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COMMUNITY FIRST BANKSHARES REPORTS INCREASES IN FIRST QUARTER EARNINGS

 FARGO, N.D., April 20 /PRNewswire/ -- Community First Bankshares, Inc., (NASDAQ: CFBX) today reported first quarter income before cumulative effect of accounting change of $2,606,000, equal to 33 cents per share, a per share increase of 18 percent from last year's $2,303,000, or 28 cents per share. After giving effect to the adoption of FASB 109, net income for the 1993 quarter was $2,965,000, equal to 37 cents per share. This accounting change resulted in an increase in net income of $359,000, or 4 cents per share.
 "We're pleased with the continued gains shown by our banking operations this year," said Donald R. Mengedoth, president and chief executive officer. "We completed one acquisition during the quarter, but assets also grew at our existing banks. Asset qualitts declined to .62 perc ent of total loans and other real estate at the end of the quarter, a drop from .77 percent a year earlier. Annualized net charge-offs were .18 percent of loans, down from .34 percent in the first quarter last year. The allowance for loan losses at quarter end was 1.43 percent, increasing the reserve coverage of nonperforming loans to 323 percent from 305 percent a year earlier.
 Assets increased to $1.1 billion at March 31, 1993, from $980 million a year earlier. Total loans grew to $600 million from $501 million at the end of last year's first quarter. Deposits were $973 million, up from $855 million a year earlier.
 Community First Bankshares, Inc., is a multi-bank holding company which operates 30 banks and bank branches 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,
 1993 1992 (a)
 Net interest income $11,262 $10,152
 Non-interest income 2,566 2,194
 Net income before cumulative
 effect of accounting change 2,606 2,303
 Cumulative effect of
 accounting change(b) 359 --
 Net income 2,965 2,303
 Average Balance Sheet Data:
 Assets 1,071,069 961,497
 Loans 571,544 482,281
 Investment securities 401,726 383,940
 Deposits 936,320 838,079
 Common shareholders' equity 69,714 65,939
 Per Common and Common Equivalent
 Share Data:
 Net income before cumulative
 effect of accounting change $ 0.33 $ 0.28
 Cumulative effect of
 accounting change 0.04 --
 Net income $ 0.37 $ 0.28
 Period end book value 9.32 8.67
 Common shares outstanding 7,689,509 7,707,248
 Average common and common
 equivalent shares outstanding 7,936,763 8,130,788
 Financial Ratios (in percents)
 Return on average assets 1.12 0.97
 Return on average common
 shareholders' equity 17.25 14.16
 Average common shareholders'
 equity to average assets 6.51 6.86
 Net interest margin 4.67 4.65
 Annualized net charge-offs to
 average loans 0.18 0.34
 Non-performing assets to
 period end loans and OREO 0.62 0.77
 Allowance for loan losses
 to period end loans 1.43 1.55
 (a) All 1992 figures have been restated to account for the acquisition of First Interstate of North Dakota, Inc., on May 31, 1992.
 (b) Results from the required adoption of FASB 109, Accounting for Income Taxes.
 -0- 4/20/93
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen Inc., 612-371-0000 or Donald R. Mengedoth of Community First Bankshares, Inc., 701-235-1600/
 (CFBX)


CO: Community First Bankshares, Inc. ST: North Dakota IN: FIN SU: ERN

KH -- MN003 -- 7767 04/20/93 08:07 EDT
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Date:Apr 20, 1993
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