Pacific Capital Bancorp in Santa Barbara, Calif., earned $20.8 million in the fourth quarter in its first full quarter after a $500 million capital infusion from a unit of Ford Financial Fund last year.
A year earlier, Pacific reported a $20 million fourth-quarter loss.
The $6.2 billion-asset company's loan-loss provision was $535,000, compared to $37.6 million a year earlier. Pacific said in a press release on Wednesday that the provision was only tied to loans it had originated since the Aug. 31 infusion.
Through push-down accounting related to the change in control, the company marked its portfolio to fair market value last year, however regulators still require the bank to mark delinquent loans as noncurrent. In a call report filed with the Federal Deposit Insurance Corp. for its bank, Pacific showed that total noncurrent loans made up 27.8% of the bank's portfolio at Dec. 31.