This seems like a good way to start the year for Home Federal.
Here's some from a quick piece I put together about Rochester-based Home Federal Bank's first quarter earnings report.
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A battered Rochester bank is showing a move toward recovery with positive numbers in its latest earnings report.
Home Federal Savings Bank reported a net income of $250,000 for the first quarter of 2011 compared to a $1.8 million loss during the same quarter in 2010.
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The bank, which lost $29 million last year, showed improvement across the board in this first report of 2011, is under the umbrella of the publicly-owned holding company.
"We will continue to focus our efforts on reducing non-performing assets, reducing loan concentrations, increasing our core deposit relationships and reducing expenses," stated Home Federal's president Brad Krehbiel in the report. "We believe that, over time, our focus on these areas will be effective in generating improved financial results."
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This uptick toward healthy numbers follows Home Federal's signing a supervisory agreement with the Office of Thrift Supervision, the federal agency that regulates savings banks.
