Pacific National Bank: The Newport Beach bank,...

Pacific National Bank: The Newport Beach bank, a wholly owned subsidiary of PNB Financial Group, reported record net income of $726,000 for the third quarter, contrasted with a net loss of $218,000 for the like period last year. Year-to-date net income totaled $1.5 million, contrasted with a net loss of $1.2 million for last year’s first nine months.

The bank attributed its profit to an increase in its residential mortgage operation, a decrease in operating expenses and an increased profit margin. Total assets at the end of September were $166.3 million, 1% higher than the $163.9 million a year earlier.