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PIONEER BANCORP REPORTS THIRD QUARTER 1992 RESULTS

 PIONEER BANCORP REPORTS THIRD QUARTER 1992 RESULTS
 FULLERTON, Calif., Nov. 9 /PRNewswire/ -- Pioneer Bancorp, the


holding company for Pioneer Bank headquartered in Fullerton, announced third quarter results.
 For the nine months ended Sept. 30, 1992, the Bancorp incurred a net loss of $1,109,000 vs. a profit of $1,605,000 for the first nine months of 1991.
 The major factors affecting the loss reflected in the third quarter were a provision for loan losses of $2,438,000 and $1,151,000 representing valuation write-downs of property which the bank has taken title to. Both of these charges are the result of the adverse real estate condition prevalent in Southern California and are not unique to Pioneer Bank but are pervasive to the banking industry. Bank management feels that this was a conservative approach to possible losses at today's depressed real estate values.
 After the mentioned charges are taken into account, the bank's capital is in a sound position as reflected in the bank's ratio of Tier I capital to total risk-weighted assets of 7.79 percent and total capital to total risk-weighted assets of 9.04 percent, both well above the federal regulatory requirements for adequately capitalized banks.
 Total assets as of Sept. 30, 1992 were $209,059,000 or 2 percent below the same period a year earlier. Total net loans were $157,042,000 vs. $162,510,000 or a 3 percent decline. Other real estate owned increased $5,412,000 to $10,768,000 with the majority being several different income properties which are being carried at lower of cost or market value on an individual property basis and continue to generate positive cash flows. Total deposits were down slightly from $196,014,000 to $194,299,000.
 -0- 11/9/92
 /CONTACT: Richard B. Boyle, president and CEO of Pioneer Bancorp, 714-773-0600/ CO: Pioneer Bancorp ST: California IN: FIN SU: ERN


LS-JL -- LA005 -- 8585 11/09/92 10:02 EST
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Publication:PR Newswire
Date:Nov 9, 1992
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