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NEW HORIZONS SAVINGS DECLARES SECOND CONSECUTIVE $0.04 PER SHARE CASH DIVIDEND

 SAN RAFAEL, Calif., Jan. 5 /PRNewswire/ -- New Horizons Savings and Loan Association (NASDAQ: NHSL) today announced that its board of directors declared a cash dividend of $0.04 per share payable Jan. 31, 1994, to shareholders of record on Jan. 17, 1994. New Horizons Savings paid its first $0.04 per share cash dividend on Oct. 29, 1993.
 "This has been a good year for the company, and the board feels it is important to share our success with stockholders," stated James W. Barnett, chairman and chief executive officer. "Earnings are up and loan quality has improved."
 For the third quarter ended Sept. 30, 1993, New Horizons earned $812,000 or $0.37 per share, compared to $261,000 or $0.12 per share for the like quarter a year ago. New Horizons' interest earning assets grew $12 million, to $271.7 million at the end of September, from $259.7 million a year ago, and deposits increased $28 million. Non-performing assets totaled only 2.11% of assets at Sept. 30, 1993, which compares favorably with the California average, as compiled by William C. Ferguson & Co., of 5.14% at March 31. New Horizons' tangible capital ratio is 7.64%, and its risk-based capital ratio is 13.47%, both comfortably above regulatory minimums.
 New Horizons Savings is a two-branch institution headquartered in Marin County, Calif. New Horizons primarily operates in Marin and the adjacent counties, immediately north of the Golden Gate Bridge. The core of New Horizons' business is providing customized loans for homes and for home construction, which is a market niche that most of the major banks in Northern California have vacated. Yesterday, the association's stock closed the trading day at 9 1/4 per share.
 -0- 1/5/94
 /CONTACT: James W. Barnett, chairman and chief executive officer of New Horizons Savings, 415-457-6990/
 (NHSL)


CO: New Horizons Savings and Loan Association ST: California IN: FIN SU: DIV

IC-RB -- SE006 -- 9160 01/05/94 07:52 EST
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Publication:PR Newswire
Date:Jan 5, 1994
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