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HERITAGE BANKCORP, INC. OF TAYLOR, MICH., ANNOUNCES QUARTERLY EARNINGS

HERITAGE BANKCORP, INC. OF TAYLOR, MICH., ANNOUNCES QUARTERLY EARNINGS
 TAYLOR, Mich., Jan. 21 /PRNewswire/ -- Heritage Bankcorp, Inc. (NASDAQ-NMS: HEBC) today reported net income for the quarter ended Dec. 31, 1991, of $1,188,000 or $0.55 per share, as compared to $1,091,000 or $0.51 per share for the same period one year ago. For the six months ended Dec. 31, 1991, net income was $2,271,000 or $1.05 per share as compared to $2,008,000 or $0.93 per share in 1990.
 The continued strong performance of the company is due to core earnings from operations of its subsidiary, Heritage Federal Savings Bank (the "Bank").
 During the quarter, $500,000 was provided for possible loan losses. This brings the provision for possible loan and real estate losses to in excess of $1.5 million for the six months ended Dec. 31, 1991. Due to sustained economic uncertainty, Heritage Bankcorp continues to conservatively evaluate its loans and real estate owned. The total allowance for possible loan and real estate losses was $5.3 million at Dec. 31, 1991, which is in excess of 1 percent of total loans and real estate owned. At Dec. 31, 1991, non-performing assets totaled $17.8 million or 1.93 percent of total assets.
 At Dec. 31, 1991, the Bank's tangible capital ratio was 5.4 percent. This exceeds tangible capital requirements of the FDIC and the OTS.
 On Jan. 15, 1992, the company paid its ninth consecutive quarterly cash dividend of $0.13 per share.
 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
 (Amounts in thousands)
 Dec. 31, June 30, Dec. 31,
 1991 1991 1990
 Cash $12,525 $7,226 $4,183
 Investments 123,776 89,835 82,524
 Loans 487,809 496,360 506,096
 Mortgage-backed
 securities 254,407 274,546 255,416
 Real estate 7,896 7,684 5,709
 Goodwill 7,603 8,128 8,947
 Total assets 922,566 913,023 897,409
 Deposits 783,141 767,149 759,744
 Borrowings 58,824 63,965 64,102
 Stockholders' equity $56,730 $54,802 $53,064
 Three Months Ended Six Months Ended
 Dec. 31 Dec. 31
 1991 1990 1991 1990
 Net interest income $6,438 $6,408 $13,045 $12,421
 Provision for
 possible loan losses 500 400 950 800
 Service charges
 and other fees 407 359 795 695
 Gain (loss) on sale
 of investments 38 --- 134 ---
 Real estate
 operations, net (10) (177) (484) (247)
 General and
 admin. expense 4,465 4,469 8,869 8,796
 Federal income tax 720 630 1,400 1,265
 Net income $1,188 $1,091 $2,271 $2,008
 Earnings per share $0.55 $0.51 $1.05 $0.93
 For the Period
 Spread 2.85 pct 2.83 pct 2.86 pct 2.73 pct
 Margin 2.99 3.06 3.03 2.95
 Return on
 average assets 0.52 0.48 0.50 0.44
 Return on
 average equity 8.46 8.29 8.15 7.68
 End of Period
 Spread 2.83 2.61 2.83 2.61
 Margin 3.00 2.82 3.00 2.82
 Non-performing assets
 to total assets 1.93 2.30 1.93 2.30
 Book value per share $26.52 $24.81 $26.52 $24.81
 Tangible book value
 per share $22.93 $20.62 $22.97 $20.62
 Equity to asset 6.15 pct 5.91 pct 6.15 pct 5.91 pct
 Tangible equity to
 adjusted assets 5.37 4.97 5.37 4.97
 -0- 1/21/92
 /CONTACT: E.G. Wilkinson Jr., 313-285-1010, or Faye M. Tabor, 313-246-1219, both of Heritage Bankcorp, Inc./
 (HEBC) CO: Heritage Bankcorp, Inc. ST: Michigan IN: FIN SU: ERN


ML-JG -- DE025 -- 2080 01/21/92 17:01 EST
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Date:Jan 21, 1992
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