Pacific Capital puts off Earnings

Pacific Capital Bancorp missed its scheduled date to report earnings, and is not offering any specifics on when investors might be informed.

PCBC was supposed to reports its third quarter results on October 27th.  It is hardly a good time.  Pacific Capital has been the focus of a lot of attention lately, most of it negative.  So, they missed their reporting date.  It is hard to know why, but of course, there are more than a few possibilities:

One, PCBC could just be slow in getting its administrative work done.  That doesn’t seem likely, though.  Two, PCBC could have some horrible losses.  They might be working overtime to try to find a way to shine a better view on them.  They might be deciding which leader should be scapegoated, and if such an offering might be enough to quench the thirst of their investors.  Third, they could be negotiating a sale.  Fourth, they could be in hot water with the FDIC.  That’s not likely to change reporting deadlines, though, as the FDIC doesn’t give much notice before it arrives on any Friday afternoon.

I asked Debbie Whiteley, who leads investor relations, about when people might get to find out what is going on.

In an email, she said that, “We have not announced.  The 10-Q is due to file on Monday, November 9th.”

It has been a tough period for PCBC.  Some highlight’s from the last 10-Q:

• assets decline $2.26 billion since first of the year
• provision for loan losses increases $192.5 million in second quarter (most due to the performance of their refund anticipation loan business.)
• goodwill impairment charge of $128 million

Noma Bruton, “Chief People Officer,” doesn’t think things are too rosy.  She sold 596 shares at $1.35 in a reporting announced this week.  As well, Gordon Wahlgren has reported insider activity for more than 13,000 shares this month.