MINNEAPOLIS - First Bank System Inc. said it earned $59.3 million in the second quarter, $14 million or 31% more than in the year-earlier period.

Net interest income rose 11%, or $19.5 million, to $200.5 million; noninterest income jumped 13%, or $10.6 million, to $94.3 million.

The Minneapolis holding company had $17.8 billion in assets on June 30, down from $18.3 billion at yearend, when it ranked 33d in the nation, but still above the $17 billion level of midyear 1991. Assets rose on June 30 by $174 million with the acquisition of Siouxland Bank Holding Co. in North Dakota.

First Bank's return on average assets improved to 1.34%, from 1.06% in the 1991 second quarter, while return on average common equity increased to 17.1%, from 14.9%. The efficiency ratio, the key ratio of expenses to revenues, improved to 61.1%, from 64.1% in second-quarter 1991.

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