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HMN Financial, Inc. Announces First Quarter Results

HMN Financial, Inc. (NASDAQ:HMNF):

 

LOSS SUMMARY

Three Months Ended March 31,

 

 

 

(dollars in thousands, except per share amounts) 2010     2009
Net loss $ (1,847)   (2,622)
Diluted loss per common share (0.61) (0.83)
Return on average assets (0.73) % (0.94) %
Return on average equity (7.50) % (9.57) %
Book value per common share $ 17.10 20.64
 

HMN Financial, Inc. (HMN) (NASDAQ:HMNF), the $1.0 billion holding company for Home Federal Savings Bank (the Bank), today reported a net loss of $1.8 million for the first quarter of 2010, an improvement of $775,000 compared to a net loss of $2.6 million for the first quarter of 2009. Net loss available to common shareholders was $2.3 million for the first quarter of 2010, an improvement of $764,000, or 25.0%, from the net loss available to common shareholders of $3.1 million for the first quarter of 2009. Diluted loss per common share for the first quarter of 2010 was $0.61, an improvement of $0.22 from diluted loss per common share of $0.83 for the first quarter of 2009. The decrease in the net loss between the periods was due primarily to a $1.9 million improvement in the gains/losses recognized on the sale of real estate owned which was partially offset by an $821,000 decrease in net interest income. The decrease in net interest income was primarily the result of a decrease in interest-earning assets between the periods.

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