First Quarter Highlights
HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $723
million holding company for Home Federal Savings Bank (the Bank),
today reported net income of $1.6 million for the first quarter of
2019, an increase of $0.2 million compared to net income of $1.4
million for the first quarter of 2018. Diluted earnings per
share for the first quarter of 2019 was $0.35, an increase of $0.06
from diluted earnings per share of $0.29 for the first quarter of
2018. The increase in net income between the periods was due
primarily to the $0.3 million increase in net interest income that
was partially offset by a $0.1 million increase in the provision
for loan losses. Net interest income increased primarily
because of the higher interest amounts earned on loans and cash
balances as a result of the increase in the federal funds rate
between the periods. The provision for loan losses increased
between the periods primarily because of an increase in loan growth
that was partially offset by the overall improved credit quality of
the loan portfolio.
President’s Statement“We continue to be
encouraged by the growth of our loan portfolio and the related
increase in net interest income,” said Home Federal Savings Bank
President and Chief Executive Officer, Bradley Krehbiel. “We intend
to continue to focus our efforts on improving the Bank’s core
operating results by prudently growing the asset size of the Bank
while maintaining the credit quality of our loan
portfolio.”
First Quarter
Results
Net Interest IncomeNet interest income was $7.0
million for the first quarter of 2019, an increase of $0.3 million,
or 5.3%, compared to $6.7 million for the first quarter of
2018. Interest income was $7.7 million for the first quarter
of 2019, an increase of $0.5 million, or 8.0%, from $7.2 million
for the first quarter of 2018. Interest income increased
primarily because of the higher interest amounts earned on loans
and cash balances as a result of the increase in the federal funds
rate between the periods and a $7.5 million increase in the average
interest-earning assets held between the periods. The average
yield earned on interest-earning assets was 4.52% for the first
quarter of 2019, an increase of 29 basis points from 4.23% for the
first quarter of 2018.
Interest expense was $0.7 million for the first
quarter of 2019, an increase of $0.2 million, or 46.8%, compared to
$0.5 million for the first quarter of 2018. The average
interest rate paid on non-interest and interest-bearing liabilities
was 0.45% for the first quarter of 2019, an increase of 14 basis
points from 0.31% for the first quarter of 2018. The increase
in the interest paid on non-interest and interest-bearing
liabilities was primarily because of the increase in the federal
funds rate between the periods which increased the cost of deposits
and a $6.2 million increase in the average non-interest and
interest-bearing liabilities held between the periods. Net
interest margin (net interest income divided by average
interest-earning assets) for the first quarter of 2019 was 4.11%,
an increase of 16 basis points, compared to 3.95% for the first
quarter of 2018. The increase in the net interest margin is
primarily related to the increase in interest income as a result of
the increase in the federal funds rate between the
periods.
A summary of the Company’s net interest margin
for the three-month periods ended March 31, 2019 and 2018 is as
follows:
|
|
For the three-month period ended |
|
|
|
March 31, 2019 |
|
|
March 31, 2018 |
|
(Dollars in
thousands) |
|
AverageOutstandingBalance |
|
InterestEarned/Paid |
|
Yield/Rate |
|
|
AverageOutstandingBalance |
|
InterestEarned/Paid |
|
Yield/Rate |
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities available for sale |
$ |
78,794 |
|
338 |
|
1.74 |
% |
$ |
78,274 |
|
314 |
|
1.63 |
% |
Loans held for sale |
|
1,187 |
|
12 |
|
4.17 |
|
|
1,063 |
|
11 |
|
4.38 |
|
Mortgage loans, net |
|
115,854 |
|
1,261 |
|
4.41 |
|
|
113,612 |
|
1,122 |
|
4.00 |
|
Commercial loans, net |
|
400,905 |
|
5,060 |
|
5.12 |
|
|
400,488 |
|
4,768 |
|
4.83 |
|
Consumer loans, net |
|
72,572 |
|
935 |
|
5.22 |
|
|
72,390 |
|
877 |
|
4.91 |
|
Other |
|
25,008 |
|
126 |
|
2.04 |
|
|
20,958 |
|
66 |
|
1.28 |
|
Total interest-earning
assets |
|
694,320 |
|
7,732 |
|
4.52 |
|
|
686,785 |
|
7,158 |
|
4.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
97,692 |
|
24 |
|
0.10 |
|
|
94,472 |
|
10 |
|
0.04 |
|
Savings |
|
78,496 |
|
15 |
|
0.08 |
|
|
77,174 |
|
15 |
|
0.08 |
|
Money market |
|
181,570 |
|
270 |
|
0.60 |
|
|
185,585 |
|
186 |
|
0.41 |
|
Certificates |
|
114,196 |
|
381 |
|
1.35 |
|
|
111,702 |
|
257 |
|
0.93 |
|
Advances and other borrowings |
|
0 |
|
0 |
|
0.00 |
|
|
569 |
|
2 |
|
1.71 |
|
Total interest-bearing
liabilities |
|
471,954 |
|
|
|
|
|
|
469,502 |
|
|
|
|
|
Non-interest checking |
|
156,454 |
|
|
|
|
|
|
153,266 |
|
|
|
|
|
Other non-interest bearing
liabilities |
|
2,062 |
|
|
|
|
|
|
1,541 |
|
|
|
|
|
Total interest-bearing
liabilities and non-interest bearing deposits |
$ |
630,470 |
|
690 |
|
0.45 |
|
$ |
624,309 |
|
470 |
|
0.31 |
|
Net interest income |
|
|
$ |
7,042 |
|
|
|
|
|
$ |
6,688 |
|
|
|
Net interest rate spread |
|
|
|
|
|
4.07 |
% |
|
|
|
|
|
3.92 |
% |
Net interest margin |
|
|
|
|
|
4.11 |
% |
|
|
|
|
|
3.95 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan LossesThe provision for loan
losses was $27,000 for the first quarter of 2019, an increase of
$0.1 million compared to ($0.1) million for the first quarter of
2018. The provision for loan losses increased between the
periods primarily because of the increased loan growth that was
experienced in the first quarter of 2019 when compared to the first
quarter of 2018. The increase in the provision related to
loan growth in the first quarter of 2019 was partially offset by a
reduction in the required reserves due to the improved credit
quality of the loan portfolio. Total non-performing assets
were $3.0 million at March 31, 2019, a decrease of $0.1 million, or
4.1%, from $3.1 million at December 31, 2018. Non-performing
loans decreased $157,000 and foreclosed and repossessed assets
increased $30,000 during the first quarter of 2019.
A reconciliation of the Company’s allowance for
loan losses for the first quarters of 2019 and 2018 is as
follows:
|
|
|
|
|
(Dollars in
thousands) |
|
2019 |
|
|
2018 |
|
Balance at January
1 |
$ |
8,686 |
|
|
9,311 |
|
Provision |
|
27 |
|
|
(125 |
) |
Charge offs: |
|
|
|
|
Consumer |
|
(39 |
) |
|
(68 |
) |
Single
family |
|
0 |
|
|
(24 |
) |
Commercial business |
|
(43 |
) |
|
0 |
|
Recoveries |
|
42 |
|
|
35 |
|
Balance at March
31 |
$ |
8,673 |
|
|
9,129 |
|
|
|
|
|
|
General allowance |
$ |
7,854 |
|
|
8,181 |
|
Specific allowance |
|
819 |
|
|
948 |
|
|
$ |
8,673 |
|
|
9,129 |
|
|
|
|
|
|
The following table summarizes the amounts and
categories of non-performing assets in the Bank’s portfolio and
loan delinquency information as of the end of the two most recently
completed
quarters.
|
|
March 31, |
|
|
|
December 31, |
|
(Dollars in
thousands) |
|
2019 |
|
|
|
2018 |
|
Non‑performing loans: |
|
|
|
|
|
|
|
Single family |
$ |
751 |
|
|
$ |
730 |
|
Commercial real estate |
|
1,275 |
|
|
|
1,311 |
|
Consumer |
|
283 |
|
|
|
489 |
|
Commercial business |
|
212 |
|
|
|
148 |
|
Total |
|
2,521 |
|
|
|
2,678 |
|
|
|
|
|
|
|
|
|
Foreclosed and repossessed assets: |
|
|
|
|
|
|
|
Single family real estate |
$ |
30 |
|
|
|
0 |
|
Commercial real estate |
|
414 |
|
|
|
414 |
|
Total non‑performing assets |
$ |
2,965 |
|
|
$ |
3,092 |
|
Total as a percentage of total assets |
|
0.41 |
% |
|
|
0.43 |
% |
Total non‑performing loans |
$ |
2,521 |
|
|
$ |
2,678 |
|
Total as a percentage of total loans receivable,
net |
|
0.42 |
% |
|
|
0.46 |
% |
Allowance for loan losses to non-performing
loans |
|
343.90 |
% |
|
|
324.27 |
% |
|
|
|
|
|
|
|
|
Delinquency data: |
|
|
|
|
|
|
|
Delinquencies (1) |
|
|
|
|
|
|
|
30+ days |
$ |
1,554 |
|
|
$ |
1,453 |
|
90+ days |
|
0 |
|
|
|
0 |
|
Delinquencies as a percentage of loan portfolio
(1) |
|
|
|
|
|
|
|
30+ days |
|
0.25 |
% |
|
|
0.24 |
% |
90+
days |
|
0.00 |
% |
|
|
0.00 |
% |
(1) Excludes non-accrual loans.
Non-Interest Income and ExpenseNon-interest income was $1.7
million for the first quarter of 2019, a decrease of $0.1 million,
or 4.8%, from $1.8 million for the first quarter of 2018.
Fees and service charges decreased $0.1 million between the
periods due primarily to a decrease in debit card and overdraft
fees. Gain on sales of loans decreased $0.1 million between
the periods primarily because of a decrease in the gains recognized
on the sale of commercial government guaranteed loans due to a
decrease in originations and sales. These decreases in
non-interest income were partially offset by a slight increase in
other income related to the increase in the fees earned on the
sales of uninsured investment products between the periods and a
slight increase in loan servicing fees earned on single family
loans that were serviced for others.
Non-interest expense was $6.4 million for the
first quarter of 2019, a decrease of $0.2 million, or 1.6%, from
$6.6 million for the first quarter of 2018. Other
non-interest expenses decreased $0.2 million due primarily to a
decrease in the losses incurred on deposit accounts between the
periods. Occupancy and equipment expense decreased slightly
between the periods due to a decrease in non-capitalized equipment
purchases. These decreases in non-interest expense were
partially offset by a $0.1 million increase in compensation and
benefits expense due to annual salary increases and a slight
increase in professional services expense due to an increase in
legal expenses. Income tax expense was $0.6 million for both
the first quarter of 2019 and the first quarter of 2018.
Return on Assets and EquityReturn on average
assets (annualized) for the first quarter of 2019 was 0.91%,
compared to 0.82% for the first quarter of 2018. Return on
average equity (annualized) was 7.67% for the first quarter of
2019, compared to 7.07% for the first quarter of 2018. Book
value per common share at March 31, 2019 was $17.63, compared to
$18.22 at March 31, 2018. The decrease in the book value per common
share between the periods is primarily related to the exercise and
repurchase of outstanding warrants in the third and fourth quarters
of 2018. These warrant transactions resulted in the Company
issuing 319,651 shares of common stock for warrants that were
exercised and paying $6.5 million in cash to repurchase the
remaining warrants that were not exercised.
General InformationHMN Financial, Inc. and the
Bank are headquartered in Rochester, Minnesota. Home Federal
Savings Bank operates thirteen full service offices in Minnesota
located in Albert Lea, Austin, Eagan, Kasson (2), La Crescent,
Owatonna, Rochester (4), Spring Valley and Winona and one full
service office in Marshalltown, Iowa. The Bank also operates
two loan origination offices located in Sartell, Minnesota and
Delafield, Wisconsin.
Safe Harbor Statement This press release may
contain forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements are often identified by such
forward-looking terminology as “expect,” “intend,” “look,”
“believe,” “anticipate,” “estimate,” “project,” “seek,” “may,”
“will,” “would,” “could,” “should,” “trend,” “target,” and “goal”
or similar statements or variations of such terms and include, but
are not limited to, those relating to growing our core deposit
relationships and loan balances, enhancing the financial
performance of our core banking operations, maintaining credit
quality, reducing non-performing assets, and generating improved
financial results (including profitability); the adequacy and
amount of available liquidity and capital resources to the Bank;
the Company’s liquidity and capital requirements; our expectations
for core capital and our strategies and potential strategies for
maintenance thereof; improvements in loan production; changes in
the size of the Bank’s loan portfolio; the amount of the Bank’s
non-performing assets and the appropriateness of the allowance
therefor; anticipated future levels of the provision for loan
losses; future losses on non-performing assets; the amount and
composition of interest-earning assets; the amount of yield
enhancements relating to non-accruing and purchased loans; the
amount and composition of non-interest and interest-bearing
liabilities; the availability of alternate funding sources; the
payment of dividends by HMN; the future outlook for the Company;
the amount of deposits that will be withdrawn from checking and
money market accounts and how the withdrawn deposits will be
replaced; the projected changes in net interest income based on
rate shocks; the range that interest rates may fluctuate over the
next twelve months; the net market risk of interest rate shocks;
the future outlook for the issuer of the trust preferred securities
held by the Bank; the anticipated results of litigation and our
assessment of the impact on our financial statements; the ability
of the Bank to pay dividends to HMN; the ability to remain well
capitalized; the impact of new accounting pronouncements; and
compliance by the Bank with regulatory standards generally
(including the Bank’s status as “well-capitalized”) and other
supervisory directives or requirements to which the Company or the
Bank are or may become expressly subject, specifically, and
possible responses of the Office of the Comptroller of the Currency
(OCC), Board of Governors of the Federal Reserve System (FRB), the
Bank, and the Company to any failure to comply with any such
regulatory standard, directive or requirement.
A number of factors could cause actual results
to differ materially from the Company’s assumptions and
expectations. These include but are not limited to the adequacy and
marketability of real estate and other collateral securing loans to
borrowers; federal and state regulation and enforcement; possible
legislative and regulatory changes, including changes to regulatory
capital rules; the ability of the Bank to comply with other
applicable regulatory capital requirements; enforcement activity of
the OCC and FRB in the event of our non-compliance with any
applicable regulatory standard or requirement; adverse economic,
business and competitive developments such as shrinking interest
margins, reduced collateral values, deposit outflows, changes in
credit or other risks posed by the Company’s loan and investment
portfolios; changes in costs associated with traditional and
alternate funding sources, including changes in collateral advance
rates and policies of the Federal Home Loan Bank (FHLB);
technological, computer-related or operational difficulties;
results of litigation; reduced demand for financial services and
loan products; changes in accounting policies and guidelines, or
monetary and fiscal policies of the federal government or tax laws;
international economic developments; the Company’s access to and
adverse changes in securities markets; the market for credit
related assets; the future operating results, financial condition,
cash flow requirements and capital spending priorities of the
Company and the Bank; the availability of internal and, as
required, external sources of funding; our ability to attract and
retain employees; or other significant uncertainties. Additional
factors that may cause actual results to differ from the Company’s
assumptions and expectations include those set forth in the
Company’s most recent filing on Form 10-K with the Securities and
Exchange Commission. All forward-looking statements are qualified
by, and should be considered in conjunction with, such cautionary
statements. For additional discussion of the risks and
uncertainties applicable to the Company, see the “Risk Factors”
section of the Company’s Annual Report on Form 10-K for the year
ended December 31, 2018.
All statements in this press release, including
forward-looking statements, speak only as of the date they are
made, and we undertake no duty to update any of the forward-looking
statements after the date of this press release.
***END***
|
|
HMN FINANCIAL, INC. AND
SUBSIDIARIES |
Consolidated
Balance Sheets |
|
|
|
|
|
|
|
March 31, |
|
December 31, |
(Dollars in thousands) |
|
2019 |
|
2018 |
|
|
(unaudited) |
|
|
Assets |
|
|
|
|
Cash and cash equivalents. |
$ |
15,121 |
|
|
20,709 |
|
Securities available for sale: |
|
|
|
|
Mortgage-backed and related
securities (amortized cost $7,748 and $8,159) |
|
7,743 |
|
|
8,023 |
|
Other marketable securities
(amortized cost $73,035 and $73,343) |
|
72,189 |
|
|
71,957 |
|
|
|
79,932 |
|
|
79,980 |
|
|
|
|
|
|
Loans held for sale |
|
3,292 |
|
|
3,444 |
|
Loans receivable, net |
|
599,462 |
|
|
586,688 |
|
Accrued interest receivable |
|
2,326 |
|
|
2,356 |
|
Real estate, net |
|
444 |
|
|
414 |
|
Federal Home Loan Bank stock, at cost |
|
853 |
|
|
867 |
|
Mortgage servicing rights, net |
|
1,831 |
|
|
1,855 |
|
Premises and equipment, net |
|
13,938 |
|
|
9,635 |
|
Goodwill |
|
802 |
|
|
802 |
|
Core deposit intangible |
|
231 |
|
|
255 |
|
Prepaid expenses and other assets |
|
2,059 |
|
|
2,668 |
|
Deferred tax asset, net |
|
2,454 |
|
|
2,642 |
|
Total assets |
$ |
722,745 |
|
|
712,315 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Deposits |
$ |
626,592 |
|
|
623,352 |
|
Accrued interest payable |
|
332 |
|
|
346 |
|
Customer escrows |
|
2,637 |
|
|
1,448 |
|
Accrued expenses and other liabilities |
|
7,834 |
|
|
4,022 |
|
Total liabilities |
|
637,395 |
|
|
629,168 |
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Serial-preferred stock: ($.01 par
value) authorized 500,000 shares; issued 0 |
|
0 |
|
|
0 |
|
Common stock ($.01 par value):
authorized 16,000,000 shares; issued 9,128,662 |
|
91 |
|
|
91 |
|
Additional paid-in capital |
|
40,076 |
|
|
40,090 |
|
Retained earnings, subject to certain
restrictions |
|
101,374 |
|
|
99,754 |
|
Accumulated other comprehensive loss |
|
(612 |
) |
|
(1,096 |
) |
Unearned employee stock ownership plan
shares |
|
(1,788 |
) |
|
(1,836 |
) |
Treasury stock, at cost 4,286,516 and 4,292,838
shares |
|
(53,791 |
) |
|
(53,856 |
) |
Total stockholders’ equity |
|
85,350 |
|
|
83,147 |
|
Total liabilities and stockholders’ equity |
$ |
722,745 |
|
|
712,315 |
|
|
|
|
|
|
|
|
HMN
FINANCIAL, INC. AND SUBSIDIARIES |
Consolidated
Statements of Comprehensive Income |
(unaudited) |
|
|
|
Three Months
Ended |
|
|
|
March 31, |
|
(Dollars in thousands,
except per share data) |
|
2019 |
|
2018 |
|
Interest income: |
|
|
|
|
|
Loans receivable |
$ |
7,268 |
|
6,778 |
|
Securities available
for sale: |
|
|
|
|
Mortgage-backed and
related |
|
46 |
|
42 |
|
Other marketable |
|
292 |
|
272 |
|
Other |
|
126 |
|
66 |
|
Total interest
income |
|
7,732 |
|
7,158 |
|
|
|
|
|
|
Interest expense: |
|
|
|
|
Deposits |
|
690 |
|
468 |
|
Advances and other
borrowings |
|
0 |
|
2 |
|
Total interest
expense |
|
690 |
|
470 |
|
Net interest
income |
|
7,042 |
|
6,688 |
|
Provision for loan losses |
|
27 |
|
(125 |
) |
Net interest income
after provision for loan losses |
|
7,015 |
|
6,813 |
|
|
|
|
|
|
Non-interest income: |
|
|
|
|
Fees and service
charges |
|
700 |
|
766 |
|
Loan servicing
fees |
|
315 |
|
301 |
|
Gain on sales of
loans |
|
379 |
|
444 |
|
Other |
|
297 |
|
265 |
|
Total non-interest
income |
|
1,691 |
|
1,776 |
|
|
|
|
|
|
Non-interest expense: |
|
|
|
|
Compensation and
benefits |
|
3,910 |
|
3,824 |
|
Occupancy and
equipment |
|
1,060 |
|
1,097 |
|
Data processing |
|
301 |
|
295 |
|
Professional
services |
|
272 |
|
249 |
|
Other |
|
903 |
|
1,089 |
|
Total non-interest
expense |
|
6,446 |
|
6,554 |
|
Income before income
tax expense |
|
2,260 |
|
2,035 |
|
Income tax expense |
|
640 |
|
590 |
|
Net income |
|
1,620 |
|
1,445 |
|
Other comprehensive income (loss),
net of tax |
|
484 |
|
(346 |
) |
Comprehensive income available to
common shareholders |
$ |
2,104 |
|
1,099 |
|
Basic earnings per share |
$ |
0.35 |
|
0.34 |
|
Diluted earnings per share |
$ |
0.35 |
|
0.29 |
|
|
|
|
|
|
HMN
FINANCIAL, INC. AND SUBSIDIARIES |
Selected
Consolidated Financial Information |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
SELECTED FINANCIAL DATA: |
|
March 31, |
|
|
|
(Dollars in thousands,
except per share data) |
|
2019 |
|
2018 |
|
|
|
I. OPERATING DATA: |
|
|
|
|
|
|
|
Interest income |
$ |
7,732 |
|
7,158 |
|
|
|
Interest expense |
|
690 |
|
470 |
|
|
|
Net interest income |
|
7,042 |
|
6,688 |
|
|
|
|
|
|
|
|
|
|
|
II. AVERAGE BALANCES: |
|
|
|
|
|
|
|
Assets (1) |
|
724,330 |
|
711,777 |
|
|
|
Loans receivable, net |
|
589,331 |
|
586,490 |
|
|
|
Securities available for sale
(1) |
|
78,794 |
|
78,274 |
|
|
|
Interest-earning assets (1) |
|
694,320 |
|
686,785 |
|
|
|
Interest-bearing liabilities and
non-interest bearing deposits |
|
630,470 |
|
624,309 |
|
|
|
Equity (1) |
|
85,623 |
|
82,956 |
|
|
|
|
|
|
|
|
|
|
|
III. PERFORMANCE RATIOS: (1) |
|
|
|
|
|
|
|
Return on average assets
(annualized) |
|
0.91 |
% |
0.82 |
% |
|
|
Interest rate spread
information: |
|
|
|
|
|
|
|
Average during period |
|
4.07 |
|
3.92 |
|
|
|
End of period |
|
4.15 |
|
3.86 |
|
|
|
Net interest margin |
|
4.11 |
|
3.95 |
|
|
|
Ratio of operating expense to
average total assets (annualized) |
|
3.61 |
|
3.73 |
|
|
|
Return on average equity
(annualized) |
|
7.67 |
|
7.07 |
|
|
|
Efficiency |
|
73.81 |
|
77.43 |
|
|
|
|
|
March
31, |
|
December
31, |
|
March
31, |
|
|
|
2019 |
|
2018 |
|
2018 |
|
IV. EMPLOYEE DATA: |
|
|
|
|
|
|
|
Number of full time equivalent
employees |
|
176 |
|
182 |
|
184 |
|
|
|
|
|
|
|
|
|
V. ASSET QUALITY: |
|
|
|
|
|
|
|
Total non-performing assets |
$ |
2,965 |
|
3,092 |
|
3,997 |
|
Non-performing assets to total
assets |
|
0.41 |
% |
0.43 |
% |
0.55 |
% |
Non-performing loans to total loans
receivable, net |
|
0.42 |
|
0.46 |
|
0.56 |
|
Allowance for loan losses |
$ |
8,673 |
|
8,686 |
|
9,129 |
|
Allowance for loan losses to total
assets |
|
1.20 |
% |
1.22 |
% |
1.26 |
% |
Allowance for loan losses to total
loans receivable, net |
|
1.45 |
|
1.48 |
|
1.54 |
|
Allowance for loan losses to
non-performing loans |
|
343.90 |
|
324.27 |
|
276.94 |
|
|
|
|
|
|
|
|
|
VI. BOOK VALUE PER COMMON SHARE: |
|
|
|
|
|
|
|
Book value per common share |
$ |
17.63 |
|
17.19 |
|
18.22 |
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
Year
Ended |
|
Three
Months Ended |
|
|
|
Mar 31,
2019 |
|
Dec 31,
2018 |
|
Mar 31,
2018 |
|
VII. CAPITAL RATIOS: |
|
|
|
|
|
|
|
Stockholders’ equity to total
assets, at end of period |
|
11.81 |
% |
11.67 |
% |
11.36 |
% |
Average stockholders’ equity to
average assets (1) |
|
11.82 |
|
11.52 |
|
11.65 |
|
Ratio of average interest-earning
assets to average interest-bearing liabilities (1) |
|
110.13 |
|
109.81 |
|
110.01 |
|
Home Federal Savings Bank
regulatory capital ratios: |
|
|
|
|
|
|
|
Common equity tier 1 capital
ratio |
|
13.06 |
|
13.26 |
|
12.67 |
|
Tier 1 capital leverage ratio |
|
11.27 |
|
11.00 |
|
10.97 |
|
Tier 1 capital ratio |
|
13.06 |
|
13.26 |
|
12.67 |
|
Risk-based capital |
|
14.31 |
|
14.52 |
|
13.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Average balances were calculated based upon amortized cost
without the market value impact of ASC 320.
CONTACT: Bradley
Krehbiel,Chief Executive Officer,
PresidentHMN Financial, Inc. (507)
252-7169
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