HOME PORT BANCORP, INC. REPORTS THIRD QUARTER EARNINGS
HOME PORT BANCORP, INC. REPORTS THIRD QUARTER EARNINGS NANTUCKET, Mass., Oct. 30 /PRNewswire/ -- Home Port Bancorp, Inc.
(NASDAQ: HPBC) reports third quarter 1992 loss of $65,000 or 3 cents per share compared to a profit of $193,000 or 10 cents per share for the third quarter of 1991. During the third quarter of 1992, the company incurred a one-time charge totaling $618,000 or 32 cents per share pretax to fully provide for current and future contractual obligations of its former chairman, Robert Stover.
For the nine months ended Sept. 30, 1992, net income was $114,000 or 6 cents per share vs. a loss of $395,000 or 20 cents per share for the comparable period in 1991. Provision for possible loan losses for the three months ended Sept. 30, 1992 and 1991 respectively were $0 and $125,000. For the nine months ended Sept. 30, 1992 and 1991, the loan loss provisions were $110,000 and $1.8 million. Nonperforming loans as a percentage of total loans decreased from 1.47 percent at June 30, 1992, to 1.37 percent at Sept. 30, 1992. Nonperforming assets (nonperforming loans and other real estate owned) to total assets decreased from 3.92 percent at June 30, 1992 to 2.79 percent at Sept. 30, 1992. Loan loss reserves at Sept. 30, 1992, were 3.29 percent of total loans and 240 percent of nonperforming loans. At Sept. 30, 1992, Home Port's total assets were $113.3 million and its stockholders' equity totaled $22.6 million, resulting in a capital to asset ratio of nearly 20 percent. -0- 10/30/92 /CONTACT: John Silva of Home Port Bancorp, 508-228-0580/ (HPBC) CO: Home Port Bancorp, Inc. ST: Massachusetts IN: FIN SU: ERN
CN -- NE010 -- 7160 10/30/92 13:49 EST
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|Date:||Oct 30, 1992|
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