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THE BANK OF SOUTHINGTON REPORTS THIRD QUARTER EARNINGS ARE UP

 SOUTHINGTON, Mass., Oct. 29 /PRNewswire/ -- Joseph E. LaPlume, president of the Bank of Southington (AMEX: BSO), reported third quarter earnings for 1993 are up 47 percent compared to the third quarter of 1992. Income for the third quarter was $154,430 compared to $105,381 in the same period last year. Net income for the first nine months totaled $534,275, up 23 percent from $433,045 reported for the first nine months of 1992.
 The bank continues to grow with total assets of $93,799,699 at Sept. 30, 1993, as compared to $83,313,656 at Sept. 30, 1992, up 12 percent.
 Mr. LaPlume reports that non-performing loans are $1,895,411 and the allowance for loan losses is $1,315,000, or 2.0 percent of total loans outstanding at Sept. 30, 1993. The bank remains well capitalized with a capital to asset ratio of 9.22 percent.
 The bank's stock is traded on the American Stock Exchange with the trading symbol BSO.
 THE BANK OF SOUTHINGTON
 (Dollar amount in thousands, except per share amounts)
 Third Quarter ending 9/30 3Q93 3Q92
 Net income $154 $105
 Per share .15 .11
 ROA .66 pct. .51 pct.
 ROE 7.14 pct. 5.23 pct.
 Net interest margin 4.45 pct. 4.58 pct.
 Net interest income 941 858
 Non-interest income 74 62
 Non-Interest expense 735 656
 Less provision 40 87
 Net charge offs 11 (3)
 Year to Date 1993 1992
 Net income $534 $433
 Per share .52 .42
 ROA .76 pct. .62 pct.
 ROE 8.24 pct. 7.17 pct.
 Net interest margin 4.67 pct. 4.63 pct.
 Net interest income 2,847 2,529
 Non-interest income 206 188
 Non-interest expense 2,109 1,733
 Less provision 110 281
 Net charge offs 62 91
 Balance Sheet 9/30/93 9/30/92
 Assets $93,800 $83,314
 Deposits 84,796 75,088
 Loans, net 61,968 59,427
 Leverage cap. ratios 9.22 pct. 9.67 pct.
 Tier 1 cap. ratio 12.54 pct. 12.22 pct.
 Tier 1 & 2 cap. ratio 14.44 pct. 14.03 pct.
 -0- 10/29/93
 /CONTACT: Ronald M. Moskwa, senior vice president of the Bank of Southington, 203-620-5000/
 (BSO)


CO: Bank of Southington ST: Connecticut IN: FIN SU: ERN

TW -- NY080 -- 8688 10/29/93 16:32 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
Words:387
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