280
Other liabilities 46,138
Shareholders' equity 714,340
----------
Total liabilities and
shareholders' equity $7,642,177
==========

Tax equivalent net interest income/margin 228,158 6.54%
Less: non-taxable interest from
securities and loans 2,604 0.07%
-------- ------
Net interest income $225,554 6.47%
======== ======

Consumer loans, Core Bank $ 598,121 $ 20,563 6.91%
Loans, Core Bank $5,497,299 $174,607 6.39%

Consolidated Average Balances and
Annualized Yields (unaudited)
(dollars in thousands) For the Six-Month Periods
Ended June 30,
---------------------------
2007
---------------------------
Average
Balance Income Rate
-------------------- ------
Assets:
Commercial paper $ -- $ -- --
Federal funds sold 41,729 1,101 5.32%
Securities (1) (2)
Taxable 833,478 18,959 4.59%
Non-taxable 207,751 8,476 8.16%
----------- --------
Total securities 1,041,229 27,435 5.30%
----------- --------
Loans (1) (3)
Commercial (including Leasing) 1,305,595 57,782 8.92%
Real estate - multi family & commercial 2,290,275 84,464 7.38%
Real estate - residential 1 - 4 family 1,266,741 36,858 5.82%
Consumer 1,412,189 152,433 21.77%
Other 2,879 110 7.70%
----------- --------
Total loans 6,277,679 331,647 10.62%
----------- --------
Total interest-earning assets 7,360,637 360,183 9.87%
----------- --------
Market value adjustment 22,427
Non-interest-earning assets 585,078
-----------
Total assets $7,968,142
===========

Liabilities and shareholders' equity:
Interest-bearing deposits:
Savings and interest-bearing
transaction accounts $2,096,947 25,939 2.49%
Time certificates of deposit 1,820,524 40,901 4.53%
----------- --------
Total interest-bearing deposits 3,917,471 66,840 3.44%
----------- --------
Borrowed funds:
Repos and Federal funds purchased 434,280 11,116 5.16%
Other borrowings 1,396,961 36,919 5.33%
----------- --------
Total borrowings 1,831,241 48,035 5.29%
----------- --------
Total interest-bearing liabilities 5,748,712 114,875 4.03%
----------- --------
Non-interest-bearing demand deposits 1,229,658
Other liabilities 339,309
Shareholders' equity 650,463
-----------
Total liabilities and
shareholders' equity $7,968,142
===========

Tax equivalent net interest income/margin 245,308 6.72%
Less: non-taxable interest from securities
and loans 3,079 0.09%
-------- ------
Net interest income $242,229 6.63%
======== ======

Consumer loans, Core Bank $ 765,942 $ 33,977 8.95%
Loans, Core Bank $5,631,432 $213,191 7.63%

(1) Income and yield calculations are presented on an annualized and
fully taxable equivalent basis.
(2) Average securities balances are based on amortized historical
cost, excluding SFAS 115 adjustments to fair value which are included
in other assets.
(3) Nonaccrual loans are included in loan balances. Interest income
includes related fee income.

*T

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*T
Key Financial Ratios (unaudited)
For the Three- For the Six-Month
Month Periods Periods Ended
(dollars and shares in thousands) Ended June 30, June 30,
------------------------------------
2008 2007 2008 2007
--------- -------- -------- --------
Financial Ratios
Operating efficiency ratio
Consolidated 71.14% 48.67% 49.66% 43.37%
Operating efficiency ratio Core
Bank 71.29% 51.47% 71.28% 55.06%
Operating efficiency ratio RAL
and RT 70.10% 20.79% 34.37% 31.98%

Return on average equity
Consolidated -3.26% 19.99% 18.75% 26.29%
Return on average assets
Consolidated -0.32% 1.83% 1.75% 2.21%

Leverage ratio 9.79% 9.15% 9.35% 8.42%

As of June 30,
------------------
2008 2007
--------- --------

Tier 1 capital to Average
Tangible Assets ratio 8.4% 8.1%
Tier 1 capital to Risk Weighted
Assets ratio 10.1% 10.0%
Total Tier 1 & Tier 2 Capital
to Risk Weighted Assets ratio 13.1% 12.7%

Credit Quality Ratios
Allowance for loan losses
Consolidated $ 73,288 $43,549
Allowance for loan losses Core
Bank $ 73,288 $41,556
Allowance for loan losses RAL
and RT $ -- $ 1,993

For the Three- For the Six-Month
Month Periods Periods Ended
Ended June 30, June 30,
------------------ -----------------
2008 2007 2008 2007
--------- -------- -------- --------

Net charge-offs Consolidated $ 29,370 $ 9,444 $57,116 $85,553
Net charge-offs Core Bank $ 28,533 $ 4,110 $30,702 $15,967
Net charge-offs RAL and RT $ 837 $ 5,334 $26,414 $69,586

Annualized Consolidated net
charge-offs to Consolidated
average loans 2.11% 0.67% 2.01% 2.75%
Annualized Core Bank net
charge-offs to Core Bank
average loans 2.05% 0.29% 1.12% 0.57%
Annualized RAL and RT net
charge-offs to RAL and RT
average loans 21.37% 31.99% 26.12% 21.71%

As of June 30,
------------------
2008 2007
--------- --------
Non-performing assets
Nonaccrual loans $136,300 $20,690
Loans past due 90 days or
more on accrual status 749 747
Troubled debt restructured
loans 21,050 --
--------- --------
Total non-performing loans
(a) 158,099 21,437
Other real estate owned and
other foreclosed assets 3,695 2,967
--------- --------
Total non-performing assets (a) $161,794 $24,404
========= ========
(a) There were no non-
performing RAL loans as of
June 30, 2008 and 2007.

Non-performing loans to Core
Bank total loans held for
investment 2.78% 0.39%
Non-performing assets to Core
Bank total assets 2.16% 0.35%
Core Bank allowance for loan
losses to non-performing loans 46% 194%
Core Bank allowance for loan
losses to Core Bank total
loans held for investment 1.29% 0.76%

Book value per share
Actual shares outstanding at
end of period 46,195 47,092
Book value per share $ 15.36 $ 14.48
Tangible book value per share $ 11.86 $ 11.23

*T

-0-
*T
Reconciliation of GAAP to Non-GAAP Measures (unaudited)
Page 3 of Release for 2nd Quarter Earnings
(dollars in thousands)

As of June 30, 2008 Non-GAAP
---------------------------------------- -----------
06/30/2008
vs.
GAAP Non-GAAP 03/31/2008
Consolidated RALs Consolidated % Change
------------- ------------ ------------- -----------
Loans held for Annualized
investment
Real estate
Residential $1,175,267 $ -- $1,175,267 27.91%
Multi-family
residential 279,922 -- 279,922 -7.46%
Commercial 1,713,846 -- 1,713,846 21.81%
Construction 677,678 -- 677,678 -10.85%
Commercial
loans 1,233,030 -- 1,233,030 16.23%
Home equity
loans 413,832 -- 413,832 20.42%
Consumer loans 196,066 -- 196,066 -6.24%
Tax refund
loans (RALs) 1,000 (1,000) -- N/A
Leases -- -- -- N/A
Other loans 2,411 -- 2,411 -59.94%
------------ ------------ -------------
Gross loans
held for
investment $5,693,052 $ (1,000) $5,692,052 15.00%
============ ============ =============

As of March 31, 2008
----------------------------------------
GAAP Non-GAAP
Consolidated RALs Consolidated
------------- ------------ -------------
Loans held for
investment
Real estate
Residential $1,098,606 $ -- $1,098,606
Multi-family
residential 285,241 -- 285,241
Commercial 1,625,242 -- 1,625,242
Construction 696,577 -- 696,577
Commercial
loans 1,184,956 -- 1,184,956
Home equity
loans 393,732 -- 393,732
Consumer loans 199,171 -- 199,171
Tax refund
loans (RALs) 61,102 (61,102) --
Leases -- -- --
Other loans 2,836 -- 2,836
------------ ------------ -------------
Gross loans
held for
investment $5,547,463 $ (61,102) $5,486,361
============ ============ =============

As of June 30, 2007 Non-GAAP
---------------------------------------- -----------
Leasing, 06/30/2008
Residential vs.
GAAP RE (1), and Non-GAAP 06/30/2007
Consolidated RALs Consolidated % Change
------------- ------------ ------------- -----------
Loans held for
investment
Real estate
Residential $1,360,031 $ (353,280) $1,006,751 16.74%
Multi-family
residential 287,392 -- 287,392 -2.60%
Commercial 1,502,310 -- 1,502,310 14.08%
Construction 621,601 -- 621,601 9.02%
Commercial
loans 1,077,305 -- 1,077,305 14.46%
Home equity
loans 379,407 -- 379,407 9.07%
Consumer loans 213,682 -- 213,682 -8.24%
Tax refund
loans (RALs) 30,195 (30,195) -- N/A
Leases 14 (14) -- N/A
Other loans 2,314 -- 2,314 4.19%
------------ ------------ -------------
Gross loans
held for
investment $5,474,251 $ (383,489) $5,090,762 11.81%
============ ============ =============

(1) Used sold loan carrying balance at time of sale since, 100% of
Residential real estate loan portfolio was not sold.

As of
----------------------------------------
June 30, March 31,
2008 2008 June 30, 2007
------------ ------------ -------------

Total Deposits $4,639,199 $4,835,204 $4,783,977
Less:
Non-interest-
bearing
demand
deposits -
RAL 69,347 215,122 59,710
RAL brokered
CDs -- -- --
------------ ------------ -------------
Total Deposits
Core Bank $4,569,852 $4,620,082 $4,724,267
============ ============ =============

*T

-0-
*T
Reconciliation of GAAP to Non-GAAP Measures (unaudited)
Page 2 of Release for 2nd Quarter Earnings
(dollars in thousands)

For the Three-Month Periods Ended
Net Interest Margin June 30,
--------------------------------------
2008
------------------------------------
Consolidated Core Bank RAL and RT
------------- ----------- ----------

Net interest margin (tax
equivalent) 3.91% 3.74% N/A

Net interest income (tax
equivalent) $ 65,955 $ 63,029 $ 2,926

Interest income $ 103,375 $ 99,764 $ 3,611
Interest expense 39,007 38,322 685
------------- ----------- ----------
Net interest income $ 64,368 $ 61,442 $ 2,926
============= =========== ==========
Tax equivalent adjustment $ 1,587 $ 1,587 $ --

Average earning assets $6,789,281 $6,773,531 $ 15,750

For the Three-Month Period Ended
March 31,
------------------------------------
2008
------------------------------------
Consolidated Core Bank RAL and RT
------------- ----------- ----------

Net interest margin (tax
equivalent) 9.00% 3.64% N/A

Net interest income (tax
equivalent) $ 162,202 $ 60,997 $101,205

Interest income $ 211,020 $ 104,166 $106,854
Interest expense 49,835 44,186 5,649
------------- ----------- ----------
Net interest income $ 161,185 $ 59,980 $101,205
============= =========== ==========
Tax equivalent adjustment $ 1,017 $ 1,017 $ --

Average earning assets $7,252,540 $6,745,500 $507,040

Normalization for Second For the Three-Month Period ended June
Quarter 2007 Transactions 30, 2007
--------------------------------------
Indirect
GAAP Auto
Consolidated Portfolio Leasing
------------- ----------- ----------

Net interest income $ 66,835 $ -- $ --
Provision for loan losses 5,115 -- --
Non-interest income 48,859 850 (24,344)
Non-interest expense 57,059 (321) (1,427)
------------- ----------- ----------
Income before provision for
income taxes 53,520 1,171 (22,917)
------------- ----------- ----------
Provision for income taxes 20,354 492 (9,637)
------------- ----------- ----------
Net income $ 33,166 $ 679 $(13,280)
============= =========== ==========

Earnings per share - basic (1) $ 0.71 $ 0.01 $ (0.28)
Earnings per share - diluted
(1) $ 0.70 $ 0.01 $ (0.28)
Average number of shares -
basic 47,016
Average number of shares -
diluted 47,286
Efficiency ratio 48.67%

For the Three-Month Periods Ended June
Net Interest Margin 30,
--------------------------------------
2007
--------------------------------------
Consolidated Core Bank RAL and RT
------------- ------------- ----------

Net interest margin
(tax equivalent) 4.13% 4.01% N/A

Net interest income
(tax equivalent) $ 68,376 $ 65,699 $ 2,677

Interest income $ 120,392 $ 116,204 $ 4,188
Interest expense 53,557 52,046 1,511
------------- ------------- ----------
Net interest income $ 66,835 $ 64,158 $ 2,677
============= ============= ==========
Tax equivalent
adjustment $ 1,541 $ 1,541 $ --

Average earning assets $6,641,697 $6,574,816 $66,881

Net interest margin
(tax equivalent)

Net interest income
(tax equivalent)

Interest income
Interest expense
Net interest income
Tax equivalent
adjustment

Average earning assets

Normalization for For the Three-Month Period ended June 30, 2007
Second Quarter 2007
Transactions
-----------------------------------------------
Non-GAAP
Non-GAAP Less: Core
Severance Consolidated RAL and RT Bank
------------- ------------- ---------- --------

Net interest income $ -- $ 66,835 $ 2,677 $64,158
Provision for loan
losses -- 5,115 (281) 5,396
Non-interest income -- 25,365 8,036 17,329
Non-interest expense (769) 54,542 2,227 52,315
------------- ------------- ---------- --------
Income before provision
for income taxes 769 32,543 8,767 23,776
------------- ------------- ---------- --------
Provision for income
taxes 323 11,532 3,687 7,845
------------- ------------- ---------- --------
Net income $ 446 $ 21,011 $ 5,080 $15,931
============= ============= ========== ========

Earnings per share -
basic (1) $ 0.01 $ 0.45 $ 0.11 $ 0.34
Earnings per share -
diluted (1) $ 0.01 $ 0.44 $ 0.11 $ 0.34
Average number of
shares - basic
Average number of
shares - diluted
Efficiency ratio 58.18% 20.79% 63.01%

(1) Transaction summation difference is due to rounding.
*T

Pacific Capital Bancorp
Debbie Whiteley
Executive Vice President, Investor Relations
805-884-6680
Debbie.Whiteley@pcbancorp.com

Copyright Business Wire 2008