Record Earnings for Santa Barbara Bancorp

Santa Barbara Bancorp, parent company of Santa Barbara Bank & Trust, announced record earnings for 1997 as well as the fourth quarter.

Earnings for 1997 were $20.1 million or $2.58 per share, compared with $15.7 million or $2.01 per share for 1996. Earnings for the fourth quarter of 1997 were $4.7 million or 60 cents per share, compared with $4.3 million or 55 cents per share for the same quarter a year earlier.

According to Tom Thomas, president and CEO of Santa Barbara Bank & Trust, the company’s success is due largely to its expansion into northern Santa Barbara County, continued growth in its three original Ventura County offices and the opening of two new ones.

The bank’s loans and leases increased last year by 29%, going from $684 million at the end of 1996 to $881 million at the end of 1997. Deposits grew $291 million, or 26%, to $1.4 billion.

In December, the board of directors declared a quarterly dividend of 26 cents per share. The next dividend will be paid Feb. 18 to shareholders of record on Jan. 28.