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IROQUOIS BANCORP REPORTS SECOND QUARTER EARNINGS

 AUBURN, N.Y., July 14 /PRNewswire/ -- Iroquois Bancorp, Inc. (NASDAQ: IROQ), today reported 1993 second quarter net income of $859,000 or $.65 per common share, compared to net income of $530,000, or $.36 per share, for the second quarter of 1992. Net income for the first six months of 1993 totaled $1,991,000, or $1.54 per share, compared to net income of $1,237,000, or $.87 per share, for the first six months of 1992. Iroquois Bancorp, Inc., the thrift holding company of Cayuga Savings Bank of Auburn, N.Y., and The Homestead Savings (FA) of Utica, N.Y., reports the consolidated financial information of Iroquois and the two community banks.
 Commenting on the second quarter results, President and CEO Robert J. Steigerwald said, "The 62 percent increase in our net income for the quarter can be attributed to continued solid operating earnings in 1993 from our core business of community-based lending. We have also been successful in maintaining our ratio of non-performing loans at a level below industry averages."
 The company reported net interest income for the three months ended June 30, 1993, of $4.6 million for an increase of 13.7 percent over 1992. Other income increased 9.9 percent or $47,000 and other expenses increased 3.5 percent or $109,000 in the second quarter of 1993 over the same period in 1992. The provision for loan losses was $400,000 for the three months ended June 30, 1993, compared to $227,000 for the same period in 1992. Total non-performing assets at June 30, 1993, were .70 percent of total assets compared to .90 percent at June 30, 1992.
 Total assets of Iroquois were $399.4 million at June 30, 1993, compared to $381.3 million at June 30, 1992, representing a growth of 4.7 percent. Total deposits increased $8.7 million, or 2.5 percent, to $362.6 million at June 30, 1993, compared to $353.9 million at June 30, 1992. Net loans increased $21.2 million, or 7.5 percent, to $305.8 million at June 30, 1993, compared to $284.6 million at June 30, 1992.
 IROQUOIS BANCORP, INC.
 COMPARATIVE RESULTS
 (dollars in thousands, except per share)
 Quarter Ended June 30 Six Months Ended June 30
 1993 1992 1993 1992
 (unaudited) (unaudited)
 Net Income $859 $530 $1,991 $1,237
 Income Per Common
 Share .65 .36 1.54 .87
 Extraordinary Item --- .02 --- .07
 Cumulative effect of
 accounting change --- --- .17 ---
 At June 30
 1993 1992 Percent Change
 Assets $399,443 $381,288 4.76
 Deposits 362,621 353,896 2.47
 Loans 305,841 284,621 7.46
 Shareholders' Equity 25,445 23,189 9.73
 -0- 7/14/93
 /CONTACT: Robert J. Steigerwald, CEO of Iroquois Bancorp, Inc., 315-252-9521/
 (IROQ)


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

AR -- CL017 -- 1500 07/14/93 14:36 EDT
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Date:Jul 14, 1993
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