Santa Barbara-based Pacific Capital Bancorp announced July 23 financial results for the second quarter ended June 30, showing a net of $5.9 million, or 13 cents per diluted share, compared to net income of $33.2 million, or 70 cents per diluted share, in the same period last year.

The results include a provision for loan losses of $37.2 million, which reflects a provision for loan losses in the core bank of $43.5 million and a negative provision related to Refund Anticipation Loan, or RAL, losses of $6.4 million.

Net income for the same quarter of 2007 was positively impacted by a $23.5 million pre-tax gain on the sale of the company’s Indirect Auto and Equipment Leasing loan portfolios. The second-quarter loan loss provision for the company included about $29.3 million to cover charge-offs in the quarter, including approximately $13.7 million in home building and land loans.

The bank’s non-interest income was $22.2 million in the second quarter of 2008, compared with $48.9 million in the second quarter of 2007. The decrease was mostly impacted by the sale of the indirect auto and equipment leasing loan portfolios, Pacific Capital reported.

Total gross loans were $5.7 billion at June 30, compared with $5.5 billion a year earlier. Total deposits were $4.6 billion at June 30, compared to $4.8 billion at March 31.

Through the first six months of 2008, the Company’s RAL and RT programs generated $117.9 million in pre-tax income, an increase of 81.3 percent from the $65.0 million during the same period in 2007. The negative provision for RAL related loan losses of $6.4 million was attributable to greater than expected collections during the second quarter, bank officials said.