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HMN Financial, Inc. Announces Second Quarter Results

Stocks in this article: HMNF

HMN Financial, Inc. (NASDAQ:HMNF):

         
Three months ended Six months ended  

Net Income Summary (unaudited)

June 30, June 30,
   
(Dollars in thousands, except per share amounts) 2013 2012 2013 2012
Net income $ 1,799 395 $ 2,540 3,199

Net income (loss) available to common stockholders

1,252 (69 ) 1,517 2,274
Diluted earnings (loss) per common share 0.30 (0.02 ) 0.36 0.57
Return on average assets 1.21 % 0.23 % 0.84 % 0.90 %
Return on average equity 11.78 % 2.66 % 8.36 % 10.98 %
Book value per common share $ 8.09 $ 7.79 $ 8.09 $ 7.79
 

HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $561 million holding company for Home Federal Savings Bank (the Bank), today reported net income of $1.8 million for the second quarter of 2013, an improvement of $1.4 million, compared to net income of $0.4 million for the second quarter of 2012. The net income available to common shareholders was $1.3 million for the second quarter of 2013, an improvement of $1.4 million from the net loss available to common shareholders of $0.1 million for the second quarter of 2012. Diluted earnings per common share for the second quarter of 2013 were $0.30, an improvement of $0.32 from the diluted loss per common share of $0.02 for the second quarter of 2012. The improvement in net income in the second quarter of 2013 was primarily due to a $1.6 million decrease in the provision for loan losses and a $1.1 million decrease in non-interest expense between the periods. These positive changes to net income were partially offset by a $1.3 million decrease in net interest income due primarily to the decrease in interest earning assets between the periods.

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