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HORIZON BANK THIRD-QUARTER EARNINGS INCREASE 20 PERCENT; BANK OPENS NEW HOME LOAN OFFICE

 HORIZON BANK THIRD-QUARTER EARNINGS INCREASE 20 PERCENT;
 BANK OPENS NEW HOME LOAN OFFICE
 BELLINGHAM, Wash., Jan. 14 /PRNewswire/ -- Horizon Bank (NASDAQ: HRZB) today announced increased earnings for the third quarter and nine months of the fiscal year ended Dec. 31, 1991.
 Earnings for the quarter rose 20 percent to $1.4 million, or 36 cents per share, up from $1.2 million and 30 cents per share for the same period one year ago. This strong earnings gain continues the trend of the last two quarters, and for the nine months of the fiscal year earnings rose 20 percent to $4.2 million, or $1.08 per share, up from $3.5 million and 90 cents per share one year ago.
 Total revenue for the quarter increased to $8.6 million, up from $8.1 million, including interest income of $8.3 million versus $7.8 million. Total revenue for the nine months was $25.9 million, compared to $24.2 million, including interest income of $24.8 million versus $23.0 million.
 Loan volume for the quarter was heavy, spurred by continued declining interest rates. For the quarter, loan originations rose 107 percent to $25.7 million, up from $12.4 million during the same quarter one year ago. Loan originations for the nine months rose 46 percent to $75.5 million, up from $51.6 million. At the same time, the bank maintained good control of nonperforming assets. As of Dec. 31, 1991, the bank had only two nonperforming loans totaling $64,263, or 0.02 percent of assets. This extremely low rate compares quite favorably with the Washington state average of 2.56 percent.
 Commenting on the bank's high loan volume, V. Lawrence Evans, president, said, "With mortgage rates at their lowest in 14 years, loan refinancing accounts for about two-thirds of our loan volume. We expect this trend to continue through our fiscal year-end."
 The bank's assets, deposits and net worth showed strong growth during the period.
 During the quarter, Horizon Bank opened a new loan production office in Everett. Located on Everett Mall Way, the office opened for business Jan. 2, and will accept home loan applications from the Everett/Snohomish market. This extends the bank's lending area into southern Snohomish County, the population of which has grown by over 33 percent since 1980. The Everett office is a loan production facility only, and will not handle deposit transactions at this time. The bank looks forward to serving the residential lending needs of this new market.
 Horizon Bank is a state-chartered, FDIC-insured savings bank with nine offices serving Whatcom, Skagit and Snohomish counties.
 HORIZON BANK
 SELECTED FINANCIAL HIGHLIGHTS
 Three Months Nine Months
 Ended Dec. 31: 1991 1990 1991 1990
 Total revenue $8,621,386 $8,124,165 $25,852,356 $24,196,461
 Interest income $8,303,634 $7,846,314 $24,788,562 $23,017,585
 Net income $1,436,607 $1,194,561 $ 4,244,726 $ 3,527,067
 Earnings per share $ 0.36 $ 0.30(A) $ 1.08 $ 0.90(A)
 Total weighted
 average shares
 outstanding 3,945,565 3,938,029(A) 3,943,464 3,928,354(A)
 At Dec. 31, At March 31,
 1991 1991
 Stockholders' equity-to-
 assets (pct.) 14.84 14.76
 Stockholders' equity-to-
 deposits (pct.) 17.70 17.62
 Stockholders' equity $ 51,919,151 $ 48,819,199
 Assets $349,836,465 $330,816,944
 Deposits $293,363,522 $277,106,581
 Loans receivable $286,262,866 $266,623,775
 Book value per share $ 13.15 $ 12.39(A)
 Total shares outstanding 3,948,135 3,940,881(A)
 Note A: Adjusted for 10-percent stock dividend declared March 26, 1991.
 -0- 1/14/92
 /CONTACT: V. Lawrence Evans or David Eldred of Horizon Bank, 206-733-3050/
 (HRZB) CO: Horizon Bank ST: Washington IN: FIN SU: ERN


SC-LM -- SE002 -- 9393 01/14/92 09:05 EST
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Date:Jan 14, 1992
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