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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.

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