Pacific Capital Bancorp of Santa Barbara, Calif., lowered its first-quarter and full-year earnings estimates.
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The $7.5 billion-asset Pacific Capital said Friday that it expects to report first-quarter diluted earnings of $1.21 to $1.23 a share and full-year earnings of $2.05 to $2.11.
The average of analysts' estimates call for fully reported earnings of $1.50 for the quarter and $2.30 for the year, according to Thomson Financial.
Pacific Capital cited reduced expectations for its tax refund anticipation loans and its refund transfer programs. Last week Pacific Capital announced that it would stop making paystub and holiday loans.
