PNB Financial Group and its sole subsidiary, Pacific National Bank in Newport Beach, reported higher net incomes last week for the quarter and the first six months and said the company is planning a stock offering to raise $3 million.
Improving on its first profitable year last year, the 4-year-old bank reported that its net income for the second quarter more than doubled to $132,000 from $50,000 a year earlier. Net earnings for the first six months quadrupled to $224,000 from $55,000 a year ago.
PNB's consolidated earnings for the quarter nearly quadrupled to $96,000 from $25,000 a year ago, and its six-month net income increased six-fold to $142,000 from $23,000 in the same period last year.
The parent company's lower income was attributed to the legal and accounting expenses for planning the stock offering, which is expected to go public late this year or early next year, according to bank President Donald L. Solsby. More than 400,000 shares probably will be offered, he said.