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HERITAGE FINANCIAL SERVICES REPORTS SECOND QUARTER RECORD; NET INCOME UP 30 PERCENT

 HERITAGE FINANCIAL SERVICES REPORTS SECOND QUARTER RECORD;
 NET INCOME UP 30 PERCENT
 TINLEY PARK, Ill., July 9 /PRNewswire/ -- Heritage Financial Services, Inc. (NASDAQ-NMS: HERS) today reported record net income and earnings per share for the second quarter ended June 30, 1992.
 Second quarter net income was $2,439,000, or 30 cents per share, up 30 percent from $1,880,000, or 23 cents per share, in the comparable 1991 period.
 For the six months ended June 30, 1992, net income rose 28 percent to $4,625,000 from $3,620,000 a year earlier. Earnings per share for the 1992 six months were 57 cents, up 27 percent from 45 cents per share in the 1991 first half.
 Earnings per share and weighted average shares outstanding have been adjusted to reflect the company's two-for-one stock split paid on May 15, 1992.
 Richard T. Wojcik, chairman and chief executive officer, said higher 1992 earnings were primarily due to increases in net interest income. He attributed this to a 17 percent increase in average earning assets, reflecting strong internal growth and the acquisition of 1st Heritage Bank in January 1992.
 "A lower provision for loan losses and containment of operating expenses also contributed to the increases in quarterly and year-to-date net income," Wojcik said. Excluding the operating expenses of 1st Heritage Bank, year-to-date total operating expenses declined 1 percent when compared to the 1991 first half.
 Commenting on credit quality, Wojcik said, "The level of non- performing loans decreased in the 1992 second quarter." Non-performing loans as a percent of loans were 1.10 percent at June 30, 1992, compared with 1.29 percent at March 31, 1992, and 1.27 percent at year-end 1991. Non-performing assets as a percent of loans and other real estate owned decreased to 1.80 percent at June 30, 1992, from 1.91 percent at March 31, 1992, and 2.03 percent at Dec. 31, 1991. The ratio of the loan loss reserve to loans at June 30, 1992, was 1.71 percent compared to 1.34 percent at year-end 1991. Wojcik said the increase reflected the additional loan loss reserve of 1st Heritage Bank and a large recovery on one loan in the first quarter.
 Heritage Financial Services, Inc. is a multibank holding company with total assets in excess of $742 million. It is headquartered in southwest suburban Chicago and 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
 Financial Summary
 (Unaudited; dollars in thousands, except per-share data)
 June 30 1992 1991 1992 1991
 Summary of operations:
 Net interest income $14,919 $12,991 $7,603 $6,579
 Provision for loan losses 330 705 165 320
 Other income 2,632 2,180 1,366 1,118
 Other expenses 11,013 9,968 5,489 5,011
 Income tax expense 1,583 878 876 486
 Net income 4,625 3,620 2,439 1,880
 Earnings per data:
 Primary earnings per share $.57 $.45 $.30 $.23
 Fully diluted earnings per share .57 .45 .30 .23
 Weighted average common and common
 equivalent shares outstanding:
 Primary 8,103,472 7,978,728 8,129,785 8,014,900
 Fully diluted 8,129,785 8,031,154 8,129,785 8,028,870
 Performance ratios(A)
 (in percents):
 Net interest margin (FTE) 4.83 5.03 4.86 4.99
 Net charge-offs (recoveries)
 as a pct. of average loans -.39 .05 .09 .32
 Return on average assets 1.27 1.16 1.32 1.18
 Return on avg. shrhldrs' equity 15.44 13.45 16.07 13.74
 Selected Balance Sheet Data
 Periods ended 6/30/92 6/30/91 12/31/91
 At period end:
 Total assets $742,301 $655,642 $652,686
 Loans, net of unearned income 424,132 382,447 383,708
 Allowance for loan losses 7,249 5,005 5,127
 Total deposits 652,508 572,162 567,663
 Total shareholders' equity 62,614 56,128 59,165
 YTD average balances:
 Total assets 733,674 629,723 644,410
 Total loans 417,402 385,004 384,383
 Total deposits 643,385 547,422 560,048
 Total shareholders' equity 60,232 54,290 55,719
 Statistics:
 Book value per share $7.99 $7.16 $7.55
 Allowance for loan losses as
 a percentage of loans 1.71 1.31 1.34
 Non-performing loans as a
 percentage of loans 1.10 1.08 1.27
 Allowance as a percentage of
 non-performing loans 155 121 105
 Non-performing assets as a
 percentage of loans + OREO 1.80 1.73 2.03
 (A) -- Stated on an annualized basis
 Note: Per-share data has been adjusted for two-for-one stock split paid in May 1992.
 -0- 7/9/92
 /CONTACT: Paul A. Eckroth, senior VP and treasurer of Heritage Financial Services, 708-532-8008, ext. 2239/
 (HERS) CO: Heritage Financial Services Inc. ST: Illinois IN: FIN SU: ERN


SH-CK -- NY031 -- 8122 07/09/92 11:32 EDT
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Date:Jul 9, 1992
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