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MAYFLOWER CO-OPERATIVE BANK ANNOUNCES THIRD QUARTER RESULTS

 MAYFLOWER CO-OPERATIVE BANK ANNOUNCES THIRD QUARTER RESULTS
 MIDDLEBORO, Mass., Feb. 12 /PRNewswire/ -- The Mayflower Co-operative Bank (NASDAQ: MFLR) announced a net loss of $114,000, or 13 cents per share, for the third quarter ending Jan. 31, 1992, compared to net income of $46,000, or 5 cents per share, for the same quarter last year.
 The net loss for the nine months ended Jan. 31, 1992, was $756,000, or 89 cents per share, compared to earnings of $125,000, or 15 cents, per share for the comparable period one year ago.
 William C. MacLeod, president and chief executive officer, stated, "Earnings continue to be affected by the slowdown in the New England economy and the bank's high cost to manage and operate other real estate owned. Loan loss provisions made during the quarter were $240,000, bringing the year-to-date total to $1,154,000 compared to $130,000 and $330,000 for the third quarter and nine-month periods of one year ago. Other real estate owned expenses were $80,000 for the quarter and $120,000 for the nine-month period compared to $16,000 and $23,000, respectively. However, even with this loss, the bank's equity-to-asset ratio remains a healthy 10.96 percent."
 Included in the quarterly results were net interest income and other income of $773,000 and $90,000, respectively, for the third quarter ending Jan. 31, 1992, compared to $747,000 and $175,000, respectively, for the comparable period of the prior year.
 As of Jan. 31, 1992, the bank's loans delinquent 90 days or more totaled $4.6 million or 6.4 percent of total loans and 5.0 percent of total assets. At Jan. 31, 1992, the bank's reserve for loan losses totaled $1.3 million which was 27.5 percent of loans delinquent 90 days or more and 1.8 percent of total loans.
 At Jan. 31, 1992, Mayflower Co-operative Bank had $90.7 million in total assets and stockholders' equity of $9.9 million or 10.96 percent of total assets. Operating from three offices in southeastern Massachusetts, the bank is a state chartered co-operative bank with 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)
 1/31/92 4/30/91
 Balance sheet data:
 Total assets $90,714 $91,491
 Loans receivable 71,002 72,171
 Federal funds sold 1,618 2,355
 Investment securities 10,459 9,082
 Deposits 80,183 80,065
 Borrowed funds 42 58
 Stockholders' equity 9,943 10,649
 Equity-to-assets ratio 10.96 pct. 11.64 pct.
 Book value per share $11.67 $12.50
 Three months ended Nine months ended
 1/31/92 1/31/91 1/31/92 1/31/91
 Operating data:
 Interest income $1,929 $2,178 $5,950 $6,679
 Interest expense 1,156 1,431 3,740 4,319
 Net interest income 773 747 2,210 2,360
 Provision for possible
 loan losses (240) (130) (1,154) (330)
 Total 533 617 1,056 2,030
 Gain on sale of
 investment securities 4 --- 13 ---
 Gain on sale of
 mortgage loans 3 --- 3 ---
 Gain (loss) on sale of
 other real estate 10 --- (111) (6)
 Other income 73 175 226 350
 Operating expenses (801) (729) (2,349) (2,178)
 Equity in earnings
 (losses) of joint
 ventures --- 1 (3) (9)
 Income (loss) before
 income taxes (178) 64 (1,165) 187
 Income taxes (64) 18 (409) 62
 Net income (loss) $(114) $46 $(756) $125
 Earnings (loss)
 per share (13 cents) 5 cents (89 cents) 15 cents
 Dividends per share --- --- --- 5 cents
 Annualized return on
 average assets (.50)pct. .20 pct. (1.11)pct. .18 pct.
 Annualized return on
 average equity (4.43)pct. 1.73 pct. (9.79)pct. 1.57 pct.
 Net interest spread 3.33 pct. 3.16 pct. 3.10 pct. 3.32 pct.
 Net interest margin 3.63 pct. 3.54 pct. 3.46 pct. 3.72 pct.
 Analysis of Loans Past Due
 (Dollars in thousands)
 1/31/92 4/30/91
 Loans past due over 90 days:
 Residential mortgages $859 $1,160
 Commercial and construction mortgages 2,284 2,650
 Commercial time and demand loans 1,390 1,239
 Consumer and other loans 24 40
 Total $4,557 $5,089
 Loans past due over 90 days as a
 percentage of:
 Total loans receivable 6.42 pct. 7.05 pct
 Total assets 5.02 pct. 5.56 pct.
 Non-performing assets:
 Non-accrual loans (included above) $3,399 $2,684
 Real estate acquired by foreclosure 1,265 611
 Total $4,664 $3,295
 Non-performing assets as a percentage of:
 Total loans receivable 6.57 pct. 4.57 pct.
 Total assets 5.14 pct. 3.60 pct.
 -0- 2/12/92
 /CONTACT: Maria Vafiades of Mayflower Co-operative Bank, 508-947-4343/
 (MFLR) CO: Mayflower Co-operative Bank ST: Massachusetts IN: FIN SU: ERN


SH -- NE012 -- 9252 02/12/92 12:46 EST
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Date:Feb 12, 1992
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