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HOME PORT BANCORP, INC. REPORTS SECOND QUARTER RESULTS

 HOME PORT BANCORP, INC. REPORTS SECOND QUARTER RESULTS
 NANTUCKET, Mass., Aug. 3 /PRNewswire/ -- Home Port Bancorp, Inc. (NASDAQ: HPBC) reports the fourth consecutive profitable quarter. The profit for the quarter ended June 30, 1992 was $6,000 compared to a loss of $148,000 for the second quarter of 1991. The $6,000 profit was after $307,000 of expenses related to the proxy contest.
 Profits for the six months ended June 30, 1992 were $180,000 or 9 cents per share compared to a loss of $589,000 or 30 cents per share for the six months ended June 30, 1991.
 Provision for loan losses for the three months ended June 30, 1992 and June 30, 1991 respectively were $0 and $700,000. For the six months ended June 30, 1992 and June 30, 1991, the loan loss provisions were $110,000 and $1.7 million.
 Nonperforming loans as a percentage of total loans decreased from 3.45 percent at March 31, 1992 to 1.47 percent at June 30, 1992. Nonperforming assets (nonperforming loans and other real estate owned) to total assets decreased from 7.88 percent at March 31, 1992 to 3.92 percent at June 30, 1992. Loan loss reserves at June 30, 1992 were 3.4 percent of total loans and 231 percent of nonperforming loans.
 As previously announced, under the terms of an agreement with the Federal Reserve Bank of Boston, the company must obtain the Federal Reserve's approval before it declares or pays any cash dividend. Although the company anticipates that it will apply for such approval, there can be no assurance that approval will be received, or if it is, what level of dividends may be approved.
 Home Port had $106.7 million in assets and $22.7 million in stockholders equity at June 30, 1992 resulting in a capital to asset ratio of 21.2 percent.
 -0- 8/3/92
 /CONTACT: John Silva of Home Port Bancorp, Inc., 508-228-0580/
 (HPBC) CO: Home Port Bancorp. ST: Massachusetts IN: FIN SU: ERN


TM-CH -- NE009 -- 6300 08/03/92 16:12 EDT
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Date:Aug 3, 1992
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