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HMN Financial, Inc. Announces Third Quarter Results

The following table summarizes the number of lending relationships and types of commercial real estate loans that were non-performing as of the end of the two most recently completed quarters and December 31, 2009.

(Dollars in thousands)

 

Property Type

 

 

 

#

Principal Amount of Loan

September 30,

2010

     

 

 

#

Principal Amount of Loan

June 30,

2010

     

 

 

#

Principal Amount of Loan

December 31,

2009

Residential developments  

10

$24,311       7 $ 11,895       7 $ 12,030
Single family homes 3 2,651 2 2,856 2 3,088
Hotels 0 0 1 4,999 1 4,999
Alternative fuel plants 1 4,994 1 4,992 2 12,834
Shopping centers/retail 2 1,075 2 1,095 2 1,136
Restaurants/bar 2 684 2 707 4 2,436
Office buildings   0 0       1 5,372       1 599
 

18

$33,715       16 $ 31,916       19 $ 37,122

The Company had specific reserves established against the above commercial real estate loans of $7.8 million, $7.2 million and $7.7 million, respectively, at September 30, 2010, June 30, 2010 and December 31, 2009.

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