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HERITAGE BANKCORP, INC. OF TAYLOR, MICH., ANNOUNCES ANNUAL RESULTS

 TAYLOR, Mich., July 20 /PRNewswire/ -- Heritage Bankcorp, Inc. (NASDAQ-NMS: HEBC) today reported that net income for the year ended June 30, 1993, was $7 million or $2.09 per share, as compared to $5.1 million or $1.57 per share for the year ended June 30, 1992. Net income for 1993 included a positive adjustment resulting from a change in an accounting principle related to income taxes and an extraordinary loss as a result of penalties incurred for the early repayment of certain high-cost FHLB advances. Net income for the year ended June 30, 1993, before the change in accounting principle and extraordinary item, was $6.5 million or $1.95 per share, a 27-percent increase from the same period one year ago.
 The continued strong performance of the company is due primarily to core earnings from operations of its subsidiary, Heritage Federal Savings Bank (the "Bank"). Net interest income was $30.2 million for 1993, an increase of 9 percent as compared to the year ended June 30, 1992. This increase in net interest income was primarily due to a more favorable interest rate environment in 1993.
 The Bank's capital is strong and exceeds all requirements of the Office of Thrift Supervision and the FDIC. At June 30, 1993, the Bank's tangible and risk-based capital ratios were 6.40 percent and 17.71 percent, respectively.
 On July 15, 1993, a $0.10 per-share cash dividend was paid. This dividend represents the 15th consecutive cash dividend paid since the company first issued stock in 1989.
 Heritage Bankcorp, Inc. is the holding company for Heritage Federal Savings Bank. The Bank serves southeast and northern Michigan through its home office and 44 full-service branch offices. Heritage Bankcorp, Inc. is quoted on the NASDAQ National Market System under the symbol HEBC.
 HERITAGE BANKCORP, INC.
 SELECTED FINANCIAL DATA
 June 30, June 30,
 1993 1992
 (amounts in thousands)
 Cash $11,986 $11,041
 Investments 207,333 171,698
 Loans 493,275 493,465
 Mortgage-backed securities 171,013 211,598
 Real estate 6,110 7,472
 Goodwill 4,452 7,077
 Total assets 927,676 930,790
 Deposits 788,655 787,175
 Borrowings 39,871 53,674
 Stockholders' equity $65,355 $59,328
 Year Ended
 June 30,
 1993 1992
 Net interest income $30,153 $27,769
 Provision for possible loan losses 640 2,000
 Services charges and other fees 1,459 1,681
 Gain on sale of investments 74 124
 Real estate operations, net (1,294) (1,135)
 Non-interest expense 19,522 18,244
 Federal income tax 3,770 3,050
 Net income before extraordinary item
 and cumulative effect of change in
 accounting principle 6,460 5,145
 Extraordinary item, net (2,210) ---
 Cumulative effect of change in
 accounting principle 2,700 ---
 Net income $6,950 $5,145
 For the Period
 Earnings per share:
 Before extraordinary item and
 cumulative effect of change in
 accounting principle $1.95 $1.57
 Extraordinary item, net (0.67) ---
 Cumulative effect of change in
 accounting principle 0.81 ---
 Net 2.09 1.57
 Cash dividends per share $0.40 $0.36
 Net interest spread 3.34(pct) 3.03(pct)
 Net interest margin 3.49(pct) 3.21(pct)
 Return on average assets 0.75(pct) 0.56(pct)
 Return on average equity 11.15(pct) 9.02(pct)
 End of Period
 Book value $20.20 $18.36
 Equity to asset 7.05(pct) 6.37(pct)
 -0- 7/20/93
 /CONTACT: E.G. Wilkinson Jr., president and chief executive officer, 313-285-1010, or Faye M. Tabor, senior vice president and corporate secretary, 313-246-1219, both of Heritage Bankcorp, Inc./
 (HEBC)


CO: Heritage Bankcorp, Inc. ST: Michigan IN: FIN SU: ERN

JG-SB -- DE030 -- 3586 07/20/93 16:55 EDT
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Date:Jul 20, 1993
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