Exhibit 99
 
NEWS RELEASE
CONTACT:
Michael McNeil, President
   
HMN Financial, Inc. (507) 535-1202
   
FOR IMMEDIATE RELEASE
 
HMN FINANCIAL, INC. ANNOUNCES FOURTH QUARTER RESULTS

Fourth Quarter Highlights
·
Net loss of $2.5 million compared to net income of $2.8 million in the fourth quarter of 2007
·
Diluted loss per common share of $0.70 compared to diluted earnings per common share of $0.73 in the fourth quarter of 2007
·
Provision for loan losses up $6.7 million from fourth quarter of 2007
·
Net interest margin of 2.99%, down 40 basis points from fourth quarter of 2007
·
Non-performing assets of $74.8 million, up $29.6 million from third quarter of 2008
·
Completed sale of $26.0 million in preferred stock and related warrant to U.S. Treasury

Annual Highlights
·
Net loss of $10.1 million compared to net income of $11.3 million in 2007
·
Diluted loss per common share of $2.78 compared to diluted earnings per common share of $2.89 in 2007
·
Provision for loan losses up $22.8 million from 2007; $12 million due to a single loan after the discovery of alleged fraud
·
Net interest margin of 3.16%, down 51 basis points from 2007

EARNINGS SUMMARY
 
Three Months Ended
   
Year Ended
 
   
December 31,
   
December 31,
 
(dollars in thousands, except per share amounts)
 
2008
   
2007
   
2008
   
2007
 
Net income (loss)
  $ (2,538 )     2,775     $ (10,127 )     11,274  
Net income (loss) available to
    common stockholders
    (2,575 )     2,775       (10,164 )     11,274  
Diluted earnings (loss) per common share
    (0.70 )     0.73       (2.78 )     2.89  
Return on average assets 
    (0.88 ) %     0.98       (0.91 ) %     1.03  
Return on average common equity 
    (11.43 ) %     11.11       (10.61 ) %     11.53  
Book value per common share
  $ 20.69       23.50     $ 20.69       23.50  
                                 

ROCHESTER, MINNESOTA, January 23, 2009. . . HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $1.1 billion holding company for Home Federal Savings Bank (the Bank), today reported a net loss of $2.5 million for the fourth quarter of 2008, a $5.3 million decrease from net income of $2.8 million for the fourth quarter of 2007.  Diluted loss per common share for the fourth quarter of 2008 was $0.70, down $1.43 from diluted earnings per common share of $0.73 for the fourth quarter of 2007.  The decrease in net income for the quarter is due primarily to a $6.7 million increase in the loan loss provision between the periods as a result of increased loan loss reserves on commercial business and commercial real estate loans.
       more . . .

The following information was filed by Hmn Financial Inc (HMNF) on Thursday, January 29, 2009 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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