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IROQUOIS BANCORP REPORTS ANNUAL EARNINGS

 AUBURN, N.Y., Jan. 27 /PRNewswire/ -- Iroquois Bancorp, Inc. (NASDAQ: IROQ) today reported net income for 1992 of $2,559,000, an increase of 155 percent over the prior year's earnings.
 Net income for the year ending Dec. 31, 1992 was $2,559,000, or $1.83 per common share, compared to $1,002,000, or $.55 per share, in 1991. Net income for the quarter ending Dec. 31, 1992 was $696,000, or $.51 per share, compared to $169,000, or $.06 per share, for the comparable period in 1991. Non-performing assets declined to .76 percent of the company's total assets at Dec. 31, 1992 compared to 1.48 percent at Dec. 31, 1991.
 Commenting on the results, President and Chief Executive Officer, Robert J. Steigerwald said, "Our record earnings were due to a number of factors: higher interest margins, low ratio of troubled loans and the successful integration of The Homestead Savings (FA) into the holding company. However, the overriding factor is our continued effort to listen to our customers and provide services that meet their needs with a level of service that is unmatched by our competitors."
 Iroquois' banking subsidiaries, Cayuga Savings Bank of Auburn and The Homestead Savings (FA) of Utica, N.Y., serve the Upstate New York counties of Cayuga and Oneida through a combined total of ten community banking offices.
 IROQUOIS BANCORP, INC.
 Comparative Results
 (dollars in thousands, except per share, unaudited)
 Period ended Fiscal Year, Quarter
 Dec. 31 1992 1991 1992 1991
 Net income $2,559 $1,002 $696 $169
 Income per common share 1.83 .55 .51 .06
 Extraordinary item .07 -- -- --
 At Dec. 31 1992 1991 Pct. Change
 Assets $391,734 $375,287 4.38
 Deposits 357,251 342,969 4.16
 Loans 291,991 275,455 6.00
 Shareholders' equity 23,950 22,400 6.92
 -0- 01/27/93
 /CONTACT: Robert J. Steigerwald, CEO of Iroquois Bancorp, 315-252-9521/
 (IROQ)


CO: Iroquois Bancorp, Inc. ST: New York IN: FIN SU: ERN

SH-AH -- NY101 -- 9806 01/27/93 15:30 EST
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Publication:PR Newswire
Date:Jan 27, 1993
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