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

Stocks in this article: HMNF

Provision for Loan LossesThe provision for loan losses was $0 for the fourth quarter of 2012, a decrease of $7.6 million, or 100.0%, from $7.6 million for the fourth quarter of 2011. The provision decreased in the fourth quarter of 2012 primarily because there were fewer decreases in the estimated value of the underlying collateral supporting commercial real estate loans that required additional allowances or charge offs in the fourth quarter of 2012 when compared to the fourth quarter of 2011. The provision also decreased because of the $106 million decrease in the loan portfolio between the periods. Total non-performing assets were $40.6 million at December 31, 2012, a decrease of $6.6 million, or 14.0%, from $47.2 million at September 30, 2012. Non-performing loans decreased $4.6 million and foreclosed and repossessed assets decreased $2.0 million during the fourth quarter of 2012. The non-performing loan and foreclosed and repossessed asset activity for the fourth quarter of 2012 was as follows:

(Dollars in thousands)

Non-performing loans   Foreclosed and repossessed assets  
September 30, 2012 $34,582 September 30, 2012 $12,617
Classified as non-performing 1,272 Transferred from non-performing loans 283
Charge offs (681 ) Other foreclosures/repossessions 117
Principal payments received (3,694 ) Real estate sold (1,680 )
Classified as accruing (1,221 ) Net loss on sale of assets (672 )
Transferred to real estate owned (283 ) Write downs (70 )
December 31, 2012 $29,975   December 31, 2012 $10,595  

The decrease in non-performing loans relates primarily to the principal payments received on non-performing loans during the fourth quarter of 2012. Of the $3.7 million in principal payments received on non-performing loans in the fourth quarter of 2012, $1.4 million related to the payoff of two loans in the utility industry and $0.8 million related to the payoff of a loan secured by land.

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