HMNF » Topics » HMN Remains Well Capitalized

This excerpt taken from the HMNF 8-K filed Jul 24, 2009.

HMN Remains Well Capitalized

In spite of the significant loan loss provision for the quarter, HMN’s management remains confident in the Company. “Home Federal Savings Bank has 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,” said Bradley Krehbiel, Principal Executive Officer of HMN. “While we are extremely disappointed with the increased loan loss provision, we believe we have valued our non-performing assets appropriately and the fundamentals of our business remain sound. We will continue to focus on reducing our non-performing assets and industry and individual borrower loan concentrations while increasing our core retail and commercial deposit relationships. We have also strengthened our commercial loan underwriting guidelines to address the difficult economic climate we are currently experiencing. We are confident that the implementation of these strategies and our strong relationships with our customers and the communities we serve will continue to serve us and our customers well through these difficult economic times.”

This excerpt taken from the HMNF 8-K filed Oct 21, 2008.

HMN Remains Well Capitalized

In spite of the significant loan loss provision, HMN’s management remains confident in the Company. “Home Federal Savings Bank has 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,” said Michael McNeil, President and Chief Executive Officer of HMN. “While we are extremely disappointed to be victims of an apparent fraud, we believe the fundamentals of our business remain strong. We are confident that the overall strength of our portfolio, the integrity of our lending practices and our strong relationships with the communities we serve will continue to serve us and our customers well through these difficult economic times.”

“It is important to note that most of the loan loss provision in the third quarter is the result of a single, isolated incident of apparent fraud perpetrated by a client of one of our borrowers.” said McNeil. “We intend to vigorously pursue all reasonable avenues of recovery available to us. However, due to the complex nature of the apparent fraud and the ongoing investigation, an estimate of any recovery cannot be determined at this time.”

EXCERPTS ON THIS PAGE:

8-K
Jul 24, 2009
8-K
Oct 21, 2008
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