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HOME PORT BANCORP, INC. REPORTS FIRST QUARTER RESULTS

 NANTUCKET, Mass., April 26 /PRNewswire/ -- Home Port Bancorp, Inc. (NASDAQ: HPBC) reports first quarter 1993 net income of $880,000 or 44 cents per share compared to net income of $174,000 or 9 cents per share for the first quarter of 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 a credit of $455,000 or 23 cents per share.
 Provision for possible loan losses for the three months ended March 31, 1993 and 1992 respectively were zero and $110,000.
 Non-performing loans as a percentage of total loans decreased from 3.45 percent at March 31, 1992 to .71 percent at March 31, 1993. Non- performing assets (non-performing loans and other real estate owned) to total assets decreased from 6.85 percent at March 31, 1992 to 1.14 percent at March 31, 1993. Loan loss reserves at March 31, 1993 were 2.94 percent of total loans and 413.8 percent of non-performing loans.
 At March 31, 1993 Home Port's total assets were $106.3 million versus $103.1 million at March 31, 1992. The company's stockholders' equity totaled $23.8 million, resulting in a capital to asset ratio of 22.36 percent.
 -0- 4/26/93
 /CONTACT: John Silva of Home Port Bancorp, Inc., 508-228-0580/
 (HPBC)


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

SJ -- NE016 -- 0853 04/26/93 15:18 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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