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HMN Financial, Inc. Announces Third Quarter Results

Third Quarter Highlights
  • Net income of $6.0 million compared to net income of $0.6 million in third quarter of 2012
  • Diluted earnings per share of $1.27 compared to diluted earnings per share of $0.04 in third quarter of 2012
  • Provision for loan losses of ($4.3) million, down $5.9 million from third quarter of 2012
  • Net interest income of $5.3 million, down $0.6 million from third quarter of 2012
  • Non-performing assets of $31.3 million, down $4.0 million from second quarter of 2013

Year to Date Highlights
  • Net income of $8.6 million compared to net income of $3.8 million in first nine months of 2012
  • Diluted earnings per share of $1.65 compared to diluted earnings per share of $0.61 in first nine months of 2012
  • Provision for loan losses of ($4.9) million, down $7.4 million from first nine months of 2012
  • Net interest income of $14.9 million, down $3.2 million from first nine months of 2012
  • Non-performing assets of $31.3 million, down $9.3 million from December 31, 2012
  • Total assets decreased $91 million from December 31, 2012
  Three Months Ended Nine Months Ended
  Income Summary (unaudited) September 30, September 30,
(Dollars in thousands, except per share amounts) 2013 2012 2013 2012
Net income $ 6,034 637 $ 8,574 3,836
Net income available to common shareholders   5,511   170   7,028   2,444
Diluted earnings per share 1.27 0.04 1.65 0.61
Return on average assets 4.44 0.39% 1.96 0.74%
Return on average equity 38.17 4.20% 18.55 8.66%
Book value per common share $ 9.47 7.83 $ 9.47 7.83
         

ROCHESTER, Minn., Oct. 18, 2013 (GLOBE NEWSWIRE) -- HMN Financial, Inc. (HMN or the Company) (Nasdaq:HMNF), the $563 million holding company for Home Federal Savings Bank (the Bank), today reported net income of $6.0 million for the third quarter of 2013, an improvement of $5.4 million compared to net income of $0.6 million for the third quarter of 2012. Net income available to common shareholders was $5.5 million for the third quarter of 2013, an improvement of $5.3 million from the net income available to common shareholders of $0.2 million for the third quarter of 2012. Diluted earnings per common share for the third quarter of 2013 was $1.27, an increase of $1.23 from the diluted earnings per common share of $0.04 for the third quarter of 2012. The improvement in net income for the third quarter of 2013 is due to a $5.9 million decrease in the provision for loan losses between the periods primarily because of improving values of the underlying collateral supporting commercial real estate loans and a $0.5 million decrease in non-interest expense. The decrease in non-interest expense is primarily due to decreased legal expenses relating to real estate owned and loan collection efforts and mortgage servicing rights amortization expense. These improvements to net income were partially offset by a $0.3 million decrease in non-interest income due primarily to a decrease in the gain on sales of loans and a $0.6 million decrease in net interest income due primarily to a decrease in interest earning assets between the periods.

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