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BANKWORCESTER REPORTS FIRST QUARTER NET INCOME OF $1.82 PER COMMON SHARE

 BANKWORCESTER REPORTS FIRST QUARTER NET INCOME OF
 $1.82 PER COMMON SHARE
 WORCESTER, Mass., April 21 /PRNewswire/ -- BankWorcester Corporation (NASDAQ: BNKW) today reported net income of $12 million or $1.82 per share of common stock for the quarter ended March 31, 1992, compared to net income of $305,000 or 5 cents per common share for the same period last year. Included in the 1992 first quarter net income was a previously announced extraordinary item of $972,000, net of income taxes, relating to the distribution of stock of the Savings Bank Life Insurance Company of Massachusetts, and an accounting change in the amount of $9.1 million relating to the adoption of FASB 109. These items together contributed $10.1 million or $1.53 per share to earnings.
 Non-performing assets totaled $56.8 million, a decrease from $78.7 million at the end of the same quarter last year. In the 1992 quarter, management provided $1 million for possible loan losses compared to $2 million in the 1991 first quarter and charged off a net $3.9 million of loans compared to $4.5 million in the 1991 first quarter. After the provision and net charge-offs, the loan loss allowance was $20.1 million or 106.5 percent of non-performing loans.
 Net interest and dividend income for the quarter was $12.7 million compared to $9.6 million in last year's first quarter. Deposits at March 31, 1992, were $1.3 billion compared to $1.1 billion on the same date last year. Net loans were $990.1 million vs. $1 billion a year ago. Assets on March 31, 1992, totaled $1.4 billion, compared to $1.3 billion last year.
 BankWorcester President Harold Cabot noted that the integration of the former Merchants National Bank operations, acquired in the fourth quarter of 1991, is going smoothly.
 BANKWORCESTER CORPORATION
 Consolidated Statement of Income
 (In thousands, except per share)
 Three Months
 ended March 31,
 1992 1991
 (Unaudited)
 Interest and dividend income $26,483 $27,742
 Interest expense (13,777) (18,169)
 Net interest and dividend income 12,706 9,573
 Provision for loan losses (1,000) (2,000)
 Other income 2,385 2,031
 Other expense (10,529) (9,186)
 Income before income taxes,
 extraordinary item and
 change in accounting principle 3,562 418
 Income tax expense (1,663) (113)
 Income before extraordinary item and
 change in accounting principle 1,899 305
 Extraordinary item, net of income taxes 972 -0-
 Change in accounting principle 9,139 -0-
 Net income $12,010 $305
 Earnings per common share:
 Operating income 29 cents 5 cents
 Extraordinary item 15 cents -0-
 Change in accounting principle $1.38 -0-
 Net income $1.82 5 cents
 Shares outstanding 6,610 6,610
 Balance Sheet Data March 31,
 1992 1991
 Deposits $1,272,504 $1,132,355
 Commercial loans, net 352,074 387,849
 Mortgage loans, net 462,797 455,255
 Consumer loans, net 175,231 158,308
 Total assets 1,449,194 1,263,785
 Total liabilities 1,319,800 1,151,551
 Stockholders' equity 129,394 112,234
 Stockholders' equity per share 19.58 16.98
 SELECTED STATISTICS - BANKWORCESTER
 (Dollars in thousands)
 3/31/92 12/31/91 9/30/91 6/30/91 3/31/91
 Non-accrual loans $13,448 $16,589 $25,483 $31,972 $40,781
 Loans 90 days
 past due and
 still accruing 5,449 6,087 6,079 6,270 4,994
 Total non-performing
 loans 18,897 22,676 31,562 38,242 45,775
 Real estate acquired
 through foreclosure
 and loans substantively
 repossessed 15,659 16,925 12,479 13,492 11,806
 Restructured loans 22,263 22,181 21,605 21,105 21,073
 Total non-performing
 assets $56,819 $61,782 $65,646 $72,839 $78,654
 Total loans $1,010,222 $1,004,936 $1,028,023
 " " $1,022,176 $1,012,760
 Allowance for possible
 loan losses $20,120 $23,044 $22,098 $24,274 $26,611
 Allowance as percent
 of non-performing
 loans 106.5 pct 101.6 pct 70.0 pct 63.5 pct 58.1 pct
 Allowance as percent
 of non-performing
 assets 35.4 pct 37.3 pct 33.7 pct 33.3 pct 33.8 pct
 Allowance as percent
 of total loans 2.0 pct 2.3 pct 2.2 pct 2.4 pct 2.6 pct
 -0- 4/21/92
 /CONTACT: Dennis Byrne of BankWorcester, 508-831-4460/
 (BNKW) CO: BankWorcester Corporation ST: Massachusetts IN: FIN SU: ERN


DH-SH -- NE014 -- 0707 04/21/92 13:22 EDT
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