PIONEER BANCORP REPORTS RESULTS
PIONEER BANCORP REPORTS RESULTS ROCKY MOUNT, N.C., Jan. 23 /PRNewswire/ -- Pioneer Bancorp, Inc.
(NASDAQ: PSBN), headquartered in Rocky Mount, N.C., reported net income for the quarter ended Dec. 31, 1991, the first quarter of fiscal 1992, of $2,322,247, or $1.33 per share, compared to a net loss of $885,956, or $.51 per share, in the first quarter of fiscal 1991, based on weighted average shares outstanding of 1,741,421 during both periods.
Total assets of the corporation were $439 million at Dec. 31, 1991, compared to $530 million at Dec. 31, 1990. Pioneer President Ed Roughton stated: "We are especially pleased with the continued improvement in net interest margin which reflects the results of our continued efforts to successfully restructure troubled debt in the company's primary subsidiary, Pioneer Savings Bank, Inc. We also benefited significantly from lower interest rates throughout the period." During the most recent quarter the Bank's classified assets declined from $82 million at Sept. 30, 1991, to $62 million at Dec. 31, 1991. During the quarter the Bank completed the sale of a portion of its loan servicing rights, recording a net gain of $779,000. Additionally, the Bank recorded recoveries of amounts previously charged-off of approximately $1.5 million during the quarter. Other nonrecurring gains of approximately $700,000 included a mark-to-market adjustment on a portion of the Bank's investment portfolio and recognition of interest on loans which had previously been deferred. The Bank also recorded a provision for possible future losses on loans of approximately $1 million during the quarter. After giving consideration to each of these nonrecurring items, the Bank recorded core earnings from operations of approximately $400,000. As previously announced, the Bank filed an updated and amended capital plan with the Office of Thrift Supervision in November 1991 and this plan has not been approved or rejected by the OTS. The plan sets forth detailed projections and assumptions setting forth the Bank's plans to regain full capital compliance not later than Dec. 31, 1994, as required under recent federal legislation. Because Pioneer does not currently meet two of the three capital requirements, its ability to continue as a going concern is dependent upon the willingness of federal and state regulators to allow the Bank additional time to regain full regulatory capital compliance. "The Bank's capital position continues to improve each quarter," noted Roughton. He added, "The Bank's net worth at December 31, 1991, was $10.1 million and its tangible capital ratio was 2.2 percent, which exceeds the current regulatory requirement of 1.5 percent." The company also announced that its independent audit has now been completed and that no adjustments were required to the previously announced results of operations for the year ended Sept. 30, 1991. Additionally, a limited federal and state examination of the Bank was completed in November 1991 and no adjustments to the Bank's financial statements or classified assets were required as a result of this examination. Pioneer Savings Bank currently serves its customers through 19 retail banking offices throughout eastern North Carolina. Customer deposits in the Bank are insured by the Federal Deposit Insurance Corporation up to the applicable $100,000 limit. -0- 1/23/92 /CONTACT: Ed Roughton or Bill Wall of Pioneer Bancorp, 919-446-0611/ (PSBN) CO: Pioneer Bancorp, Inc. ST: North Carolina IN: FIN SU: ERN
BN-BR -- CH002 -- 2661 01/23/92 09:43 EST
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|Date:||Jan 23, 1992|
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