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HMN Financial Q1 net income down 54%

HMN Financial, the holding company for Home Federal Savings Bank, has reported net income of $1.5 million for the first quarter of 2008, a 54.5% decrease, compared to net income of $3.3 million for the first quarter of 2007.

Diluted earnings per common share for Q1 2008 were $0.39, down $0.43, or 52.4%, from $0.82 for Q1 2007. The decrease in net income was due primarily to decreases in net interest income and gain on sales of loans and an increase in the provision for loan losses.

Net interest income was $8.7 million for the first quarter of 2008, a decrease of $1.1 million, or 11.2%, compared to $9.8 million for the first quarter of 2007. Interest income was $17.8 million, a decrease of $488,000, or 2.7%, from $18.3 million for the first quarter of 2007.

Non-interest income was $1.5 million for Q1 2008, a decrease of $550,000, or 26.6%, from $2.1 million for the same period in 2007.