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ELMWOOD BANCORP NET INCOME AND EARNINGS UP; DIVIDEND DECLARED

 ELMWOOD BANCORP NET INCOME AND EARNINGS UP; DIVIDEND DECLARED
 MEDIA, Pa., Oct. 22 /PRNewswire/ -- Elmwood Federal's


(NASDAQ: EFSB), parent company to Elmwood Federal Savings Bank, posted earnings of $.61 per share of common stock for the nine months ended Sept. 30, 1992.
 This is a $.58 increase over earnings of $.03 per common share reported for the same period in 1991. Earnings for the three months ended Sept. 30, 1992, were $.24 per common share, compared to $.11 for the three months ended Sept. 30, 1991, an increase of $.13 per common share.
 For the nine months ended Sept. 30, 1992, the bank reported net income of $887,000 compared to net income of $41,000 for the same period in 1991, an increase of $846,000. Net income for the three months ended Sept. 30, 1992, was $350,000 compared to $166,000 in 1991, an increase of $184,000 or 111 percent.
 As a result of favorable third quarter en?gs, the bank's board of directors announced a cash dividend of $.08 per share of common stock to all stockholders of record as of Nov. 5, 1992, with distribution on Nov. 25.
 Deposits also increased by $11 million, or 5 percent in the nine- month period from Dec. 31, 1991, through Sept. 30, 1992, from $202.3 million to $213.3 million.
 At Sept. 30, 1992, Elmwood Bancorp, Inc. reported assets of $237.7 million, compared to assets of $226.8 million at Dec. 31, 1991, an increase of 5 percent, or $10.9 million.
 Consolidated statements and financial information for the period prior to the formation of Elmwood Bancorp, Inc. on June 30, 1992, reflect results of Elmwood Federal Savings Bank and its wholly owned subsidiaries.
 Elmwood Bancorp, Inc is headquartered in Media, Pa. Elmwood Federal Savings Bank has nine retail banking offices in Chester, Delaware and Philadelphia counties in suburban Philadelphia.
 /delval/
 -0- 10/22/92
 /CONTACT: Frank C. Freeman, chairman of Elmwood Federal Savings Bank, 215-565-8200/ CO: Elmwood Federal Savings Bank ST: Pennsylvania IN: FIN SU: ERN DIV


MJ-CC -- PH053 -- 3887 10/22/92 17:36 EDT
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Publication:PR Newswire
Date:Oct 22, 1992
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