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IROQUOIS REPORTS ANNUAL EARNINGS, DECLARES DIVIDEND

 IROQUOIS REPORTS ANNUAL EARNINGS, DECLARES DIVIDEND
 AUBURN, N.Y., Feb. 13 /PRNewswire/ -- Iroquois Bancorp, Inc.


(NASDAQ: IROQ), today reported net income for 1991 of $1,002,000 and announced the 22nd consecutive common stock dividend declared by the company. The dividend of $.125 per share is payable Feb. 28, 1992, to owners of the holding company's common stock as of the record date of Feb. 3, 1992.
 Net income for the year ending Dec. 31, 1991, was $1,002,000 or $.55 per common share as compared with $1,542,000 or $.98 per share for the previous year. Net income for the quarter ended Dec. 31, 1991, was $169,000 or $.06 per common share as compared with $292,000 or $.17 per common share for the comparable period in 1990. For the year ended Dec. 31, 1991, Iroquois recorded a provision for loan loss of $1,889,000 compared to a provision of $871,000 in 1990. The provision for loan loss for the quarter ending Dec. 31, 1991, was $811,000 compared to $256,000 in the fourth quarter of 1990. The allowance for loan losses at Dec. 31, 1991, was $1,955,000 or .70 percent of total loans and 35 percent coverage of non-performing loans.
 The numbers reflect the consolidated results of the two banking subsidiaries of Iroquois, Cayuga Savings Bank and The Homestead Savings (FA). The Homestead Savings was acquired by Iroquois through a conversion/acquisition completed Nov. 14, 1991, and was accounted for as a pooling of interests transaction. All financial information prior to the acquisition has been restated to include the results of Homestead.
 "Unlike many banks, we had good earnings performance in a year of economic recession. With the successful addition of The Homestead in late 1991 we look for continued earnings growth during the coming year," commented Robert J. Steigerwald, president and chief executive officer.
 Total assets increased $21.6 million, or 6.11 percent, from $353.7 million at Dec. 31, 1990, to $375.3 million at Dec. 31, 1991. Total deposits reached $343.0 million at Dec. 31, 1991, an increase of 5.80 percent or $18.8 million over total deposits of $324.2 million at Dec. 31, 1990. Loans outstanding increased 8.68 percent, or $22.0 million, to $275.5 million at Dec. 31, 1991, from $253.5 million at Dec. 31, 1990. Shareholder equity increased 13.02 percent, or $2.6 million, to $22.4 million at Dec. 31, 1991, from $19.8 million at Dec. 31, 1990.
 Iroquois' banking subsidiaries, Cayuga Savings Bank of Auburn, N.Y., 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 (Unaudited)
 (Dollars in thousands, except per share)
 Period ended Fiscal Year Quarter
 Dec. 31 1991 1990 1991 1990
 Net income $1,002 $1,542 $ 169 $ 292
 Income per common share $.55 $.98 $.06 $.17
 Extraordinary item -- $.03 -- $.03
 At Dec. 31 1991 1990 Percent Change
 Assets $375,287 $353,687 6.11
 Deposits 342,969 324,154 5.80
 Loans 275,455 253,453 8.68
 Shareholders' equity 22,400 19,819 13.02
 -0- 2/13/92
 /CONTACT: Robert J. Steigerwald, chief executive officer of Iroquois Bancorp, 315-252-9521/
 (IROQ) CO: Iroquois Bancorp, Inc. ST: New York IN: FIN SU: ERN DIV


GK-OS -- NY018 -- 9622 02/13/92 09:59 EST
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Date:Feb 13, 1992
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