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BRANFORD SAVINGS BANK REPORTS FIRST QUARTER RESULTS AND RIGHTS CLOSING

BRANFORD SAVINGS BANK REPORTS FIRST QUARTER RESULTS AND RIGHTS CLOSING
 BRANFORD, Conn., May 8 /PRNewswire/ -- Branford Savings Bank (NASDAQ: BSBC) today reported a net loss of $102,000 ($.07 per share) for the first quarter ended March 31, 1992, as compared to a net loss of $18,000 ($.01 per share) in the corresponding period of 1991. After charge-offs (net of recoveries) of $617,000 during the first quarter, the balance in the allowance for loan losses at March 31, 1992, was $8,262,000. Nonperforming assets at the end of the quarter totaled $40,772,000 consisting of $27,607,000 in nonaccrual loans and $13,165,000 in foreclosed and in-substance foreclosed real estate.
 Shareholders' equity as of March 31, 1992, was $5,882,000 which equated to a book value per share of $3.78. As previously reported, the bank has received funds to purchase 6,735,748 units in its rights offering. The bank has received regulatory approval to close the transaction today and will realize net proceeds of approximately $5.8 million. The bank's leverage core capital ratio for the first quarter was 2.49 percent, which is below the stated requirement of 4.00 percent but an improvement from the 1991 year end ratio of 2.41 percent.
 Assuming the stock issuance had occurred on March 31, 1992, the leverage core capital ratio, which is based on average quarterly total assets, would have approximated 4.95 percent. Using the March 31, 1992, adjusted total assets balance, this ratio, which is sometimes referred to as the equity to assets ratio, would have approximated 5.08 percent. The bank's leverage capital ratio is required to be 5.00 percent by Sept. 30, 1992, and 6.00 percent by Sept. 30, 1993.
 Due to administrative delays in closing the rights offering, the bank has extended the exercise price of $1 on each A warrant (NASDAQ: BSBCW) and B warrant (NASDAQ: BSBCZ) from June 30, 1992, to July 31, 1992. The warrants are being issued to all unit subscribers in the rights offering.
 Branford Savings Bank is an FDIC insured, state chartered savings bank founded in 1889. Five offices are located in Branford (2), North Branford and East Haven (2).
 BRANFORD SAVINGS BANK
 (In thousands, except per share)
 Quarter ended March 31 1992 1991
 Assets $223,926 $281,089
 Net loans 188,238 245,619
 Deposits 192,413 220,840
 Net income (loss) $ (102) $ (18)
 Per share (A) $(.07) $(.01)
 (A) -- Includes stock options outstanding, the effect of which is not material.
 -0- 5/8/92
 /CONTACT: Gregory R. Shook, senior vice president and secretary of Branford Savings Bank, 203-481-3471/
 (BSBC) CO: Branford Savings Bank ST: Connecticut IN: FIN SU: ERN


GK-OS -- NY050 -- 8133 05/08/92 13:44 EDT
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Publication:PR Newswire
Date:May 8, 1992
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