.NET: Why is TryParseExact failing on Hmm and Hmmss?

I'm trying out the DateTime.TryParseExact method, and I have come over a case that I just don't get. I have some formats and some subjects to parse that each should match one of the formats perfectly:

var formats = new[]
     {
         "%H",
         "HH",
         "Hmm",
         "HHmm",
         "Hmmss",
         "HHmmss",
     };

var subjects = new[]
     {
         "1",
         "12",
         "123",
         "1234",
         "12345",
         "123456",
     };

I then try to parse them all and print out the results:

foreach(var subject in subjects)
{
    DateTime result;
    DateTime.TryParseExact(subject, formats, 
        CultureInfo.InvariantCulture, 
        DateTimeStyles.NoCurrentDateDefault,
        out result);

    Console.WriteLine("{0,-6} : {1}", 
        subject,
        result.ToString("T", CultureInfo.InvariantCulture));
}

I get the following:

1      : 01:00:00
12     : 12:00:00
123    : 00:00:00
1234   : 12:34:00
12345  : 00:00:00
123456 : 12:34:56

And to my question... why is it failing on 123 and 12345? Shouldn't those have become 01:23:00 and 01:23:45? What am I missing here? And how can I get it to work as I would expect it to?

Update: So, seems like we might have figured out why this is failing sort of. Seems like the H is actually grabbing two digits and then leaving just one for the mm, which would then fail. But, does anyone have a good idea on how I can change this code so that I would get the result I am looking for?

Another update: Think I've found a reasonable solution now. Added it as an answer. Will accept it in 2 days unless someone else come up with an even better one. Thanks for the help!