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PIONEER SAVINGS BANK ANNOUNCES INCREASED EARNINGS

 PIONEER SAVINGS BANK ANNOUNCES INCREASED EARNINGS
 LYNNWOOD, Wash., April 15 /PRNewswire/ -- Ralph V. Schapler,


chairman and chief executive officer of Pioneer Savings Bank (NASDAQ-NMS: PFBK), Lynnwood, today announced increased earnings for the three months ended March 31, 1992. Pioneer Bank trades on the NASDAQ National Market System under the symbol "PFBK".
 Net income for the three months ended March 31, 1992, was $3,565,000, or 56 cents per share, compared to $2,822,000, or 44 cents per share, for the same period in 1991. The 26-percent increase in earnings resulted principally from a $1,147,000 increase in net interest income due principally to portfolio growth and a more favorable interest rate environment.
 Non-performing assets were virtually unchanged from the previous quarter, and management continues to pursue successful resolutions of these assets.
 Mortgage loan originations were $58,648,000 for the three months ended March 31, 1992, as compared to $41,629,000 for the same period a year ago.
 Deposits increased by $17,024,000 to $625,454,000 at March 31, 1992, from $608,430,000 at Dec. 31, 1991. This increase represents an 11-percent annual rate of growth.
 Based primarily on increased earnings, the board of directors declared a cash dividend of 25-cents per share to stockholders of record April 10, 1992, payable on April 24, 1992.
 PIONEER SAVINGS BANK AND SUBSIDIARY
 FINANCIAL CONDITION HIGHLIGHTS
 (In thousands, except per-share amounts)
 March 31, Dec. 31, Percent
 1992 1991 Change
 (unaudited)
 Total assets $868,689 $852,676 1.9
 Deposits 625,454 608,430 2.8
 Loans receivable, net 554,099 543,165 2.0
 Mortgage-backed securities 177,518 188,633 (5.9)
 Stockholders' equity 100,771 98,656 2.1
 Book value per share $ 17.61 $ 17.25 2.1
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited, in thousands, except per-share amounts)
 Quarter ended March 31: 1992 1991
 Interest income:
 Loans receivable $13,858 $13,841
 Mortgage-backed securities 4,569 4,372
 FHLB stock dividends 212 170
 Cash equivalents 693 5
 Total 19,332 18,388
 Interest expense:
 Deposit accounts 8,358 8,684
 Federal Home Loan Bank advances 2,829 2,639
 Other borrowed funds 19 30
 Total 11,206 11,353
 Net interest income before provision
 for loan losses 8,126 7,035
 Provision for loan losses -- 56
 Net interest income after provision
 for loan losses 8,126 6,979
 Other income:
 Service charges 355 349
 Income (loss) from other real estate owned 37 (59)
 Other 165 135
 Total 557 425
 Other expense:
 Salaries and employee benefits 1,595 1,473
 Occupancy expense 497 439
 Other 1,366 1,335
 Total 3,458 3,247
 Income before federal income tax
 provision and extraordinary item 5,225 4,157
 Federal income tax provision 1,634 1,335
 Net income before extraordinary item 3,591 2,822
 Extraordinary item, net of income tax
 benefit of $12 (26) --
 Net income $ 3,565 $ 2,822
 Per-share data:
 Net income $ 0.56 $ 0.44
 Dividends declared $ 0.25 $ 0.18
 Weighted average number of shares
 outstanding including dilutive
 stock options 6,345,666 6,293,729
 Return of average assets (percents) 1.66 1.51
 -0- 4/15/92
 /CONTACT: Ralph V. Schapler, 206-771-2525, ext. 201, or Donald E. Laufenberg, 206-771-2525, ext. 204, both of Pioneer Savings Bank/
 (PFBK) CO: Pioneer Savings Bank ST: Washington IN: FIN SU: ERN


SC -- SE001 -- 8478 04/15/92 08:01 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
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