HMN Financial posts Q1 net loss

Wed. April 22, 2009; Posted: 12:36 PM

Apr 22, 2009 (Datamonitor via COMTEX) -- HMNF | Quote | Chart | News | PowerRating -- HMN Financial, a stock savings bank holding company that wholly owns Home Federal Savings Bank, has reported a net loss of $2.62 million for the first quarter ended March 31, 2009, compared to a net income of $1.49 million for the first quarter of 2008.

Net loss available to common shareholders was $3.05 million for the first quarter of 2009, compared to net income available to common shareholders of $1.49 million for the first quarter of 2008. Diluted loss per common share for the first quarter of 2009 was $0.83, down $1.22 from diluted earnings per common share of $0.39 for the first quarter of 2008.

Net interest income was $8.78 million for the first quarter of 2009, an increase of $0.1 million or 1.1%, compared to $8.68 million for the first quarter of 2008. Total interest income was $15.35 million for the first quarter of 2009, a decrease of $2.4 million or 13.7%, from $17.79 million for the first quarter of 2008.

Brad Krehbiel, president of Home Federal Savings Bank, said: "Our financial results in the first quarter reflect the challenging economic environment that continues to have a negative effect on real estate values and our loan loss provision. However, we are encouraged by the decrease in long term mortgage interest rates, which have increased single family loan originations and the gains recognized on the sale of loans."

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