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Mayflower Bank Reports 20% Increase in Second Quarter Earnings and Declaration of Dividend

MIDDLEBORO, Mass., Nov. 25 /PRNewswire/ -- Mayflower Cooperative Bank (Nasdaq: MFLR) today announced net earnings of $271,000 for the second quarter ended October 31, 1996. These results represent a 20% increase over the comparable quarter for the prior year and are equivalent to $0.30 per share. Earnings for the comparable period last year were $0.26 per share or $225,000. Net income for the six months ended October 31, 1996 was $548,000 or $0.62 per share compared to earnings of $438,000 or $0.50 per share for the similar period one year ago.

Edward M. Pratt, President and Chief Executive Officer also announced that the Board of Directors of the Bank has declared a quarterly cash dividend of $0.12 per share to be payable on December 10, 1996 to stockholders of record as of December 3, 1996.

"The conclusion of our second quarter of operations allows us to report still further improvement in our performance," stated Edward M. Pratt, President and CEO. "The maintenance of a strong interest rate spread and the impact of ongoing initiatives designed to maximize short term earnings while preserving long term profitability have resulted in a 20% increase in our second quarter results and a 25% increase over the comparable six month period from one year ago. We continue to believe these improvements will continue during the remainder of our year."

Mayflower Cooperative Bank is a Massachusetts Chartered Cooperative Bank operating from four offices in Southeastern Massachusetts. At October 31 1996, total assets of the Bank were $116.3 million, net loans were $71.0 million and stockholders equity was $11.5 million or 9.86% of total assets. All Bank deposits are insured by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of Massachusetts.

(See accompanying Selected Consolidated Financial Information)
 Mayflower Cooperative Bank
 Selected Consolidated Financial Information
 (Dollars in thousands, except per share information)
 October 31, April 30,
 1996 1996
 Total assets $116,263 $113,182
 Loans receivable, net 70,992 70,334
 Federal funds sold 4,523 3,475


Investment securities:
 Held for investment 15,593 15,309
 Available for sale, net 16,939 16,591
 Deposits 97,259 96,466
 Borrowed funds 7,000 5,000
 Stockholders' equity 11,466 10,843
 Equity to assets ratio 9.86% 9.58%
 Book value per share $12.90 $12.42
 Three months ended Six months ended
 October 31, October 31,
 1996 1995 1996 1995


Statement of operations
 Interest and dividend income $2,184 $1,908 $4,355 $3,739
 Interest expense 1,043 911 2,071 1,738
 Net interest income 1,141 997 2,284 2,001
 Provision for loan losses (30) (60) (60) (120)
 Gain on sale of loans 41 11 49 32


Gain on sale of real estate
 held for investment --- --- 67 ---
 Loss on sale of investments (9) --- (28) ---
 Other non interest income 112 102 219 185
 Operating expenses (793) (662) (1,593) (1,371)
 Income before income taxes 462 388 938 727
 Income taxes 191 163 390 289
 Net income $271 $225 $548 $438
 Earnings per share $0.30 $0.26 $0.62 $0.50
 Dividends per share $0.12 $0.075 $0.22 $0.125
 Weighted average shares outstanding 889,246 872,761 886,160 872,404
 Annualized return on average assets 0.94% 0.91% 0.95% 0.90%
 Annualized return on average equity 9.59% 8.46% 9.83% 8.31%
 Net interest spread 3.96% 4.00% 3.99% 4.12%
 Net interest margin 4.17% 4.27% 4.20% 4.39%
 Mayflower Cooperative Bank
 Analysis of Loans Past Due
 (Dollars in thousands)
 Oct. 31, April 30, Oct. 31,
 Loans past due over 90 days: 1996 1996 1995
 Residential mortgages $242 $397 $86
 Commercial and construction mortgages 467 453 425
 Commercial time and demand loans 148 1 196
 Consumer and other loans 4 1 ---
 $861 $852 $707


Loans past due over 90 days as a percentage of:
 Net loans receivable 1.21% 1.21% 1.01%
 Total assets 0.74% 0.75% 0.70%


Non-performing assets
 Non-accrual loans(A) $1,290 $1,307 $1,426
 Real estate acquired by foreclosure --- 80 305
 $1,290 $1,387 $1,731


Non-performing assets as a percentage of:
 Net loans receivable 1.82% 1.97% 2.48%
 Total assets 1.11% 1.23% 1.71%
 Allowance for loan losses $1,078 $1,069 $970


Allowance as a percentage of
 non-accruing loans 83.57% 81.79% 68.02%


NOTE(A):includes loans which are contractually past due 90 days or more and/or loans less than 90 days past due on which the Bank has ceased accruing interest

SOURCE Mayflower Cooperative Bank
 -0- 11/25/96


/CONTACT: Maria Vafiades of Mayflower Bank, 508-947-4343/

(MFLR)

CO: Mayflower Cooperative Bank ST: Massachusetts IN: FIN SU: ERN DIV

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Date:Nov 25, 1996
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