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HOME PORT BANCORP, INC. REPORTS SECOND QUARTER RESULTS

 NANTUCKET, Mass., July 30 /PRNewswire/ -- Home Port Bancorp, Inc. (NASDAQ: HPBC) reports second quarter 1993 net income of $402,000 or 20 cents per share compared to $6,000 or 0 cents per share for the second quarter of 1992. For the six months ended June 30, 1993 net income was $1.3 million or 64 cents per share vs. net income of 180,000 or 9 cents per share for the comparable period in 1992. During the first quarter of 1993, the company adopted FASB 109, a change in accounting for income taxes. As a result of this adoption, Home Port recorded income of $455,000 or 23 cents per share.
 Provisions for possible loan losses for the six months ended June 30, 1993 and 1992 were 0 and $110,000 respectively.
 Non-performing loans as a percentage of total loans decreased from .71 percent at March 31, 1994 to .44 percent at June 30, 1993. Non- performing assets (non-performing loans and other real estate owned) to total assets increased slightly from 1.14 percent at March 31, 1993 to 1.27 percent at June 30, 1993. Loan loss reserves at June 30, 1993 were 2.82 percent of total loans and 647.98 percent of non-performing loans.
 At June 30, 1993 Home Port's total assets were $113.7 million vs. $106.7 million at June 30, 1992. The company's stockholders equity totaled $24.4 million resulting in a capital to asset ratio of 21.48 percent.
 -0- 7/30/93
 /CONTACT: John Silva of Home Port Bancorp, Inc., 508-228-0580/
 (HPBC)


CO: Home Port Bancorp, Inc. ST: Massachusetts IN: FIN SU: ERN

CM -- NE009 -- 7584 07/30/93 12:45 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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