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SECURITY FINANCIAL GROUP REPORTS FOURTH QUARTER AND YEAR END RESULTS

SECURITY FINANCIAL GROUP REPORTS FOURTH QUARTER AND YEAR END RESULTS
 ST. CLOUD, Minn., Dec. 11 /PRNewswire/ -- Security Financial Group, Inc. (NASDAQ: SFGI) reported today net earnings of $177,000 for the fiscal year ended Sept. 30, 1991, or $.25 per share, compared with a net loss of $611,000, or $.87 per share reported for fiscal 1990.
 For the fourth quarter, Security Financial reported net earnings of $815,000, or $1.15 per share, compared with earnings of $292,000, or $.42 per share for the fourth quarter a year ago. As previously reported, giving rise to the record quarterly profits were gains from investment sales in the fourth quarter and receipt of payment in settlement of litigation.
 During the year, Security Financial reported significant additions to its allowance for loan losses. The loss provisions, which exceeded $2.0 million for the year, were primarily in response to increased delinquencies and declining property values in the commercial real estate portfolio. Also considered in the building of reserves were the general weakness in the economy and the related increases noted in residential and retail delinquencies.
 Noninterest income for the year of $2,456,000, was up substantially from the prior year amount of $1,580,000. During 1991, two significant non-recurring items principally accounted for the increase. In the third quarter, Security Financial reported $605,000 in income following an April 1991 U.S. Supreme Court ruling concerning two tax issues affecting the thrift industry and the bank. In the fourth quarter, Security Financial received payment of $686,000 in final settlement of outstanding litigation concerning loans previously purchased by the bank. Also reflected in the 1991 noninterest income amount are $254,000 net losses from investment sales. Investment sales in the fourth quarter, resulting in gains totalling $479,000 offset the investment related losses reported earlier in the year.
 President and Chief Executive Officer Warren W. Teigan said, "We have been devoting constant attention to our problem loan issues and truly believe we are making marked progress. However, solutions are often very complicated and much remains to be done." Tiegen added, "The favorable developments which contributed significantly to results for the year were indeed a breath of fresh air, and served to shore up our capital strength. With our core and tangible capital ratios over 5.3 percent, and our risk-weighted capital ratio over 9.2 percent, we exceed the fully phased-in capital requirements included in the FIRREA legislation of 1989."
 Net interest income for the year was $7,759,000, down 7.8 percent from 1990. The decrease reflects the overall reduction in Security's assets, which at Sept. 30, 1991, were $276 million, down from $308 million at Sept. 30, 1990.
 Noninterest expense in 1991, for the quarter and for the year, was down from 1990. Significant components of the decrease include data processing, marketing and training expenses.
 Security Financial Group, Inc provides financial services to central Minnesota through its operating subsidiary Security Financial Banking and Savings, FSB, a $280 million savings bank with headquarters in St. Cloud and offices in St. Cloud, Princeton, Mora, Sauk Rapids, Monticello and Elk River, Minn. Security Financial Group, Inc. is traded on the national over-the-counter market under the NASDAQ symbol SFGI.
 SECURITY FINANCIAL GROUP, INC.
 OPERATING HIGHLIGHTS
 (dollars in thousands, except per share amounts)
 Three Months Ended Twelve Months Ended
 9/30/91 9/30/90 9/30/91 9/30/90
 Total revenues $7,703 $8,133 $29,926 $33,018
 Interest income 6,168 7,595 27,470 31,438
 Interest expense 4,413 5,615 19,711 23,023
 Net interest income 1,755 1,980 7,759 8,415
 Provision for losses 379 150 2,010 3,288
 Net interest income after
 provision for losses 1,376 1,830 5,749 5,127
 Noninterest income 1,056 541 2,710 1,602
 Net gain (loss) on
 investment transactions 479 (3) (254) (22)
 Noninterest expense 1,513 1,986 6,948 7,318
 Income (loss) before
 income tax expense 1,398 382 1,257 (611)
 Income tax expense 583 90 1,080 0
 Net income (loss) $815 $292 $177 $(611)
 Earnings (loss)
 per share $1.15 $0.42 $0.25 $(0.87)
 -0- 12/11/91
 /CONTACT: Warren W. Teigen or Charles K. Engebretson of Security Financial Group, 612-251-4500/
 (SFGI) CO: Security Financial Group, Inc. ST: Minnesota IN: FIN SU: ERN


KH -- MN015 -- 1692 12/11/91 18:16 EST
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Date:Dec 11, 1991
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