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HORIZON BANK YEAR-END EARNINGS INCREASE 21 PERCENT

 HORIZON BANK YEAR-END EARNINGS INCREASE 21 PERCENT
 BELLINGHAM, Wash., April 28 /PRNewswire/ -- Horizon Bank


(NASDAQ: HRZB) today announced record year-end results, with earnings for the year up over 21 percent for the period ended March 31, 1992.
 Earnings for the quarter increased 23 percent to $1.6 million, or 39 cents per share, up from $1.3 million, and 32 cents per share, in the comparable quarter one year ago. Total revenue for the quarter was $9.0 million, up from $8.2 million, including interest income of $8.5 million versus $8.0 million.
 For the year, earnings increased 21 percent to $5.8 million, or $1.47 per share, up from $4.8 million and $1.22 per share. Total revenue for the year was $34.9 million, compared with $32.4 million, including interest income of $33.3 million, versus $31.0 million.
 Loan demand for the year was strong, with total originations of $109.5 million, up 66 percent over the prior-year total of $66.1 million. Loan refinance activity accounted for approximately 45 percent of the bank's lending volume as homeowners took advantage of the lower interest rate environment. At the same time, the bank maintained the quality of its asset base. As of March 31, the bank had a single nonperforming loan of $23,627, or 0.01 percent of assets. This extremely low rate compares quite favorably with the Washington savings bank average of 1.51 percent and the national savings bank average of 3.84 percent.
 Horizon's assets, deposits and stockholders' equity showed steady growth during the period. Stockholders' equity rose to $53.4 million, or 14.70 percent of assets.
 The lower interest rate environment helped add to the bank's bottom line, and Horizon's operating ratios remained strong. For the year, return on average assets rose to 1.67 percent, up from 1.51 percent one year ago. The interest rate spread for the year increased to 3.54 percent, up from 2.89 percent.
 "It was a very good year," commented V. Lawrence Evans, president. "The bank surpassed many of its goals. Declining interest rates and a steady local economy helped make this year one of the bank's best."
 Horizon Bank is a $363 million, state-chartered savings bank with nine offices serving Whatcom, Skagit and Snohomish counties.
 HORIZON BANK
 SELECTED FINANCIAL HIGHLIGHTS
 Three Months 12 Months
 Ended March 31: 1992 1991 1992 1991
 Total revenue $9,001,625 $8,232,943 $34,853,981 $32,429,404
 Interest income $8,538,337 $8,025,100 $33,326,899 $31,042,685
 Net income $1,559,883 $1,263,363 $ 5,804,609 $ 4,790,430
 Earnings per share $ 0.39 $ 0.32(A) $ 1.47(A) $ 1.22(A)
 Weighted average shares
 outstanding 3,965,468 3,940,257(A) 3,948,935(A) 3,931,289(A)
 At March 31: 1992 1991
 Stockholders' equity-to-
 assets (pct.) 14.70 14.76
 Stockholders' equity-to-
 deposits (pct.) 17.60 17.62
 Stockholders' equity $ 53,387,410 $ 48,819,199
 Assets $363,275,013 $330,816,944
 Deposits $303,322,760 $277,106,581
 Loans receivable $291,050,845 $266,623,775
 Total shares outstanding 3,973,577 3,940,881(A)
 Book value per share $ 13.44 $ 12.39(A)
 Note A: Adjusted for 10-percent stock dividend declared March 26, 1991.
 -0- 4/28/92
 /CONTACT: V. Lawrence Evans or David Eldred of Horizon Bank, 206-733-3050/
 (HRZB) CO: Horizon Bank ST: Washington IN: FIN SU: ERN


SC-JH -- SE002 -- 3753 04/28/92 11:46 EDT
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Date:Apr 28, 1992
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