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TheStreet Open House

HMN Financial, Inc. Announces Fourth Quarter Results And Annual Meeting

HMN Financial, Inc. (NASDAQ:HMNF):

Fourth Quarter Highlights

  • Net income of $1.5 million compared to net loss of $7.6 million for fourth quarter of 2011
  • Diluted earnings per common share of $0.25 compared to diluted loss per common share of $2.08 in the fourth quarter of 2011
  • Provision for loan losses of $0, down $7.6 million from fourth quarter of 2011
  • Losses on real estate owned of $0.3 million, down $2.1 million from fourth quarter of 2011
  • Net interest income of $5.5 million, down $1.4 million from fourth quarter of 2011
  • Non-performing assets of $40.6 million, down $6.6 million from third quarter of 2012

Annual Highlights

  • Net income of $5.3 million compared to net loss of $11.6 million for 2011
  • Diluted earnings per common share of $0.86 compared to diluted loss per common share of $3.47 for 2011
  • Provision for loan losses of $2.5 million, down $14.8 million from 2011
  • Losses on real estate owned of $0.2 million, down $2.5 million from 2011
  • Net interest income of $23.7 million, down $4.7 million from 2011
  • Non-performing assets of $40.6 million, down $10.0 million from December 31, 2011
  • Total assets decreased $137 million in 2012

INCOME (LOSS) SUMMARY

  Three Months Ended       Year Ended  
December 31, December 31,
(dollars in thousands, except per share amounts) 2012  

 

2011

  2012  

 

2011

 
Net income (loss) $ 1,485  

 

(7,626

)

$ 5,321  

 

(11,555

)

Net income (loss) available to common stockholders

1,016

 

(8,085

)

3,460

 

(13,376

)

Diluted earnings (loss) per common share 0.25

 

(2.08

)

0.86

 

(3.47

)

Return (loss) on average assets 0.93 % (3.75 ) % 0.79 % (1.39 ) %
Return (loss) on average common equity 9.77 % (45.87 ) % 8.94 % (16.94 ) %
Book value per common share $ 8.02

 

7.36

$ 8.02

 

7.36

 

HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $653 million holding company for Home Federal Savings Bank (the Bank), today reported net income of $1.5 million for the fourth quarter of 2012, an improvement of $9.1 million compared to a net loss of $7.6 million for the fourth quarter of 2011. Net income available to common shareholders was $1.0 million for the fourth quarter of 2012, an improvement of $9.1 million from the net loss available to common shareholders of $8.1 million for the fourth quarter of 2011. Diluted earnings per common share for the fourth quarter of 2012 was $0.25, an improvement of $2.33 from the diluted loss per common share of $2.08 for the fourth quarter of 2011. The improvement in net income in the fourth quarter of 2012 is due primarily to a $7.6 million decrease in the provision for loan losses, a $0.4 million increase in the gain on sale of loans, and a $2.6 million decrease in noninterest expenses due primarily to the decrease in expenses and losses recognized on real estate owned between the periods. These changes to net income were partially offset by a $1.4 million decrease in net interest income due primarily to a decrease in interest earning assets between the periods.

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