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INDIANA FEDERAL REPORTS 40 PERCENT INCREASE IN FOURTH QUARTER EARNINGS AND RECORD ANNUAL EARNINGS

 INDIANA FEDERAL REPORTS 40 PERCENT INCREASE IN FOURTH
 QUARTER EARNINGS AND RECORD ANNUAL EARNINGS
 VALPARAISO, Ind., Jan. 24 /PRNewswire/ -- Indiana Federal Corporation (NASDAQ-NMS: IFSL), parent company of Indiana Federal Savings and Loan Association, today reported a 30 percent increase in annual earnings to a record $4.3 million or $1.71 per share for the year ended Dec. 31, 1991, compared to earnings of $3.3 million or $1.23 per share for 1990.
 Earnings for the three months ended Dec. 31, 1991, increased by 40 percent to $827,000 or $.33 per share compared to $590,000 or $.23 per share for the same period in 1990.
 Peter R. Candela, president and chief executive officer said, "The strong performance this year is due to improvement in our net interest margin and other income, improved operating efficiencies and tightened control over operating expenses."
 For the three-month period ended Dec. 31, 1991, net interest income after provision for loan losses, the Company's core business, was $4.3 million, a 35 percent increase over the $3.2 million recorded for the same period of 1990. The net interest margin for the quarter ended Dec. 31, 1991, increased to 3.65 percent from 3.13 percent for the same period a year ago. Net interest income after provision for loan losses increased to $16.9 million for the 12 months ended Dec. 31, 1991, a 16 percent increase over the $14.5 million recorded for the same period in 1990.
 When excluding losses on the sale of real estate owned of $340,000, other income increased to $3.1 million for the year ended Dec. 31, 1991, compared to $2.8 million for the same period last year.
 Operating expenses declined to $3.0 million for the fourth quarter ended Dec. 31, 1991, from $3.1 million for the same period last year. For the year ended Dec. 31, 1991, operating expenses declined to $11.9 million from $12.1 million for the same period a year ago, despite a $131,000 or 16 percent increase in Federal deposit insurance premiums.
 Non-performing assets declined to $16.5 million or 2.90 percent of assets at Dec. 31, 1991, from $18.4 million, or 3.36 percent of assets at Dec. 31, 1990.
 Shareholders' equity increased to $56.1 million, or $23.42 per share at Dec. 31, 1991, compared to $21.71 per share at year end 1990. The return on shareholders' equity increased to 7.76 percent for the year ended Dec. 31, 1991, from 6.08 percent for 1990.
 The corporation had 2,396,000 outstanding common shares at Dec. 31, 1991. As of Dec. 31, 1991, the Corporation had acquired a total of 364,500 of its outstanding common shares through its previously announced share repurchase programs. Of the total shares repurchased, 66,600 were acquired in the three-month period ended Dec. 31, 1991.
 At Dec. 31, 1991, total assets were $568.4 million, an increase of $19.7 million from total assets of $548.7 million at year end 1990.
 Indiana Federal Savings and Loan Association, a wholly owned subsidiary of Indiana Federal Corp., maintains a network of eight full service offices in northwest Indiana and loan production offices in Valparaiso, Highland and South Bend, Indiana.
 INDIANA FEDERAL CORPORATION
 Selected Financial Data
 (Dollars in thousands except per share amounts)
 Periods ended Three months 12 months
 Dec. 31 1991 1990 1991 1990
 (unaudited) (unaudited)
 Net Income $ 827 $ 590 $ 4,307 $ 3,318
 Earnings Per Share $ .33 $ .23 $ 1.71 $ 1.23
 Cash Dividends
 per Share $ .15 $ .10 $ .60 $ .40
 Weighted Average Number
 of Shares Outstanding 2,441 2,591 2,463 2,685
 At Dec. 31, At Dec. 31,
 1991 1990
 Assets $ 568,400 $ 548,700
 Net Loans $ 403,700 $ 415,100
 Loans Held For Sale $ 6,600 $ 3,700
 Investments $ 94,100 $ 51,100
 Mortgage-Backed Securities $ 32,700 $ 38,400
 Deposits $ 424,600 $ 421,100
 FHLB Advances and Other Borrowings $ 76,900 $ 62,700
 Shareholders' Equity $ 56,100 $ 54,900
 Return on Average Assets 0.77 percent 0.60 percent
 Return on Average Equity 7.76 percent 6.08 percent
 Equity to Assets Ratio 9.87 percent 10.00 percent
 Book Value per Common Share $ 23.42 $ 21.71
 Stock Price to Book Value 66 percent 39 percent
 Shares Outstanding (000s) 2,396 2,528
 Net Interest Margin 3.42 percent 3.15 percent
 -0- 1/24/92
 /CONTACT: Peter R. Candela of Indiana Federal, 219-462-4131/
 (IFSL) CO: Indiana Federal Corporation ST: Indiana IN: FIN SU: ERN


SH -- NY013 -- 3147 01/24/92 09:17 EST
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Date:Jan 24, 1992
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