The president of Home Federal Bank in Sioux Falls, S.D., has stepped down after less than a year on the job.
Darrel L. Posegate, who was promoted from chief financial officer in November 2010, has also resigned as executive president of the the thrift's parent company, HF Financial Corp., according to an 8-K filed with the Securities and Exchange Commission filing Wednesday. The $1.2 billion-asset company gave no reason for Posegate's departure nor did it say who would take over his duties.
Separately, Andrew Liesch, an analyst at Sandler O'Neill & Partners LP, said in a research note Thursday that he was reducing earnings estimates for HF Financial amid concerns about lackluster loan demand and weakening credit quality. Liesch said that he was trimming per-share estimates for this year from 11 cents to six cents, and lowering his target for next year from 93 cents to 58 cents.
Liesch maintains a buy rating on the stock. The shares were trading at $8.90 midday Thursday, up nearly 6% from Wednesday's closing price.
In the fiscal year that ended June 30, HF Financial reported earnings of $679,000, compared to a profit of $5.7 million in fiscal year 2010. The company attributed the drop to an after-tax charge relating to the liquidation of its trust-preferred securities portfolio, a decrease in loan demand and an increase in problem loans to the dairy industry.