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HF Financial Corp. Reports Earnings Adjustment For Fiscal 2011

SIOUX FALLS, S.D., Aug. 2, 2011 /PRNewswire/ -- HF Financial Corp. (Nasdaq: HFFC) today announced it will adjust preliminary earnings reported for the fiscal year ended June 30, 2011, with an additional pre-tax charge for nonperforming assets of approximately $1.2 million.  

"On Friday, July 29, 2011, we met with a borrower and decided to reclassify $3.7 million agricultural loans from performing to nonperforming status after the borrower indicated they could no longer meet their loan commitments," said Curt Hage, Chairman, President and Chief Executive Officer.  "We expect to adjust our preliminary earnings downward between $500,000 and $1.0 million, when we file our fiscal 2011 financial results on Form 10-K next month."  

On July 25, 2011, HF Financial reported preliminary, unaudited earnings of $1.4 million, or $0.20 per diluted share in the fiscal year ended June 30, 2011, following a $3.9 million after-tax charge from the total liquidation of its $8.8 million portfolio of trust preferred securities.  Capital ratios will continue to exceed well capitalized thresholds.

Curt Hage, Chairman, President and CEO, is scheduled to present at the Keefe, Bruyette & Woods 12th Annual Community Bank Investor Conference in New York later today.  HF Financial's presentation is on Tuesday, August 2, 2011, at 3:00 p.m. EDT.  The live and archived presentation can be viewed at http://www.kbw.com/news/conferenceCommunity2011.html.

About HF Financial Corp.

HF Financial Corp., based in Sioux Falls, SD, is the parent company for financial services companies, including Home Federal Bank, Mid America Capital Services, Inc., dba Mid America Leasing Company, Hometown Investment Services, Inc. and HF Financial Group, Inc.  The largest publicly traded savings association headquartered in South Dakota, HF Financial Corp. operates with 34 offices in 19 communities, throughout Eastern South Dakota and one location in Marshall, Minnesota.  The Company has opened a branch in the Twin Cities market as Infinia Bank, a Division of Home Federal Bank of South Dakota.  Internet banking is also available at www.homefederal.com.

This news release and other reports issued by the Company, including reports filed with the Securities and Exchange Commission, contain "forward-looking statements" that deal with future results, expectations, plans and performance.  In addition, the Company's management may make forward-looking statements orally to the media, securities analysts, investors or others.  These forward-looking statements might include one or more of the following:

  • Projections of income, loss, revenues, earnings or losses per share, dividends, capital expenditures, capital structure, adequacy of loan loss reserves, tax benefit or other financial items.
  • Descriptions of plans or objectives of management for future operations, products or services, transactions, investments and use of subordinated debentures payable to trusts.
  • Forecasts of future economic performance.
  • Use and descriptions of assumptions and estimates underlying or relating to such matters.

Forward-looking statements can be identified by the fact they do not relate strictly to historical or current facts.  They often include words such as "optimism," "look-forward," "bright," "pleased," "believe," "expect," "anticipate," "intend," "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may".

Stock quotes in this article: HFFC 

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