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ELMWOOD FEDERAL REPORTS GAINS IN NET INCOME, ASSETS AND DEPOSITS

 ELMWOOD FEDERAL REPORTS GAINS IN NET INCOME, ASSETS AND DEPOSITS
 MEDIA, Pa., April 23 /PRNewswire/ -- At the end of the first quarter, March 31, 1992, Elmwood Federal Savings Bank (NASDAQ: EFSB) reported net income of $266,000, as compared to a net loss of $274,000 for the same period in 1991.
 Earnings per share of common stock were $.18, compared to a loss per share of common stock of $.19 at March 31, 1991.
 The bank's assets increased by 1.5 percent in the first quarter of 1992, from $226.8 million at Dec. 31, 1991, to $230.2 million at March 31, 1992. Deposits increased by 1.4 percent in the first quarter from $202.3 million at Dec. 31, 1991, to $205.2 million at March 31, 1992.
 Net interest income, before provisions for loan losses, increased by 15.3 percent, from $1.67 million at March 31, 1991, to $1.92 million at March 31, 1992. Frank C. Freeman, chairman, noted that this increase is primarily the result of a significantly lower cost of funds.
 Freeman also commented that several other factors contributed to the gains recorded by the bank in the first quarter of 1992. He explained that the bank's $75,000 provision for future loan losses at March 31, 1992, is $309,000 lower than the $384,000 provision at March 31, 1991. The bank's 1992 first quarter numbers were also positively affected by lower operating expenses. These costs were reduced by 6.5 percent, compared to the same period in 1991. In addition, the bank's 1991 first quarter operating results included a one-time adjustment of $195,000, which negatively affected 1991 net interest income.
 The bank's board of directors declared a dividend of $.08 per share of common stock, payable to shareholders of record as of April 22, 1992, and distributed on May 13.
 Elmwood Federal has nine retail banking offices in suburban Philadelphia, and administrative headquarters in Media. The bank's deposits are insured by the FDIC.
 /delval/
 -0- 4/23/92
 /CONTACT: Frank C. Freeman, chairman and acting CEO of Elmwood Federal, 215-565-8200/ CO: Elmwood Federal Savings Bank ST: Pennsylvania IN: FIN SU: ERN


KA-SF -- PH048 -- 2069 04/23/92 15:53 EDT
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Date:Apr 23, 1992
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