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ELMWOOD BANCORP, INC. REPORTS FAVORABLE EARNINGS

 MEDIA, Pa., Jan. 21 /PRNewswire/ -- Elmwood Bancorp, Inc. (NASDAQ: EFSB) today reported net income during the fourth quarter of 1992 of $385,000 or $.26 per common share, resulting in total net income of $1,272,000 or $.87 per common share for the 12 months ended Dec. 31, 1992.
 This compares with net income of $232,000 or $.17 per common share for the fourth quarter of 1991, and net income of $273,000 or $.19 per common share for the 12 months ended Dec. 31, 1991.
 The company's total assets increased by $13.8 million, or 6.1 percent at Dec. 31, 1992, to $240.6 million from $226.8 million at Dec. 31, 1991. Deposits increased to $215.4 million at Dec. 31, 1992, from $202.3 million at Dec. 31, 1991.
 Frank C. Freeman, chairman and chief executive officer, stated that the significant improvement in net income in 1992 principally resulted from an increase in net interest spread, stable operating costs and asset growth. Freeman further noted the improvement in non-performing assets which were reduced by approximately 25 percent during the fourth quarter of 1992.
 /delval/
 -0- 1/21/93
 /CONTACT: Frank C. Freeman, chairman of the board and chief executive officer of Elmwood Bancorp, 215-565-8200/
 (EFSB)


CO: Elmwood Bancorp ST: Pennsylvania IN: FIN SU: ERN

CC -- PH020 -- 7350 01/21/93 11:13 EST
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Publication:PR Newswire
Date:Jan 21, 1993
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