PNB and Its Bank Show Quarterly Gain
PNB Financial Group, holding company for Pacific National Bank in Newport Beach, posted a $73,000 net income for the first quarter, a 58.7% increase over the $46,000 reported a year earlier.
The bank itself reported quarterly net income of $96,000, up 4.3% from the year-ago earnings of $92,000.
Holding company expenses for merger talks with the Bank of Orange County and for a stock offering lowered overall net income, according to Donald L. Solsby, president and chief executive officer of the company and the bank.
Subject to regulatory, shareholder and company approvals, PNB expects to take over the Fountain Valley bank within six months, Solsby said. The stock offering of 430,000 shares at $7 a share became effective May 7.
At the end of the quarter, the company’s assets were $66.6 million, a 28% increase over the $52 million it had in assets a year earlier.
Total deposits at the end of the quarter rose 48.7% to $61.1 million from $41.1 million a year earlier, while net loans grew 20.9% to $40.5 million from $33.5 million.
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