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MAYFLOWER CO-OPERATIVE ANNOUNCES THIRD QUARTER EARNINGS

 MIDDLEBORO, Mass., March 5 /PRNewswire/ -- The Mayflower Co-Operative Bank (NASDAQ: MFLR) announced net earnings of $13,000 or 2 cents per share for the third quarter ended Jan. 31, 1993, compared to a net loss of $114,000 or 13 cents per share for the same quarter last year. Net income for the nine months ended Jan. 31, 1993 was $401,000 or 47 cents per share compared to a net loss of $756,000 or 89 cents per share for the comparable period one year ago.
 William C. MacLeod, president and chief executive officer stated, "Our bank's results for the quarter ended Jan. 31, 1993 are a direct reflection of our focus on the management of problem loans and our emphasis on the return of non-performing assets to a performing status. These dual goals and our success in meeting them are illustrated by a 22.3 percent reduction in non-performing assets and an 11.3 percent reduction in loans past due 90 days or more during the quarter. At the same time, these results are impacted by our continued strategy of augmenting our loan loss reserve as a further cushion against problem assets."
 Included in the quarterly results were net interest income and other income of $855,000 and $190,000 respectively for the third quarter ended Jan. 31, 1993, compared to $773,000 and $80,000 respectively, for the comparable period of the prior year.
 As of Jan. 31, 1993, the bank's loans delinquent 90 days or more totaled $2.7 million or 4.11 percent of net loans and 3.09 percent of total assets. Non-performing assets, comprised of non-accrual loans of $3.3 million and real estate acquired by foreclosure of $440,000, were 5.65 percent of net loans and 4.25 per cent of total assets. At Jan. 31, 1993, the bank's reserve for loan losses totaled $1.3 million which was 45.62 percent of loans delinquent 90 days or more and 1.87 percent of net loans.
 At Jan. 31, 1993, total assets were $88.9 million, net loans were $66.7 million and stockholders' equity was $9.6 million or 10.82 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)
 Jan. 31, April 30,
 1993 1992
 Balance sheet data:
 Total assets $88,857 $90,297
 Loans receivable 66,736 67,445
 Federal funds sold 1,504 3,799
 Investment securities 14,247 11,016
 Deposits 78,681 80,245
 Borrowed funds 20 37
 Stockholders' equity 9,610 9,208
 Equity to assets ratio 10.82 pct 10.20 pct
 Book value per share $11.28 $10.81
 Three months ended Nine months ended
 Jan. 31, Jan. 31,
 1993 1992 1993 1992
 Operating data:
 Interest income $1,662 $1,929 $5,103 $5,950
 Interest expense 807 1,156 2,651 3,740
 Net interest income 855 773 2,452 2,210
 Provision for possible
 loan losses 270 240 510 1,154
 Total 585 533 1,942 1,056
 Gain on sale of
 investment securities --- 4 338 13
 Gain of sale of
 mortgage loans --- 3 35 3
 Other non-interest income 190 73 426 226
 Operating expenses (751) (791) (2,434) (2,460)
 Equity in earnings (losses)
 of joint ventures (1) --- 17 (3)
 Income (loss) before
 income taxes and
 cumulative effect of
 accounting change 23 (178) 324 (1,165)
 Income taxes (benefit) 10 (64) 138 (409)
 Net income (loss) before
 cumulative effect of
 accounting change $13 $(114) $186 $(756)
 Cumulative effect of
 change in accounting
 for income taxes --- --- 215 ---
 Net income (loss) $13 $(114) $401 $(756)
 Earnings (loss) per
 share 2 cents (13 cents) 47 cents (89 cents)
 Annualized return
 on average assets .06 pct (.50 pct) .60 pct (1.11 pct)
 Annualized return
 on average equity .55 pct (4.43 pct) 5.68 pct (9.79 pct)
 Net interest spread 3.77 pct 3.33 pct 3.64 pct 3.10 pct
 Net interest margin 4.01 pct 3.63 pct 3.87 pct 3.46 pct
 MAYFLOWER CO-OPERATIVE BANK
 Analysis of Loans Past Due
 (Dollars in thousands)
 Jan. 31, April 30,
 1993 1992
 Loans past due over 90 days:
 Residential mortgages $629 $446
 Commercial and construction mortgages 1,590 1,749
 Commercial time and demand loans 506 890
 Consumer and other loans 17 6
 Total $2,742 $3,091
 Loans past due over 90 days as a
 percentage of:
 Net loans receivable 4.11 pct 4.58 pct
 Total assets 3.09 pct 3.42 pct
 Non-performing assets:
 Non-accrual loans-(a) $3,330 $3,595
 Real estate acquired by foreclosure 440 1,318
 Total $3,770 $4,913
 Non-performing assets as a
 percentage of:
 Net loans receivable 5.65 pct 7.28 pct
 Total assets 4.25 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- 3/5/92
 /CONTACT: Maria Vafiades of Mayflower Co-operative Bank, 508-947-4343/
 (MFLR)


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

TM -- NE002 -- 3413 03/05/93 11:37 EST
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Date:Mar 5, 1993
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