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HERITAGE FINANCIAL SERVICES REPORTS FIRST QUARTER RECORD

 HERITAGE FINANCIAL SERVICES REPORTS FIRST QUARTER RECORD
 TINLEY PARK, Ill., April 9 /PRNewswire/ -- Heritage Financial


Services, Inc. (NASDAQ-NMS: HERS), today reported record net income and earnings per share for the quarter ended March 31, 1992.
 First quarter net income was $2,186,000, up 26 percent from $1,740,000 in the comparable 1991 period. Earnings per share were 54 cents in 1992, a 23 percent increase over the 44 cents per share earned in the 1991 first quarter.
 Richard T. Wojcik, chairman and chief executive officer, said higher earnings in the 1992 quarter were due primarily to a 14 percent increase in net interest income. He attributed the growth in net interest income to a 17 percent increase in average earning assets, reflecting strong internal growth and the acquisition of 1st Heritage Bank in January 1992.
 "A lower provision for loan losses and containment of operating expenses also contributed to higher earnings in the 1992 first quarter," Wojcik said. The company reduced its loan loss provision to $165,000 in the 1992 first quarter, compared to $385,000 in the year-ago period. Excluding operating expenses of 1st Heritage Bank in 1992, the year-to- year growth in total operating expenses was limited to less than 1 percent.
 According to Wojcik, the level of nonperforming loans rose to $5.4 million at March 31, 1992, from $4.9 million at Dec. 31, 1991, due to the acquisition of 1st Heritage Bank. Nonperforming loans as a percent of loans were 1.29 percent at March 31, 1992, compared with 1.27 percent at year-end 1991. Nonperforming assets as a percent of loans and other real estate owned decreased to 1.91 percent at March 31, 1992, from 2.03 percent at Dec. 31, 1991. The ratio of the loan loss reserve to loans at March 31, 1992, was 1.72 percent compared to 1.34 percent at year-end 1991. Wojcik said this reflects the additional loan loss reserve of 1st Heritage Bank and a $903,000 loan recovery.
 Heritage Financial Services, Inc. is a mulitbank holding company headquartered in southwest suburban Chicago. With the January 1992 acquisition of 1st Heritage Bank, the company's total assets increased to $739 million. It operates nine banking offices located in Tinley Park (2), Orland Park, Oak Lawn, Crestwood, Palos Heights, Mokena, Blue Island and Country Club Hills. The company also operates a trust company which serves all locations.
 HERITAGE FINANCIAL SERVICES, INC., AND SUBSIDIARIES
 Financial Summary (Unaudited)
 (Dollars in thousands except per share data)
 Three months ended March 31 1992 1991 Percent
 Change
 SUMMARY OF OPERATIONS:
 Net interest income $7,316 $6,412 14
 Provision for loan losses 165 385 -57
 Other income 1,266 1,062 19
 Other expenses 5,524 4,957 11
 Income tax expense 707 392 80
 Net income $2,186 $1,740 26
 EARNINGS PER DATA:
 Primary earnings per share $.54 $.44 23
 Fully diluted earns. per share $.54 $.44 23
 Weighted average com. and com.
 equivalent shares outstanding
 Primary 4,038,579 3,971,290 2
 Fully diluted 4,047,411 3,991,374 1
 PERFORMANCE RATIOS (A)
 Net interest margin (FTE) 4.80 pct. 5.07 pct.
 Net charge-offs (recoveries)
 as percent of aver. loans (.88) pct. (.22) pct.
 Return on average assets 1.21 pct 1.14 pct.
 Return on average shareholders'
 equity 14.80 pct. 13.14 pct.
 March 31, Percent
 1992 1991 Change
 SELECTED BALANCE SHEET DATA
 At period end:
 Total assets $738,726 $629,942 17
 Loans, net of unearned inc. 418,277 387,373 8
 Allowance for loan losses 7,176 4,986 44
 Total deposits 648,524 547,758 18
 Total shareholders' equity $ 60,763 $ 54,796 11
 Average balances:
 Total assets $726,281 $620,941 17
 Total loans 411,200 386,816 6
 Total deposits 634,651 538,188 18
 Total shareholders' equity $ 59,404 $ 53,695 11
 Statistics:
 Book value per share $15.51 $13.99 11
 Allowance for loan losses
 as a pct. of loans 1.72 pct. 1.29 pct.
 Nonperforming loans as a
 pct. of loans 1.29 pct. .65 pct.
 Allowance as a pct. of
 nonperforming loans 133 pct. 198 pct.
 Nonperforming assets as a
 pct. of loans + OREO 1.91 pct. 1.34 pct.
 (A) -- Stated on an annualized basis.
 -0- 4/9/92
 /CONTACT: Paul A. Eckroth, senior vice president and treasurer of Heritage Financial Services, 708-532-8008, ext. 2239/
 (HERS) CO: Heritage Financial Services, Inc. ST: Illinois IN: FIN SU: ERN


GK-AH -- NY070 -- 6867 04/09/92 14:40 EDT
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