-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N+/hTQ2iWTsL6y4NVpWeELkWSch1/0cZUHtS228qrNqmCHCreMbjYPjpJytVcxpt FiX8ts6W7WEHi69mhP/kHg== 0001017062-97-000850.txt : 19970508 0001017062-97-000850.hdr.sgml : 19970508 ACCESSION NUMBER: 0001017062-97-000850 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970331 FILED AS OF DATE: 19970507 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: PNB FINANCIAL GROUP CENTRAL INDEX KEY: 0000704693 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 953847640 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10QSB SEC ACT: 1934 Act SEC FILE NUMBER: 002-78580 FILM NUMBER: 97597209 BUSINESS ADDRESS: STREET 1: 4665 MACARTHUR COURT CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 7148511033 MAIL ADDRESS: STREET 1: 4665 MACARTHUR COURT CITY: NEWPORT BEACH STATE: CA ZIP: 92660 10QSB 1 FORM 10QSB FOR PERIOD ENDED 03-31-97 ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 ----------------------- Form 10-QSB (Mark One) X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 1997 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934 For the transition period from __________ to ________ Commission file No. 2-78580 --------------------------- PNB FINANCIAL GROUP ----------------------------------------------------------------- (Exact Name of Small Business Issuer as Specified in its Charter) California 95-3847640 ------------------------------- ------------------------------------ (State or Other Jurisdiction of (I.R.S. Employer Identification No.) Incorporation or Reorganization) 4665 MacArthur Court Newport Beach, California 92660 ---------------------------------------- (Address of Principal Executive Offices) (714) 851-1033 --------------------------------------------------- (Registrant's Telephone Number, Including Area Code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ------ ----- The number of shares of Registrant's common stock outstanding at May 7, 1997 was 2,192,283. THIS REPORT INCLUDES A TOTAL OF 15 PAGES PNB FINANCIAL GROUP Index To Form 10-QSB For the quarter ended March 31, 1997
PAGE NUMBER ------ PART I FINANCIAL INFORMATION ITEM 1. Financial Statements Condensed Consolidated Balance Sheets (unaudited) - March 31, 1997 and December 31, 1996 3 Condensed Consolidated Statements of Income (unaudited) - Three Months ended March 31, 1997 and 1996 4 Consolidated Statements of Cash Flows (unaudited) - Three Months ended March 31, 1997 and 1996 5 Notes to Condensed Consolidated Financial Statements 6 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7-13 PART II OTHER INFORMATION ITEM 1. Legal Proceedings. 14 ITEM 2. Changes in Securities. 14 ITEM 3. Defaults upon Senior Securities. 14 ITEM 4. Submission of Matters to a Vote of Security Holders. 14 ITEM 5. Other Information. 14 ITEM 6. Exhibits and Reports on Form 8-KSB. 14 Signatures of Registrants. 15
2 PNB FINANCIAL GROUP Condensed Consolidated Balance Sheets (unaudited)
March 31, 1997 December 31, 1996 -------------- ----------------- Assets - ------ Cash and due from banks $ 17,240,000 $ 12,700,000 Investment securities 7,254,000 7,381,000 Federal funds sold -0- 6,000,000 Mortgage loans held for sale 51,511,000 62,620,000 Loans 104,060,000 104,226,000 Less allowance for loan losses (1,721,000) (1,812,000) ------------ ------------ Net loans 102,339,000 102,414,000 Premises and equipment, net 1,061,000 1,150,000 Other real estate owned 4,590,000 3,483,000 Other assets 2,709,000 2,450,000 ------------ ------------ Total assets $186,704,000 $198,198,000 ============ ============ Liabilities and Shareholders' Equity - ------------------------------------ Deposits $163,907,000 $170,039,000 Short term borrowings -0- 7,000,000 Other liabilities 3,180,000 2,476,000 ------------ ------------ Total liabilities 67,087,000 179,515,000 ------------ ------------ Shareholders' equity: Common stock, no par value, 20,000,000 shares authorized; 2,172,283 and 2,170,783 shares issued and outstanding at March 31, 1997 and December 31, 1996 16,018,000 16,012,000 Retained earnings 3,673,000 2,734,000 Net unrealized loss on investment securities available for sale (74,000) (63,000) ------------ ------------ Total shareholders' equity 19,617,000 18,683,000 ------------ ------------ Total liabilities and shareholders' equity $186,704,000 $198,198,000 ============ ============
See accompanying notes 3 PNB FINANCIAL GROUP Condensed Consolidated Statements of Income Three Months Ended March 31, 1997 and 1996 (unaudited)
1997 1996 ---------- ---------- Interest income: Loans, including fees $3,419,000 $3,054,000 Investment securities 103,000 109,000 Federal funds sold 100,000 78,000 ---------- ---------- Total interest income 3,622,000 3,241,000 Interest expense 914,000 923,000 ---------- ---------- Net interest income 2,708,000 2,318,000 Provision for loan losses 75,000 300,000 ---------- ---------- Net interest income after provision for loan losses 2,633,000 2,018,000 ---------- ---------- Other income: Income from mortgage banking operations 3,135,000 2,330,000 Service charges, fees and other 202,000 159,000 Gain on sale of SBA loans 169,000 92,000 ---------- ---------- Total other income 3,506,000 2,581,000 ---------- ---------- Other expenses: Mortgage banking operations 2,238,000 1,724,000 Salaries & employee benefits 1,111,000 954,000 Occupancy 374,000 409,000 Other 797,000 814,000 ---------- ---------- Total other expense 4,520,000 3,901,000 ---------- ---------- Income before income taxes 1,619,000 698,000 Provision for income taxes 680,000 -0- ---------- ---------- Net income $ 939,000 $ 698,000 ========== ========== Earnings per common and common equivalent share, primary and fully diluted $ .41 $ .30 ========== ========== Weighted average number of shares for computing primary and fully diluted earnings per share computation 2,308,671 2,301,192
See accompanying notes 4 PNB FINANCIAL GROUP Condensed Consolidated Statements of Cash Flow Three Months Ended March 31, 1997 and 1996 (unaudited)
1997 1996 ------------ ----------- Net Cash provided by (used in) operating activities: $ 13,052,000 $ (300,000) ------------ ----------- Cash flows from investing activities: Net change in loans (1,368,000) 320,000 Net change in investment securities 109,000 2,606,000 Other 224,000 143,000 ------------ ----------- Net cash provided by (used in) investing activities (1,035,000) 3,069,000 ------------ ----------- Cash flows from financing activities: Net change in deposits (6,132,000) 3,470,000 Net change in short-term borrowings (7,351,000) - Net change in common stock 6,000 (143,000) ------------ ----------- Net cash provided by (used in) financing activities (13,477,000) 3,327,000 ------------ ----------- Net increase (decrease) in cash and cash equivalents (1,460,000) 6,096,000 Cash and cash equivalents at beginning of period 18,700,000 16,313,000 ------------ ----------- Cash and cash equivalents at end of period $ 17,240,000 $22,409,000 ============ ===========
See accompanying notes 5 PNB FINANCIAL GROUP Notes to Condensed Consolidated Financial Statements March 31, 1997 (unaudited) 1. Basis of Presentation --------------------- The accompanying consolidated financial statements include the accounts of PNB Financial Group (the "Bank Holding Company") and its wholly-owned subsidiary, Pacific National Bank (the "Bank"), (collectively, the "Company"). All significant intercompany balances and transactions have been eliminated. The condensed consolidated financial statements contain all adjustments (consisting only of normal, recurring accruals) which are, in the opinion of Management, necessary to present fairly the consolidated financial position of the Company at March 31, 1997, and the consolidated statements of income and statements of cash flows for the three month periods ended March 31, 1997 and March 31, 1996. Results for the three months ended March 31, 1997 are not necessarily indicative of results which may be expected for any other interim period, or for the year as a whole. These condensed consolidated financial statements do not include all disclosures associated with the Company's annual financial statements and, accordingly, should be read in conjunction with such statements. 2. Consolidated Statement of Cash Flows ------------------------------------ For purposes of reporting cash flows, the Company defines cash and cash equivalents as cash on hand, cash due from banks, interest-bearing deposits in other banks and federal funds sold. 3. Preferred Stock --------------- The Company has authorized 10,000,000 shares, no par value, preferred stock. No shares of preferred stock have been issued. 4. Impact of Recently Issued Accounting Standards - Earnings Per Share ------------------------------------------------------------------- The FASB has issued a statement No. 128 "Earnings Per Share" ("EPS") which becomes effective for periods ending after December 15,1997. This statement requires restatement of all prior period EPS data presented. This statement simplifies the standards for computing earnings per share previously found in APB Opinion No. 15 and makes them comparable to international EPS standards. It replaces the presentation of primary EPS with the presentation of basic EPS. It also requires dual presentation of and diluted EPS on the face of the income statement for all entities with complex capital structures. Basic EPS excludes dilution and is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted EPS is computed similarly to fully diluted EPS pursuant to Opinion 15. The Company's proforma basic and diluted EPS for the three month period ending March 31, 1997 is $ .43 and $ .41, respectively. 6 PNB FINANCIAL GROUP Management's Discussion and Analysis of Financial Condition and Results of Operations March 31, 1997 Item 2. - ------- Summary - ------- The Company reported net income of $939,000 or $ .41 per share for the three months ended March 31, 1997 compared to a net income of $698,000 or $ .30 per share for the same period in 1996. The increase in earnings was primarily a result of a significant decrease in nonperforming assets which resulted in an increase in the net interest margin and a decrease in the provision for loan losses. In addition, the Bank's residential mortgage division reported improved earnings due to an increase in the volume of residential mortgage loans funded and sold. The increase in pretax earnings were partially offset with an increase in the provision for income taxes. As of March 31, 1997, the Company had total assets of $186.7 million, total loans of $104.1 million, and total deposits of $163.9 million, as compared to total assets of $198.2 million, total loans of $104.2 million, and total deposits of $170.0 million as of December 31, 1996. Average deposits for the first quarter of 1997 were $161.2 million as compared to an average deposit level of $147.2 million during the first quarter of 1996. The increase in deposits was primarily due to an increase in the deposits of the Bank's escrow and title customers and the utilization of brokered deposits. As of March 31, 1997, the Bank had $5.1 million of brokered deposits which it is utilizing in place of more expensive borrowings to partially fund its mortgage loans held for sale. The reduction of total assets as of March 31, 1997 compared to December 31, 1996 was a result of reduced mortgage loans held for sale, which was due to the unusually large amount of mortgage loan fundings at year-end. The following section sets forth the Company's condensed consolidated average balances of each principal category of assets, liabilities, and shareholders' equity for the three month period ended March 31, 1997 as compared to the same period in 1996. Average balances are based on daily averages for the Bank, and monthly averages for the Bank Holding Company, since the Bank Holding Company does not maintain daily average information. Management believes that the difference between monthly and daily average data (where monthly data has been used) is not significant. 7 Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) March 31, 1997 Unaudited
1997 1996 ------------- ------------ Cash and due from banks $ 11,749,000 $ 11,190,000 Investment securities 7,350,000 8,392,000 Federal funds sold 7,928,000 6,093,000 Mortgage loans held for sale 48,963,000 35,689,000 Loans 103,212,000 100,864,000 Less allowance for loan losses (1,850,000) (2,723,000) ------------- ------------ Net loans 101,362,000 98,141,000 Premises and equipment, net 1,102,000 1,302,000 Other real estate owned 3,997,000 2,497,000 Other assets 2,372,000 2,066,000 ------------- ------------ Total assets $ 184,823,000 $165,370,000 ============= ============ Liabilities and Shareholders' Equity - ------------------------------------ Deposits: Noninterest-bearing $ 65,054,000 $ 53,691,000 Interest-bearing 96,165,000 93,551,000 Short-term borrowings 1,919,000 475,000 Other liabilities 2,314,000 2,048,000 ------------- ------------ Total liabilities 165,452,000 149,765,000 ------------- ------------ Shareholders' equity: Capital stock 16,019,000 15,988,000 Retained earnings (deficit) 3,413,000 (302,000) Net unrealized loss on investment securities available for sale (61,000) (81,000) ------------- ------------ Total shareholders' equity 19,371,000 15,605,000 ------------- ------------ Total liabilities and shareholders' equity $ 184,823,000 $165,370,000 ============= ============
8 Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) March 31, 1997 Capital Resources - ----------------- The federally-mandated minimum capital requirements and the actual capitalization of the Company and the Bank as of March 31, 1997 are set forth below. CAPITAL REQUIREMENTS AS OF March 31, 1997
Pacific PNB Regulatory National Financial Requirements Bank Group ------------- --------- ---------- Leverage Capital Ratio 4.0% 9.5% 10.7% Risk Based Capital: Tier 1 Capital 4.0% 13.4% 15.1% Total Capital 8.0% 14.6% 16.3%
Liquidity - --------- Liquidity, as it relates to the Bank Holding Company, represents the ability to obtain funds to support its investment activities and operating needs. The Bank Holding Company's principal sources of funds are its cash balances, short- term loan portfolio, cash dividends from its subsidiary bank, as well as its ability to raise capital by selling additional shares of common stock. During the first quarter of 1997, in order to fund a new loan, the Bank Holding Company received a $500,000 cash dividend from its subsidiary bank. As of March 31, 1997, the Bank Holding Company has cash balances of approximately $450,000. These liquid assets, along with cash generated from its loan portfolio, as well as any additional cash dividend from the Bank, will support its 1997 operating requirements. In April 1997, the Board of Directors ("Board") authorized management to purchase back up to $1.0 million of the Company's common stock at a maximum price established by the Board. The Board believes that the Company's stock is a good investment that should benefit all shareholders. Due to the limited supply of the Company's stock, management does not anticipate the full utilization of the $1.0 million. Liquidity, as it relates to banking, represents the ability to obtain funds to meet loan commitments and to satisfy demand for deposit withdrawals. The principal sources of funds that provide liquidity to the Bank are its cash balances, federal funds sold, securities available for sale and a portion of mortgage loans held for sale. The Bank's portfolio loan-to-deposit ratio at March 31, 1997 was 62.1% as compared to 61.7% at March 31, 1996 and 60% as of December 31, 1996. The Bank's residential mortgage division utilizes the Bank's funding sources to fund its mortgage loans held for sale. Management can slow down or speed up the shipping and sale of these loans, and manages the balance of the mortgage loans held for sale to match its funds available. In this way, management maximizes the yield on its liquid assets. Due to the fluctuations in funding and sale of mortgage loans, along with changes in the deposit balances of the Bank, the matching of liquid assets and mortgage loans held for sale is not always achieved. At certain times during the year, 9 Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) March 31, 1997 the Bank utilizes its back up borrowing relationships to help fund the mortgage loans held for sale. This situation occurred at December 31, 1996. These back up sources include an unsecured line of credit with one of its' correspondent bank, a line of credit with the Federal Home Loan Bank, borrowings against the Bank's securities available for sale, and the use of brokered deposits. A large portion of the Bank's deposits consist of deposits maintained by escrow companies and, to a lesser degree, title insurance companies. At March 31, 1996 and December 31,1996, escrow and title insurance companies' deposits totaled approximately $26.0 million or 16.1% of total deposits and $28.2 million or 16.6% of total deposits, respectively. This compared to escrow and title insurance deposits of approximately $30.5 million or 18.5% of total deposits at March 31, 1997. The Bank's policy is to maintain these deposits at a level not to exceed 25% of total deposits. The Bank monitors the deposit levels of this group closely. During the past two years, no escrow or title insurance customers accounts for over 3% of the Bank's total deposits. Results of Operations for the Three Months Ended March 31, 1997 and March 31, 1996 --------------------------------------- Total interest and loan fee income - ---------------------------------- Total interest and loan fee income increased $381,000 (11.8%) between the periods presented primarily due to the significant increase in the average balance of mortgage loans held for sale and, to a lesser degree, its' portfolio loans. The increase in the average balance of mortgage loans held for sale is due to the increased activity in the Bank's residential mortgage loan department and to management's efforts to increase profitability by increasing the holding period of these loans. During the first quarter of 1997, the Bank funded $219 million of mortgage loans compared to the first quarter of 1996 during which the Bank funded mortgage loans totaling $169 million. The table below sets forth the Company's rate and volume analysis for interest-earning assets for the three months ended March 31, 1997 as compared to the three months ended March 31, 1996. Change in interest income due to:
Volume Rate Total ---------- ---------- ---------- Loans $ 54,000 $(17,000) $ 37,000 Mortgage loans held for sale 252,000 36,000 288,000 Investment securities (14,000) 8,000 (6,000) Federal funds sold 23,000 - 23,000 -------- -------- -------- Total $315,000 $ 27,000 $342,000 ======== ======== -------- Change in loan fees 39,000 -------- Total change in interest and loan fee income $381,000 ========
10 Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) March 31, 1997 Total interest expense - ---------------------- Total interest expense decreased $9,000 (1.0%) between the periods presented primarily due to a decrease in the rate of time deposits which was partially offset with an increase in the volume of all interest bearing deposits. The following table sets forth the Company's rate and volume analysis for interest- bearing liabilities for the three months ended March 31, 1997 as compared to the corresponding period ended March 31, 1996. Change in interest expense due to:
Volume Rate Total ----------- ----------- --------- Interest-bearing demand deposit $ 2,000 $ - $ 2,000 Time deposits 11,000 (49,000) (38,000) Savings deposits 10,000 (5,000) 5,000 Short-term borrowings 14,000 8,000 22,000 ---------- ---------- -------- Total $ 37,000 $ (46,000) $ (9,000) ========== ========== ========
Allowance for loan losses - ------------------------- An analysis of the allowance for loan losses is summarized as follows:
Three Months Ended March 31 --------------------------- 1997 1996 ---------- ---------- Balance at beginning of period $1,812,000 $2,658,000 ---------- ---------- Charge-offs (268,000) (813,000) Recoveries 102,000 31,000 ---------- ---------- Net charge-offs (166,000) (782,000) ---------- ---------- Contribution to allowance for loan losses 75,000 300,000 ---------- ---------- Balance at end of period $1,721,000 $2,176,000 ========== ========== Allowance as a percentage of total loans 1.7% 2.2%
11 Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) March 31, 1997 The following table sets forth the total amount of nonaccrual loans, accruing loans past due 90 days or more, troubled debt restructurings, classified loans and other real estate owned as of March 31, 1997 and 1996 as well as December 31, 1996.
March 31, 1997 Dec. 31, 1996 March 31, 1996 -------------- ------------- -------------- Loans accounted for on a nonaccrual basis $2,386,000 $3,220,000 $ 9,173,000 Accruing loans contractually past due 90 days or more 410,000 277,000 1,059,000 Total classified loans 5,535,000 6,087,000 15,200,000 Other real estate owned 4,590,000 3,483,000 3,213,000 Troubled debt restructurings and classified loans) 4,114,000 4,108,000 3,532,000
The Company's contribution to the provision for loan losses was $75,000 for the first three months of 1997 compared to $300,000 during the same period in 1996. The reduced provision is a result of the significant reduction of classified and nonaccrual loans. Classified loans decreased $9.7 million (64%) from March 31, 1996 to March 31, 1997, while non accrual loans have decreased $6.8 million (74%) over the same period. The allowance is a result of Management's analysis of the estimated inherent losses in the Bank's loan portfolio. This analysis takes into consideration the level and trend of loan losses, loan delinquencies, classified loan volumes and Management's analysis of current market conditions. Other Income - ------------ Other income increased $925,000 (36%) between the periods presented. The increase was primarily due to higher revenue generated from the Bank's residential mortgage operation. During the first three months of 1997, gross revenue from the mortgage operation was $3,135,000 compared to $2,330,000 in the corresponding period in 1996. The increase in the mortgage divisions gross revenue resulted in the division posting a pretax income, before administration allocation, of $891,000 during the first quarter of 1997, compared to $603,000 during the same period in 1996. The increase in net income of this department is primarily due to the higher volume of loans funded and sold along with a lower provision for indemnification reserve. The increase in other income was partially due to an increase in the gain on sale of SBA loans which was due to a higher volume of loan sales. 12 Management's Discussion and Analysis of Financial Condition and Results of Operations (Continued) March 31, 1997 Other Expenses - -------------- Other expenses increased $619,000 (15.9%) between the periods presented. The Company's other expenses increased $105,000 (4.8%) while the Bank's residential mortgage division's expenses increased $514,000 (29.8%). The increase in the mortgage division's expenses was due to the increased level of activity and was substantially associated with the increase in salaries and benefits and commissions. The increase in the Company's other expenses of $105,000 was primarily due to an increase in salaries and employee benefits and REO expenses. These increases were partially offset with decreases in occupancy expenses, insurance, legal and other professional services. Provision for Income Taxes - -------------------------- During the first quarter of 1996, the Company did not record any income tax expense based upon the utilization of a portion of its available net deferred tax assets which had not been recognized in previous periods. These deferred tax assets included Federal and State net operating loss carryforwards. As all of the available deferred tax assets were recorded by the Company through December 31, 1996, the Company will be recording tax expense of approximately 42% from this date forward, Accordingly, during the first quarter of 1997, the Company recorded a provision of 42%. Cash and Cash Equivalents - ------------------------- As of March 31, 1997, cash and cash equivalents decreased $1.5 million from December 31, 1996 balances primarily due to a decrease in deposits and short- term borrowing of credit of $6.1 million and $7.4 million, respectively, which was mostly offset by a decrease in mortgage loans held for sale of $11.1 million. 13 Part II - Other Information --------------------------- March 31, 1997 Item 1. Legal Proceedings. - ------- ------------------ There are no pending legal proceedings to which the Company or the Bank is a party or to which any of their respective subsidiaries are subject, other than ordinary routine litigation incidental to the Bank's business. Item 2. Changes in Securities. - ------- ---------------------- Not applicable. Item 3. Defaults Upon Senior Securities. - ------- -------------------------------- Not applicable. Item 4. Submission of Matters to a Vote of Security Holders. - ------- ---------------------------------------------------- On April 15, 1997, by Written Action of Less than Unanimous Consent of the Shareholders, a majority of the shareholders of PNB Financial Group voted to increase the number of option shares available under the Company's 1995 Incentive Stock Option Plan from 50,000 shares of common stock no par value, to 200,000 shares of common stock. The purpose of this action was to enhance the ability of the Company and its subsidiary, Pacific National Bank to attract and retain officers and other key employees and to provide such personnel with additional incentives to advance the interest of the Company and its shareholders. Item 5. Other Information. - ------- ------------------ Item 6. Exhibits and Reports on Form 8-KSB. - ------- ---------------------------------- (a) Exhibits Filed - none required. -------------- (b) Reports on Form 8-KSB. During the first quarter of 1997, the Company did --------------------- not file a report on Form 8-KSB. 14 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized. PNB Financial Group Date: May 2, 1997 By: /s/ ALLEN C. BARBIERI ------------ ---------------------------------- Allen C. Barbieri President and Chief Executive Officer Date: May 5, 1997 By: /s/ DOUG L. HELLER ------------ --------------------------------- Doug L. Heller Chief Financial Officer 15 EX-27 2 FINANCIAL DATA SCHEDULE
9 1,000 3-MOS DEC-31-1997 JAN-01-1997 MAR-31-1997 17,240 0 0 0 7,254 0 0 104,060 1,721 186,704 163,907 0 3,180 0 0 0 16,018 3,599 19,617 3,419 103 100 3,622 885 914 2,708 75 0 4,520 1,619 0 0 0 939 .41 .41 6.47 2,386 2,379 4,114 5,535 1,812 268 102 1,721 1,721 0 0
-----END PRIVACY-ENHANCED MESSAGE-----