BYL Bancorp

The holding company for BYL Bank Group posted net income of $627,000, or 24 cents a share, for the first quarter, a turnaround from last year’s first-quarter loss of $260,000, or 10 cents a share. Revenue fell 27% to $7.1 million. The Orange-based company said last month that it expected to post break-even results because of a charge it would have to take to cover an allegedly fraudulent mortgage loan scheme perpetrated on the bank. But auditing rules required the charge be taken in last year’s fourth quarter, which turned a slim profit of $78,000, or 3 cents a share, to a loss of $603,000, or 24 cents a share. The firm’s assets fell 22% to $278.7 million at the end of March from $355.6 a year earlier. BYL shareholders last month approved the company’s $39-million cash acquisition by PBOC Holdings Inc., a Los Angeles banking company.