HMN Financial, Inc. (HMN or the Company) (Nasdaq: HMNF), the $881 million holding company for Home Federal Savings Bank (Home Federal or the Bank), today commented on the previously reported supervisory agreements between HMN and Home Federal and the Office of Thrift Supervision (OTS).
HMN president Bradley Krehbiel remarked, “The current recession has severely impacted banks across the United States, and Home Federal is not immune. Our top priorities are the sound and ethical operation of Home Federal and providing excellent customer service in the communities that we serve. Home Federal has maintained capital levels above what is required to be ‘well-capitalized’, as defined by our regulators. We are FDIC-insured and have offered banking services to our customers for more than 75 years.
“Maintaining a sound and ethical organization includes operating in compliance with bank regulations,” said Krehbiel. “The OTS has offered guidance to banks across the country as we collectively recover from the recession. I am confident that we have taken steps to build a solid future for our Bank, and we expect our agreements with the OTS will further strengthen our foundation.
“Home Federal has a long-standing commitment to helping people in our communities obtain home ownership, and we understand how current market conditions have affected our customers,” said Krehbiel. “In addition, the decline in real estate values and single-family home sales has caused commercial loan customers to also experience significant stress. As a result, the loss in business income has made it difficult for some commercial borrowers to repay their loans. To address the increase in problem loans, we have hired additional staff whose key responsibility is to work with our commercial loan customers during this period. We also conducted ongoing reviews of Home Federal’s commercial loans, enabling us to identify problems early on – before they might become major losses for our borrowers and our Bank. Lastly, we implemented policies and procedures to strengthen how we analyze new loan requests.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV