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WEST MASS BANKSHARES ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS

WEST MASS BANKSHARES ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
 GREENFIELD, Mass., Jan. 21 /PRNewswire/ -- West Mass Bankshares, Inc. (NASDAQ: WMBS) today announced operating results for the quarter and year ended Dec. 31, 1991.
 Net income for the three months ended Dec. 31, 1991 was $40,000 or 3 cents per common share and common share equivalents, compared to $244,000 or 20 cents per common share and common share equivalents for the comparable period in 1990. Results for the 1991 quarter reflect a $623,000 provision for possible loan losses. In addition, during the same period, the company wrote down or sold several equity securities, amounting to a charge to earnings of $309,000. A one-time charge of conversion-related expenses of $353,000 was offset by the gain on the sale of mortgage-backed securities of $522,000. Other real estate owned properties were written down $78,000 for the same period.
 Net income for the year ended Dec. 31, 1991 was $706,000 or 57 cents per common share and common share equivalents as compared to $869,000 or 70 cents per common share and common share equivalents for the same period ended Dec. 31, 1990. Year-end results include a $1.3 million provision for possible loan losses, a net gains on the sale or writedown of securities of $115,000. For the year ended Dec. 31, 1990, the provision for possible loan losses was $455,000 and net losses on the sale and writedown of securites was $296,000.
 At Dec. 31, 1991, non-performing loans were $6.7 million, up from $4.9 million at Sept. 30, 1991. Other real estate owned totaled $1.3 million at year end 1991, unchanged from Sept. 30, 1991. In-substance foreclosures were $311,000, down from $434,000 at Sept. 30, 1991. Total non-performing assets were $8.4 million, up from $8.1 million at Sept. 30, 1991. The allowance for possible loan losses stood at $1.7 million after the year's loan loss provision of $1.3 million and net loan charge offs of $495,000. The allowance for possible loan losses represented 25.3 percent of non-performing loans compared to 27.3 percent at Sept. 30, 1991 and 20.3 percent of total non-performing assets compared to 20.2 percent at Sept. 30, 1991.
 Total assets of West Mass Bankshares, Inc. were $208.4 million at Dec. 31, 1991 compared to $205.0 million at Dec. 31, 1990. Total deposits were $188.3 million at Dec. 31, 1991, up from $185.8 million at Dec. 31, 1990. Total stockholders' equity increased to $19.4 million from $18.2 million at Dec. 31, 1990.
 The board of directors of West Mass Bankshares, Inc. declared a dividend of 7 cents per share payable on Feb. 28, 1992 to shareholders of record on Feb. 3, 1992.
 -0- 1/21/92
 /CONTACT: Ken Cole, vice president and treasurer, or Jim Neill, vice president, of West Mass Bankshares, 413-774-3713/
 (WMBS) CO: West Mass Bankshares, Inc. ST: Massachusetts IN: FIN SU: ERN


PB-SH -- NE008 -- 1729 01/21/92 10:38 EST
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Date:Jan 21, 1992
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