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COMMUNITY FIRST BANKSHARES REPORTS RECORD RESULTS FOR 4TH QUARTER, YEAR

 FARGO, N.D., Jan. 28 /PRNewswire/ -- Community First Bankshares, Inc., (NASDAQ: CFBX) today reported record net income of $9,689,000 for the year ended Dec. 31, 1992, up 19 percent from $8,121,000 in 1991.
 Earnings per share were $1.20, compared with $1.09 last year. (All 1991 numbers have been restated to account for the acquisition of First Interstate of North Dakota, Inc., on May 31, 1992.)
 The 1991 results were after a fourth-quarter extraordinary charge of $653,000 for early debt retirement. Income before the extraordinary charge was $8,774,000, equal to $1.19 per share. Net income applicable to common equity was $9,689,000 in 1992, up from $7,466,000 in the prior year.
 In the fourth quarter of 1992, net income was $2,730,000 or 34 cents per share, an increase of 87 percent from $1,460,000 or 16 cents per share after the extraordinary charge in the fourth quarter of 1991.
 Income before the extraordinary charge was $2,112,000 in the fourth quarter of 1991, equal to 24 cents per share. Net income applicable to common equity more than doubled to $2,730,000 in 1992 from $1,308,000 in the final quarter of 1991.
 "We're enthused about our performance during 1992 and the record levels of income we achieved," said Donald R. Mengedoth, president and chief executive officer. "With the acquisitions completed during 1992, three additional acquisitions that will be completed in the first half of 1993 and our rewarding financial performance, we feel that we are well positioned to address the opportunities we expect in 1993.
 "In credit quality, Community First has typically ranked among the nation's best financial institutions. We improved our position again in 1992, and we expect to see continued improvement in 1993," Mengedoth said. Nonperforming assets declined to .70 percent of total loans and other real estate at year end, down from .86 percent at the end of 1991. The year-end allowance for loan losses was 1.42 percent of total loans. Although the allowance declined from 1.59 percent a year earlier, the reserve coverage of nonperforming loans increased from 258 percent at the end of 1991 to 325 percent at the end of 1992.
 "Given the declining rate environment, maintaining our net interest margin was a management priority in 1992," Mengedoth added. "We managed to increase the net interest margin slightly, to 4.73 percent from 4.66 percent.
 "We met our acquisition targets for the year, adding $256 million in assets with the acquisition of three banks, including our flagship bank in Fargo," Mengedoth said. "The three acquisitions pending at year end include a strategically located bank that is our initial entry into Colorado, and we plan to continue our aggressive acquisition program in 1993."
 Assets increased to $1.1 billion at Dec. 31, 1992, compared with a restated $977 million at the end of 1991. Total loans were $577 million, up from $477 million at year end 1991. Deposits grew to $942 million from $848 million a year earlier.
 Headquartered in Fargo, N.D., Community First Bankshares has 29 banking offices in Minnesota, North Dakota and South Dakota.
 COMMUNITY FIRST BANKSHARES, INC.
 SELECTED FINANCIAL DATA
 (In thousands except per share data)
 12 Months Ended 3 Months Ended
 Dec. 31, Dec. 31,
 1992 1991(a) 1992 1991(a)
 Net interest income $43,071 $38,224 $11,367 $ 9,414
 Non interest income 9,046 7,085 2,644 2,101
 Income before
 extraordinary item 9,689 8,774 2,730 2,113
 Extraordinary item -- early
 extinguishment of debt -- 653 -- 653
 Net income 9,689 8,121 2,730 1,460
 Dividends on preferred stock -- 655 -- 152
 Net income applicable to
 common equity 9,689 7,466 2,730 1,308
 Average Balance Sheet Data:
 Assets 997,044 906,221 1,062,121 953,005
 Loans 521,231 470,775 561,956 461,100
 Investment securities 376,563 308,064 389,810 375,717
 Deposits 865,726 785,909 926,113 833,573
 Common shareholders'
 equity 67,762 51,370 68,177 63,553
 Per Common and Common
 Equivalent Share Data:
 Income before
 extraordinary item $1.20 $1.19 $0.34 $0.24
 Extraordinary item -- 0.10 -- 0.08
 Net income 1.20 1.09 $ 0.34 $ 0.16
 Period end book value 9.05 8.48
 Common shares out-
 standing at year end 7,621,691 7,627,565
 Average common and
 common equivalent
 shares outstanding 8,091,828 6,843,881 7,939,413 8,121,365
 Financial Ratios: (pct.)
 Return on average assets 0.97 0.90 1.02 0.61
 Return on average common
 shareholders' equity 14.30 14.53 15.93 8.17
 Average common shareholders'
 equity to average assets 6.80 5.67 6.42 6.67
 Net interest margin 4.73 4.66 4.66 4.36
 Annualized net charge-offs
 to average loans 0.31 0.62 0.42 0.57
 Non-performing assets to
 period end loans and OREO 0.70 0.86
 Allowance for loan losses
 to period end loans 1.42 1.59
 (a) All 1991 figures have been restated to account for the acquisition of First Interstate of North Dakota, Inc., on May 31, 1992.
 -0- 1/28/93
 /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 Banshares ST: North Dakota IN: FIN SU: ERN

DS -- MN004 -- 0116 01/28/93 09:47 EST
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