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EARNINGS

Pioneer Unit Posts Rise in Net Income

May 19, 1987

Riding the wave of overall prosperity in Orange County banking, Pioneer Bancorp, the holding company for Pioneer Bank in Fullerton, posted a net income of $193,000 in the first quarter, a 33.6% increase over the $144,490 it earned in last year's first quarter.

At the end of the quarter, the company reported a 16% increase in assets to $94.8 million from $81.5 million in assets a year earlier.

The bank's total deposits at the end of the quarter grew 16.5% to $88.3 million from $75.8 million the previous year, while total loans rose 15.5% to $66.3 million from $57.4 million.

The 6-year-old bank, with a branch in Santa Ana, has been able to get a little boost in income by catering to small businesses and keeping its business customer deposits--nearly half of all deposits--in interest-free demand accounts, said Richard Boyle, the bank's president and chief executive officer.

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