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CONNECTICUT BANCORP REPORTS THIRD QUARTER RESULTS

 CONNECTICUT BANCORP REPORTS THIRD QUARTER RESULTS
 NORWALK, Conn., Nov. 1 /PRNewswire/ -- Connecticut Bancorp, Inc.


(NASDAQ: NKBK), the holding company for The Norwalk Bank, today reported that after providing $295,000 for loan losses and incurring losses of $170,000 on foreclosed and in-substance foreclosed real estate, it incurred a net loss of $385,000, or $.28 per share, for the third quarter of 1991. The company incurred a net loss of $2,026,000, or $1.45 per share, in the third quarter of 1990. The addition to loan loss reserves and the write-downs in real estate carrying values are attributed to the weak economy in the bank's market area, in particular, the real estate market, and the severe impact it has had upon the financial condition of individual borrowers and properties. At Sept. 30, 1991, loan loss reserves were $2.7 million, or 38.3 percent of non-performing loans. At Sept. 30, 1991, shareholders' equity was $1.9 million and total assets were $83 million.
 Emmett G. Murphy, president, said, "The rate of increase in non- performing assets has moderated over the last three quarters and the prospect of achieving resolutions of non-performing loans has improved. In addition, we have reorganized our efforts to aggressively resolve the non-performing asset problems utilizing outside evaluation services and additional professional staffing to speed recoveries.
 "With respect to the local and regional real estate market, lower interest rates are making homes more affordable and improving investment opportunities in commercial properties. Some consumers have used this opportunity to refinance to lower interest rates on mortgages but this does not increase economic activity. The overall economic climate in Connecticut has failed to improve for nearly all segments including manufacturing, retailing and financial services. Consumer confidence and spending has remained weak because of the uncertain business climate. This would indicate a lengthy recovery for the banking industry."
 CONNECTICUT BANCORP, INC., AND SUBSIDIARY
 Consolidated Balance Sheets (Unaudited)
 (In thousands)
 9/30/91 12/31/90
 ASSETS
 Cash and due from banks $ 2,229 $ 2,538
 Interest bearing deposits in other banks 50 --
 Federal funds sold 3,150 4,100
 Investment securities (market value of
 $4,823 and $3,076 for 1991 and 1990,
 respectively) 4,712 3,055
 Loans, less reserve for loan losses of $2,701
 and $2,647 for 1991 and 1990, respectively 65,532 69,400
 Foreclosed and in-substance
 foreclosed properties 5,470 4,127
 Leasehold improvements and equipment, net 1,329 1,510
 Other assets 870 860
 Total assets $83,342 $85,590
 LIABILITIES
 Deposits:
 Non-interest-bearing demand deposits $ 5,666 $ 6,122
 Interest-bearing deposits:
 Savings and NOW 6,352 5,580
 Money market 10,293 6,745
 Certificates of deposit 56,209 63,127
 Total deposits 78,520 81,574
 Federal Home Loan Bank advances 2,500 --
 Other liabilities 456 662
 Total liabilities 81,476 82,236
 STOCKHOLDERS' EQUITY
 Common stock 14 14
 Paid-in capital 10,713 10,713
 Accumulated deficit (8,830) (7,342)
 Less treasury stock, at cost - 5,000 shares (31) (31)
 Total stockholders' equity 1,866 3,354
 Total liabilities and stockholders' equity $83,342 $85,590
 CONNECTICUT BANCORP, INC., AND SUBSIDIARY
 Consolidated Statements of Operations (Unaudited)
 (In thousands except per share amounts)
 Periods ended Three Months Nine Months
 Sept. 30 1991 1990 1991 1990
 INTEREST INCOME
 Interest and fees
 on loans $ 1,758 $ 1,967 $ 5,356 $ 5,888
 Interest on investment
 securities 90 68 270 204
 Interest on federal
 funds sold 6 62 63 190
 Interest on deposits in
 other banks 2 5 4 14
 Total interest income 1,856 2,102 5,693 6,296
 INTEREST EXPENSE
 Interest on deposits 1,179 1,563 3,919 4,534
 Interest on FHLB
 advances 43 -- 61 --
 Total interest expense 1,222 1,563 3,980 4,534
 Net interest income 634 539 1,713 1,762
 PROVISION FOR LOSSES
 ON LOANS 295 2,006 1,345 3,404
 Net interest income (loss)
 after provision for loan
 losses 339 (1,467) 368 (1,642)
 OTHER OPERATING INCOME 101 97 324 294
 Net interest income (loss)
 and other operating income 440 (1,370) 692 (1,348)
 OPERATING EXPENSES
 Compensation 278 280 832 854
 Occupancy 70 70 208 206
 Depreciation and amortiz. 68 66 204 200
 Insurance 63 41 174 116
 Legal and accounting 31 31 103 130
 Collection fees 29 29 102 50
 Foreclosed & in-substance 170 4 178 4
 Advertising and marketing 10 15 21 61
 Cleaning and maintenance 13 24 43 58
 Telephone and utilities 23 18 59 54
 Stationery & office
 supplies 10 12 33 41
 Other operating 58 65 218 229
 Total operating expenses 823 655 2,175 2,003
 LOSS BEFORE INCOME TAXES (383) (2,025) (1,483) (3,351)
 Provision for income taxes 2 1 5 4
 Net loss $ (385) $(2,026) $(1,488) $(3,355)
 Net loss per common share $ (.28) $ (1.45) $ (1.07) $ (2.41)
 -0- 11/1/91
 /CONTACT: Thomas Mitchell or Emmett G. Murphy of Connecticut Bancorp, 203-847-2265/
 (NKBK) CO: Connecticut Bancorp, Inc. ST: Connecticut IN: FIN SU: ERN GK-KW -- NY047 -- 0271 11/01/91 13:54 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 1, 1991
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