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:
|Balance at June 30,||$||26,027||$||25,403|
|Commercial real estate||(3,045)||(1,236)|
|Balance at September 30,||$||33,490||$||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|
|One-to-four family real estate||$||3,222||$||2,431||$||2,132|
|Commercial real estate||33,715||31,916||37,122|
|Foreclosed and Repossessed Assets:|
|One-to-four family real estate||906||934||1,011|
|Commercial real estate||17,653||10,687||15,246|
|Total non-performing assets||$||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||%|
Delinquencies as a percentage of loan and lease portfolio (1)
(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.
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