HMN Financial, Inc. (NASDAQ:HMNF):
First Quarter Highlights
- Net income of $0.4 million, an improvement of $2.2 million, compared to net loss of $1.8 million in the first quarter of 2010
- Diluted loss per common share of $0.01 compared to diluted loss per common share of $0.61 in the first quarter of 2010
- Provision for loan losses of $1.9 million, down $4.6 million from first quarter of 2010
- Non-performing assets of $70.6 million, down $13.9 million from fourth quarter of 2010
- Net interest margin of 3.62%, up 31 basis points from first quarter of 2010
|EARNINGS (LOSS) SUMMARY (unaudited)||Three Months Ended|
|(dollars in thousands, except per share amounts)||2011||2010|
|Net income (loss)||$||417||(1,847||)|
|Net loss available to common stockholders||(32||)||(2,287||)|
|Diluted loss per common share||(0.01||)||(0.61||)|
|Return (loss) on average assets||0.19||%||(0.73||)||%|
|Return (loss) on average common equity||2.41||%||(7.50||)||%|
|Book value per common share||$||10.31||17.10|
HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $879 million holding company for Home Federal Savings Bank (the Bank), today reported net income of $0.4 million for the first quarter of 2011, an improvement of $2.2 million compared to a net loss of $1.8 million for the first quarter of 2010. Net loss available to common shareholders was $32,000 for the first quarter of 2011, an improvement of $2.3 million, or 98.6%, from the net loss available to common shareholders of $2.3 million for the first quarter of 2010. Diluted loss per common share for the first quarter of 2011 was $0.01, an improvement of $0.60 from the diluted loss per common share of $0.61 for the first quarter of 2010. The improvement in net income was due primarily to a $4.6 million decrease in the provision for loan losses between the periods that was partially offset by a $1.2 million increase in income taxes and a $0.8 million increase in the losses recognized on the sale of real estate owned between the periods.
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