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IROQUOIS BANCORP REPORTS THIRD QUARTER EARNINGS

 IROQUOIS BANCORP REPORTS THIRD QUARTER EARNINGS
 AUBURN, N.Y., Oct. 16 /PRNewswire/ -- Iroquois Bancorp, Inc.


(NASDAQ: IROQ) today reported third quarter net income of $626,000, or $0.45 per common share, compared to net income of $323,000, or $0.20 per share for the third quarter of 1991. Net income for the nine months ended Sept. 30, 1992 totaled $1,863,000 or $1.32 per share, compared to net income of $833,000, or $0.49 per share for the first nine months of 1991. 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.
 Net interest income for the three months ended Sept. 30, 1992 was up 30 percent over the third quarter of 1991 while year-to-date net interest income increased $2.6 million or 28 percent compared to the first nine months of 1991. The company recorded a $618,000 provision for loan losses for the three months ended Sept. 30, 1992 compared to a $306,000 provision in the third quarter of 1991. THe provision brings the allowance for loan losses at Sept. 30, 1992, to $2,344,000 which provides $0.81 percent coverage of total loans and 79.8 percent coverage of non-performing loans as compared to .56 percent coverage of total loans and 42.0 percent coverage of non-performing loans at Sept. 30, 1991. Total non-performing assets declined for the third consecutive quarter for a balance at Sept. 30, 1992 of $3.3 million as compared to $4.7 million at Sept. 30, 1991.
 Commenting on the third quarter results, Robert J. Steigerwald, president and chief executive officer, said, "Our 94 percent increase in third quarter net income reflects a continued strength in our earnings performance through the management of our net interest margins and the maintenance of adequate reserves and high levels of asset quality."
 Total assets of Iroquois were $387.1 million at Sept. 30, 1992, an increase of $7.8 million or 2.1 percent over total assets at Sept. 30, 1991. Total deposits increased $12.6 million, or 3.7 percent, to $354.3 million at Sept. 30, 1992. Net loans increased from $270.0 million at Sept. 30, 1991 to $288.2 million at Sept. 30, 1992.
 IROQUOIS BANCORP
 Comparative Results
 (dollars in thousands, except per share, unaudited)
 Periods ended Quarter Nine Months
 Sept. 30 1992 1991 1992 1991
 Net income $626 $323 $1,863 $833
 Income per
 common share .45 .20 1.32 .49
 Extraordinary item -- -- .07 --
 At September 30
 1992 1991 Percent Change
 Assets $387,117 $379,284 2.07
 Deposits 354,289 341,699 3.68
 Loans, net 288,214 269,990 6.75
 Shareholders'
 equity 23,563 20,083 17.33
 -0- 10/16/92
 /CONTACT: Robert J. Steigerwald, CEO of Iroquois, 315-252-9521/
 (IROQ) CO: Iroquois Bancorp, Inc. ST: New York IN: FIN SU: ERN


TM-AH -- NY004 -- 0779 10/16/92 08:00 EDT
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Publication:PR Newswire
Date:Oct 16, 1992
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