HMN Financial, Inc. Announces Fourth Quarter Results

HMN Financial, Inc. (NASDAQ:HMNF):

Fourth Quarter Highlights
  • Net loss of $7.6 million compared to net loss of $9.9 million for fourth quarter of 2010
  • Diluted loss per common share of $2.08 compared to diluted loss per common share of $2.73 in the fourth quarter of 2010
  • Provision for loan losses of $7.6 million, down $2.9 million from fourth quarter of 2010
  • Non-performing assets of $50.6 million, down $9.4 million from third quarter of 2011
  • Total assets decreased $28.2 million in fourth quarter of 2011

Annual Highlights
  • Net loss of $11.6 million compared to net loss of $29.0 million for 2010
  • Diluted loss per common share of $3.47 compared to diluted loss per common share of $8.17 for 2010
  • Provision for loan losses of $17.3 million for 2011, down $16.1 million from 2010
  • Non-performing assets of $50.6 million, down $33.9 million from December 31, 2010
  • Total assets decreased $90.5 million in 2011
       
LOSS SUMMARY Three Months Ended Year Ended
December 31, December 31,
(dollars in thousands, except per share amounts) 2011       2010 2011       2010
Net loss $ (7,626 )     (9,932 ) $ (11,555 )     (28,978 )
Net loss available to
common stockholders (8,085 ) (10,381 ) (13,376 ) (30,762 )
Diluted loss per common share (2.08 ) (2.73 ) (3.47 ) (8.17 )
Loss on average assets (3.75 )

%

(4.41

)
% (1.39 )

%

(2.98

)
%
Loss on average common equity (45.87 )

%

(49.64

)

%
(16.94 )

%

(31.73

)

%
Book value per common share $ 7.36 10.51 $ 7.36 10.51
 

HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $790 million holding company for Home Federal Savings Bank (the Bank), today reported a net loss of $7.6 million for the fourth quarter of 2011, a $2.3 million improvement from the net loss of $9.9 million for the fourth quarter of 2010. Net loss available to common shareholders for the fourth quarter of 2011 was $8.1 million, an improvement of $2.3 million, from the net loss available to common shareholders of $10.4 million for the fourth quarter of 2010. Diluted loss per common share for the fourth quarter of 2011 was $2.08, an improvement of $0.65 from the diluted loss per common share of $2.73 for the fourth quarter of 2010. The decrease in the net loss in the fourth quarter of 2011 is due primarily to a $2.9 million decrease in the provision for loan losses between the periods. The provision for loan losses decreased primarily because fewer write downs on commercial real estate loans were recorded in the fourth quarter of 2011 when compared to the fourth quarter of 2010. The provision also decreased because of the $127 million decrease in the loan portfolio between the periods.

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