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HMN Financial: Pump Up the Volume

ROCHESTER, Minn. ( TheStreet) -- HMN Financial (HMNF - Get Report) shares spiked higher Tuesday on above-average volume after the bank said it swung to a third-quarter profit.

HMN Financial reported third-quarter earnings of $881,000, or 12 cents a share, compared with a year-ago loss of $7.1 million, or $1.93 a share. The bank also said its provision for loan losses fell to $3.4 million from $15.8 million in the year-ago quarter.

Additionally, nonperforming assets totaled $77.2 million in the third quarter, down $2.3 million sequentially, HMN Financial said. Delinquencies over 30 days as a percentage of its loan and lease portfolio fell to 0.45% from 1.18% in the second quarter.

Shares of HMN Financial was jumping by 82 cents, or 23.9%, to $4.25. Earlier in the session, the stock touched an intraday high of $4.37. Nearly 42,000 shares changed hands in the first half-hour of trading Wednesday, compared to the stock's 50-day average daily volume of only 2,000 shares, according to the Nasdaq.

HMN Financial has a 3.2 million-share float with a short interest float of only 0.1% as of Sept. 25, according to Yahoo! Finance. More than 23% of the company's shares are held by insiders with another 32% owned by institutions.

-- Written by Robert Holmes in New York.

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