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HERITAGE FINANCIAL SERVICES REPORTS THIRD QUARTER RECORD; NET INCOME UP 19 PERCENT

 HERITAGE FINANCIAL SERVICES REPORTS THIRD QUARTER RECORD;
 NET INCOME UP 19 PERCENT
 TINLEY PARK, Ill., Oct. 9 /PRNewswire/ -- Heritage Financial Services, Inc. (NASDAQ-NMS: HERS), today reported record net income and earnings per share for the third quarter ended Sept. 30, 1992.
 Third quarter net income was $2,520,000, or $.31 per share, up 19 percent from $2,113,000, or $.26 per share, in the comparable 1991 period.
 For the nine months ended Sept. 30, 1992, net income rose 25 percent to $7,145,000 from $5,733,000 a year earlier. Earnings per share for the 1992 nine month period were $.88, up 24 percent from $.71 per share in the 1991 period.
 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 due primarily to increases in net interest income. He attributed this to a 16 percent increase in average earning assets, reflecting good 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," Mr. Wojcik said. Excluding the operating expenses of 1st Heritage Bank, year-to-date total operating expenses declined 1 percent when compared to the first nine months of 1991.
 Mr. Wojcik said "the level of nonperforming loans and assets continued to decrease in the 1992 third quarter." Nonperforming loans as a percent of loans were .80 percent at Sept. 30, 1992, compared with 1.10 percent at June 30, 1992, and 1.27 percent at year-end 1991. Nonperforming assets as a percent of loans and other real estate owned decreased to 1.51 percent at Sept. 30, 1992, from 1.80 percent at June 30, 1992, and 2.03 percent at Dec. 31, 1991.
 The ratio of the loan loss reserve to loans at Sept. 30, 1992, was 1.72 percent compared to 1.34 percent at year-end 1991. Mr. 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 of $748 million. It is headquartered in southwest suburban Chicago and operates ten banking offices in that market. The company also operates a trust company which serves all locations.
 The company's shares are traded on the NASDAQ National Market System under the symbol HERS.
 HERITAGE FINANCIAL SERVICES, INC. AND SUBSIDIARIES
 Financial Summary
 (Unaudited; dollars in thousands except per share data)
 Period ended Nine Months Three Months
 Sept. 30 1992 1991 1992 1991
 Summary of Operations
 Net interest income $22,868 $19,830 $ 7,949 $ 6,839
 Provision for loan losses 495 1,105 165 400
 Other income 3,780 3,423 1,148 1,243
 Other expenses 16,492 14,868 5,479 4,900
 Income tax expense 2,516 1,547 933 669
 Net income $ 7,145 $ 5,733 $ 2,520 $ 2,113
 Earnings Per Share Data
 Primary earnings per share $.88 $.72 $.31 $.26
 Fully diluted earnings
 per share $.88 $.71 $.31 $.26
 Weighted average common and
 common equivalent shares
 outstanding:
 Primary 8,120,628 8,004,486 8,154,939 8,056,032
 Fully diluted 8,159,782 8,059,888 8,159,782 8,058,374
 Performance Ratios (A)
 (in percent)
 Net interest margin (FTE) 4.87 5.00 4.96 4.93
 Net charge-offs (recoveries)
 as a percent of average
 loans -.22 .06 .10 .09
 Return on average assets 1.29 1.20 1.34 1.28
 Return on average
 shareholders' equity 15.61 13.94 15.93 14.88
 Selected Balance Sheet Data
 9/30/92 9/30/91 12/31/91
 At period end
 Total assets $748,300 $665,859 $652,686
 Loans, net of unearned income 425,075 385,346 383,708
 Allowance for loan losses 7,303 5,320 5,127
 Total deposits 653,274 576,405 567,663
 Total shareholders' equity $ 64,547 $ 57,692 $ 59,165
 YTD average balances
 Total assets $738,440 $638,629 $644,410
 Total loans 419,388 384,557 384,383
 Total deposits 646,469 555,000 560,048
 Total shareholders' equity $ 61,144 $ 54,976 $ 55,719
 Statistics
 Book value per share $8.24 $7.36 $7.55
 Allowance for loan losses
 as a percent of loans 1.72 1.38 1.34
 Nonperforming loans as a
 percent of loans .80 1.03 1.27
 Allowance as a percent of
 nonperforming loans 214 135 105
 Nonperforming assets as a
 percent of loans + OREO 1.51 1.29 2.03
 (A) -- Stated on an annualized basis.
 Per share data has been adjusted for a two-for-one stock split paid in May 1992.
 -0- 10/9/92
 /CONTACT: Paul A. Eckroth, senior vice president and treasurer of Heritage Financial Services, 708-532-8008, ext. 2239/
 (HERS) CO: Heritage Financial Services, Inc. ST: Illinois IN: FIN SU: ERN


GK-OS -- NY019 -- 8292 10/09/92 11:01 EDT
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