UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 22, 2007
HMN Financial, Inc.
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(Exact name of registrant as specified in its chapter)
Delaware 0-24100 41-1777397
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1016 Civic Center Drive Northwest
PO Box 6057
Rochester, Minnesota 55903-6057
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (507) 535-1200
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operation and Financial Condition.
The information in this section is being furnished to, but not filed with, the
Securities and Exchange Commission.
On January 22, 2007, HMN Finacial, Inc. (the "Company"). issued a press release
that included financial information for its year ended December 31, 2006. A copy
of the press release is attached as Exhibit 99 to this Form 8-K.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain
Officers.
2006 Bonuses
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On January 25, 2007, the Compensation Committee of the Board of Directors of the
Company (the "Compensation Committee") exercised its discretion to pay cash
bonuses to the Company's following executive officers for their performance
during the Company's year ended December 31, 2006 in the following amounts:
Michael McNeil - $50,000
Bradley C. Krehbiel - $20,000
Jon J. Eberle - $24,375
Susan K. Kolling - $20,686
Dwain C. Jorgensen - $19,842
Mr. McNeil's bonus was a discretionary bonus, as the conditions for payment of a
bonus under his 2006 Bonus Plan were not met.
2007 Bonus Plan
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On January 25, 2007, the Compensation Committee adopted a cash bonus plan for
Michael McNeil, the Company's President and Chief Executive Officer. A
description of this plan is filed as Exhibit 10 hereto and incorporated herein
by reference.
Item 9.01. Financial Statements and Exhibits
(c) Exhibits (the following exhibits are furnished
to the SEC) Exhibit Number Description
10 Description of Michael McNeil 2007 Bonus Plan
99 Press release dated January 22, 2007
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HMN Financial, Inc.
(Registrant)
Date: January 26, 2007
/s/ Jon Eberle
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Jon Eberle, SVP/CFO/Treasurer