PNB Financial Group, holding company for Pacific National Bank in Newport Beach, posted consolidated net income of $116,000 in the third quarter, up 81% from $64,000 earned in last year's third quarter. The bank earned $139,000 in the quarter, a 10% increase over the $126,000 reported a year earlier.
In the first nine months, the holding company's consolidated net earnings nearly tripled to $258,000 from $87,000 in the same period last year. The bank's net income more than doubled to $363,000 from $180,000 in the same period last year.
Costs from a $1.2-million stock offering late last year led to significant expenses at the corporate level, causing the discrepancy between bank and consolidated earnings, said Donald L. Solsby, president and chief executive of PNB and the bank. Corporate expenses now are down to a "normal level" of $8,000 to $9,000 a month, Solsby added.
PNB hopes to raise nearly $3 million in another offering it is planning to issue in early 1987, he said.
Solsby attributed the higher income figures to reduced costs, revenue-enhancement programs and an increased amount of interest-free demand deposit accounts.
At the end of September, the company's total assets were $57.4 million, a 23.7% increase over the year earlier figure of $46.4 million. The bank's total loans grew 8% to $38.6 million from $35.7 million a year earlier, while deposits rose 25.8% to $53.2 million from $42.3 million.