PNB Financial Group, holding company for Pacific National Bank in Newport Beach, reported a third quarter profit of $64,000, compared with a $450,000 loss last year. Consolidated earnings for PNB for the first nine months were $87,000, compared with a $360,000 loss for the first three quarters of last year.
The bank, PNB's sole asset, posted earnings that were higher than the consolidated figure because of costs PNB incurred in raising $1.1 million in additional capital in a private offering.
On its own, the bank, which opened in January, 1982, earned $125,000 during the quarter, compared with last year's quarterly loss of $441,000. The bank's profits for the first nine months were $179,000, compared with a $360,000 loss for the same period last year.
Donald L. Solsby, bank president and chief executive officer, said a shake-up in management two years ago and a change in lending philosophy and a reduction in costs since then have helped return the bank to profitability.