Printer Friendly

HOME PORT BANCORP, INC. ANNOUNCES STOCK REPURCHASE PROGRAM AND REPORTS THIRD QUARTER RESULTS

 NANTUCKET, Mass., Oct. 29 /PRNewswire/ -- Home Port Bancorp, Inc. (NASDAQ: HPBC) announced today that its board of directors authorized the repurchase of up to 250,000 shares of its outstanding common stock.
 In reaching its decision, the board considered a number of factors, including continuing strong cash flow and cash position, long term growth prospects and attractive financial implications of a share repurchase resulting in part from historically low interest rates and the company's high dividend yield.
 Shares will be repurchased in both open-market and privately negotiated transactions. Purchases are expected to commence in the near future. The company expects to repurchase the shares with available capital. The repurchase program will end no later than March 31, 1994.
 Home Port Bancorp, Inc. reports third quarter 1993 net income of $411,000, or 20 cents per share compared to a loss of $65,000, or 3 cents per share for the third quarter of 1992. For the nine months ended Sept. 30, 1993 net income was $1.7 million or 84 cents per share vs. net income of $114,000, or 6 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 nine months ended Sept. 30, 1993 and 1992 were $0 and $110,000, respectively.
 Non-performing loans as a percentage of total loans decreased from .44 percent at June 30, 1993 to .33 percent at Sept. 30, 1993. Non-performing assets (non-performing loans and other real estate owned) to total assets decreased from 1.27 percent at June 30, 1993 to .98 percent at Sept. 30, 1993. Loan loss reserves at Sept. 30, 1993 were 2.63 percent of total loans and 802.99 percent of non-performing loans.
 At Sept. 30, 1993 Home Port's total assets were $124.4 million vs. $113.3 million at Sept. 30, 1992. The company's stockholders equity totaled $24.6 million resulting in a capital to asset ratio of 19.74 percent.
 -0- 10/29/93
 /CONTACT: John Silva of Home Port Bancorp, 508-228-0580/
 (HPBC)


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

DD-CM -- NE008 -- 8544 10/29/93 13:05 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 29, 1993
Words:391
Previous Article:T CELL SCIENCES REPORTS THIRD QUARTER RESULTS
Next Article:HOWTEK ANNOUNCES 1993 THIRD QUARTER RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters