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SECURITY FINANCIAL GROUP REPORTS THIRD QUARTER RESULTS

 SECURITY FINANCIAL GROUP REPORTS THIRD QUARTER RESULTS
 ST. CLOUD, Minn., Aug. 14 /PRNewswire/ -- Security Financial Group,


Inc. (NASDAQ: SFGI) today reported net income of $14,000 or $.02 per share, on a fully diluted basis, for its third quarter, which ended June 30, 1992, compared with $732,000 or $1.04 per share for the same period in 1991.
 The significant quarter-to-quarter change resulted primarily from an increase in the quarterly provision for losses on loans and real estate, and the occurrence of a significant nonrecurring income item in the prior year quarter. In the quarter ended June 30, 1992, Security Financial provided $440,000 for losses on loans and real estate, reflecting valuation-related losses on certain commercial real estate loans and foreclosed properties determined during the period. In the same quarter a year ago, $128,000 was expensed for losses on loans and real estate. During the third quarter last year, reported noninterest income included $605,000 which resulted from U.S. Supreme Court rulings in April of 1991 on income tax issues affecting the thrift industry. The Court's ruling on the deductibility of losses resulting from the exchange of mortgage loans with other lenders benefited Security, allowing the Bank to restore to earnings, accrued interest which might have been due the Internal Revenue Service.
 Security's net interest income for the third quarter was $1,877,000, down 7 percent from the prior year's third quarter amount. In the last year total assets decreased by approximately $35 million, a reduction of 13 percent. From a year ago, Security's spread between asset yields and rates on interest-bearing liabilities increased from 3.05 percent to 3.23 percent. Low short-term interest rates in recent months combined with reductions in certain interest-earning asset and interest-bearing liability categories have resulted in decreases of 25 percent and 33 percent in interest income and interest expense, respectively, when compared to amounts from the third quarter a year earlier. The reductions in assets reflect sales and maturities of securities as well as loan payoffs, paydowns and chargeoffs since quarter end a year ago.
 Noninterest expense for the quarter increased by $105,000, or 6.6 percent. The increase was due primarily to increases in fees for legal and other professional services related to Security Financial's pending merger with Metropolitan Financial Corporation.
 Security Financial reported net income of $691,000 for the nine- month period ended June 30, 1992, compared with a net loss of $637,000 for the same period in 1991. The principal components of the improvement from 1991 to 1992 were losses of $737,000 from investment sales and significant provisions for losses on loans reported during the first two quarters of fiscal 1991.
 Security Financial Group, Inc. provides financial services to central Minnesota through its operating subsidiary Security Financial Banking and Savings, FSB, a $250 million savings bank with headquarters in St. Cloud, Minn., and offices in St. Cloud, Elk River, Monticello, Mora, Princeton, Sauk Rapids and Waite Park, Minn. Security Financial Group, Inc. is traded on the national over-the-counter market under the NASDAQ symbol: SFGI.
 SECURITY FINANCIAL GROUP, INC
 Operating Highlights
 (Dollars in thousands, except per share amounts)
 (Unaudited)
 Three Months Ended Nine Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Total revenues $5,291 7,642 17,320 22,223
 Interest expense 5,012 6,705 15,949 21,302
 Interest expense 3,135 4,694 10,432 15,298
 Net interest income 1,877 2,011 5,517 6,004
 Provision for losses 440 128 690 1,631
 Net interest income after
 provision for losses 1,437 1,883 4,827 4,373
 Noninterest income 279 937 1,371 921
 Noninterest expense 1,697 1,592 5,117 5,434
 Income (loss) before
 income tax expense 19 1,228 1,081 (140)
 Income tax expense 5 496 390 497
 Net income (loss) $14 $732 $691 $(637)
 Earnings (loss) per share
 Primary $0.02 $1.04 $0.96 $(0.91)
 Fully diluted $0.02 $1.04 $0.95 $(0.91)
 -0- 8/14/92
 /CONTACT: Charles K. Engebretson of Security Financial Group, 612-251-4500./
 (SFGI) CO: Security Financial Group, Inc. ST: Minnesota IN: FIN SU: ERN


RW-DS -- MN012 -- 0083 08/14/92 14:14 EDT
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Publication:PR Newswire
Date:Aug 14, 1992
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