Financial Corporation of Santa Barbara posted a...

Financial Corporation of Santa Barbara posted a profit of $4.1 million for the quarter ended Sept. 30, 1986, reported Philip R. Brinkerhoff, president and chief executive, a big increase over the $2.1-million earned for the same period last year. Brinkerhoff said: “We’re very pleased by our third-quarter results and the fact that it extended our trend of profitability. The continuing moderate interest-rate environment enabled us to further lower our cost of funds (after the effect of hedging) to 8.09% at Sept. 30, 1986, from 8.52% at June 30, and 9.24% at Sept. 30, 1985. This, combined with the company’s growth to more than $4 billion in assets, led directly to a substantial increase in the company’s net interest income, to $10.2 million from $5.6 million for the quarter.