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HMN Financial, Inc. Announces Third Quarter Results

The Company had specific reserves established against the above non-accruing loans of $7.8 million, $10.2 million and $25.0 million, respectively, at September 30, 2011, June 30, 2011 and December 31, 2010.

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, 2010.

                     
Principal Principal Principal
(Dollars in thousands) Amount of Loan Amount of Loan Amount of Loan
September 30, June 30, December 31,
Property Type     #   2011       #   2011       #   2010
Developments/land 8 $ 17,059 6 $ 17,946 9 $ 23,661
Single family homes 0 0 0 0 3 2,673
Alternative fuel plants 1 2,266 1 2,266 1 4,994
Shopping centers/retail 2 1,347 3 1,378 3 1,099
Restaurants/bar 1 636 1 654 1 635
Office building 1 2,925 1 2,950 1 3,675
Other commercial building   1     159       0     0       0     0
  14   $ 24,392       12   $ 25,194       18   $ 36,737
 

The Company had specific reserves established against the above commercial real estate loans of $4.2 million, $5.7 million and $13.3 million, respectively, at September 30, 2011, June 30, 2011 and December 31, 2010.

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