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COMMUNITY FIRST BANKSHARES REPORTS INCREASES IN SECOND QUARTER EARNINGS

 FARGO, N.D., July 19 /PRNewswire/ -- Community First Bankshares, Inc., (NASDAQ:CFBX) today reported net income of $2,751,000 for the second quarter of 1993, up from $2,327,000 in the second quarter last year. Earnings per share were 35 cents, a gain of 20.7 percent from last year's 29 cents.
 "Our banking operations produced strong gains during the quarter," said Donald R. Mengedoth, president and chief executive officer. "Asset quality, always a fundamental strength for Community First, continued to improve. Our reserve coverage of nonperforming loans reached a new high of 403 percent, and annualized net charge-offs were the lowest ever at .08 percent of average loans. We're pleased that our core deposits, exclusive of acquisitions, increased by 3.5 percent during the past year, a period during which many banks experienced deposit outflows. We're also pleased with the strength of our real estate loan origination activity and the growth of our trust services.
 "Excess rainfall has adversely affected portions of southern Minnesota and the Dakotas. For many residents of these areas, 1993 will be a challenging year. With the strength of our loan portfolio and the diversity of our customer base, we do not anticipate an adverse impact on our earnings or asset quality. Consistent with our strong commitment to community banking and the markets we serve, our banks will be fully involved with the rebuilding effort."
 At mid-year, nonperforming assets were .59 percent of total loans and other real estate, down from .91 percent a year earlier. Annualized net charge-offs, at .08 percent of loans, declined from .26 percent in last year's second quarter. The allowance for loan losses was 1.44 percent at mid-year, increasing the reserve coverage of nonperforming loans to 403 percent from 226 percent a year earlier.
 Assets grew to $1.2 billion at June 30, up from $1.0 billion a year earlier. Deposits increased to $1.0 billion from $846 million. Loans increased 21.9 percent to $639 million from $524 million a year earlier. Excluding the loans of banks which were acquired during the past year, total loans grew by 8.7 percent.
 Non-interest income increased to $2,807,000 from $1,883,000 in the second quarter of last year, reflecting growing trust department revenues and the addition of Community Insurance Inc., which was acquired during June of 1992.
 For the six-month period, the company reported net income before cumulative effect of accounting change of $5,357,000, equal to 67 cents per share, compared with last year's $4,630,000, equal to 57 cents per share. After a credit of $359,000 or 5 cents per share for the cumulative effect of an accounting change, net income for the first half of 1993 was $5,716,000, equal to 72 cents per share.
 Community First acquired two banks during the second quarter -- Farmers & Merchants Bank in Cooperstown, N.D., and Bank Northwest in Steamboat Springs, Colo. Mengedoth said the company expects to make announcements regarding additional acquisitions during the remainder of the year.
 Headquartered in Fargo, N.D., Community First Bankshares, Inc., serves 32 communities in Colorado, Minnesota, North Dakota and South Dakota.
 COMMUNITY FIRST BANKSHARES, INC. SELECTED FINANCIAL DATA
 (In thousands except per share data)
 Six Months Ended Three Months Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Net interest income $23,420 $20,936 $12,158 $10,784
 Non interest income 5,373 4,077 2,807 1,883
 Net income before
 cumulative effect of
 accounting change 5,357 4,630 2,751 2,327
 Cumulative effect of
 accounting change 359 -- -- --
 Net income 5,716 4,630 2,751 2,327
 Average Balance Sheet Data:
 Assets 1,114,977 974,820 1,158,917 988,142
 Loans 597,953 497,796 624,362 513,312
 Investment securities 413,036 382,884 424,345 381,828
 Deposits 972,190 847,787 1,008,059 857,496
 Common shareholders'
 equity 70,344 66,881 70,974 67,824
 Per Common and Common Equivalent Share Data:
 Net income before
 cumulative effect of
 accounting change $0.67 $0.57 $0.35 $0.29
 Cumulative effect of
 accounting change 0.05 -- -- --
 Net income $0.72 $0.57 $0.35 $0.29
 Period end book value 9.51 8.81 -- --
 Common shares
 outstanding 7,643,662 7,854,034 7,643,662 7,854,034
 Average common and
 common equivalent
 shares outstanding 7,940,585 8,140,192 7,946,582 8,149,602
 Financial Ratios:
 Return on average assets
 (percents) 1.03 .96 0.95 .95
 Return on average common
 shareholders' equity
 (percents) 16.39 13.92 15.55 13.80
 Average common shareholders'
 equity to average assets
 (percents) 6.31 6.86 6.12 6.86
 Net interest margin
 (percents) 4.62 4.72 4.59 4.79
 Annualized net charge-offs
 to average loans (percents) 0.13 0.30 0.08 0.26
 Non-performing assets to
 period end loans and OREO 0.59 0.91 -- --
 Allowance for loan losses
 to period end loans 1.44 1.51 -- --
 -0- 7/19/93
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen 612-371-0000, for Community First Bankshares; or Donald R. Mengedoth of Community First Bankshares, 701-235-1600/
 (CFBX)


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

DB -- MN014 -- 3066 07/19/93 12:49 EDT
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Date:Jul 19, 1993
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