Financial Group and Bank Share 2% Net Income Raise
Despite costs associated with a $3-million public offering and the acquisition of another Orange County bank, PNB Financial Group and its sole subsidiary, Pacific National Bank in Newport Beach, posted second-quarter net income of $98,000, up 2% from the previous year’s $96,000. And for the first six months, the holding company’s consolidated net income grew 20% to $171,000 from the previous year’s $142,000.
The bank’s net income in the second quarter rose 3.8% to $137,000 from $132,000 a year earlier. Its net earnings in the first six months increased 4% to $233,000 from $224,000.
The holding company has agreed tentatively to buy the Bank of Orange County in Fountain Valley, and negotiations toward a final agreement are continuing, said Donald L. Solsby, president of PNB and its bank.
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