Hmn Financial Inc (HMNF) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Earnings Press Release
10-K Annual Report
10-K YoY Changes
Hmn Financial Inc
Ticker: HMNF CIK: 921183

Exhibit 99.1

HMN Financial, Inc. Announces Fourth Quarter Results

ROCHESTER, Minn.--(BUSINESS WIRE)--January 23, 2012--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,

(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.

The following information was filed by Hmn Financial Inc (HMNF) on Friday, January 27, 2012 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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