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HMN Financial, Inc. Announces First Quarter Results

HMN Financial, Inc. (NASDAQ:HMNF):

     

EARNINGS SUMMARY (unaudited)

Three Months Ended

 

March 31,

(dollars in thousands, except per share amounts)   2012     2011
Net income $ 2,804   417
Net income (loss) available to common stockholders 2,343 (32 )
Diluted earnings (loss) per common share 0.58 (0.01 )
Return on average assets 1.57 % 0.19 %
Return on average common equity 19.32 % 2.41 %
Book value per common share $ 7.81 10.31
 

HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $706 million holding company for Home Federal Savings Bank (the Bank), today reported net income of $2.8 million for the first quarter of 2012, an improvement of $2.4 million, compared to net income of $0.4 million for the first quarter of 2011. Net income available to common shareholders was $2.3 million for the first quarter of 2012, an improvement of $2.3 million, from the net loss available to common shareholders of $32,000 for the first quarter of 2011. Diluted earnings per common share for the first quarter of 2012 were $0.58, an improvement of $0.59 from the diluted loss per common share of $0.01 for the first quarter of 2011. The improvement in net income was due primarily to a $2.1 million decrease in the provision for loan losses between the periods, $0.6 million gain on the previously announced branch sale, and $0.4 million increase in the gains recognized on the sales of loans between the periods. These increases in income were partially offset by a $1.2 million decrease in net interest income as a result of a decrease in interest earning assets between the periods.

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