Pioneer Bancorp: The holding company for Pioneer...
From Times Staff and Wire Reports
Pioneer Bancorp: The holding company for Pioneer Bank said its net income dropped 32% to $1.9 million last year, down from $2.8 million in 1989. The company attributed the decline to a $2.2-million reserve for potential loan losses. Revenue rose 31% to $23 million from $17.6 million the previous year. The Fullerton-based company lost $17,000 for the fourth quarter, compared to $711,000 in earnings for the final quarter of 1989. Quarterly revenue rose 35% to $6.5 million last year from $4.8 million the previous year. The company’s assets increased 30% to $196.8 million at the end of December from $151.3 million a year earlier.
Tables, D11
