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ANDOVER BANCORP, INC. REPORTS 1993 FIRST QUARTER NET INCOME OF $1.9 MILLION

 ANDOVER, Mass., April 15 /PRNewswire/ -- Andover Bancorp, Inc. (NASDAQ: ANDB) today announced its operating results for the first quarter ended March 31, 1993. Net income for the first quarter amounted to $1.9 million or $0.45 per share as compared to net income of $1.5 million or $0.37 per share for the corresponding quarter in 1992. The current quarter's income included a net gain on the sales of securities and loans amounting to $107,000 compared to a net gain of $2.1 million in 1992. The first quarter of 1992 also included a one-time gain of $484,000 on the receipt of the Savings Bank Life Insurance Company of Massachusetts stock as a result of its conversion from a mutual insurance company.
 Net interest income totalled $6.6 million in the first quarter of 1993 compared to $5.3 million in the comparable quarter of 1992, an increase of $1.3 million or 23.9 percent.
 At March 31, 1993, non-performing assets amounted to $37.4 million, a reduction of $26.3 million or 41.3 percent from $63.7 million at March 31, 1992. Non-performing assets decreased $5.6 million or 12.9 percent from the December 31, 1992 level of $42.9 million. No provision for loan losses was made during the first quarter of 1993, as compared to a provision of $750,000 in the first quarter of 1992. The allowance for loan losses totalled 105.2 percent of nonaccruing loans as of March 31, 1993. A net loss of $1.3 million attributable to real estate operations was realized in the first quarter of 1993 compared to a net loss of $2.9 million in the first quarter of 1992.
 Gerald T. Mulligan, president and chief executive officer, stated that, "We are especially encouraged that the first quarter 1993 marked the seventh consecutive quarter of significant reduction in both non- performing assets and loan delinquencies. Bank-wide efforts at expense control brought a 6 percent reduction in overhead, and continuing improvement in asset quality brought a 55 percent reduction in real estate loss from first quarter 1992 to first quarter 1993. Most gratifying is the 78 percent increase in income before taxes from first quarter 1992 to first quarter 1993."
 Bancorp's assets increased to $744.9 million from $714.4 million at March 31, 1992. The capital to assets ratio now stands at 8.54 percent, with a book value of $15.50.
 Andover Bancorp, Inc. is the parent holding company of Andover Bank. The Bank is a Massachusetts-chartered savings bank organized in 1834 and headquartered in Andover, Mass., approximately 25 miles north of downtown Boston. The bank operates branch banking offices in Andover, Lawrence, Methuen, North Andover and Tewksbury, Mass. The Annual Meeting of Andover Bancorp, Inc. stockholders is scheduled for Thursday, April 29, 1993, at 10 a.m.
 Andover Bancorp, Inc.
 Selected Financial Data for the Quarters ended:
 (Dollars in thousands)
 March 31, December 31, March 31,
 1993 1992 1992
 Nonaccruing Loans $14,369 $15,912 $33,427
 Restructured Loans 1,456 2,560 633
 In-Substance Foreclosure 11,863 13,413 18,577
 Real Estate Owned 9,675 11,028 11,066
 Total Non-Performing
 Assets $37,363 $42,913 $63,703
 Interest Rate Spread 3.39% 3.40% 2.97%
 Net Interest Margin 3.71 3.75 3.34
 Capital Ratios: (a)
 Leverage or Core Capital
 Ratio 7.76% 8.10% 7.38%
 Risk-Based Capital
 Tier 1 Capital Ratio 13.8 12.6 10.9
 Total Capital Ratio 15.1 13.9 12.4
 ----
 NOTE: (a) Capital ratios are calculated based on FDIC data for Andover Bank and exceed all regulatory requirements.
 ANDOVER BANCORP, INC. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (Unaudited)
 (In thousands)
 March 31,
 1993 1992
 Assets held for sale $20,790 $33,818
 Investments 270,217 252,617
 Loans 399,648 379,320
 Allowance for loan losses (15,110) (21,152)
 Net loans 384,538 358,168
 Other real estate owned 21,538 29,643
 Other assets 47,824 40,154
 Total assets $744,907 $714,400
 Deposits $521,527 $535,755
 Borrowed funds 155,450 119,449
 Other liabilities 4,343 3,886
 Total liabilities 681,320 659,090
 Stockholders' equity 63,587 55,310
 Total liabilities and
 stockholders' equity $744,907 $714,400
 ANDOVER BANCORP, INC. AND SUBSIDIARIES
 Condensed, Consolidated Statements of Operations
 (In thousands)
 Quarters Ended
 March 31,
 1993 1992
 Interest income $13,130 $13,002
 Interest expense 6,563 7,700
 Net interest income 6,567 5,302
 Provision for loan
 losses --- 750
 Nil, after provision 6,567 4,552
 Fee and other income 787 1,415
 Losses on real estate
 operations (1,320) (2,908)
 Securities/loans gains 107 2,120
 Other non-interest expense 3,463 3,677
 Income before tax expense 2,678 1,502
 Income tax 824 ---
 Net income $1,854 $1,502
 Per share data:
 Net income 45 cents 37 cents
 Book value $15.50 $13.49
 Shares outstanding:
 At end of period 4,103,255 4,098,980
 Weighted average 4,101,735 4,098,980
 -0- 4/15/93
 /CONTACT: Joseph F. Casey, chief financial officer of Andover Bancorp, 508-749-2213/
 (ANDB)


CO: Andover Bancorp, Inc. ST: Massachusetts IN: FIN SU: ERN

TM -- NE005 -- 6164 04/15/93 11:03 EDT
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Date:Apr 15, 1993
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