UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 27, 2005
Pacific Capital Bancorp
(Exact name of registrant as specified in its charter)
California 0-11113 95-3673456
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1021 Anacapa Street, Santa Barbara, CA 93101
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (805) 564-6405
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 8.01 Other Events.
On January 27, 2005 Pacific Capital Bancorp (the "Company") issued a press
release announcing its financial results for the quarter and the year ended
December 31, 2004. A copy of the press release, including unaudited financial
information released as a part thereof, is included as Exhibit 99.1 to this
Current Report on Form 8-K and is incorporated herein by reference. The Company
will include detailed financial statements and additional analyses for the
annual period ended December 31, 2004, as part of its Form 10-K covering that
period.
The press release contains financial information determined by methods other
than in accordance with Generally Accepted Accounting Principles ("GAAP") for
the United States. 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") and the Company has amounts and ratios computed by
excluding the assets, liabilities, and results of operation for the Company
refund loan and transfer programs.
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 unusual activities, 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.
Non-GAAP information presented by other companies may not be comparable
to that presented herein, since each company may define non-GAAP measures
differently.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits:
Exhibit No. Description
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99.1 Press release dated January 27, 2005.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
PACIFIC CAPITAL BANCORP
Date: January 27, 2005 /s/ Donald Lafler
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Donald Lafler
Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit Number Description of Exhibits
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99.1 Pacific Capital Bancorp press release dated January 27,
2005 with respect to financial results for the quarter
and year ended December 31, 2004.