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INDIANA FEDERAL CORPORATION REPORTS RECORD FIRST QUARTER OPERATING EARNINGS AND ANNOUNCES REGULAR QUARTERLY DIVIDEND

 VALPARAISO, Ind., April 23 /PRNewswire/ -- Indiana Federal Corp., parent company of Indiana Federal Bank of Savings, today reported record operating net income of $1,611,000, or 49 cents per share, for the first quarter ended March 31, 1993, compared to net income, before the cumulative effect of a change in accounting principle, of $1,472,000, or 45 cents per share, for the same period in 1992. Net income for the first quarter of 1992 totaled $1,722,000. Included in first quarter 1992 net income is an adjustment of $250,000 for the cumulative effect of changing to a different method of accounting for income taxes.
 Peter R. Candela, president and chief executive officer said "We are pleased with the continued growth in earnings in the first quarter. This was accomplished despite the increase in operating expenses attributable to the Munster/Highland banking center and the new commercial loan function."
 For the first quarter of 1993, net interest income after provision for loan losses, the company's core business, was $5.0 million, an 8.5 percent increase from the $4.6 million recorded for the same period in 1992. Net interest income was higher in the first quarter of 1993, primarily due to lower market interest rates. The net interest margin for the first quarter ended March 31, 1993, was 3.66 percent compared to 3.60 percent for the same period last year.
 Excluding gains and losses on the sale of real estate owned ("REO") and mortgage loans, other income for the first quarter of 1993 was $863,000 compared to $848,000 for the same period last year. In the first quarter of 1993, net losses on the sale of REO and mortgage loans totaled $80,000 compared to net losses of $45,000 for the same period last year.
 Operating expenses increased by 9.2 percent to $3.3 million for the three month period ended March 31, 1993, from $3.0 million for the same period last year. The increase in expenses was primarily due to normal salary increases, the opening of our Highland/Munster full-service banking center, and to the addition of our commercial banking division.
 Non-performing assets declined to $12.6 million or 2.08 percent of total assets at March 31, 1993, from $14.3 million or 2.38 percent of assets at Dec. 31, 1992.
 At March 31, 1993, total assets were $606.0 million, up $3.6 million from $602.4 million at year end 1992. Shareholders' equity increased to $60.9 million or $19.19 per share at March 31, 1993, compared to $18.98 per share at year end 1992. The return on average shareholders' equity increased to 10.68 percent for the quarter ended March 31, 1993, compared to 10.39 percent for the same period of 1992.
 The board of directors of Indiana Federal Corp. on April 22, 1993, declared a quarterly dividend of 20 cents per share to be paid May 31, 1993, to shareholders of record May 14, 1993. This dividend represents a 33 percent increase over the 15 cent per share dividend paid in the same quarter last year.
 Indiana Federal Corp.'s wholly-owned subsidiary, Indiana Federal Bank of Savings, maintains a network of nine full-service offices in Northwest Indiana and loan production offices in Valparaiso, Highland and South Bend, Ind. Indiana Federal Corp. shares are traded on the NASDAQ National Market System under the symbol "IFSL".
 INDIANA FEDERAL CORPORATION
 Selected Financial Data
 ($ in thousands except per share amount)
 Three Months Ended
 March 31,
 1993 1992
 Net income before cumulative effect of
 a change in accounting principles $1,611 $1,472
 Cumulative effect of changing methods
 of accounting for Income Taxes -- 250
 Net income after cumulative adjustment $1,611 $1,722
 Earnings per share before cumulative effect
 of a change in accounting principles $ .49 $ .45
 Cumulative effect per share of changing
 methods of accounting for Income Taxes -- .08
 Net income after cumulative adjustment $ .49 $ .53
 Cash dividends per share $ .20 $ .15
 Weighted average number of
 shares outstanding (000's) 3,164 3,189
 March 31, Dec. 31, March 31,
 1993 1992 1992
 Assets $606,000 $602,400 $570,100
 Net loans $398,800 $397,200 $394,400
 Investments & Trading Securities $ 58,600 $ 61,400 $ 80,600
 Mortgage backed securities $ 95,600 $ 93,300 $ 41,200
 Deposits $431,300 $416,100 $425,200
 FHLB advances & other borrowings $106,900 $121,300 $ 75,400
 Shareholders' equity $ 60,900 $ 59,800 $ 75,300
 Return on average assets 1.07 Pct 1.04 PctA 1.03 PctA
 Return on average equity 10.68 Pct 10.35 PctA 10.39 PctA
 Reserves to loans receivable ratio 1.12 Pct 1.11 Pct .89 Pct
 Non-performing assets to total
 assets ratio 2.08 Pct 2.38 Pct 2.58 Pct
 Equity to assets ratio 10.05 Pct 9.93 Pct 10.05 Pct
 Book value per common share $ 19.19 $ 18.98 $ 17.99
 Shares outstanding, net of treasury
 stock (000's) 3,175 3,152 3,185
 Net interest margin 3.66 Pct 3.65 Pct 3.60 Pct
 NOTE: A -- Prior to cumulative effect of changing methods of accounting for income taxes.
 -0- 4/23/93
 /CONTACT: Peter R. Candela, president-CEO, of Indiana Federal, 219-465-6607/
 (IFSL)


CO: Indiana Federal Corp. ST: Indiana IN: FIN SU: ERN

LR -- NY011 -- 9884 04/23/93 08:28 EDT
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Date:Apr 23, 1993
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