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PIONEER BANCORP REPORTS 2ND QUARTER RESULTS

 FULLERTON, Calif., July 30 /PRNewswire/ -- Pioneer Bancorp, the holding company for Pioneer Bank, headquartered in Fullerton, reported second quarter financial results.
 At June 30, 1993, the company had total assets of $179.8 million, a 16.4 percent decrease from $215.1 million at June 30, 1992, total deposits of $167.7 million, a 15.6 percent decrease from $198.6 million at June 30, 1992, and total equity capital of $10.7 million.
 This equity capital provided the company with a Tier I Capital ratio equal to 7.6 percent of risk weighted assets, as compared to the minimum 4.0 percent required by bank regulations. Additionally, at June 30, 1993, the company had established an allowance for possible loan losses equal to $5.5 million, or 4.9 percent of total loans. This is an increase from $3.3 million, or 2.0 percent of total loans at June 30, 1992.
 The company incurred a $2.2 million loss for the second quarter, which resulted in a $2.5 million loss for the first six months of 1993. This compares to a $311,000 profit for the second quarter and a $694,000 profit for the first six months of 1992.
 The loss for the second quarter of 1993 was largely attributable to the combined effects of $3.3 million in provisions for possible loan and other real estate owned losses. In addition, earnings were adversely affected by lower net interest income, costs associated with Other Real Estate Owned, and fees incurred in connection with collection matters necessitated by the high level of non-performing assets. The provisions for possible losses were made in recognition of the weak Southern California economy in general and the depressed real estate market in particular.
 -0- 7/30/93
 /CONTACT: Thomas R. Timmons, president and CEO of Pioneer Bancorp, 714-773-0600/


CO: Pioneer Bancorp; Pioneer Bank ST: California IN: FIN SU: ERN

BP-LM -- LA017 -- 7882 07/30/93 15:59 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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