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BANKWORCESTER REPORTS HIGHER SECOND QUARTER AND SIX MONTH NET INCOME; NON-PERFORMING ASSETS CONTINUE TO DECLINE

BANKWORCESTER REPORTS HIGHER SECOND QUARTER AND SIX MONTH NET INCOME;
 NON-PERFORMING ASSETS CONTINUE TO DECLINE
 WORCESTER, Mass., July 21 /PRNewswire/ -- BankWorcester Corporation (NASDAQ: BNKW) today reported net income of $2.1 million or 32 cents per share of common stock for the quarter ended June 30, 1992, an increase over net income of $766,000 or 12 cents per common share for the same period last year. Net interest and dividend income for the quarter was $12.5 million vs. $10.8 million.
 Non-performing assets totaled $44.9 million, a decrease from $56.8 million at the end of the first quarter, and $72.8 million at the end of the second quarter last year. In the 1992 quarter, management provided $1.0 million for possible loan losses compared to $2.0 million in the 1991 second quarter and charged off a net $4.0 million of loans compared to $4.3 million in the 1991 second quarter. After the provision and net charge-offs, the loan loss allowance was $17.1 million or 115.2 percent of non-performing loans.
 For the six months ended June 30, 1992, income before extraordinary item and change in accounting principle was $4.0 million or 60 cents per share compared to $1.1 million or 16 cents per share for the corresponding period last year. Deposits at June 30, 1992, were $1.3 billion compared to $1.2 billion on the same date last year. Net loans were $987.1 million vs. $988.5 million a year ago. Assets on June 30, 1992, totaled $1.4 billion, compared to $1.3 billion last year.
 BANKWORCESTER CORPORATION
 Consolidated Statement of Income
 (In thousands, except per share)
 (Unaudited)
 Three Months Six Months
 ended June 30, ended June 30,
 1992 1991 1992 1991
 Interest and dividend income $25,556 $27,484 $52,039 $55,226
 Interest expense (13,040) (16,701) (26,817) (34,870)
 Net interest and dividend income 12,516 10,783 25,222 20,356
 Provision for loan losses (1,000) (2,000) (2,000) (4,000)
 Other income 2,806 1,835 5,191 3,866
 Other expense (10,978) (9,452) (21,507) (18,638)
 Income before income taxes,
 extraordinary item and
 change in accounting principle 3,344 1,166 6,906 1,584
 Income tax expense (1,256) (400) (2,919) (513)
 Income before extraordinary item
 and change in accounting
 principle 2,088 766 3,987 1,071
 Extraordinary item, net of
 income taxes --- --- 972 ---
 Change in accounting principle --- --- 9,139 ---
 Net income $2,088 766 14,098 1,071
 Earnings per common share:
 Operating income $0.32 $0.12 $0.60 $0.16
 Extraordinary item --- --- 0.15 ---
 Change in accounting principle --- --- $1.38 ---
 Net income $0.32 $0.12 $2.13 $0.16
 Shares outstanding 6,610 6,610 6,610 6,610
 Balance Sheet Data 6/30/92 6/30/91
 Deposits $1,258,444 $1,162,986
 Commercial loans, net 355,854 379,534
 Mortgage loans, net 452,955 449,244
 Consumer loans, net 178,277 159,708
 Total assets 1,446,740 1,303,003
 Total liabilities 1,315,375 1,189,921
 Stockholders' equity 131,365 113,082
 Stockholders' equity per share 19.87 17.11
 SELECTED STATISTICS - BANKWORCESTER
 (Dollars in thousands)
 6/30/92 3/31/92 12/31/91 9/30/91 6/30/91
 Non-accrual loans $10,181 $13,448 $16,589 $25,483 $31,972
 Loans 90 days
 past due and
 still accruing 4,637 5,449 6,087 6,079 6,270
 Total non-performing
 loans 14,818 18,897 22,676 31,562 38,242
 Real estate acquired
 through foreclosure
 and loans substantively
 repossessed 20,107 15,659 16,925 12,479 13,492
 Restructured loans 9,946 22,263 22,181 21,605 21,105
 Total non-performing
 assets $44,871 $56,819 $61,782 $65,646 $72,839
 Total loans 1,004,160 1,010,222 1,022,176 1,004,936 1,012,760
 Allowance for possible
 loan losses $17,074 $20,120 $23,044 $22,098 $24,274
 Allowance as percent
 of non-performing
 loans 115.2 pct 106.5 pct 101.6 pct 70.0 pct 63.5 pct
 Allowance as percent
 of non-performing
 assets 38.1 pct 35.4 pct 37.3 pct 33.7 pct 33.3 pct
 Allowance as percent
 of total loans 1.7 pct 2.0 pct 2.3 pct 2.2 pct 2.4 pct
 -0- 7/21/92
 /CONTACT: Dennis Byrne or Anthony J. Keller of BankWorcester, 508-831-4000/
 (BNKW) CO: BankWorcester Corporation ST: Massachusetts IN: FIN SU: ERN


SH -- NE007 -- 1250 07/21/92 10:59 EDT
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