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INTER-REGIONAL FINANCIAL GROUP REPORTS 'BEST EVER' QUARTER AND FIRST HALF RESULTS

 MINNEAPOLIS, July 19 /PRNewswire/ -- Inter-Regional Financial Group, Inc. (NYSE: IFG), parent company of regional broker-dealers Dain Bosworth Incorporated, Minneapolis, and Rauscher Pierce Refsnes, Dallas, today reported record results for the second quarter and first half of 1993. Net earnings for the 1993 June quarter were $10.3 million, or $1.23 per share fully diluted, an increase of 31 percent over 94 cents per share fully diluted in 1992.
 Second-quarter net revenues (revenues less interest expense) were $114.6 million, an increase of 18 percent over last year's $96.9 million. Dain Bosworth contributed $68.7 million to revenues and $9.9 million to pretax earnings in the quarter, while Rauscher Pierce Refsnes contributed $45.7 million to revenues and $7.2 million to pretax earnings.
 Second quarter results surpassed the company's previous records, set in first-quarter 1993, by $2.3 million in revenues and $121,000 in net earnings.
 Net earnings for the first half of 1993 were $20.4 million, or $2.44 per share fully diluted, compared with $17.1 million, or $1.89 per share fully diluted, in 1992. On a per-share basis, first-half earnings were 29 percent higher than a year ago. First-half net revenues increased 15 percent, to $227.0 million in 1993 from $196.9 million in 1992. Book value per share increased by 14 percent in the first half of the year, rising $2.35 to $18.68 per share at the end of second quarter from $16.33 per share at year-end 1992. Commenting on IFG's third consecutive record quarter, Irving Weiser, president and chief executive officer, said, "Every area of our business prospered as we continued helping clients take advantage of investment opportunities in the current interest rate environment. Our retail business remained strong as individual investors transferred money to stocks and bonds from CDs and money market funds; the markets for high-quality equity offerings remained favorable; and governmental units and other institutions continued to refinance debt." The company said it experienced some volatility in the fixed income trading markets during the quarter because of uncertainty regarding interest rates.
 Weiser praised the special contributions of Rauscher Pierce Refsnes in the quarter, citing "exceptionally strong" public finance results, an area of traditional strength for the Dallas-based subsidiary, along with record institutional equity sales, an area where the company has invested for growth. Weiser called retail revenues "very strong" at both firms and said Dain Bosworth's corporate finance results set a new record.
 Inter-Regional Financial Group is, through Dain Bosworth Incorporated and Rauscher Pierce Refsnes, Inc., one of the nation's largest full-service regional brokerage and investment banking companies. IFG's two broker-dealers serve individual, institutional, corporate and governmental clients in 22 states, predominantly in the western half of the United States. IFG also is the parent company of Insight Investment Management, adviser for Great Hall Funds, and Regional Operations Group, Inc., an operations and technology services subsidiary. The company's common stock is traded on the New York Stock Exchange under the symbol IFG.
 INTER-REGIONAL FINANCIAL GROUP, INC.
 CONSOLIDATED SUMMARY OF OPERATIONS
 (In thousands, except per-share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $122,528 $105,265 $241,299 $214,948
 Interest expense (7,882) (8,379) (14,309) (18,056)
 Net revenues 114,646 96,886 226,990 196,892
 Expenses excluding
 interest 98,104 84,059 194,101 170,791
 Earnings before
 income taxes 16,542 12,827 32,889 26,101
 Income tax expense (6,286) (4,378) (12,498) (8,958)
 Net earnings $10,256 $8,449 $20,391 $17,143
 Net earnings per share:
 Primary $1.23 $.98 $2.45 $2.00
 Fully diluted $1.23 $.94 $2.44 $1.89
 Shares used for
 per-share calculation:
 Primary 8,345 8,580 8,338 8,586
 Fully diluted 8,367 9,252 8,364 9,329
 Selected financial data:
 Net revenues:
 Dain Bosworth
 Incorporated $68,673 $61,827 $138,985 $125,148
 Rauscher Pierce
 Refsnes, Inc. 45,659 35,113 87,484 72,037
 Corporate, other
 & eliminations 314 (54) 521 (293)
 -- $114,646 $96,886 $226,990 $196,892
 Pretax earnings (loss):
 Dain Bosworth
 Incorporated $9,903 $9,613 $20,506 $18,896
 Rauscher Pierce
 Refsnes, Inc. 7,219 4,601 14,250 10,024
 Corporate, other
 & eliminations (580) (1,387) (1,867) (2,819)
 -- $16,542 $12,827 $32,889 $26,101
 -0- 7/19/93
 /CONTACT: B.J. French of Inter-Regional Financial, 612-371-2363/
 (IFG)


CO: Inter-Regional Financial Group, Inc. ST: Minnesota IN: FIN SU: ERN

DS -- MN007 -- 2874 07/19/93 08:29 EDT
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Date:Jul 19, 1993
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