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FIRST MIDWEST FINANCIAL REPORTS FISCAL YEAR EARNINGS

 STORM LAKE, Iowa, Dec. 10 /PRNewswire/ -- First Midwest Financial, Inc. (NASDAQ: CASH) the recently formed holding company for First Federal Savings Bank of the Midwest, announced fiscal year net income of $1,352,000 as of Sept. 30, 1993. This represents a 32.5 percent increase over the last fiscal year when net income was $1 million.
 Major contributing factors to the growth of earnings were improved interest rate margins, increased fee income through loan originations and other fee income areas, and the reduction of expenses resulting in the recent sale and consolidation of six branch offices.
 As of Sept. 30, 1993, First Federal's tangible and core capital ratios both amounted to 15.7 percent, well in excess of regulatory requirements of 1.5 percent and 3.0 percent, respectively. In addition, the bank's risk-based capital ratio stood at 33.6 percent, far surpassing the regulatory minimum of 8.0 percent.
 "We are very pleased with our fiscal year results as a new public company," commented James S. Haahr, chairman of the board of First Midwest Financial. "We continue to be committed to two fundamental principles: maintaining our high level of customer service and improving stockholder value."
 As of Sept. 30, 1993, First Midwest Financial, Inc., had assets over $160 million. Capital reached $33.4 million as of the same date.
 First Midwest Financial, Inc., was formed earlier this year as part of First Federal's conversion from mutual to stock form on Sept. 20, 1993. The bank's primary business is marketing financial deposits and loan products to meet the needs of its customers. First Federal currently has seven offices in a four county region.
 First Midwest Financial, Inc.'s common stock is traded on the NASDAQ National Market System under the symbol "CASH."
 FIRST MIDWEST FINANCIAL, INC.
 SUMMARY OF FINANCIAL HIGHLIGHTS
 CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
 (Dollars in thousands)
 9/30/93 9/30/92
 Assets
 Cash and cash equivalents $20,544 $4,377
 Investments & Mortgage-backed
 securities 57,643 88,867
 Loans 80,225 74,561
 Other assets 2,415 3,225
 Total assets 160,827 171,030
 Liabilities
 Deposits 122,812 147,289
 Borrowed money 3,115 7,554
 Other liabilities 1,462 1,217
 Total liabilities 127,389 156,060
 Stockholders' equity 33,438 14,970
 Liabilities and
 stockholders' equity 160,827 171,030
 CONSOLIDATED STATEMENT OF INCOME
 (Dollars in thousands except per share data)
 For the Fiscal Year Ended Sept. 30
 1991 1992 1993
 Interest income $17,424 $13,791 $11,586
 Interest expense (13,464) (9,182) (6,509)
 Net interest income 3,960 4,609 5,077
 Provision for loan losses (238) (50) (225)
 Net interest income after
 provision for loan losses 3,722 4,559 4,852
 Other income 1,362 1,047 1,555
 Other expenses (3,962) (3,995) (3,725)
 Income before income tax 1,122 1,611 2,682
 Income tax expense (518) (591) (1,033)
 Net income before
 extraordinary item 604 1,020 1,649
 Extraordinary item - net (10) -- (297)
 Net income $594 $1,020 $1,352
 Net income per share NA NA $.68
 SELECTED FINANCIAL RATIOS
 1991 1992 1993
 Return on assets (ratio of
 net income to average total assets .29 .57 .84
 Return on equity (ratio of
 net income to average equity) 4.41 7.08 7.10
 Net yield on average interest-
 earning assets 2.01 2.63 3.21
 Ratio of operating expense to
 average total assets 1.96 2.22 2.31
 Non-performing assets to total
 assets at end of year .77 .23 .78
 Allowance for loan losses to
 non-performing loans 56.47 239.04 65.42
 Equity to total assets at
 end of period 7.38 8.75 20.79
 Ratio of average interest-earning
 assets to average interest-
 bearing liabilities 106.36 107.18 112.69
 -0- 12/10/93
 /CONTACT: James S. Haahr of First Midwest Financial, 712-732-4117/
 (CASH)


CO: First Midwest Financial, Inc. ST: Iowa IN: FIN SU: ERN

DS-DB -- MN013 -- 2841 12/10/93 18:28 EST
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Date:Dec 10, 1993
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