President’s Statement"The operating results for the third quarter of 2010 reflect the challenging economic environment that continues to have a negative effect on real estate values, our loan loss provision and the amount of non-performing assets in our portfolio,” said Bradley Krehbiel, President of HMN. “While the economic environment for commercial real estate continues to be challenging, we are encouraged by the performance of our single family and consumer loan portfolios. We will continue to focus our efforts on reducing non-performing assets, increasing our core retail and commercial deposit relationships and reducing expenses. We believe that, over time, our focus on these areas will be effective in generating improved financial results. In the meantime, Home Federal Savings Bank continues to have adequate liquidity and its capital position remains above the levels required to be considered a well capitalized financial institution by current regulatory standards.”
HMN Financial, Inc. Announces Third Quarter Results
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