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BURRITT INTERFINANCIAL BANCORP REPORTS FIRST-QUARTER RESULTS

 BURRITT INTERFINANCIAL BANCORP REPORTS FIRST-QUARTER RESULTS
 NEW BRITAIN, Conn., May 1 /PRNewswire/ -- Burritt InterFinancial Bancorporation (NASDAQ: BANQ) today reported a net loss of $543,000 (16 cents per share) for the first quarter of 1992, compared to a net loss of $5,464,000 ($1.62 per share) for the first quarter of 1991.
 The results for the quarter reflect provisions for possible loan losses and write-downs on other real estate owned of $4.9 million, compared to $8.8 million for the same period a year ago. Giving effect to these provisions, the allowance for possible loan losses increased to $16.9 million at the end of the quarter, up from $14.7 million at the end of 1991. The ratio of the allowance for possible loan losses to total loans now stands at 3.55 percent versus 2.95 percent at year end 1991.
 During the quarter, the bank reported an increase in net interest income to $4 million, compared to $3.7 million for the first quarter of 1991, and also reported gains on investment securities of $3.4 million, compared to $450,000 in the same quarter of the previous year.
 Nonperforming assets, which included $28 million in nonperforming loans, stood at $58.7 million, or 10.2 percent of total assets, compared to $55.7 million, or 9.3 percent, at the end of 1991.
 Burritt's capital ratio of 2.57 percent as of March 31 remains below regulatory requirements. The bank is in the process of developing plans and alternatives with the objective of meeting the capital requirements.
 Burritt currently serves central Connecticut with thirteen offices in New Britain and in suburban Hartford communities.
 BURRITT INTERFINANCIAL BANCORPORATION
 Quarter ended March 31 1992 1991
 Net income $ (543,000) $ (5,464,000)
 Earnings per share $(0.16) $(1.62)
 Total assets $577,212,000 $660,183,000
 Total loans 497,521,000 533,827,000
 Total deposits $549,017,000 $605,439,000
 -0- 5/1/92
 /CONTACT: Barbara J. Bennett, senior vice president and chief financial officer of Burritt, 203-225-7601, or before and after hours, 203-225-7606/
 (BANQ) CO: Burritt InterFinancial Corporation ST: Connecticut IN: FIN SU: ERN


GK-TO -- NY009 -- 5345 05/01/92 09:33 EDT
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Publication:PR Newswire
Date:May 1, 1992
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