EXHIBIT 99
[Mississippi View Holding Company Letterhead]
PRESS RELEASE January 16, 1997
For More Information, contact:
Thomas J. Leiferman, President/CEO
Mississippi View Holding Company
35 East Broadway
Little Falls, MN 56345-3093
(320) 632-5461
Mississippi View Holding Company
Announces Corrections to 1996 Financial Information
Little Falls, Minnesota (NASDAQ "MIVI"). Thomas J. Leiferman, President of
Mississippi View Holding Company, Little Falls, Minnesota, announced the Company
determined its 1996 fiscal year end financial information was incorrect due to
an error in the amount of shares of stock of the Federal Home Loan Mortgage
Corporation ("FHLMC") owned by the Company. The additional shares issued in a
previous 3-for-1 stock split were not recorded which resulted in the amount of
stock owned being understated by 8,792 shares. Mr. Leiferman stated that this
error had no effect on net income or earnings per share but did have an effect
on certain balance sheet items and their corresponding ratios.
Due to the correction, securities available for sale, total assets and
stockholders' equity increased $871,814, $707,912, and $523,089, respectively,
at September 30, 1996, with a corresponding decrease to deferred tax assets of
$163,902 which reduced other assets. There also were corresponding changes to
average equity and assets ratios, net yield and book value per share.
The attached financial information reflects the corrections.
Mississippi View Holding Company Financial Highlights
Condensed Consolidated Statement of Financial Condition
September 30, 1996 September 30, 1996
Corrected Previously Reported
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Assets
Cash and Cash Equivalents $ 2,563,654 $ 2,583,654
Investments 23,051,751 22,179,937
Loans 43,248,944 43,248,944
Other Assets 1,834,382 1,998,284
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Total Assets $70,718,731 $70,010,819
========== ==========
Liabilities
Deposits $56,531,194 $56,531,194
Other Liabilities 1,224,203 1,039,380
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Total Liabilities $57,755,397 $57,570,574
Stockholders' Equity $12,963,334 $12,440,245
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Total Liabilities &
Stockholders' Equity $70,718,731 $70,010,819
========== ==========
Selected Financial Ratios
At or for the Twelve Months Ended September 30,
-----------------------------------------------
1996 1996
Corrected Previously Reported
--------- -------------------
Return on Average Equity 4.05% 4.18%
Return on Average Assets 0.80% 0.80%
Net Yield on Average
Interest Earning Assets 3.83% 3.87%
Book Value per Share(1) $14.77 $14.17
(1) The number of shares outstanding at September 30, 1996 was 877,714,
including shares sold to the ESOP and purchased by the Management Stock
Bonus Plan.