Attached files
| file | filename |
|---|---|
| 10-K - FORM 10-K - HMN FINANCIAL INC | n55766e10vk.htm |
| EX-21 - EX-21 - HMN FINANCIAL INC | n55766exv21.htm |
| EX-13 - EX-13 - HMN FINANCIAL INC | n55766exv13.htm |
| EX-32 - EX-32 - HMN FINANCIAL INC | n55766exv32.htm |
| EX-23 - EX-23 - HMN FINANCIAL INC | n55766exv23.htm |
| EX-99.2 - EX-99.2 - HMN FINANCIAL INC | n55766exv99w2.htm |
| EX-31.2 - EX-31.2 - HMN FINANCIAL INC | n55766exv31w2.htm |
| EX-31.1 - EX-31.1 - HMN FINANCIAL INC | n55766exv31w1.htm |
EXHIBIT 99.1
HMN FINANCIAL, INC.
CERTIFICATIONS PURSUANT TO SECTION 111(b)(4) OF
THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
I, Bradley Krehbiel, certify, based on my knowledge, that:
(i) The compensation committee of HMN Financial, Inc. has discussed, reviewed, and evaluated
with senior risk officers at least every six months during any part of the most recently completed
fiscal year that was a TARP period, senior executive officer (SEO) compensation plans and employee
compensation plans and the risks these plans pose to HMN Financial, Inc.;
(ii) The compensation committee of HMN Financial, Inc. has identified and limited during any
part of the most recently completed fiscal year that was a TARP period any features of the SEO
compensation plans that could lead SEOs to take unnecessary and excessive risks that could threaten
the value of HMN Financial, Inc. and has identified any features of the employee compensation plans
that pose risks to HMN Financial, Inc. and has limited those features to ensure that HMN Financial,
Inc. is not unnecessarily exposed to risks;
(iii) The compensation committee has reviewed, at least every six months during any part of
the most recently completed fiscal year that was a TARP period, the terms of each employee
compensation plan and identified any features of the plan that could encourage the manipulation of
reported earnings of HMN Financial, Inc. to enhance the compensation of an employee, and has
limited any such features;
(iv) The compensation committee of HMN Financial, Inc. will certify to the reviews of the SEO
compensation plans and employee compensation plans required under (i) and (iii) above;
(v) The compensation committee of HMN Financial, Inc. will provide a narrative description of
how it limited during any part of the most recently completed fiscal year that was a TARP period
the features in:
(A) SEO compensation plans that could lead SEOs to take unnecessary and excessive
risks that could threaten the value of HMN Financial, Inc.;
(B) Employee compensation plans that unnecessarily expose HMN Financial, Inc. to risks;
and
(C) Employee compensation plans that could encourage the manipulation of reported
earnings of HMN Financial, Inc. to enhance the compensation of an employee;
(vi) HMN Financial, Inc. has required that bonus payments to SEOs or any of the next twenty
most highly compensated employees, as defined in the regulations and guidance established under
section 111 of EESA (bonus payments), be subject to a recovery or
“clawback” provision during any part of the most recently completed fiscal year that was a
TARP period if the bonus payments were based on materially inaccurate financial statements or any
other materially inaccurate performance metric criteria;
(vii) HMN Financial, Inc. has prohibited any golden parachute payment, as defined in the
regulations and guidance established under section 111 of EESA, to a SEO or any of the next five
most highly compensated employees during any part of the most recently completed fiscal year that
was a TARP period;
(viii) HMN Financial, Inc. and its employees have complied with the excessive or luxury
expenditures policy, as defined in the regulations and guidance established under section 111 of
EESA, during any part of the most recently completed fiscal year that was a TARP period; and any
expenses that, pursuant to the policy, required approval of the board of directors, a committee of
the board of directors, an SEO, or an executive officer with a similar level of responsibility were
properly approved;
(ix) HMN Financial, Inc. and its employees have complied with the excessive or luxury
expenditures policy, as defined in the regulations and guidance established under section 111 of
EESA, during any part of the most recently completed fiscal year that was a TARP period, and that
any expenses requiring approval of the board of directors, a committee of the board of directors,
an SEO, or an executive officer with a similar level of responsibility, were properly approved;
(x) HMN Financial, Inc. will permit a non-binding shareholder resolution in compliance with
any applicable federal securities rules and regulations on the disclosures provided under the
federal securities laws related to SEO compensation paid or accrued during any part of the most
recently completed fiscal year that was a TARP period;
(xi) HMN Financial, Inc. will disclose the amount, nature, and justification for the offering,
during any part of the most recently completed fiscal year that was a TARP period, of any
perquisites, as defined in the regulations and guidance established under section 111 of EESA,
whose total value exceeds $25,000 for any employee who is subject to the bonus payment limitations
identified in paragraph (viii);
(xii) HMN Financial, Inc. will disclose whether HMN Financial, Inc., the board of directors of
HMN Financial, Inc., or the compensation committee of HMN Financial, Inc. has engaged during any
part of the most recently completed fiscal year that was a TARP period a compensation consultant;
and the services the compensation consultant or any affiliate of the compensation consultant
provided during this period;
(xiii) HMN Financial, Inc. has prohibited the payment of any gross-ups, as defined in the
regulations and guidance established under section 111 of EESA, to the SEOs and the next twenty
most highly compensated employees during any part of the most recently completed fiscal year that
was a TARP period;
(xiv) HMN Financial, Inc. has substantially complied with all other requirements related to
employee compensation that are provided in the agreement between HMN Financial, Inc. and Treasury,
including any amendments;
(xv) HMN Financial, Inc. has submitted to Treasury a complete and accurate list of the SEOs
and the twenty next most highly compensated employees for the current fiscal year, with the
non-SEOs ranked in descending order of level of annual compensation, and with the name, title, and
employer of each SEO and most highly compensated employee identified;
(xvi) I understand that a knowing and willful false or fraudulent statement made in connection
with this certification may be punished by fine, imprisonment, or both. (See, for example 18 USC
1001).
| Date: March 4, 2010 | By: | /s/ Bradley Krehbiel | ||
| Bradley Krehbiel | ||||
| President Home Federal Savings Bank | ||||