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COMMUNITY FIRST BANKSHARES REPORTS HIGHER NET INCOME FOR 1992 FIRST QUARTER

 COMMUNITY FIRST BANKSHARES REPORTS
 HIGHER NET INCOME FOR 1992 FIRST QUARTER
 FARGO, N.D., April 16 /PRNewswire/ -- Community First Bankshares, Inc., (NASDAQ: CFBX) today reported net income of $1,868,000 for the first quarter of 1992, up 10.6 percent from $1,689,000 earned in the first quarter of 1991. Earnings per share were 29 cents, compared with 35 cents earned last year on a smaller number of shares outstanding. The company issued 1.8 million shares in an initial public offering in August 1991.
 "We're pleased with our strong results in the first quarter, which show improvement over the first quarter of 1991," said Donald R. Mengedoth, president and chief executive officer. "Asset quality continued to improve during the quarter, as evidenced by the sharp decline in charge-offs from the first quarter of the previous year. Nonperforming assets also declined, and our reserves for loan losses at March 31 were very strong at 281 percent of the nonperforming loans.
 "Our net interest margin remained strong despite the sale last year of our participation in a credit card portfolio and a declining rate environment. Our deposits and loans also showed growth over last year."
 Nonperforming assets declined to .83 percent of loans and other real estate at March 31 from .99 percent a year earlier. The company's allowance for loan losses was 1.48 percent of total loans, unchanged from the year-earlier figure. Annualized net charge-offs for the quarter were .26 percent of average loans, down from .82 percent in the first quarter of 1991.
 Assets grew to $835 million at March 31, up from $717 million a year earlier. Deposits increased to $736 million from $629 million, and loans were up to $404 million from $371 million at the end of the 1991 first quarter.
 Mengedoth said the company completed the acquisition of First National Bank of Breckenridge, Minn., during the quarter. Three other acquisitions are pending -- First Interstate of North Dakota, Inc., in Fargo, First Worthington (N.A.) in Minnesota, and Community Insurance, Inc., in Fargo. These acquisitions, when completed later this year, will increase the company's assets to more than $1 billion.
 Headquartered in Fargo, N.D., Community First Bankshares, Inc., has 25 banking offices in Minnesota, North Dakota and South Dakota.
 COMMUNITY FIRST BANKSHARES, INC.
 SELECTED FINANCIAL DATA
 (In thousands except per share data)
 Three Months Ended
 March 31,
 1992 1991
 Net interest income $ 8,403 $ 7,619
 Non-interest income 1,587 969
 Net income 1,868 1,689
 Dividends on preferred stock - 167
 Net income applicable to
 common equity 1,868 1,522
 Average Balance Sheet Data:
 Assets 817,108 718,273
 Loans 388,325 359,699
 Investment securities 349,261 242,224
 Deposits 723,484 632,822
 Common shareholders' equity 53,327 31,070
 Per Common and Common Equivalent
 Share Data:
 Net income $ 0.29 $ 0.35
 Period end book value 8.98 7.60
 Common shares outstanding 6,056,533 4,141,141
 Average common and common
 equivalent shares outstanding 6,387,467 4,390,546
 Financial Ratios (in percents):
 Return on average assets 0.92 0.95
 Return on average common
 shareholders' equity 14.09 19.88
 Average common shareholders'
 equity to average assets 6.53 4.33
 Net interest margin 4.54 4.76
 Annualized net charge-offs to
 average loans 0.26 0.82
 Non-performing assets to
 period end loans and OREO 0.83 0.99
 Allowance for loan losses
 to period end loans 1.48 1.48
 -0- 4/16/92
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000; or Donald Mengedoth of Community First Bankshares, 701-235-1600/
 (CFBX) CO: Community First Bankshares, Inc. ST: North Dakota IN: FIN SU: ERN


KH -- MN010 -- 9252 04/16/92 11:42 EDT
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Date:Apr 16, 1992
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