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

 HERITAGE BANKCORP, INC. OF TAYLOR, MICH., ANNOUNCES ANNUAL RESULTS
 TAYLOR, Mich., July 21 /PRNewswire/ -- Heritage Bankcorp, Inc. (NASDAQ-NMS: HEBC) today reported net income for the year ended June 30, 1992, was $5,145,000 or $1.57 per share, as compared to $4,165,000 or $1.30 per share for the year ended June 30, 1991.
 The continued strong performance of the company was primarily due to core earnings from operations of its subsidiary, Heritage Federal Savings Bank (the "bank"). Net interest income was $27.8 million for the year as compared to $25.1 million for 1991. A very steep yield curve and a record level of mortgage lending activity both have contributed to the increase in net interest margin for the 1992 year.
 At June 30, 1992, non-performing assets, including restructured loans and loans of concern, totaled $16.8 million or 1.80 percent of total assets as compared to $17.9 million or 1.96 percent of total assets at June 30, 1991.
 The bank's tangible capital ratio was 5.5 percent at June 30, 1992. This exceeds all regulatory capital requirements.
 On July 15, 1992, the company paid its 11th consecutive quarterly cash dividend of $0.10 per share. This dividend represents approximately a 14-percent increase from dividends previously paid.
 Heritage Bankcorp, Inc. is the holding company for Heritage Federal Savings Bank. The bank serves southeastern 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)
 June 30, June 30,
 1992 1991
 Cash $11,041 $7,226
 Investments 164,773 89,835
 Loans 493,465 496,360
 Mortgage-backed securities 211,598 274,546
 Real estate 7,472 7,684
 Goodwill 7,077 8,128
 Total assets 930,790 913,023
 Deposits 787,175 767,149
 Borrowings 53,674 63,965
 Stockholders' equity $59,328 $54,802
 Three Months Ended Year Ended
 June 30, June 30,
 1992 1991 1992 1991
 Net interest income $7,582 $6,440 $27,769 $25,083
 Provision for possible
 loan losses 450 700 2,000 2,100
 Service charges and
 other fees 443 431 1,681 1,527
 Gain on sale
 of securities, net --- 32 124 655
 Real estate operations
 net (337) (370) (1,135) (1,083)
 General & administrative
 expense 4,985 4,148 18,243 17,272
 Federal income tax 650 678 3,050 2,645
 Net income $1,603 $1,007 $5,145 $4,165
 For the Period
 Earnings per share $0.47 $0.31 $1.57 $1.30
 Net interest spread 3.34 pct 2.71 pct 3.03 pct 2.72 pct
 Net interest margin 3.49 pct 2.93 pct 3.21 pct 2.94 pct
 Return on avg. assets 0.69 pct 0.44 pct 0.56 pct 0.45 pct
 Return on avg. equity 10.94 pct 7.40 pct 9.02 pct 7.83 pct
 Non-performing assets
 to total assets 1.80 pct 1.96 pct 1.80 pct 1.96 pct
 End of Period
 Book value per share $18.36 $17.08 $18.36 $17.08
 Tangible book value
 per share $16.17 $14.55 $16.17 $14.55
 Equity to asset 6.38 pct 6.00 pct 6.38 pct 6.00 pct
 -0- 7/21/92
 /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


KR-JG -- DE019 -- 1536 07/21/92 16:55 EDT
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Date:Jul 21, 1992
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