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ELM FINANCIAL SERVICES REPORTS SECOND QUARTER EARNINGS FOR 1992 FISCAL YEAR

 ELM FINANCIAL SERVICES REPORTS SECOND QUARTER
 EARNINGS FOR 1992 FISCAL YEAR
 ELMHURST, Ill., July 17 /PRNewswire/ -- Elm Financial Services Inc. (NASDQ: ELMF), the holding company of Elmhurst Federal Savings Bank and its subsidiaries, today reported earnings for the second quarter of the 1992 fiscal year.
 For the three months ended June 30, 1992 net income was $1,226,142 or 53 cents per share, compared to $700,483, or 31 cents per share, for the same three month period in 1991, an increase per share of 71.0 percent.
 For the six months ended June 30, 1992 net income as $1,908,600 or 83 cents per share compared to $1,546,131, or 69 cents per share, for the comparable period in 1991, an increase per share of 20.3 percent.
 Net interest income was $3.388 million for the three months ended June 30, 1992 as compared to $2.710 million for the corresponding period in 1991. Interest income decrease by $297,000 while interest expense decreased by $975,000 as the bank benefited from an improved interest rate spread.
 Net interest income after a $30,000 provision for possible losses on loans for the three months ended June 30, 1992 was $3.358 million as compared to $2.680 million for the three months ended June 30, 1991. A $30,000 loan loss provision was also made in the three months ended June 30, 1991.
 Total other income was higher by $303,000 for the quarter ended June 30, 1992 as the result of a current unrealized gain on securities held for trade of $98,000 versus an unrealized loss on such securities reported in the comparable period last year. Also, equity earnings of $100,000 were recorded on a real estate joint venture in the current quarter as compared to $10,000 in the second quarter of 1991.
 Net interest income was $6.615 million for the six months ended June 30, 1992 as compared to $5.488 million for the corresponding six month period in 1991 as the bank's interest rate spread has increased by 55 basis points to 2.94 percent from 2.39 percent. This increase in margin has occurred as short term interest rates have fallen faster than longer term rates so that while the bank's return on interest earning assets has declined 107 basis points, its cost of funds declined 162 basis points. Net interest income after providing $60,000 for possible loan losses, as was provided in the same amount for this period in 1991, increased to $6.556 million from $5.428 million for the six months ended June 30, 1992. Total other income declined to $202,000 in the six months ended June 30, 1992 as compared to $761,000 in the same 1991 period. This variance was primarily due to a loss on sales of investment securities for the six months ended June 30, 1992 of $91,000 as compared to a gain of $530,000 in the same 1991 period.
 Elmhurst Federal Savings Bank, the operating entity of Elm Financial Services Inc. has its executive offices in Elmhurst, Ill., and operates through eight facilities, six in DuPage County and two in Chicago. The Bank's deposits are insured by the Federal Deposit Insurance Corp.
 ELM FINANCIAL SERVICES, INC.
 Operating Highlights
 (Unaudited)
 Periods ended Three Months
 June 30 1992 1991
 Interest income $7,646,052 $7,942,915
 Interest expense 4,258,183 5,232,685
 Net interest income 3,387,869 2,710,230
 Provision for loan losses 30,000 30,000
 Net interest income after
 Provision for loan losses 3,357,869 2,680,230
 Other Income:
 Loan servicing and other fees 61,789 46,641
 Commissions on sales of insurance 37,813 29,418
 Net gain (loss) on sale of investment
 securities --- ---
 Net loss on sale of securities held
 for trade --- ---
 Net unrealized gain (loss) on securities
 held for trade 98,438 (80,000)
 Equity in earnings of joint venture 99,534 10,024
 Other 125,873 114,698
 General and administrative expenses 1,949,261 1,816,605
 Income before income taxes 1,832,055 984,406
 Provision for income taxes 605,913 283,923
 Net income $1,226,142 $700,483
 Weighted average shares of Common Stock
 and common stock equivalents 2,298,009 2,257,320
 Earnings per share $0.53 $0.31
 Periods ended Six Months
 June 30 1992 1991
 Interest income $15,814,797 $15,909,255
 Interest expense 9,199,103 10,420,800
 Net interest income 6,615,694 5,488,455
 Provision for loan losses 60,000 60,000
 Net interest Income after
 Provision for loan losses 6,555,694 5,428,455
 Other Income:
 Loan servicing and other fees 119,664 90,884
 Commissions on sales of insurance 71,802 88,991
 Net gain (loss) on sale of investment
 securities (90,890) 530,288
 Net loss on sale of securities held
 for trade (51,563) ---
 Net unrealized gain (loss) on securities
 held for trade (227,344) (195,160)
 Equity in earnings of joint venture 99,534 10,024
 Other 255,775 235,711
 General and administrative expenses 3,885,218 3,864,030
 Income before income taxes 2,847,454 2,325,163
 Provision for income taxes 938,854 779,032
 Net income $1,908,600 $1,546,131
 Weighted average shares of common stock
 and common stock equivalents 2,297,288 2,236,072
 Earnings per share $0.83 $0.69
 Balance Sheet Highlights
 (Unaudited)
 6/30/92 12/31/91
 Total Assets $387,133,941 $372,169,721
 Loans receivable and mortgage-
 backed securities 270,763,040 277,689,408
 Cash and investment securities 99,615,601 79,714,158
 Federal Home Loan Bank Stock 2,651,800 2,580,900
 Deposits 331,179,539 317,111,675
 Other borrowings 2,154,900 2,269,900
 Stockholders' equity 48,432,091 46,873,664
 Book value per share $22.20 $21.42
 -0- 7/17/92
 /CONTACT: Martin Connolly of Elmhurst Federal Savings Bank, 708-833-8000/
 (ELMF) CO: Elm Financial Services ST: Elmhurst, Illinois IN: FIN SU: ERN


TM -- NY075 -- 0495 07/17/92 21:45 EDT
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Date:Jul 17, 1992
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