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BANKWORCESTER CORPORATION REPORTS HIGHER SECOND QUARTER AND SIX MONTH OPERATING INCOME; NONPERFORMING ASSETS DECLINE

 WORCESTER, Mass., July 28 /PRNewswire/ -- BankWorcester Corporation (NASDAQ: BNKW) today reported net income of $2.4 million or 37 cents per share of common stock for the quarter ended June 30, 1993, an increase over net income of $2.1 million or 32 cents per common share for the same period last year. Net interest and dividend income for the quarter was $14.2 million vs. $12.5 million last year.
 Non-performing assets totaled $31.3 million, a decrease from $39.7 million at the end of the 1993 first quarter and $44.9 million at the end of the second quarter last year. In the 1993 quarter, BankWorcester provided $1.5 million for possible loan losses compared to $1.0 million in the 1992 second quarter and charged off a net $1.5 million of loans compared to $4.0 million in the 1992 second quarter. After the provision and net charge-offs, the loan loss allowance was $16.8 million or 107.3 percent of non-performing loans.
 For the six months ended June 30, 1993, net income was $4.8 million or 72 cents per share compared to income before extraordinary item and change in accounting principle of $4.0 million or 60 cents per share for the corresponding period last year.
 Deposits at June 30, 1993, totaled $1.2 billion compared to $1.3 billion on the same date last year. Net loans totaled $1.0 billion vs. $987.1 million a year ago. Assets on June 30, 1993, totaled $1.4 billion, virtually the same as last year.
 The Board of Directors of BankWorcester yesterday declared a quarterly dividend of 5 cents per share of common stock. The dividend is payable on Oct. 1, 1993, to stockholders of record on Aug. 27, 1993.
 BANKWORCESTER CORPORATION
 Consolidated Statement of Income
 (In thousands, except per share)
 (Unaudited)
 Three Months Six Months
 ended June 30, ended June 30,
 1993 1992 1993 1992
 Interest and dividend income $23,111 $25,556 $46,432 $52,039
 Interest expense (8,889) (13,040) (18,086) (26,817)
 Net interest and dividend income 14,222 12,516 28,346 25,222
 Provision for loan losses (1,500) (1,000) (3,250) (2,000)
 Other income 2,001 2,806 4,539 5,191
 Other expense (10,321) (10,978) (21,049)(21,507)
 Income before income taxes,
 extraordinary item and
 change in accounting principle 4,402 3,344 8,586 6,906
 Income tax expense (1,955) (1,256) (3,805) (2,919)
 Income before extraordinary item
 and change in accounting
 principle 2,447 2,088 4,781 3,987
 Extraordinary item, net of
 income taxes 0 0 0 972
 Change in accounting principle 0 0 0 9,139
 Net income $2,447 $2,088 $4,781 $14,098
 Earnings per common share:
 Operating income $0.37 $0.32 $0.72 $0.60
 Extraordinary item 0 0 0 $0.15
 Change in accounting principle 0 0 0 1.38
 Total $ 0.37 $0.32 $0.72 $2.13
 Average shares outstanding 6,640 6,610 6,634 6,610
 Balance Sheet Data 6/30/93 6/30/92
 Deposits $1,238,645 $1,258,444
 Commercial loans, net 333,402 335,137
 Mortgage loans, net 475,102 473,672
 Consumer loans, net 200,206 178,277
 Total assets 1,405,632 1,446,740
 Total liabilities 1,266,955 1,315,375
 Stockholders' equity 138,677 131,365
 Stockholders' equity per share 20.88 19.87
 Total shares outstanding 6,641 6,610
 SELECTED STATISTICS - BANKWORCESTER
 (Dollars in thousands)
 6/30/93 3/31/93 12/31/92 9/30/92 6/30/92
 Non-accrual loans $13,248 $14,774 $7,372 $8,444 $10,181
 Loans 90 days
 past due and
 still accruing 2,371 2,797 2,047 2,648 4,637
 Total non-performing
 loans 15,619 17,571 9,419 11,092 14,818
 Real estate acquired
 through foreclosure
 and loans
 substantively
 repossessed 13,036 13,605 14,599 19,407 20,107
 Restructured loans 2,645 8,536 10,746 5,133 9,946
 Total non-performing
 assets $31,300 $39,712 $34,764 $35,632 $44,871
 Total loans 1,025,471 1,023,259 1,017,528 1,002,829 1,004,160
 Allowance for possible
 loan losses $16,761 $16,733 $16,266 $15,117 $17,074
 Allowance as percent
 of non-performing
 loans 107.3 pct 95.2 pct 172.7 pct 136.3 pct 115.2 pct
 Allowance as percent
 of non-performing
 assets 53.5 pct 42.1 pct 46.8 pct 42.4 pct 38.1 pct
 Allowance as percent
 of total loans 1.63 pct 1.64 pct 1.60 pct 1.51 pct 1.70 pct
 Non-performing
 assets as
 as percent of
 stockholders'
 equity less costs
 in excess of
 net assets acquired
 plus allowance for
 possible
 loan losses 21.3 pct 27.5 pct 24.6 pct 25.9 pct 32.3 pct
 -0- 7/28/93
 /CONTACT: Dennis Byrne or Anthony J. Keller of BankWorcester, 508-831-4000/
 (BNKW)


CO: BankWorcester Corporation ST: Massachusetts IN: FIN SU: ERN

Jl -- NE009 -- 6710 07/28/93 10:33 EDT
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Date:Jul 28, 1993
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