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HMN Financial, Inc. Announces Third Quarter Results

HMN Financial, Inc. (NASDAQ:HMNF):

Third Quarter Highlights

  • Net loss of $2.1 million compared to net loss of $9.4 million in third quarter of 2010
  • Diluted loss per share of $0.65 compared to diluted loss per share of $2.60 in third quarter of 2010
  • Provision for loan losses of $4.3 million, down $7.6 million from third quarter of 2010
  • Nonperforming assets of $60.0 million, down $5.0 million from second quarter of 2011
  • Net interest margin of 3.71%, up 34 basis points from third quarter of 2010

Year to Date Highlights

  • Net loss of $3.9 million compared to net loss of $19.0 million in first nine months of 2010
  • Diluted loss per share of $1.38 compared to diluted loss per share of $5.43 in first nine months of 2010
  • Provision for loan losses of $9.7 million, down $13.2 million from first nine months of 2010
  • Nonperforming assets of $60.0 million, down $24.5 million from December 31, 2010
  • Net interest margin of 3.60%, up 25 basis points from first nine months of 2010
  • Total assets decreased $62 million from December 31, 2010
       

Loss Summary (unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
(dollars in thousands, except per share amounts) 2011     2010 2011     2010
Net loss $ (2,055 )     (9,367 ) $ (3,929 )     (19,046 )
Net loss available to common shareholders (2,511 ) (9,814 ) (5,291 ) (20,381 )
Diluted loss per share (0.65 ) (2.60 ) (1.38 ) (5.43 )
Loss on average assets (1.02 ) (3.89 ) % (0.62 ) (2.55 ) %
Loss on average equity (12.10 ) (42.01 ) % (7.62 ) (26.71 ) %
Book value per common share $ 9.23 13.00 $ 9.23 13.00
 

HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $818 million holding company for Home Federal Savings Bank (the Bank), today reported a net loss of $2.1 million for the third quarter of 2011, an improvement of $7.3 million, or 78.1%, compared to a net loss of $9.4 million for the third quarter of 2010. Net loss available to common shareholders was $2.5 million for the third quarter of 2011, an improvement of $7.3 million, or 74.4%, from the net loss available to common shareholders of $9.8 million for the third quarter of 2010. Diluted loss per common share for the third quarter of 2011 was $0.65, a decreased loss of $1.95, or 75.0%, from the diluted loss per common share of $2.60 for the third quarter of 2010. The decreased loss for the third quarter of 2011 is due primarily to a $7.6 million decrease in the provision for loan losses between the periods. The provision for loan losses decreased primarily because fewer loan loss reserves on commercial real estate loans were needed due to the stabilization of values of non-performing real estate in the third quarter of 2011 when compared to the third quarter of 2010. The provision also decreased because of the $117 million decrease in the loan portfolio between the periods.

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