https://www.homefederal.com/investor_relations/press_releases/ en wwills@homefederal.com Copyright 2013 2013-05-15T20:51:42+00:00 https://www.homefederal.com/investor_relations/press_releases/hf_financial_corp._participates_in_d.a._davidson_co._15th_annual_financial_/ https://www.homefederal.com/investor_relations/press_releases/hf_financial_corp._participates_in_d.a._davidson_co._15th_annual_financial_/#When:20:51:42Z Investor Relations, general 2013-05-15T20:51:42+00:00 https://www.homefederal.com/news/article/home_federal_employees_give_back_khor/ https://www.homefederal.com/news/article/home_federal_employees_give_back_khor/#When:15:52:45Z The Khor Wakow School Project raises funds for the Khor Wakow villages located along the Khor Wakow River in Southern Sudan.The Khor Wakow School Project received a check from Home Federal Bank as a recipient of Jeans Day for Charity. About Jeans Day for Charity In the spirit of Home Federal Bank’s mission and the development of our employees, Home Federal adopted Jeans Day for Charity in April 2012. Home Federal employees, who elect to contribute to the Jeans Day for Charity fund, earn the privilege to wear jeans every Friday and help some great causes! The proceeds are donated to a different charity each month on behalf of the employees of Home Federal Bank. Pictured: May’s contribution to the Khor Wakow School Project. About This Month's Charity The Khor Wakow School Project raises funds for the Khor Wakow villages located along the Khor Wakow River in Southern Sudan. They strive to give all children at any age level access to basic education in the Khor Wakow villages. They empower boys and girls, and strongly encourage female participation in the school system. June's Recipient: Sack Pack Program - Yankton July's Recipient: Special Olympics South Dakota August's Recipient: Feeding South Dakotas Backpack Program - Sioux Empire September's Recipient: Camp High Hopes,The Dakota Dunes October's Recipient: Horse Power - Sioux Empire November's Recipient: American Cancer Society December's Recipient: The Banquet & The Humane Society January's Recipient: Humane Society - Aberdeen February's Recipient: American Heart Association - Go Red for Women March's Recipient: BE THE MATCH Foundation April's Recipient: Weekend Snack Pack Program - Mitchell For more information about the community involvement of Home Federal Bank, visit our website. 2013-05-15T15:52:45+00:00 https://www.homefederal.com/news/article/home_federal_employees_give_back_jeans/ https://www.homefederal.com/news/article/home_federal_employees_give_back_jeans/#When:15:52:07Z The Weekend Snack Pack Program in Mitchell, South Dakota received a check from Home Federal Bank as a recipient of Jeans Day for Charity.The Weekend Snack Pack Program in Mitchell, South Dakota received a check from Home Federal Bank as a recipient of Jeans Day for Charity. About Jeans Day for Charity In the spirit of Home Federal Bank’s mission and the development of our employees, Home Federal adopted Jeans Day for Charity in April 2012. Home Federal employees, who elect to contribute to the Jeans Day for Charity fund, earn the privilege to wear jeans every Friday and help some great causes! The proceeds are donated to a different charity each month on behalf of the employees of Home Federal Bank. Pictured: April’s contribution to the Weekend Snack Pack Program in Mitchell, SD. About This Month's Charity The Weekend Snack Pack Program provides weekend food for over three hundred K-5th graders in the Mitchell School District. The snacks are placed in students book bags every Friday. Home Federal Bank helped launch this program in November of 2009 by sponsoring the mailing of 500 pieces of mail to businesses in the Mitchell area. May's Recipient: Children's Inn - Sioux Empire June's Recipient: Sack Pack Program - Yankton July's Recipient: Special Olympics South Dakota August's Recipient: Feeding South Dakotas Backpack Program - Sioux Empire September's Recipient: Camp High Hopes,The Dakota Dunes October's Recipient: Horse Power - Sioux Empire November's Recipient: American Cancer Society December's Recipient: The Banquet & The Humane Society January's Recipient: Humane Society - Aberdeen February's Recipient: American Heart Association - Go Red for Women March's Recipient: BE THE MATCH Foundation For more information about the community involvement of Home Federal Bank, visit our website. 2013-04-15T15:52:07+00:00 https://www.homefederal.com/news/article/home_equity_loans_a_powerful_financial_tool/ https://www.homefederal.com/news/article/home_equity_loans_a_powerful_financial_tool/#When:18:54:47Z The equity you have in your home can be a powerful tool in managing your overall financial situation. Your equity, the value of your home minus your existing mortgage, can serve as collateral for additional borrowing.The equity you have in your home can be a powerful tool in managing your overall financial situation. Your equity, the value of your home minus your existing mortgage, can serve as collateral for additional borrowing. While there are some risks with this strategy (as with any borrowing), home equity loans usually offer the attractions of lower rates, convenience and often tax benefits. How does a home equity loan work? Most institutions view home equity as good collateral and offer qualified applicants a home equity loan to lend money against that equity. Funding may allow you to access funds over time or be issued in a check. Talk to a Home Federal Banker about your home equity options. The loan amount can depend on the amount of equity in your home and other credit characteristics. A general lending rule of thumb is that the total debt against your home (including the first mortgage and any other loans where your home is pledged as collateral) is less than 80% of the current value of your home. The interest rate charged will usually be variable and will be pegged to some published index, like the prime rate. Attractions of Home Equity Loans Convenience - Some financial institutions make it easy to apply and their approval processes are fast. The process is often simpler than if you were applying for a new mortgage. Some home equity loans act like a line of credit. You do not have to borrow it all at once. Interest rates - The interest rates charged on home equity loans are usually greater than those on first mortgages but less than those on credit cards. Using the proceeds of a home equity loan to pay off credit card debt will usually save you money. Tax benefits - For individuals that itemize their tax deductions, the interest paid on home equity loans can help save some income taxes. While there are some limits on this type of interest deduction, it may save you some tax. Consult with your tax advisor for more details. Flexible uses Even though you are borrowing against your house, there is no requirement that the money be used on your house. A home equity loan can be the source of funds for college tuition or even to buy a car. Compare the rates on an auto loan and a home equity loan the next time you are financing a car. Assess the risks As with any financing, borrowing against the equity in your home should be assessed carefully. These types of loans are like other loans - you pay interest and they must be paid off in the time frame agreed upon. Most people use home equity loans for purposes they can afford and avoid making risky investments with the proceeds. For more information about home equity loans, contact a Home Federal Banker today at 1.800.244.2149. 2013-04-10T18:54:47+00:00 https://www.homefederal.com/news/article/make_the_home_buying_process_fun/ https://www.homefederal.com/news/article/make_the_home_buying_process_fun/#When:18:22:41Z For the buyers, it’s the delight of finding the right home with the right features to fit their family’s needs. It’s an adventure that leads to an amazing treasure their family will share for many years. Buying a home is fun. And if you don’t think it is, it should be. For the buyers, it’s the delight of finding the right home with the right features to fit their family’s needs. It’s an adventure that leads to an amazing treasure their family will share for many years. For me, as a lender, it’s always been fun to see the end result. I enjoy going to loan closings when just a few signatures on documents transfer that dream into a reality. This is true whether it is a first-time home purchase or one of many in a couple’s life. It’s always satisfying to help make that transition happen. Over my 30 years of mortgage lending, we have seen our share of ups and downs. Today’s historically low rates provide an incredible opportunity for anyone interested in buying, refinancing or building. However, recent issues in the housing industry have required more documentation to close the sale. Don’t let that “red tape” take the fun out of your home buying experience. Mortgage lenders are here to help. That’s because we’re not just bankers or lenders. I also consider us to be counselors, teachers, advisors and partners in the transaction process. The rules may change along the way, but by working together, securing the right financing for the right home can still be a fun and rewarding experience. Here are a few tips I think will help you when applying for a loan to purchase or refinance a home: Choose a lender you can trust with your most private information. During the loan process, you will be asked to provide very detailed information about your finances. Would you share that with a stranger? I hope not. Local lenders not only offer the benefits of face-to-face communication (so you can size them up), but can also become your personal advisor in the event you have additional questions. By finding the right lender, you will also find a valuable resource to help guide you through the process. Choose the right lender, and the mortgage process will go smoothly. Get Pre-Qualified. One of the first questions a realtor will ask you before showing you a home is whether or not you have been pre-qualified. The pre-qualification process uses the same guidelines that a home mortgage would, but instead of establishing a specific loan amount, the lender can offer a pre-qualified amount in terms of a price range of what you might qualify for. Knowing your price range gives the realtor better guidance on how much house you can afford, and gives you a better idea on how a home can fit into your monthly finances. Apply here to get started. Have all your information ready. Even during a pre-qualification, you need to be sure to include all your financial obligations. Since your lender will pull a credit bureau listing when processing your information, it might also be helpful to obtain a credit report prior to your meeting with a lender. That way, you can review it ahead of time, anticipate questions the lender may have and avoid any surprises when you enter the pre-qualification or loan process. This also gives you the opportunity to “get your house in order” before entering the lending process. To order your full credit report (one report is free every 12 months) visit annualcreditreport.com or call 1-877-322-8228. Be brutally honest. A good lender will ask questions beyond what is on the credit report regarding your lifestyle or upcoming financial needs. If your car is on its last leg and may require a replacement in the near future, share the details with your lender. The worst thing that could happen is if you obtained the maximum loan amount for a home, and then found out later that you don’t have enough credit room left to purchase that replacement car. The debt-to-income ratio is your friend. During the loan process, you will discuss your debt -to-income ratio. Simply put, this is how much money you owe in relation to how much money you earn. The ratio is used to determine the best loan option for your needs. However, some people find the ratio to be an unwelcome hurdle in the lending process. Today’s debt-to-income standards are a blast from the past. About 25 years ago, we had very similar standards before they were loosened in the 90s and early 2000s. The looser guidelines may have secured more mortgages for certain lenders, but they also resulted in a record number of foreclosures, bankruptcies and “upside-down” mortgages (where the owners owe more on a mortgage than the home is worth). The “debt-to-income” ratio calculations aren’t just to protect the bank’s investment in your loan, but are also used to protect you from getting in over your head. Remember, the last thing a bank wants to do is to take your home away, so allow the ratios to work to your benefit. Ask questions. And if you still don’t understand, ask again. Your name on a mortgage makes you responsible for that loan, so you’re entitled to a good understanding of it. Ask plenty of questions before signing any documents. Good dialogue with your lender can help avoid any surprises or misunderstandings later. And if you have to ask the question more than once to gain a good understanding -- do it. A good lender who has your best interests in mind will be very willing to educate you on the details of your loan. Plan Ahead when Refinancing. If you’re refinancing an existing loan, additional cash to make home improvements may be built into your refinanced mortgage, based on the amount of equity you have in your home. With rates as low as they are today, it’s prudent to consider additional financing for other elements you may want to add to your home. If you need to remodel the kitchen, add a parking pad, replace the deck or simply put your personal touches in place, getting the financing for it at the same time as your home loan makes good sense. After all, the bank already has all the credit information in front of them. If you’re buying and have a new mortgage, you will want to check into whether you have equity enough to qualify for a home equity loan or line of credit to cover your home improvements. Apply here to get started. One more thing. If you’re a current homeowner who is considering a move in the future, either to down-size or to upgrade your home, right now is the time to do it. Rates won’t stay this low for much longer, and waiting could potentially cost you thousands in interest alone. Apply here to get started. In the 30 years I’ve been in the mortgage lending business, there have been many changes in the home buying process. The applications have changed, the information requirements have been adjusted, and the underwriting processes have been revised. It’s a learning process, but one that we try to make as simple as possible for our customers. It must be working, as I’ve recently had the pleasure of assisting a second-generation of homeowners with their mortgage needs after originally assisting their parents. What could be more fun than that?? Randy Fink is the Vice President of Business Banking and Mortgage Lending for Home Federal Bank. As a Home Loan Specialist, he has been serving the mortgage needs of Home Federal customers for more than 30 years. He currently sits on the board for the Home Builders’ Association and recently served the Sioux Empire Housing Partnership as board member and past president. Through his career, he has received many awards for his leadership, most recently as a 2011 inductee into the Home Builders Association Hall of Fame. 2013-04-08T18:22:41+00:00 https://www.homefederal.com/news/article/local_bank_manager_recognized_for_support_of_national_guard/ https://www.homefederal.com/news/article/local_bank_manager_recognized_for_support_of_national_guard/#When:18:07:37Z When Kevin DeJong needs to report for duty with the National Guard, he knows his employer will support him. That’s why he nominated Aaron Hansen, Vice President and Market Manager for Home Federal Bank in Yankton for recognition through the Employer Support of the Guard and Reserve program. When Kevin DeJong needs to report for duty with the National Guard, he knows his employer will support him. That’s why he nominated Aaron Hansen, Vice President and Market Manager for Home Federal Bank in Yankton for recognition through the Employer Support of the Guard and Reserve program. On April 3rd, Hansen received the Patriotic Employer Award which recognizes supervisors and bosses through a nomination process completed by a Guardsman or Reservist employee. DeJong not only nominated Hansen, but also personally presented the award. “I am completely humbled by this award,” Hansen said. “The real recognition needs to go the men and women like Kevin who take time away from their families and risk their lives in order to protect our country. The commitment that we give to our military team members is simply the right thing to do when you consider the dedication and sacrifice that they exhibit on a continual basis.” In addition to working as a Senior Ag Banker for Home Federal Bank, DeJong is a Major in the National Guard and serves as the Executive Officer with the HHC 153rd Engineer Battalion based out of Huron. Home Federal Bank has a long history of supporting members of the military, and has several other employees currently involved with the National Guard or Reserves. Located at 2408 Broadway, Home Federal Bank in Yankton is a full-service bank offering personal, business, ag, home loans, trust and investment financial services. Photo: Kevin DeJong (left) presents Aaron Hansen with the Patriotic Employer Award, recognizing Hansen and Home Federal Bank for support of Guardsmen and Reservists. 2013-04-08T18:07:37+00:00 https://www.homefederal.com/news/article/choosing_a_location_for_your_business/ https://www.homefederal.com/news/article/choosing_a_location_for_your_business/#When:15:24:16Z Many decision factors go into choosing a location to lease or purchase for your business. The Home Federal Business Banking Team is here to help assess the potential of purchasing or building by identifying financing options that fit your business. Contact us today to get started. Many decision factors go into choosing a location to lease or purchase for your business. If your business is dependent on walk-in traffic, such as with a retail business, the importance of location is obvious. Service businesses are usually less location-dependent, but location can play a critical role in creating the right business environment and retaining employees. Be sure to consider all the factors when leasing space, not just the level of monthly rent, such as: Convenient parking is important, especially if employees drive to work or if clients come to your office for meetings. What types of communication services are available? Many businesses find that high-speed data access lines are crucial to their business. Some buildings are already pre-wired for high-speed communications with T-1 phone lines. Other types of high-speed data communication lines, such as DSL service and even modem service through cable TV, are not available in all areas. You should also consider the level of traffic congestion in the area. As most of us are aware, sitting in traffic can be a huge waste of time. Amenities in the area are another factor to consider. Are there local restaurants or other facilities that can be used for meetings or luncheons? Terms of a Lease Below are some common items to review when a lease is being negotiated. Understanding the terms of a lease can make the negotiation process easier for both you and the landlord. Settling on the terms of the lease does not have to be a contentious process. Remember that landlords are also in the business to make money. Depending on your level of comfort with the entire leasing process, you may want to have your attorney review the lease before you sign it. Nature and duration of the lease. Be sure to understand the term of the lease and the mechanics of any renewal options. Also be sure to completely understand when you are entitled to possession and use of the property. Rent. In the lease contract, make sure it is clear when the rent is due and how it is to be paid, along with the actual amount to be paid. You should also be sure to understand if there is any "pass-through" of increased property taxes or maintenance costs. Competition. If the space is being used for retail purposes, such as in a mall or strip shopping center, are there any restrictions on the landlord's ability to lease to your competitors. What are your remedies if a competitor moves in close-by? Subletting. Do you have the right to sub-lease space if you find you don't need the space within the duration of the lease? Physical condition. You may want the landlord to make certain improvements before you move in. This may include changing walls or electrical connections. What will be the general condition of the space when you move in and what condition must you leave it in when you move out? Landlord's solvency. Will the landlord be able to deliver on all of his/her obligations for maintenance and up-keep? The real estate market can be cyclical and some protections in the lease for your rights may be attractive. Improvements. You may wish to make improvements to your space during your lease. You may need additional offices or just want new carpet. Be sure your lease allows you to make the improvements and try to get compensated for these improvements at the termination of your lease. Need financing for a build-out or improvements? Contact your Home Federal Banker for financing options. Leasing vs. Purchasing At some point a business may consider whether to continue leasing or to purchase a building. Leasing has its advantages and disadvantages depending on your business situation. A lease provides smaller up-front cash outlay and shorter lead-time to take possession. Although, purely leasing doesn’t build up equity and space modifications can be limited by the landlord. The Home Federal Business Banking Team is here to help assess the potential of purchasing or building by identifying financing options that fit your business. Contact us today to get started. 2013-03-27T15:24:16+00:00 https://www.homefederal.com/news/article/home_federal_asks_you_to_update_your_online_and_phone_banking_passwords_for/ https://www.homefederal.com/news/article/home_federal_asks_you_to_update_your_online_and_phone_banking_passwords_for/#When:22:36:56Z For those of you who have recently logged in to Online Banking and/or our automated phone banking, you will notice that you are being prompted to update your password. Nationwide, fraud occurrences are increasing and therefore Home Federal has implemented best practices from federal guidelines to assure our customer’s safety and security is held to high standards. For those of you who have recently logged in to Online Banking and/or our automated phone banking, you will notice that you are being prompted to update your password. Nationwide, fraud occurrences are increasing and therefore Home Federal has implemented best practices from federal guidelines to assure our customer’s safety and security is held to high standards. The new requirement for establishing your online banking password is as follows: 8 – 16 characters long - at least one upper case letter - at least one lower case letter - at least one number Once this new password is established, it will also become your mobile banking password. If you are a phone banking customer, you may be prompted upon log in to select a new Telebank PIN during the call (with the exception if you have previously updated an online banking password). Callers will be prompted to select a new PIN after logging in with your existing PIN number. After entering your new PIN number and pressing the # key, the system will then read your new PIN number back to you, and ask you to confirm by pressing 1. We appreciate your patience in adjusting to these changes. Please know we have your account security in our best interest. Should you have any questions or need assistance resetting your passwords, please call our In-Touch Banking Center at 605-336-2470 or 800-244-2149, Monday – Friday 7:30 am – 7:00 pm; Saturday 9:00 am – 2:00 pm. 2013-03-15T22:36:56+00:00 https://www.homefederal.com/news/article/make_your_money_work_for_you/ https://www.homefederal.com/news/article/make_your_money_work_for_you/#When:16:37:31Z Your money is an asset, and it should work hard for you in the same way you work hard to earn it. One of the benefits of “owning money” is that others will pay you for the use of your money. That benefit is called interest.Your money is an asset, and it should work hard for you in the same way you work hard to earn it. One of the benefits of “owning money” is that others will pay you for the use of your money. That benefit is called interest. The Wonder of Compound Interest Compound interest is sometimes called one of the wonders of the financial world. Very simply, compound interest just means you earn interest on your interest. The terms "compounded daily", "compounded quarterly" or "compounded annually" simply refer to when the interest is added to the balance and begins earning more interest. The Rule of 72 is an easy way to estimate relatively accurately the impact of different interest rates over different periods of time. When estimating, the thing to remember is that money doubles when the interest rate times the number of years equals 72. For example: Money doubles in 6 years at 12%. Money doubles in 10.2 years at 7%. Money doubles in 12 years at 6%. Money doubles in 8 years at 9%. Money doubles in 9 years at 8%. While the Rule of 72 won't give you precise results, it is an easy way to get a good estimate in a hurry. Putting your money to work Two simple ideas: Use direct deposit to get your paycheck deposited quickly, safely and conveniently. Do not have excess money lying around. It will be safer and earning you more money if it is in an account at your financial institution. Apply for an account today. Earning the best interest rates you can Different types of accounts pay different interest rates. Institutions usually base their interest rates on the amount of money in the account and the level of transactions for the account. Not all financial institutions offer an interest-bearing checking account. Interest-bearing checking accounts usually pay lower interest rates, but provide the capability for the most transactions. [See Home Federal Bank's iChoose Cash checking account for an interest-bearing checking account.] Savings accounts usually pay somewhat higher rates, but with less transaction capabilities. You usually can not write checks against savings accounts or if you can, the number may be limited. Certificates of deposit are slightly different. You choose a length of time you are willing to leave your funds deposited and depending on the length, you earn different interest rates. You can cash in your CD early, but will probably be subject to a fee. For more information about these and other savings tools, contact Home Federal Bank. You should try to estimate your liquidity needs (how much money you will need and when you will need it) and then move excess funds to higher earning accounts. Move money you will not need for monthly expenses to your savings account. As your savings account grows and you find that you do not need immediate access to all of it, you can move some funds into higher paying CDs with maturities that match your anticipated spending needs. 2013-02-28T16:37:31+00:00 https://www.homefederal.com/news/article/planning_a_vacation/ https://www.homefederal.com/news/article/planning_a_vacation/#When:18:33:48Z If a vacation is in your plans, consider the financial aspects along with other details of your trip. For example, knowing how much the vacation is going to cost and how to pay for it. If a vacation is in your plans, consider the financial aspects along with other details of your trip. For example, knowing how much the vacation is going to cost and how to pay for it. Costs of the Vacation The actual costs will depend on the type of trip you plan. But, probably at a minimum you will have transportation, accommodations, meals and activity costs. Here is a list that may help your planning. Transportation Airline tickets - $____________ Parking or trip to/from airport - $____________ Rental car - $____________ Taxis - $____________ Other transportation - $____________ Accommodations Hotel $_____ x ___ nights = $____________ Meals $_____ x ___ days = $____________ Activities Entertainment/nightlife $____ x days = $_________ Tours - $____________ Admission fees - $____________ Shopping - $____________ Other _____________ - $____________ _____________ - $____________ Estimated Total - $____________ Before You Go The actual cost of your vacation will depend on where you go and what you do on your trip. One of the best decisions you can make is to save the money you will need before you go. That way, you can enjoy the trip without financial worry. There is no easier way to save than with an automatic savings plan. If you are already using direct deposit for your paycheck, consider an automatic transfer to your savings account each month. Financial institutions, such as Home Federal Bank, allow customers to set up transfers to and from their Home Federal Checking and Savings accounts within their online banking system. If you are not already using direct deposit for your paycheck, contact your employer to help you get started. Alternatively, consider a simple home equity loan to finance the trip up front. A home equity loan works like an installment loan, with a fixed amount advanced to you in a lump sum. You can repay the loan in fixed monthly payments over a set term, with a fixed interest rate. Compare the interest rates and fees of a pay-off schedule you can afford. The cost of using a credit card for the trip can add up. If you prefer the security of a credit card on your trip, use the home equity funds to pay off your balance promptly when you return. Conclusions Your vacation should be fun and carefree. Planning before you go can provide the peace of mind knowing that the cost is covered. For more information on checking accounts, savings options, home equity loans or credit card products, contact a Home Federal Banker today. 2013-02-19T18:33:48+00:00