Exhibit 99

HMN Financial, Inc. Announces Fourth Quarter Results

Fourth Quarter Highlights

  • Net income of $0.1 million compared to net loss of $2.5 million in the fourth quarter of 2008
  • Diluted loss per common share of $0.08 compared to diluted loss per common share of $0.70 in the fourth quarter of 2008
  • Provision for loan losses down $4.8 million from fourth quarter of 2008
  • Net interest margin of 3.28%, up 29 basis points from fourth quarter of 2008
  • Non-performing assets of $77.4 million, up $0.2 million from third quarter of 2009

Annual Highlights

  • Net loss of $10.8 million compared to net loss of $10.1 million for 2008
  • Diluted loss per common share of $3.39 compared to diluted loss per common share of $2.78 for 2008
  • Provision for loan losses of $26.7 million for 2009, same as for 2008
  • Net interest margin of 3.33%, up 17 basis points from 2008
  • Non-performing assets of $77.4 million, up $2.6 million from December 31, 2008
  • Total assets decreased $109 million in 2009

ROCHESTER, Minn.--(BUSINESS WIRE)--January 25, 2010--HMN Financial, Inc. (NASDAQ:HMNF):

EARNINGS (LOSS) SUMMARY   Three Months Ended   Year Ended
December 31, December 31,

(dollars in thousands, except per share amounts)

2009     2008 2009     2008
Net income (loss) $ 149   (2,538 ) $ (10,796 )   (10,127 )

Net loss available to
 common stockholders

(292

)

(2,575

)

(12,543

)

(10,164

)

Diluted loss per common share (0.08 ) (0.70 ) (3.39 ) (2.78 )
Return (loss) on average assets 0.06

%

(0.88 ) % (1.00 )

%

(0.91 ) %
Return (loss) on average common equity 0.59

%

(11.43 ) % (10.33 )

%

(10.61 ) %
Book value per common share $ 17.94 21.31 $ 17.94 21.31

HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $1.0 billion holding company for Home Federal Savings Bank (the Bank), today reported net income of $149,000 for the fourth quarter of 2009, a $2.6 million improvement from a net loss of $2.5 million for the fourth quarter of 2008. Due to preferred stock dividends and discounts, there was a net loss available to common shareholders for the fourth quarter of 2009 of $292,000, a change of $2.3 million, from a net loss available to common shareholders of $2.6 million for the fourth quarter of 2008. Diluted loss per common share for the fourth quarter of 2009 was $0.08, a $0.62 improvement from the diluted loss per common share of $0.70 for the fourth quarter of 2008. The improvement in net income for the quarter is due primarily to a $4.8 million decrease in the loan loss provision between the periods as a result of a decrease in the allowance required for risk-rated commercial real estate loans.

President’s Statement

"We are pleased to report net income for the fourth quarter of 2009,” said Bradley Krehbiel, Principal Executive Officer of HMN. “The economic environment for commercial real estate continues to be challenging; however, we are encouraged by the renewed interest in some of the real estate supporting some of our non-performing loans. We continue to focus our efforts on reducing non-performing assets, reducing industry loan concentrations, increasing our core deposit relationships and reducing expenses. We believe that, over time, our focus on these areas will be effective in generating improved financial results. In the meantime, Home Federal Savings Bank continues to have adequate available liquidity and its capital position remains above the levels required for it to be considered a well capitalized financial institution by regulatory standards.”


The following information was filed by Hmn Financial Inc (HMNF) on Thursday, January 28, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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