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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