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FIRST INTERSTATE OF IOWA REPORTS RESULTS

 FIRST INTERSTATE OF IOWA REPORTS RESULTS
 DES MOINES, Iowa, Jan. 23 /PRNewswire/ -- Oliver H. Hagen,


president and chief executive officer of First Interstate of Iowa Inc. (NASDAQ: FIIA), a multi-bank holding company announced a fourth quarter 1991 net loss of $2,430,000, or 20 cents per share fully diluted, which was a decrease from net income of $2,433,000, or 16 cents per share fully diluted, for the corresponding quarter of 1990.
 The decrease in fourth quarter earnings is primarily attributable to $7,100,000 of nonrecurring merger expenses recorded in the 1991 fourth quarter. The company and Boatmen's Bancshares Inc. recently reported that their boards of directors had approved an agreement for the merger of the company with Boatmen's. The merger is anticipated to be consummated in early 1992.
 Net income for the year ended Dec. 31, 1991 was $2,108,000, or 17 cents per share fully diluted, compared to $8,713,000, or 59 cents per share fully diluted, for 1990. The company's return on average assets and return on average equity was .17 percent and 2.58 percent, respectively, for 1991 and .73 percent and 11.37 percent, respectively, for 1990. The decrease in 1991 net income was primarily due to the nonrecurring merger expenses and an increase in the provision for loan losses.
 First Interstate of Iowa owns the controlling interest in 10 Iowa banks, a computer services company and an insurance agency. The banks operate in 31 locations in numerous Iowa cities including Algona, Cresco, Des Moines, Estherville, Fort Dodge, Greenfield, Kalona, Marengo, Mason City, Sigourney, Sioux City, Spencer, Urbandale and West Des Moines.
 FIRST INTERSTATE OF IOWA AND SUBSIDIARIES
 Summary of Earnings
 (Unaudited)
 (in thousands, except per share data)
 Three Months Ended Twelve Months Ended
 Dec. 31, Dec. 31,
 Pct. Pct.
 1991 1990 Change 1991 1990 Change
 Operating Results:
 Net interest
 income $10,746 $10,565 +1.7 $41,960 $41,536 +1.0
 Provision for
 loan losses (100) 608 -116.4 5,230 2,808 +86.3
 Other operating
 income 5,927 5,701 +4.0 23,448 21,922 +7.0
 Other operating
 expense 20,426 12,531 +63.0 57,303 48,504 +18.1
 Income before
 income taxes (3,653) 3,127 -216.8 2,875 12,146 -76.3
 Net income (2,430) 2,433 -199.9 2,108 8,712 -75.8
 Net income
 per share:
 Primary $(.20) $.20 -200.0 $.17 $.72 -76.4
 Fully diluted (.20) .16 -225.0 .17 .59 -71.2
 Dividends paid .05 .05 --- .20 .20 ---
 Return on average
 assets (pct.) (.78) .79 --- .17 .73 ---
 Return on
 average equity (11.75) 12.27 --- 2.58 11.37 ---
 Net interest
 spread 3.04 2.89 --- 2.94 2.91 ---
 Net yield on
 earning assets 3.50 3.91 --- 3.87 3.98 ---
 At Dec. 31: 1991 1990 Pct. Change
 Assets $1,249,361 $1,245,887 +.3
 Investment securities 384,886 318,724 +20.8
 Loans 592,001 613,493 -3.5
 Deposits 1,017,322 1,000,447 +1.7
 Shareholders' equity 80,082 79,683 +.5
 Nonperforming loans $10,847 $15,275 -29.0
 Other real estate owned 5,859 3,783 +54.9
 Equity as a percent
 of assets 6.41pct. 6.40pct. ---
 Tier 1 leverage ratio 5.39 5.38 ---
 Book value per share:
 Primary $6.54 $6.59 -.8
 Fully diluted 5.94 5.94 ---
 -0- 1/23/92
 /CONTACT: Howard R. Harris II of First Interstate of Iowa, 515-245-7134/
 (FIIA) CO: First Interstate of Iowa Inc. ST: Iowa IN: FIN SU: ERN


BB -- DV002 -- 2717 01/23/92 10:40 EST
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Date:Jan 23, 1992
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