Exhibit 99.2

Contact:	Gary Wehrle	Pacific Crest Capital, Inc.
	Chief Executive Officer	30343 Canwood Street
	818-865-3300	Agoura Hills, CA 91301



NEWS

PACIFIC CREST CAPITAL, INC. REPORTS FOURTH QUARTER 2003 RESULTS

Agoura Hills, California, February 9, 2004...Pacific Crest Capital, Inc. (Nasdaq NM-PCCI) today reported that net income for the fourth quarter ended December 31, 2003 was $1,856,000, or $0.36 per diluted share. On a pro forma basis, excluding after-tax merger related costs of $393,000, net income for the fourth quarter ended December 31, 2003 was $2,249,000, or $0.43 per diluted share. Net income for the comparable quarter in 2002 was $2,145,000, or $0.40 per diluted share.

Net income for the year ended December 31, 2003 was $7,462,000, or $1.42 per diluted share. On a pro forma basis, excluding after-tax merger related costs of $808,000 and after-tax non-operating expenses of $494,000 associated with the early retirement of 9.375% Trust Preferred Securities, net income for the year ended December 31, 2003 was $8,764,000, or $1.67 per diluted share. Net income for the prior year ended December 31, 2002 was $7,362,000, or $1.37 per diluted share. On a pro forma basis, diluted earnings per share increased by 21.9% for the year ended December 31, 2003 as compared to the same period in 2002.

Return on average common equity was 17.3% for the fourth quarter ended December 31, 2003 and 17.1% for the year ended December 31, 2003. On a pro forma basis, excluding the aforementioned merger related costs and non-operating expenses associated with the early retirement of 9.375% Trust Preferred Securities, return on average common equity was 21.0% for the fourth quarter ended December 31, 2003 and 20.1% for the year ended December 31, 2003.

The Company has attached a “Pro Forma Reconciliations” schedule to reconcile the above GAAP amounts and ratios to their related pro forma amounts and ratios. Management believes that the pro forma amounts and ratios are more indicative of the operating

performance of the Company during the three and twelve month periods ended December 31, 2003.

The Company previously announced in a press released dated October 16, 2003, that it has signed a definitive merger agreement under which the Company will be acquired by Pacific Capital Bancorp (Nasdaq PCBC) in an all cash transaction in which PCBC will pay $26.00 for each diluted share of Pacific Crest Capital, Inc. common stock. The merger transaction has received regulatory approval and approval from the Company’s shareholders and is expected to close in early March of 2004. Sandler O’Neill & Partners, L.P., an investment banking firm, has been retained by the Company as a financial advisor for the merger.

The Company previously reported that the Board of Directors declared a $0.10 per common share quarterly cash dividend payable on Tuesday, February 24, 2004 to the Company’s shareholders of record as of Monday, February 16, 2004.

Discussing 2003 financial performance, Gary Wehrle, Chief Executive Officer, stated, “We are very pleased with the 21.9% increase in pro forma diluted earnings per share and the pro forma 20.1% return on average common equity. Given the low interest rate environment and the economic climate of the past year, these are particularly strong operating results.” He added, “The low interest rate environment and economic conditions resulted in a 7.4% decline in the Company’s loan portfolio during 2003 as loan payoffs were high and the Company maintained strict credit quality controls.”

Discussing asset quality, Mr. Wehrle commented, “Asset quality remained stellar throughout 2003 as total net credit losses were only $24,000, or 0.01% of average loans, and on a cumulative basis over the past five years ended December 31, 2003, loan recoveries have exceeded loan charge-offs. Additionally, total non-performing assets were a very low 0.11% of total assets as of December 31, 2003. Our entire lending team has done a superb job managing loan quality through the changing economic conditions of the last few years.”

In discussing the pending merger with Pacific Capital Bancorp, Mr. Wehrle stated, “Our employees are looking forward to joining forces with PCBC, a larger, more diversified, and very successful community bank. The merger will enable us to expand products and services offered to current and future customers within our geographic footprint. The customer centric cultures of our two organizations are matched, and so is our mutual focus on recruiting and retaining the most skilled and experienced bankers in the industry who remain

committed to the future of independent banking. We are very excited about the business prospects resulting from this merger.”

In closing, Mr. Wehrle added, “The Company was formed in December of 1993 in a spinoff and the Company’s stock has appreciated very well over the past decade. We were fortunate to have a great group of employees, a terrific Board of Directors, and very supportive and helpful shareholders. Thank you all for creating the environment of success for our Company and for a rich and rewarding experience.”

Pacific Crest Capital, Inc. is a bank holding company that conducts business primarily through its wholly owned subsidiary, Pacific Crest Bank (“Bank”). Since its establishment in 1974, Pacific Crest Bank has operated as a specialized business bank providing exceptional service to California’s small businesses, entrepreneurs, and investors. Products offered include customized loans on income producing real estate, business loans under the U.S. Small Business Administration (“SBA”) 7(a) and 504 loan programs, lines of credit and term loans to businesses and professionals, and specialized FDIC-insured savings and checking account programs. The Bank is an SBA “Preferred Lender” in California, Oregon, and Arizona. Pacific Crest Bank is headquartered in Agoura Hills, California, operates three California full-service branches located in Beverly Hills, Encino, and San Diego, and provides loan production services primarily throughout California, Oregon, and Arizona.

Previously released Company press releases, reports filed with the Securities and Exchange Commission, and other information is available on the Company’s website at www.paccrest.com.

Certain matters discussed in this news release constitute forward-looking statements under Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements are subject to certain risks and uncertainties that could cause the actual results, performance, or achievements to differ materially from those expressed, suggested or implied by the forward-looking statements. These risks include, but are not limited to, general economic conditions nationally and in California; unanticipated credit losses in the Company’s loan portfolio; rapid changes in interest rates; possible terrorist acts; possible changes in government sponsored SBA programs; the Company’s ability to consummate the merger with Pacific Capital Bancorp, and other risks discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2002, which has been filed with the Securities and Exchange Commission.

PACIFIC CREST CAPITAL, INC.

SELECTED FINANCIAL DATA

(Unaudited)

	At or For the Years Ended December 31,
(Dollars in thousands, except per share data)	2003			2002			2001			2000			1999
Earnings for the Year:
Net interest income	$	23,852		$	23,447		$	19,109		$	17,979		$	19,171
Provision for loan losses	(174		)	(471		)	(660		)	(604		)	(1,677		)
Non-interest income	4,922			2,488			2,531			1,713			2,459
Non-interest expense	(15,655		)	(13,239		)	(11,861		)	(10,046		)	(11,483		)
Income before income taxes	12,945			12,225			9,119			9,042			8,470
Income tax provision	(5,483		)	(4,863		)	(3,734		)	(3,772		)	(3,415		)
Net income	$	7,462		$	7,362		$	5,385		$	5,270		$	5,055

Per Share Data:
Cash dividends per common share	$	0.31		$	0.18		$	0.16		$	0.14		$	0.12
Diluted earnings per common share	1.42			1.37			1.02			1.00			0.91
Basic earnings per common share	1.60			1.52			1.09			1.04			0.95
Book value per common share	9.79			9.31			7.85			6.74			4.91

Performance Ratios:
Return on average equity	17.08		%	18.07		%	14.86		%	19.31		%	18.05		%
Return on average assets	1.25		%	1.32		%	0.95		%	0.82		%	0.83		%
Net interest rate spread (1)	3.94		%	4.03		%	3.06		%	2.48		%	2.94		%
Net interest margin (2)	4.12		%	4.30		%	3.43		%	2.80		%	3.19		%
Operating expense to average assets (3)	2.35		%	2.37		%	2.10		%	1.59		%	1.87		%
Efficiency ratio (4)	49.51		%	49.49		%	55.05		%	53.58		%	54.28		%

Asset Quality Data:
Non-accrual loans	$	605		$	—		$	—		$	—		$	210
Non-performing assets	605			—			—			—			210
Net (charge-offs) recoveries	(24		)	168			46			186			(251		)
Non-accrual loans to total loans	0.14		%	0.00		%	0.00		%	0.00		%	0.06		%
Non-perfoming assets to total assets	0.11		%	0.00		%	0.00		%	0.00		%	0.03		%
Allowance for loan losses to total loans	2.07		%	1.88		%	1.72		%	1.81		%	1.76		%
Net (charge-offs) recoveries to average loans	(0.01		)%	0.04		%	0.01		%	0.05		%	(0.07		)%

Loan Originations:
Income property loans	$	69,315		$	77,108		$	99,613		$	67,122		$	127,604
Commercial business loans	450			—			6,225			—			—
SBA business loans:
7(a) loans - guaranteed portion	18,744			14,115			10,667			8,064			3,064
7(a) loans - unguaranteed portion	6,427			4,487			3,394			2,662			985
Total 7(a) loans	25,171			18,602			14,061			10,726			4,049
504 first lien loans	205			3,910			4,758			1,334			—
504 second lien loans	2,722			3,056			4,589			1,080			—
Total 504 loans	2,927			6,966			9,347			2,414			—
Total SBA business loans	28,098			25,568			23,408			13,140			4,049
Total loan originations	$	97,863		$	102,676		$	129,246		$	80,262		$	131,653

Balance Sheet Data:
Investment securities, at market	$	128,405		$	73,418		$	58,952		$	234,448		$	240,760
Loans, net of deferred loan fees	422,621			456,127			461,975			400,285			365,952
Assets	566,964			603,744			544,758			648,660			623,260
Deposits	309,543			359,496			401,523			498,837			484,384
Borrowings	206,930			137,250			97,250			108,750			107,750
Shareholders’ equity	44,932			45,179			37,975			33,930			25,549

(1) (2) (3) (4) See corresponding respective notes (1) (2) (3) (4) on page 6.

PACIFIC CREST CAPITAL, INC.

PRO FORMA RECONCILIATIONS

(Unaudited)

	Three Months Ended December 31,						Twelve Months Ended December 31,
(Dollars in thousands, except per share data)	2003			2002			2003			2002

GAAP Diluted Earnings Per Share (1)	$	0.36		$	0.40		$	1.42		$	1.37
Pro Forma Diluted Earnings Per Share (2)	0.43			0.40			1.67			1.37

GAAP Return on Average Equity (3)	17.30		%	19.94		%	17.08		%	18.07		%
Pro Forma Return on Average Equity (4)	20.97		%	19.94		%	20.06		%	18.07		%

GAAP Return on Average Assets (5)	1.28		%	1.51		%	1.25		%	1.32		%
Pro Forma Return on Average Assets (6)	1.55		%	1.51		%	1.47		%	1.32		%

Reconciliation of GAAP Net Income to Pro Forma Net Income:
GAAP net income	$	1,856		$	2,145		$	7,462		$	7,362
Add:
Write-off of deferred issuance costs on trust preferred securities, net of tax	—			—			494			—
Merger related costs (not tax deductible)	393			—			808			—
*Pro forma net income*	$	2,249		$	2,145		$	8,764		$	7,362

Reconciliation of GAAP Pre-tax Income to Pro Forma Pre-Tax Income:
GAAP pre-tax income	$	2,954		$	3,532		$	12,945		$	12,225
Add:
Write-off of deferred issuance costs on trust preferred securities	—			—			852			—
Merger related costs	393			—			808			—
*Pro forma pre-tax income*	$	3,347		$	3,532		$	14,605		$	12,225

Weighted Average Diluted Common Shares (in thousands)	5,171			5,371			5,245			5,359

Average Balances:
Average shareholders’ equity	$	42,908		$	43,025		$	43,684		$	40,752
Average total assets	580,031			567,081			595,517			556,723

(1) GAAP net income divided by weighted average diluted common shares.

(2) Pro forma net income divided by weighted average diluted common shares.

(3) GAAP net income divided by average shareholders’ equity.

(4) Pro forma net income divided by average shareholders’ equity.

(5) GAAP net income divided by average total assets.

(6) Pro forma net income divided by average total assets.

PACIFIC CREST CAPITAL, INC.

SELECTED FINANCIAL DATA

(Unaudited)

(Dollars in thousands, except per share data)	Three Months Ended December 31,								Twelve Months Ended December 31,
(Dollars in thousands, except per share data)	2003			2002			% Change		2003			2002			% Change
Earnings and Dividends:
Net income	$	1,856		$	2,145		(13.47	)%	$	7,462		$	7,362		1.36	%
Diluted earnings per share	0.36			0.40			(10.00	)%	1.42			1.37			3.65	%
Cash dividends per share	0.10			0.05			100.00	%	0.31			0.18			72.22	%

Performance Ratios:
Return on average equity	17.30		%	19.94		%			17.08		%	18.07		%
Return on average assets	1.28		%	1.51		%			1.25		%	1.32		%
Net interest rate spread (1)	3.96		%	4.37		%			3.94		%	4.03		%
Net interest margin (2)	4.13		%	4.60		%			4.12		%	4.30		%
Operating expense to average assets (3)	2.67		%	2.25		%			2.35		%	2.37		%
Efficiency ratio (4)	53.44		%	46.61		%			49.51		%	49.49		%

Average Balances:
Average shareholders’ equity	$	42,908		$	43,025		(0.27	)%	$	43,684		$	40,752		7.19	%
Average total assets	580,031			567,081			2.28	%	595,517			556,723			6.97	%

Loan Activity:
Loan originations	$	29,023		$	24,342		19.23	%	$	97,863		$	102,676		(4.69	)%
Loan sales - SBA	6,466			—			100.00	%	23,514			6,356			269.95	%

Allowance for Loan Losses Activity:
Allowance at beginning of period	$	8,735		$	8,583				$	8,585		$	7,946
Provision for loan losses	24			46					174			471
Net (charge-offs) recoveries:
Charge-offs	(24		)	(44		)			(24		)	(210		)
Recoveries	—			—					—			378
Total net (charge-offs) recoveries	(24		)	(44		)			(24		)	168
Allowance at end of period	$	8,735		$	8,585				$	8,735		$	8,585
Annualized net (charge-offs) recoveries to average loans	(0.02		)%	(0.04		)%			(0.01		)%	0.04		%

	December 31, 2003			September 30, 2003			% Change		December 31, 2003			December 31, 2002			% Change
Balance Sheet Data:
Investment securities, at market	$	128,405		$	141,749		(9.41	)%	$	128,405		$	73,418		74.90	%
Loans, net of deferred loan costs	422,621			437,762			(3.46	)%	422,621			456,127			(7.35	)%
Assets	566,964			592,278			(4.27	)%	566,964			603,744			(6.09	)%
Deposits	309,543			336,034			(7.88	)%	309,543			359,496			(13.90	)%
Borrowings	206,930			204,030			1.42	%	206,930			137,250			50.77	%
Shareholders’ equity	44,932			43,220			3.96	%	44,932			45,179			(0.55	)%

(1) Net interest rate spread is defined as the yield earned on average total interest-earning assets less the rate paid on average total interest-bearing liabilities.

(2) Net interest margin is defined as annualized net interest income divided by average total interest-earning assets.

(3) Operating expense is defined as total non-interest expense less other real estate owned and collection expenses, write-off of deferred issuance costs on trust preferred securities, and merger related costs.

(4) Efficiency ratio is defined as operating expense divided by the sum of net interest income, loan prepayment and late fee income, gain on sale of SBA 7(a) loans, gain on sale of SBA 504 loans and broker fee income, and other income.

PACIFIC CREST CAPITAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended December 31,					Twelve Months Ended December 31,
(Dollars and shares in thousands, except per share data)	2003		2002			2003		2002
	(Unaudited)					(Audited)
Interest income:
Loans	$	7,734	$	9,084		$	32,615	$	37,405
Securities purchased under resale agreements	—		20			28		171
Investment securities available for sale:
U.S. agency mortgage-backed securities	1,530		924			5,775		3,613
Corporate debt securities	15		36			65		153
Total interest on investment securities	1,545		960			5,840		3,766
*Total interest income*	9,279		10,064			38,483		41,342

Interest expense:
Checking accounts	33		52			157		234
Savings accounts	471		563			1,921		2,577
Certificates of deposit	1,283		1,847			5,936		9,603
Total interest on deposits	1,787		2,462			8,014		12,414

FHLB advances	1,092		869			4,398		2,192
Term borrowings	—		10			—		1,672
Trust preferred securities	490		404			2,219		1,617
Total interest on borrowings	1,582		1,283			6,617		5,481
*Total interest expense*	3,369		3,745			14,631		17,895

Net interest income	5,910		6,319			23,852		23,447
Provision for loan losses	24		46			174		471
Net interest income after provision for loan losses	5,886		6,273			23,678		22,976

Non-interest income:
Loan prepayment and late fee income	407		238			988		822
Gain on sale of SBA 7(a) loans	558		—			1,839		221
Gain on sale of SBA 504 loans and broker fee income	17		65			319		1,201
Gain (loss) on sale of investment securities	—		(81		)	516		(763		)
Other income	348		231			1,260		1,007
*Total non-interest income*	1,330		453			4,922		2,488

Non-interest expense:
Salaries and employee benefits	2,780		2,065			9,319		8,787
Net occupancy expenses	437		409			1,750		1,796
Communication and data processing	239		245			987		1,020
Legal, audit, and other professional fees	235		188			900		525
Other expenses	178		287			1,035		1,085
*Total operating expense*	3,869		3,194			13,991		13,213
Write-off of deferred issuance costs on
trust preferred securities	—		—			852		—
Merger related costs	393		—			808		—
Other real estate owned and collection expenses	—		—			4		26
Total non-interest expense	4,262		3,194			15,655		13,239
Income before income taxes	2,954		3,532			12,945		12,225
Income tax provision	1,098		1,387			5,483		4,863
*Net income*	$	1,856	$	2,145		$	7,462	$	7,362

Earnings per share:
Basic	$	0.41	$	0.44		$	1.60	$	1.52
Diluted	$	0.36	$	0.40		$	1.42	$	1.37

Weighted average shares:
Basic	4,562		4,840			4,672		4,855
Diluted	5,171		5,371			5,245		5,359

PACIFIC CREST CAPITAL, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(Dollars and shares in thousands, except per share data)	December 31, 2003		September 30, 2003		June 30, 2003		March 31, 2003		December 31, 2002
Interest income:
Loans	$	7,734	$	8,047	$	8,271	$	8,563	$	9,084
Securities purchased under resale agreements	—		14		5		9		20
Investment securities available for sale:
U.S. agency mortgage-backed securities	1,530		1,317		1,668		1,260		924
Corporate debt securities	15		15		16		19		36
Total interest on investment securities	1,545		1,332		1,684		1,279		960
*Total interest income*	9,279		9,393		9,960		9,851		10,064

Interest expense:
Checking accounts	33		33		43		48		52
Savings accounts	471		481		463		506		563
Certificates of deposit	1,283		1,458		1,569		1,626		1,847
Total interest on deposits	1,787		1,972		2,075		2,180		2,462

FHLB advances	1,092		1,116		1,135		1,055		869
Term borrowings	—		—		—		—		10
Trust preferred securities	490		606		690		433		404
Total interest on borrowings	1,582		1,722		1,825		1,488		1,283
*Total interest expense*	3,369		3,694		3,900		3,668		3,745

Net interest income	5,910		5,699		6,060		6,183		6,319
Provision for loan losses	24		50		50		50		46
Net interest income after provision for loan losses	5,886		5,649		6,010		6,133		6,273

Non-interest income:
Loan prepayment and late fee income	407		243		181		157		238
Gain on sale of SBA 7(a) loans	558		424		476		381		—
Gain on sale of SBA 504 loans and broker fee income	17		70		159		73		65
Gain (loss) on sale of investment securities	—		—		496		20		(81		)
Other income	348		364		267		281		231
*Total non-interest income*	1,330		1,101		1,579		912		453

Non-interest expense:
Salaries and employee benefits	2,780		2,174		2,115		2,250		2,065
Net occupancy expenses	437		425		457		431		409
Communication and data processing	239		239		302		207		245
Legal, audit, and other professional fees	235		219		262		184		188
Other expenses	178		278		285		294		287
*Total operating expense*	3,869		3,335		3,421		3,366		3,194
Write-off of deferred issuance costs on trust preferred securities	—		493		359		—		—
Merger related costs	393		415		—		—		—
Other real estate owned and collection expenses	—		4		—		—		—
Total non-interest expense	4,262		4,247		3,780		3,366		3,194

Income before income taxes	2,954		2,503		3,809		3,679		3,532
Income tax provision	1,098		1,224		1,611		1,550		1,387
*Net income*	$	1,856	$	1,279	$	2,198	$	2,129	$	2,145

Earnings per share:
Basic	$	0.41	$	0.28	$	0.47	$	0.44	$	0.44
Diluted	$	0.36	$	0.25	$	0.42	$	0.40	$	0.40

Weighted average shares:
Basic	4,562		4,578		4,697		4,856		4,840
Diluted	5,171		5,151		5,268		5,382		5,371

PACIFIC CREST CAPITAL, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)	December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002
	(Audited)			(Unaudited)			(Unaudited)			(Unaudited)			(Audited)
Assets
Cash	$	6,263		$	4,096		$	4,476		$	4,038		$	3,199
Securities purchased under resale agreements	95			95			1,196			2,734			7,802
Cash and cash equivalents	6,358			4,191			5,672			6,772			11,001

U.S. agency mortgage-backed securities	126,410			139,784			127,282			130,291			70,516
Corporate debt securities	1,995			1,965			1,912			1,818			2,902
*Total investment securities, at market*	128,405			141,749			129,194			132,109			73,418

Unsettled mortgage-backed securities trades	—			—			—			—			56,672

Loans held for investment	406,535			422,566			431,574			435,053			432,196
Loans held for sale	16,291			15,386			17,220			21,316			23,734
*Total gross loans*	422,826			437,952			448,794			456,369			455,930
Deferred loan (fees) costs	(205		)	(190		)	25			196			197
Allowance for loan losses	(8,735		)	(8,735		)	(8,685		)	(8,635		)	(8,585		)
Total net loans	413,886			429,027			440,134			447,930			447,542

Investment in FHLB stock	9,500			9,401			9,574			9,129			6,306
Deferred income taxes, net	3,731			3,236			2,925			3,449			3,596
Accrued interest receivable	2,297			2,387			2,525			2,507			2,353
Prepaid expenses and other assets	1,856			1,367			1,779			2,056			1,749
Premises and equipment	931			920			941			1,031			1,107
Total other assets	18,315			17,311			17,744			18,172			15,111
*Total assets*	$	566,964		$	592,278		$	592,744		$	604,983		$	603,744

Liabilities
Non-interest-bearing checking	$	5,673		$	4,424		$	2,558		$	3,122		$	2,800
Interest-bearing checking	14,432			14,454			14,714			13,879			13,214
Total checking accounts	20,105			18,878			17,272			17,001			16,014
Savings accounts	131,427			131,926			134,458			135,287			128,420
Certificates of deposit	158,011			185,230			200,153			208,747			215,062
*Total deposits*	309,543			336,034			351,883			361,035			359,496

FHLB advances	177,600			174,700			160,000			160,000			120,000
Trust preferred securities	29,330			29,330			29,330			30,580			17,250
*Total borrowings*	206,930			204,030			189,330			190,580			137,250

Accrued interest payable and other liabilities	5,559			8,994			7,447			7,286			5,807
Accounts payable for unsettled securities trades	—			—			—			—			56,012
*Total liabilities*	522,032			549,058			548,660			558,901			558,565

Shareholders’ Equity
Common stock, at par	60			60			60			60			60
Additional paid-in capital	27,520			27,309			27,355			27,402			27,471
Beginning retained earnings	25,628			25,628			25,628			25,628			19,140
Year-to-date earnings	7,462			5,606			4,327			2,129			7,362
Year-to-date dividends	(1,432		)	(976		)	(521		)	(243		)	(874		)
Accumulated other comprehensive income	1,003			1,303			1,723			1,052			1,296
Common stock in treasury, at cost	(15,309		)	(15,710		)	(14,488		)	(9,946		)	(9,276		)
*Total shareholders’ equity*	44,932			43,220			44,084			46,082			45,179
Total liabilities and shareholders’ equity	$	566,964		$	592,278		$	592,744		$	604,983		$	603,744

PACIFIC CREST CAPITAL, INC.

CONSOLIDATED AVERAGE BALANCE SHEETS, YIELDS AND RATES

(Unaudited)

	Three Months Ended
(Dollars in thousands)	December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002
Average Interest-Earning Assets:
Loans, net of deferred loan costs	$	434,278		$	443,389		$	452,383		$	458,169		$	460,628
Securities purchased under resale agreements	93			5,243			1,650			3,453			6,164

Investment securities - at amortized cost:
U.S. agency mortgage-backed securities	130,924			124,562			142,043			107,832			75,048
Corporate debt securities	2,285			2,283			2,280			2,425			3,456
Total investment securities	133,209			126,845			144,323			110,257			78,504
*Total interest-earning assets*	$	567,580		$	575,477		$	598,356		$	571,879		$	545,296

Average Interest-Bearing Liabilities:
Checking accounts	$	19,690		$	17,546		$	16,889		$	15,856		$	16,293
Savings accounts	131,216			133,980			134,558			131,365			129,787
Certificates of deposit	174,488			192,389			202,469			206,301			219,014
Total deposits	325,394			343,915			353,916			353,522			365,094

FHLB advances	173,479			161,478			173,403			160,148			120,595
Term borrowings	—			—			—			—			652
Trust preferred securities	29,330			33,026			35,050			19,028			17,250
Total borrowings	202,809			194,504			208,453			179,176			138,497
*Total interest-bearing liabilities*	$	528,203		$	538,419		$	562,369		$	532,698		$	503,591

Yields on Average Interest-Earning Assets:
Loans, net of deferred loan costs	7.07		%	7.20		%	7.33		%	7.58		%	7.82		%
Securities purchased under resale agreements	0.00		%	1.06		%	1.22		%	1.06		%	1.29		%

Investment securities - at amortized cost:
U.S. agency mortgage-backed securities	4.67		%	4.23		%	4.70		%	4.67		%	4.92		%
Corporate debt securities	2.63		%	2.63		%	2.81		%	3.13		%	4.17		%
Total investment securities	4.64		%	4.20		%	4.67		%	4.64		%	4.89		%
*Total interest-earning assets*	6.49		%	6.48		%	6.68		%	6.99		%	7.32		%

Rates on Average Interest-Bearing Liabilities:
Checking accounts	0.66		%	0.75		%	1.02		%	1.23		%	1.27		%
Savings accounts	1.42		%	1.42		%	1.38		%	1.56		%	1.72		%
Certificates of deposit	2.92		%	3.01		%	3.11		%	3.20		%	3.35		%
Total deposits	2.18		%	2.27		%	2.35		%	2.50		%	2.68		%

FHLB advances	2.50		%	2.74		%	2.63		%	2.67		%	2.86		%
Term borrowings	—			—			—			—			6.00		%
Trust preferred securities	6.59		%	7.26		%	7.87		%	9.10		%	9.37		%
Total borrowings	3.09		%	3.51		%	3.51		%	3.35		%	3.69		%
*Total interest-bearing liabilities*	2.53		%	2.72		%	2.78		%	2.79		%	2.95		%

Net Interest Rate Spread	3.96		%	3.76		%	3.90		%	4.20		%	4.37		%
Net Interest Margin	4.13		%	3.93		%	4.06		%	4.38		%	4.60		%

PACIFIC CREST CAPITAL, INC.

SELECTED FINANCIAL DATA

(Unaudited)

	At or For the Three Months Ended
(Dollars and shares in thousands, except per share data)	December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002
Loan Originations:
Income property loans	$	19,344		$	8,338		$	16,668		$	24,965		$	19,858
Commercial business loans	—			—			450			—			—
SBA business loans:
7(a) loans - guaranteed portion	6,932			6,036			3,615			2,161			1,550
7(a) loans - unguaranteed portion	2,291			1,972			1,481			683			476
Total 7(a) loans	9,223			8,008			5,096			2,844			2,026
504 first lien loans	—			—			—			205			1,366
504 second lien loans	456			525			1,583			158			1,092
Total 504 loans	456			525			1,583			363			2,458
Total SBA business loans	9,679			8,533			6,679			3,207			4,484
Total loan originations	$	29,023		$	16,871		$	23,797		$	28,172		$	24,342

Loan Sales:
SBA 7(a) loans - guaranteed portion	$	6,466		$	5,975		$	5,745		$	3,946		$	—
SBA 504 first lien loans	—			—			685			697			—
Total SBA loan sales	$	6,466		$	5,975		$	6,430		$	4,643		$	—

Performance Ratios:
Return on average equity	17.30		%	12.12		%	19.86		%	18.75		%	19.94		%
Return on average assets	1.28		%	0.87		%	1.43		%	1.42		%	1.51		%
Net interest rate spread (1)	3.96		%	3.76		%	3.90		%	4.20		%	4.37		%
Net interest margin (2)	4.13		%	3.93		%	4.06		%	4.38		%	4.60		%
Operating expense to average assets (3)	2.67		%	2.26		%	2.23		%	2.25		%	2.25		%
Efficiency ratio (4)	53.44		%	49.04		%	47.89		%	47.58		%	46.61		%

Average Balances:
Average shareholders’ equity	$	42,908		$	42,196		$	44,265		$	45,411		$	43,025
Average total assets	580,031			590,150			613,410			598,743			567,081

Per Common Share Data:
Cash dividends per share	$	0.10		$	0.10		$	0.06		$	0.05		$	0.05
Book value per share	9.79			9.49			9.57			9.54			9.31
Average cost per share of repurchases in quarter	—			21.20			19.31			16.82			15.63

Stock Outstanding (in thousands):
Common stock issued at beginning of quarter	5,973			5,973			5,973			5,973			5,973
Treasury stock held at beginning of quarter	(1,421		)	(1,368		)	(1,143		)	(1,119		)	(1,135		)
Repurchases	—			(63		)	(246		)	(55		)	(10		)
Issuances (5)	36			10			21			31			26
Treasury stock held at end of quarter	(1,385		)	(1,421		)	(1,368		)	(1,143		)	(1,119		)
Common stock outstanding at end of quarter	4,588			4,552			4,605			4,830			4,854

(1) Net interest rate spread is defined as the yield earned on average total interest-earning assets less the rate paid on average total interest-bearing liabilities.

(2) Net interest margin is defined as annualized net interest income divided by average total interest-earning assets.

(5) Issuances of treasury stock primarily for exercises of employee stock options.

	At or For the Three Months Ended
(Dollars in thousands)	December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002
Non-Performing Assets:
Non-accrual loans	$	605		$	794		$	1,280		$	316		$	—
Other real estate owned (OREO)	—			—			—			—			—
Total non-performing assets	$	605		$	794		$	1,280		$	316		$	—

Allowance for Loan Losses Activity:
Allowance at beginning of quarter	$	8,735		$	8,685		$	8,635		$	8,585		$	8,583
Provision for loan losses	24			50			50			50			46
Net (charge-offs) recoveries:
Charge-offs	(24		)	—			—			—			(44		)
Recoveries	—			—			—			—			—
Total net (charge-offs) recoveries	(24		)	—			—			—			(44		)
Allowance at end of quarter	$	8,735		$	8,735		$	8,685		$	8,635		$	8,585

Asset Quality Ratios:
Non-accrual loans to total loans	0.14		%	0.18		%	0.29		%	0.07		%	0.00		%
Total non-performing assets to total assets	0.11		%	0.13		%	0.22		%	0.05		%	0.00		%
Allowance for loan losses to total loans	2.07		%	2.00		%	1.94		%	1.89		%	1.88		%
Allowance for loan losses to non-accrual loans	1443.80		%	1100.13		%	678.52		%	2732.59		%	NM
Annualized net (charge-offs) recoveries to average loans	(0.02		)%	0.00		%	0.00		%	0.00		%	(0.04		)%

Loans Held for Sale:
SBA 7(a) loans - guaranteed portion	$	14,401		$	13,487		$	15,317		$	18,713		$	20,621
SBA 504 first lien loans	1,890			1,899			1,903			2,603			3,113
Total loans held for sale	$	16,291		$	15,386		$	17,220		$	21,316		$	23,734

Loans:
*Income property loans*
Non-residential real estate loans	$	362,913		$	377,516		$	387,195		$	391,059		$	386,691
Multi-family residential loans	18,143			21,388			21,729			23,257			24,535
Total income property loans	381,056			398,904			408,924			414,316			411,226

*SBA business loans*
7(a) loans - guaranteed portion	15,065			14,159			15,995			19,398			21,314
7(a) loans - unguaranteed portion	14,414			12,957			11,857			11,408			10,969
Total 7(a) loans	29,479			27,116			27,852			30,806			32,283
504 first lien loans	1,890			1,899			1,903			2,603			3,113
504 second lien loans	2,839			2,458			2,566			1,541			1,886
Total 504 loans	4,729			4,357			4,469			4,144			4,999
Total SBA business loans	34,208			31,473			32,321			34,950			37,282

*Other loans*
Commercial business/other loans	7,562			7,575			7,549			7,103			7,127
Single-family residential loans	—			—			—			—			295
Total other loans	7,562			7,575			7,549			7,103			7,422

*Total gross loans*	422,826			437,952			448,794			456,369			455,930
Deferred loan (fees) costs	(205		)	(190		)	25			196			197
Total loans, net of deferred loan (fees) costs	$	422,621		$	437,762		$	448,819		$	456,565		$	456,127

	At or For the Three Months Ended
(Dollars in thousands)	December 31, 2003			September 30, 2003			June 30, 2003			March 31, 2003			December 31, 2002
Regulatory Capital Ratios (1):

*Pacific Crest Capital, Inc.*
Tier 1 leverage ratio	10.10		%	9.47		%	9.23		%	10.04		%	10.33		%
Tier 1 risk-based capital ratio	14.20		%	13.13		%	12.96		%	13.63		%	13.31		%
Total risk-based capital ratio	19.03		%	18.00		%	17.71		%	18.42		%	15.17		%

*Pacific Crest Bank*
Tier 1 leverage ratio	10.96		%	10.58		%	9.87		%	9.79		%	10.05		%
Tier 1 risk-based capital ratio	15.42		%	14.53		%	13.84		%	13.25		%	12.91		%
Total risk-based capital ratio	16.68		%	15.79		%	15.10		%	14.51		%	14.17		%

Regulatory Capital Data:

*Pacific Crest Capital, Inc.*
Tier 1 capital	$	58,517		$	55,844		$	56,444		$	60,011		$	58,511
Total risk-based capital	78,399			76,559			77,140			81,125			66,666
Average total assets	579,160			589,641			611,712			597,423			566,454
Risk-weighted assets	412,030			425,217			435,658			440,411			439,570

*Pacific Crest Bank*
Tier 1 capital	$	63,508		$	61,751		$	60,192		$	58,126		$	56,517
Total risk-based capital	68,701			67,106			65,668			63,650			62,028
Average total assets	579,342			583,473			609,986			593,460			562,627
Risk-weighted assets	411,905			425,005			434,888			438,755			437,787

(1) The minimum federal regulatory capital adequacy requirements are 4.00% Tier 1 leverage, 4.00% Tier 1 risk-based capital, and 8.00% total risk-based capital. The minimum federal regulatory requirements to be deemed “well capitalized” are 5.00% Tier 1 leverage, 6.00% Tier 1 risk-based capital, and 10.00% total risk-based capital.

PACIFIC CREST CAPITAL INC 8-K