This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

HMN Financial, Inc. Announces Third Quarter Results

A rollforward of the Company’s allowance for loan losses for the quarters ended September 30, 2010 and 2009 follows:

         
(in thousands)   2010   2009
Balance at June 30, $ 26,027 $ 25,403
Provision 11,946 3,381
Charge offs:
One-to-four family 0 (17)
Consumer (406) (586)
Commercial business (1,061) 0
Commercial real estate (3,045) (1,236)
Recoveries   29   99
Balance at September 30, $ 33,490 $ 27,044
 
General allowance $ 15,452 $ 11,877
Specific allowance   18,038   15,167
$ 33,490 $ 27,044
             

The following table summarizes the amounts and categories of non-performing assets in the Bank’s portfolio and loan delinquency information as of the end of the two most recently completed quarters and December 31, 2009.

           
September 30,   June 30,   December 31,
(Dollars in thousands) 2010   2010   2009
Non-Accruing Loans:
One-to-four family real estate $ 3,222 $ 2,431 $ 2,132
Commercial real estate 33,715 31,916 37,122
Consumer 348 364 4,086
Commercial business 25,721 24,812 17,787
Total 63,006 59,523 61,127
 
Foreclosed and Repossessed Assets:
One-to-four family real estate 906 934 1,011
Consumer 14 0 5
Commercial real estate 17,653 10,687 15,246
Total non-performing assets $ 81,579 $ 71,144 $ 77,389
Total as a percentage of total assets 8.99 % 7.30 % 7.47 %
Total non-performing loans $ 63,006 $ 59,523 $ 61,127
Total as a percentage of total loans receivable, net 9.00 % 7.99 % 7.65 %
Allowance for loan loss to non-performing loans 53.15 % 43.73 % 38.95 %
 
Delinquency Data:
Delinquencies (1)
30+ days $ 16,416 $ 14,819 $ 11,140
90+ days 0 0 0

Delinquencies as a percentage of loan and lease portfolio (1)

30+ days 2.28 % 1.95 % 1.37 %
90+ days 0.00 % 0.00 % 0.00 %
                       

(1) Excludes non-accrual loans.

The Company had specific reserves established against the above non-accruing loans of $18.0 million, $14.9 million and $12.1 million, respectively, at September 30, 2010, June 30, 2010 and December 31, 2009.

6 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs