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HMN Financial, Inc. Announces Third Quarter Results

The non-performing loan and foreclosed and repossessed asset activity for the quarter was as follows:

(Dollars in thousands)

           
Non-performing loans   Foreclosed and repossessed assets  
June 30, 2010 $59,523 June 30, 2010 $11,621
Classified as non-performing 17,301 Transferred from non-performing loans 7,475
Charge offs (4,482 ) Other foreclosures/repossessions 45
Principal payments received (807 ) Real estate sold (61 )
Classified as accruing (1,054 ) Net gain on sale of assets 10
Transferred to real estate owned (7,475 ) Write downs (517 )
September 30, 2010 $63,006   September 30, 2010 $18,573  
               

The increase in non-performing loans is primarily the result of four residential development loans totaling $12.4 million that were classified as non-performing during the quarter.

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