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IROQUOIS BANCORP REPORTS FIRST QUARTER EARNINGS AND 23RD CONSECUTIVE DIVIDEND

 IROQUOIS BANCORP REPORTS FIRST QUARTER EARNINGS
 AND 23RD CONSECUTIVE DIVIDEND
 AUBURN, N.Y., April 23 /PRNewswire/ -- Iroquois Bancorp, Inc. (NASDAQ-NMS: IROQ) today reported net income of $707,000 for the first quarter of 1992, or $.51 per common share, as compared to $368,000, or $.24 per common share for the first quarter of 1991. Iroquois Bancorp, Inc., the thrift holding company of Cayuga Savings Bank of Auburn and The Homestead Savings (FA) of Utica, N.Y., reports the consolidated financial information of Iroquois and the two community banks.
 In a related announcement, the company's board of directors also declared a $.125 per share dividend. Holders of record of the company's common stock at the close of business on May 4, 1992 will receive the dividend, payable May 29, 1992. The dividend is the 23rd consecutive dividend paid by the thrift holding company.
 Robert J. Steigerwald, president and chief executive officer said, "Our impressive first quarter earnings resulted from a 24.5 percent increase in our net interest income. This growth in profitability reflects the success of the holding company structure in the first full quarter of operations with two banks. Along with increased income, improved capital levels, a decrease in non-performing assets and a higher level of reserves against loan losses, we have also maintained our dividend payments to our shareholders at a consistent level for the past three years. As an independent holding company for community banks. we are pleased to report these gains to our owners and customers alike."
 Total deposits of Iroquois reached $348.7 million at March 31, 1992 for an increase of $15.4 million or 4.6 percent over total March 31, 1991. Total loans increased from $256.6 million at March 31, 1991 to $275.8 million at March 31, 1992, for an increase of $19.2 million or 7.5 percent. The banks reported total loan loss provisions of $443,000 for the first quarter of 1992, compared to $257,000 in 1991. The allowance for loan losses at March 31, 1992 totaled $2.1 million or .77 percent of total loans.
 IROQUOIS BANCORP
 At or for the Quarter Ended
 (dollars in thousands, except per share data)
 Percent
 Quarter ended 3/31/92 3/31/91 Change
 Assets $374,933 $363,125 3.25
 Loans, net 275,769 256,611 7.47
 Deposits 348,700 333,254 4.63
 Shareholders equity 22,962 20,045 14.55
 Net income 707 368 92.12
 Earnings per common share $.51 $.24 91.67
 Extraordinary item .05 -- --
 -0- 4/23/92
 /CONTACT: Marianne O'Connor, CFO of Iroquois Bancorp, 315-252-9521/
 (IROQ) CO: Iroquois Bancorp Inc. ST: New York IN: FIN SU: ERN


SH-AH -- NY092 -- 1972 04/23/92 14:07 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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