Pioneer Unit Posts Rise in Net Income

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.