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HMN Financial, Inc. Announces Second Quarter Results

HMN Financial, Inc. (NASDAQ:HMNF):

 

    Three months ended     Six months ended
Net Income (Loss) Summary (unaudited) June 30, June 30,
(Dollars in thousands, except per share amounts) 2012     2011 2012     2011
Net income (loss) $ 395 (2,291 ) $ 3,199 (1,874 )
Net income (loss) available to common stockholders (69 ) (2,748 ) 2,274 (2,780 )
Diluted earnings (loss) per common share (0.02 ) (0.72 ) 0.57 (0.73 )
Return (loss) on average assets 0.23 % (1.08 ) % 0.90 % (0.44 ) %
Return (loss) on average equity 2.66 % (13.27 ) % 10.98 % (5.42 ) %
Book value per common share $ 7.79 $ 9.81 $ 7.79 $ 9.81
 

HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $670 million holding company for Home Federal Savings Bank (the Bank), today reported net income of $0.4 million for the second quarter of 2012, an improvement of $2.7 million, or 117.2%, compared to a net loss of $2.3 million for the second quarter of 2011. The net loss available to common shareholders was $69,000 for the second quarter of 2012, an improvement of $2.7 million, or 97.5%, from the net loss available to common shareholders of $2.8 million for the second quarter of 2011. Diluted loss per common share for the second quarter of 2012 was $0.02, an improvement of $0.70, or 97.2%, from the diluted loss per common share of $0.72 for the second quarter of 2011. The improvement in net income in the second quarter of 2012 was primarily due to a $2.4 million decrease in the provision for loan losses and a $1.1 million decrease in non-interest expenses between the periods. These changes to net income were partially offset by a $1.0 million decrease in net interest income due primarily to the decrease in interest earning assets between the periods.

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