Pioneer Bancorp, the holding company for Pioneer...
Pioneer Bancorp, the holding company for Pioneer Bank in Fullerton, posted record net income of $404,000 in the first quarter, more than double the $193,000 it earned in last year’s first quarter. Total quarterly income rose 36% to $3 million at the end of March from $2.2 million a year earlier. Because of several unexpectedly large business deposits made shortly before the end of the quarter but withdrawn a few days after the quarter ended, the company’s assets jumped 34% to $126.8 million at the end of the quarter from $94.8 million in assets a year earlier. Average assets for the month of March were $115 million. The bank’s total deposits rose 34% to $118.6 million at the end of the quarter from $88.3 million a year earlier, while its loan portfolio rose 35% to $89.7 million this year from $66.3 million last year.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.