Pioneer Bancorp: The Fullerton holding company for...

Pioneer Bancorp: The Fullerton holding company for Pioneer Bank reported that net income for the first quarter declined 32% from the year-earlier period, to $383,000 from $565,000. Revenue was down 14%, to $4.9 million from $5.7 million. Total assets as of March 31 were $223.3 million, a 10% increase over the $203.4 million at the end of the first quarter of 1991. The company said the decline in revenue and net income resulted from lower interest rates and lower margins on earning assets, reflecting the state of the economy.