Pacific National Bank Boosts 1st Quarter’s Net
The positive effects of internal cost-cutting programs helped Pacific National Bank greatly boost net income to $92,000 for the first quarter of 1986, contrasted with net income of $5,000 during the same 1985 period.
It was the fifth consecutive profitable quarter for the Newport Beach bank, said David F. Stein, chairman of PNB Financial Group, the bank’s holding company.
The bank’s assets for the quarter ended March 31, 1985, were up 16%, Stein said. Total assets for the quarter were $51.99 million compared to $44.78 million during the same 1985 period.
Total deposits were up 15% to $41.1 million, compared to $37.2 million during the year-earlier quarter.
The bank’s primary capital-to-assets ratio was 8.7% at the end of the first quarter, substantially higher than the 6% ratio that regulators generally advise for healthy banks.
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