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Peoples
declares
f
'quarter'
dividend
I
Tom Martin, chairman of PNB ! Financial Corp. and its subsidiary, J The Peoples National Bank of Warrenton, announced third quarter I earnings for the bank. S
For the first nine months of the J year, the bank has earned $750,000 versus a loss of $396,000 for the same period in 1991.
The primary reasons for the im- ’ provement were increases in net in- 3 terest and fee income, a reduction in | loan loss provision*; and an extraor- j dinary trust income item, Martin * said.
Total assets of the bank grew to $94.93 million, up 2 percent over J September 1991 level of $92.21 mil- { lion. Deposits also increased to J $85.75 million in September 1992 J from $83.82 million in September *
1991. ; |
Mark Riley, president and chief ' executive office, indicated that the ' results reflected the continued im- ! provements in the bank’s loan port- J folio and closely monitoring J expenses.
In addition, Riley said the bank J has begun to benefit from renewed J business development efforts and the introduction of new products and I services, notably the Peoples Na- i tional Bank home equity line of J credit.
As a result the PNB Financial ! Corp. declared a 25 cents per share 3 dividend for the third quarter, payable to shareholders of record on Oct 1.
81.4%