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

 TAYLOR, Mich., Oct. 19 /PRNewswire/ -- Heritage Bankcorp, Inc. (NASDAQ-NMS: HEBC) today reported net income for the three months ended Sept. 30, 1993, was $1.4 million or $0.43 per share, as compared to $1.9 million or $0.57 per share for the same period one year ago.
 Earnings for the period ended Sept. 30, 1993, were reduced by approximately $250,000 due to non-recurring expenses related to the anticipated acquisition of the company by Standard Federal Bank (NYSE: SFB). Strong net income from core operations continued for the most recent quarter. Current core operating income is primarily affected by increased net interest income and lower provisions for possible loan and real estate losses. Earnings for the quarterly period ended Sept. 30, 1992, included a positive adjustment resulting from a change in accounting principle related to income taxes and an extraordinary loss as a result of penalties incurred for the early repayment of certain high-cost FHLB advances. Net income for the three months ended Sept. 30, 1992, before the change in accounting principle and extraordinary item, was $1.4 million.
 The bank's capital is strong and exceeds all requirements of the Office of Thrift Supervision and the FDIC. At Sept. 30, 1993, the bank's tangible capital ratio was 6.77 percent and risk-based capital was 17.95 percent.
 On Oct. 15, 1993, a $0.10 per share cash dividend was paid. This dividend represents the 16th consecutive quarterly cash dividend paid since the company first issued stock in August 1989.
 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
 Sept. 30, June 30, Sept. 30,
 (Amounts in thousands) 1993 1993 1992
 Cash $13,890 $11,986 $12,194
 Investments 182,610 207,333 184,625
 Loans 505,705 493,275 490,857
 Mortgage-backed
 securities 152,504 171,013 196,183
 Real estate 5,281 6,110 7,658
 Goodwill 4,296 4,452 4,984
 Total assets 898,917 927,676 929,724
 Deposits 766,545 788,655 806,153
 Borrowings 39,793 39,871 40,100
 Stockholders' equity $66,550 $65,355 $60,984
 Three Months Ended
 Sept. 30,
 1993 1992
 Net interest income $7,744 $7,341
 Provision for possible loan losses 100 250
 Services charges and other fees 405 344
 Gain on sale of investments --- 31
 Real estate operations, net (193) (411)
 Non-interest expense 5,454 4,816
 Federal income tax 970 830
 Net income before extraordinary item
 and cumulative effect of change in
 accounting principle 1,432 1,409
 Extraordinary item, net --- (2,210)
 Cumulative effect of change in
 accounting principle --- 2,700
 Net income $1,432 $1,899
 For the Period
 Earnings per share:
 Before extraordinary item and
 cumulative effect of change in
 accounting principle $0.43 $0.43
 Extraordinary item --- (0.67)
 Cumulative effect of change in
 accounting principle --- 0.81
 Net income $0.43 $0.57
 Net interest spread 3.51 pct. 3.15 pct.
 Net interest margin 3.67 pct. 3.36 pct.
 Return on average assets 0.63 pct. 0.81 pct.
 Return on average equity 8.69 pct. 12.63 pct.
 End of Period
 Book value per share $20.56 $18.86
 Equity to asset 7.40 pct. 6.56 pct.
 -0- 10/19/93
 /CONTACT: E.G. Wilkinson Jr., president and CEO, 313-285-1010, or Faye M. Tabor, senior vice president and corporate secretary, 313-246-1219, both of Heritage Bankcorp, Inc./
 (HEBC)


CO: Heritage Bankcorp, Inc. ST: Michigan IN: FIN SU: ERN

KE-JG -- DE033 -- 4233 10/19/93 17:27 EDT
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Date:Oct 19, 1993
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