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HERITAGE FINANCIAL SERVICES REPORTS RECORD 1991 EARNINGS

      HERITAGE FINANCIAL SERVICES REPORTS RECORD 1991 EARNINGS
    TINLEY PARK, Ill., Jan. 21 /PRNewswire/ -- Heritage Financial Services, Inc. (NASDAQ-NMS: HERS) today reported record net income and earnings per share for the year ended Dec. 31, 1991.
    Net income for 1991 was $7,754,000, or $1.92 per share, up 25 percent from the $6,197,000, or $1.53 per share, earned in 1990.
    For the fourth quarter ended Dec. 31, 1991, net income was $2,021,000, or 50 cents per share, an increase of 163 percent from $769,000, or 19 cents per share, in the comparable 1990 period.
    Richard T. Wojcik, chairman and chief executive officer, said the earnings increase in the 1991 periods primarily resulted from a reduction in the provision for loan losses as compared to the 1990 periods when the company recorded a special provision for loan losses.
    "Continued growth in net interest income and ongoing cost containment measures were additional factors which contributed to higher earnings in 1991," Wojcik said.  Net interest income in 1991 rose 7 percent over 1990, primarily resulting from a 5 percent growth in average earning assets coupled with a decrease in the company's cost of funds.  The growth in total operating expenses, excluding FDIC insurance premiums, was limited to 3 percent in 1991.  For the year, FDIC insurance premiums rose $523,000, an 85 percent increase over 1990.
    According to Wojcik, non-performing loans at Dec. 31, 1991, totaled $4.9 million, the same amount as at year-end 1990.  At Dec. 31, 1991, non-performing loans as a percent of net loans were 1.27 percent compared with 1.26 percent a year ago.  Non-performing assets as a percent of loans and other real estate owned, increased to 2.03 percent at Dec. 31, 1991, from 1.45 percent at year-end 1990.  The loan loss reserve to net loans at the end of the 1991 fourth quarter rose to 1.34 percent from 1.12 percent at year-end 1990, primarily reflecting two large recoveries in 1991.
    Heritage Financial Services, Inc. is a multibank holding company headquartered in southwest suburban Chicago.  With the January 1992 acquisition of 1st Heritage Bank, the company's total assets now exceed $700 million.  It operates nine banking offices located in Tinley Park (two), 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
             (Dollars in thousands, except per-share data)
    Periods ended                    Year             Three months
     Dec. 31                     1991       1990      1991     1990
    Summary Operations
     Net interest income      $26,787    $25,109    $6,957   $6,432
     Provision for loan losses  1,475     3,500        370    2,453
     Other income               4,520     4,259      1,097    1,082
     Other expenses            19,966    18,842      5,098    4,547
     Income tax expense         2,112       829        565     (255)
     Net income                 7,754     6,197      2,021      769
    Earnings Per Data
     Primary earnings per share $1.93     $1.53       $.50     $.19
     Fully diluted earnings
      per share                  1.92      1.53        .50      .19
    Weighted average common &
     common equivalent shares
     outstanding:
     Primary                4,010,761   4,049,168   4,036,321  3,965,271
     Fully diluted          4,036,887   4,050,782   4,036,321  3,971,727
    Performance Ratios (A)
     Net interest
      margin (FTE) (pct.)        4.99        4.99        4.97       4.98
     Net charge-offs as a pct.
      of average loans            .19         .85         .58       2.86
     Return on average
      assets (pct.)              1.20        1.01        1.21        .49
    Return on avg. shareholders'
     equity (pct.)              13.92       11.81       13.84       5.68
                         Selected Balance Sheet Data
      Dec. 31                           1991          1990
     At Period End
     Total assets                    $652,686      $622,123
     Net loans                        378,581       387,011
     Total deposits                   567,663       540,323
     Total shareholders' equity        59,165        53,793
    Average Balances
     Total assets                     644,410       612,045
     Total loans                      384,383       378,468
     Total deposits                   560,048       533,738
     Total shareholders' equity        55,719        52,451
    Statistics
     Book value per share              $15.10        $13.69
     Allowance for loan losses
      as a percent of loans              1.34          1.12
     Non-performing loans as
      a percent of loans                 1.27          1.26
     Allowance as a percent of
      non-performing loans                105            89
     Non-performing assets as a percent
     of loans plus OREO                  2.03          1.45
    (A) -- Stated on an annualized basis.
    -0-        1/21/92
    /CONTACT:  Paul A. Eckroth, senior VP and treasurer of Heritage Financial Services, 708-532-8000, ext. 2239/
    (HERS) CO:  Heritage Financial Services Inc. ST:  Illinois IN:  FIN SU:  ERN CK-KW -- NY038 -- 1783 01/21/92 11:38 EST
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Date:Jan 21, 1992
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