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HERITAGE BANKCORP, INC. ANNOUNCES THIRD-QUARTER EARNINGS

 HERITAGE BANKCORP, INC. ANNOUNCES THIRD-QUARTER EARNINGS
 TAYLOR, Mich., April 21 /PRNewswire/ -- Heritage Bankcorp, Inc.


(NASDAQ-NMS: HEBC) today reported net income for the quarter ended March 31, 1992, of $1,272,000 or $0.58 per share, as compared to $1,150,000 or $0.53 per share for the same period one year ago. For the nine months ended March 31, 1992, net income was $3,542,000 or $1.62 per share as compared to $3,158,000 or $1.47 per share in 1991.
 The continued strong performance of the company is primarily due to the core earnings from operations of its subsidiary, Heritage Federal Savings Bank (the "Bank").
 Included in the results for the nine months ended March 31, 1992, are $124,000 of non-recurring gains from the sale of U.S. Treasury obligations. These gains were a result of generally lower levels of short-term interest rates.
 Net interest income for the quarter was $7.1 million for 1992 as compared to $6.2 million for 1991. For the nine months ended March 31, net interest income was $20.2 million for 1992 as compared to $18.6 million for 1991. The improved net interest income is a result of the current level of interest rates and the large amount of new and refinance loans being originated. Net interest income is the primary contributor to the core earnings of the company.
 Due to sustained economic uncertainty, the company continues to conservatively monitor loans and real estate owned and provide for possible losses. During the quarter, $845,000 was provided for possible loan and real estate losses. This brings the provision for possible loan and real estate losses to in excess of $2.4 million for the nine months ended March 31, 1992. The total allowance for possible loan and real estate losses was $5.9 million at March 31, 1992, which is greater than 1 percent of total loans and real estate owned.
 Non-performing assets, which include all non-accrual loans, troubled debt structured loans, loans of concern, and real estate owned, were $17.4 million, or 1.85 percent of total assets at March 31, 1992.
 The Bank's capital is strong and exceeds all requirements of the Office of Thrift Supervision and the FDIC. At March 31, 1992, the Bank's tangible capital ratio was 5.4 percent and risk-based capital was in excess of 14 percent.
 On April 15, 1992, the company paid its 10th consecutive quarterly cash dividend of $0.13 per share.
 On March 17, 1992, the board of directors of the company declared a 3-for-2 stock split in the form of a 50-percent stock dividend. The recorded date for the stock dividend was April 16, 1992, and is payable on or about May 15, 1992. The board of directors intends to declare and pay cash dividends in the future at an annual rate of $0.40 per share, subject to earnings and other relevant factors at the time of the declaration.
 Heritage Bankcorp, Inc. is the holding company for Heritage Federal Savings Bank. The Bank serves southeast and northern Michigan through its home offices 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)
 March 31 June 30 March 31
 1992 1991 1991
 Cash $13,966 $7,226 $5,863
 Investments 162,560 89,835 87,614
 Loans 484,899 496,360 497,142
 Mortgage-backed
 securities 234,692 274,546 264,338
 Real estate 7,464 7,684 5,923
 Goodwill 7,340 8,128 8,688
 Total assets 940,096 913,023 900,211
 Deposits 795,751 767,149 763,997
 Borrowings 53,750 63,965 64,034
 Stockholders'
 equity $57,925 $54,802 $54,004
 Three Months Ended Nine Months Ended
 March 31 March 31
 1992 1991 1992 1991
 Net interest income $7,141 $6,222 $20,187 $18,643
 Provision for possible
 loan losses 600 600 1,550 1,400
 Service charges and
 other fees 443 401 1,238 1,096
 (Loss) gain on sale
 of investments (10) 623 124 623
 Real estate operations,
 net (314) (466) (798) (713)
 General and administrative
 expense 4,388 4,330 13,257 13,141
 Federal income tax 1,000 700 2,400 1,950
 Net income $1,272 $1,150 $3,542 $3,158
 Earnings per share $0.58 $0.53 $1.62 $1.47
 For the period
 Spread 3.18 pct 2.75 pct 2.97 pct 2.43 pct
 Margin 3.30 2.91 3.12 2.64
 Return on average assets 0.55 0.51 0.51 0.47
 Return on average equity 8.88 8.59 8.39 7.99
 End of period
 Spread 3.23 2.69 3.23 2.69
 Margin 3.36 2.87 3.36 2.87
 Non-performing assets
 to total assets 1.85 pct 1.94 pct 1.85 pct 1.94 pct
 Book value per share $26.88 $24.25 $26.88 $24.25
 Tangible book value
 per share $23.48 $21.19 $23.48 $21.19
 Equity to asset 6.16 pct 6.00 pct 6.16 pct 6.00 pct
 Tangible equity to
 adjusted assets 5.42 pct 5.08 pct 5.42 pct 5.08 pct
 -0- 4/21/92
 /CONTACT: E.G. Wilkinson, 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


JG-ML -- DE030 -- 0902 04/21/92 17:06 EDT
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