This paper presents HF-RISC, a 32-bit RISC processor, along with its associated programming toolchain. The instruction set architecture of the processor is based on MIPS I and its hardware organization comprises three pipeline stages. The processor was synthesized in four different technology nodes for maximum frequency and simulated using CoreMark, an industry-standard performance evaluation benchmark. Using data obtained from synthesis and benchmarking we analyze the processor performance and compare it to similar commercial products. Obtained results indicate that HF-RISC is a good option for embedded design, as it presents performance figures similar to state-of-the-art ARM processors. Furthermore, its partially reconfigurable hardware organization allows the designer to explore performance and area trade offs.