HMN Financial Inc. Message Board

So what's up with the big uptick in volume the other day. Does it have anything to do with the 500,000 share repurchase by HMNF or could it be someone accumulating this stock?

From what I was able to gather at the annual
meeting, management believes that their conservative style
will mean underperformance relative to risk takers
during good times, but they will not be wiped out when
the cycle turns, as it invariably does in home
lending.

If you look at the last ten years their consistancy
of earnings in good times and bad is reassuring.

HMNF,

Your observation is astute and adds
depth to my understanding of the "Pohlad" connection to
this story. I agree with your "double-dip" philosophy
as being the superior alternative in this
scenerio.

It would appear to me that HMNF shareholders have
achieved an excellent return on their investment with the
current strategy in place. As I stated, (in my humble
opinion) the conservative management style is best suited
for the type of busisness that HMNF is involved in.


While shareholders will always push for top returns, I
believe that the "quality" of the return also counts. It
is my opinion that some banks and thrifts have
"almost" forgotten the painful lessons of the S&L crisis.
In their rush to acquire at any cost and "grow"
their business, some may risk a bit too much while
reaching for reward.

The banking consolidation
process will continue. I believe that HMNF is well
managed and will be well positioned for what ever
opportunities are afforded them.

If you look at the Pohlad brother's recent filing
showing they have exceeded 5% ownership, you will notice
that their cost basis is in the very low teens,
meaning they would have bought their stake around 1994.


What is new then is not their position in the stock,
but that they are now working together, possibly
intending to take an activist role or merge the bank into
Marquette, which would seem like a logical fit for them.
However, since Marquette is privately owned it would mean
the end of the ride for current HMNF shareholders,
who wouldn't benefit from a double dip if HMNF was
acquired and then the acquirer in turn bought out.


I think shareholders should give this conservative
management team time to build book value until it is bought
by another publicly traded company so that
shareholders can benefit from the consolidation of the
industry.

Kenster3,

So what have you been hearing?
Are you referring to the La Salle
Group's stated
intention of placing a person on HMNF's board? By the time
the Annual Meeting was held, their guy was no longer
attempting to get a seat on the board. La Salle has a chunk
of stock, but, they would either have to accumulate
a bunch more or have an institution who is holding
a lot of stock tie in with them. Does Heartland out
of Milwaukee still have some stock? What do you
hear?