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MAYFLOWER CO-OPERATIVE ANNOUNCES FOURTH QUARTER RESULTS

 MIDDLEBORO, Mass., May 28 /PRNewswire/ -- The Mayflower Co-Operative Bank (NASDAQ: MFLR) announced a net loss of $82,000 or 10 cents per share for the fourth quarter ended April 30, 1993, compared to a net loss of $819,000 or 97 cents per share for the same quarter last year. Net income for the fiscal year ended April 30, 1993 was $319,000 or 37 cents per share compared to a net loss of $1.6 million or $1.85 per share for the 1992 fiscal year.
 William C. MacLeod, president and chief executive officer stated, "Our results for the quarter ended April 30, 1993 are a direct reflection of our continued emphasis on the management of problem loans. Because of this, non-accrual loans have increased $1.2 million or 32.6 percent when compared to with the prior year. However, this increase is a result of our including as non-performing assets $1.4 million of loans which are contractually current, but as to which management has concerns as to the borrowers' ability to comply with the terms of these loans. Management continues to monitor all problem assets and intends to provide ample reserves to meet all losses."
 Included in the quarterly results were net interest income and other income of $889,000 and $139,000 respectively for the fourth quarter ended April 30, 1993, compared to $818,000 and $90,000 respectively, for the comparable period of the prior year. Included in the annual results is $215,000 in income related to the cumulative effect of a change in accounting for income taxes as a result of SFAS 109.
 As of April 30, 1993, the bank's loans delinquent 90 days or more totaled $2.6 million, or 3.98 percent of net loans and 2.80 percent of total assets. Non-performing assets, comprised of non-accrual loans of $4.8 million and real estate acquired by foreclosure of $464,000, were 8.16 percent of net loans and 5.74 percent of total assets. At April 30, 1993, the bank's reserve for loan losses totaled $1.1 million which was 43.77 percent of loans delinquent 90 days or more and 1.74 percent of net loans.
 At April 30, 1993, total assets were $91.1 million, net loans were $64.1 million and stockholders' equity was $9.5 million or 10.45 percent of total assets.
 Operating from three offices in Southeastern Massachusetts, the bank is a State Chartered Co-operative Bank and has its deposits insured by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of Massachusetts.
 MAYFLOWER CO-OPERATIVE BANK
 Selected Consolidated Financial and Statistical Data
 (Dollars in thousands, except per share amounts)
 April 30, April 30,
 1993 1992
 Balance sheet data:
 Total assets $91,127 $90,297
 Loans receivable 64,101 67,445
 Federal funds sold 4,375 3,799
 Investment securities 14,204 11,016
 Deposits 80,903 80,245
 Borrowed funds 14 37
 Stockholders' equity 9,527 9,208
 Equity to assets ratio 10.45 pct 10.20 pct
 Book value per share $11.18 $10.81
 Three months ended Year ended
 April 30, April 30,
 1993 1992 1993 1992
 Operating data:
 Interest income $1,633 $1,844 $6,736 $7,794
 Interest expense 744 1,026 3,395 4,766
 Net interest income 889 818 3,341 3,028
 Provision for possible
 loan losses (335) (1,157) (845) (2,311)
 Total 554 (339) 2,496 717
 Gain on sale of
 investment securities --- --- 338 13
 Gain of sale of
 mortgage loans 36 19 71 22
 Other non-interest income 103 71 529 297
 Operating expenses (764) (850) (3,198) (9,310)
 Equity in earnings (losses)
 of joint ventures (4) (3) 13 (6)
 Income (loss) before
 income taxes and
 cumulative effect of
 accounting change (75) (1,102) 249 (2,267)
 Income taxes (benefit) 7 (283) 145 (692)
 Net income (loss) before
 cumulative effect of
 accounting change $(82) $(819) $104 $(1,575)
 Cumulative effect of
 change in accounting
 for income taxes --- --- 215 ---
 Net income (loss) $(82) $(819) $319 $(1,575)
 Earnings (loss) per
 share before cumulative
 effect of accounting
 change (10 cents) (97 cents) 12 cents $(1.85)
 Cumulative effect of
 accounting change --- --- 25 cents ---
 Earnings (loss) per
 share (10 cents) (97 cents) 37 cents $(1.85)
 Annualized return
 on average assets (.36 pct) (3.62 pct) .35 pct (1.73 pct)
 Annualized return
 on average equity (3.50 pct) (34.35 pct) 3.41 pct (15.92 pct)
 Net interest spread 3.95 pct 3.59 pct 3.72 pct 3.22 pct
 Net interest margin 4.17 pct 3.85 pct 3.94 pct 3.56 pct
 MAYFLOWER CO-OPERATIVE BANK
 Analysis of Loans Past Due
 (Dollars in thousands)
 April 30, April 30,
 1993 1992
 Loans past due over 90 days:
 Residential Mortgages $1,085 $446
 Commercial and construction mortgages 1,081 1,749
 Commercial time and demand loans 379 890
 Consumer and other loans 7 6
 Total $2,552 $3,091
 Loans past due over 90 days as a
 percentage of:
 Net loans receivable 3.98 pct 4.58 pct
 Total assets 2.80 pct 3.42 pct
 Non-performing assets:
 Non-accrual loans-(a) $4,768 $3,595
 Real estate acquired by foreclosure 464 1,318
 Total $5,232 $4,913
 Non-performing assets as a
 percentage of:
 Net loans receivable 8.16 pct 7.28 pct
 Total assets 5.74 pct 5.44 pct
 ----
 NOTE (a) -- Includes loans which are contractually past due 90 days or more and loans less than 90 days past due on which the bank has ceased accruing interest.
 -0- 5/28/93
 /CONTACT: Maria Vafiades of Mayflower Co-operative Bank, 508-947-4343/
 (MFLR)


CO: Mayflower Co-operative Bank ST: Massachusetts IN: FIN SU: ERN

DJ -- NE008 -- 3331 05/28/93 10:25 EDT
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Date:May 28, 1993
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