FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact Name of Registrant as Specified in its Charter) (State or other jurisdiction 1016 Civic Center Drive Northwest Rochester, Minnesota 55901 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (507) 535-1200 (Commission File Number) Date of Report (Date of earliest event reported): July 24, ...

Core Viewpoint - HMN Financial, Inc. reported a decline in net income and earnings per share for the second quarter and the first six months of 2024 compared to the same periods in 2023, primarily due to increased expenses and a decrease in net interest income [4][21]. Financial Performance Summary Second Quarter Summary - Net income for Q2 2024 was $1.0 million, down from $1.4 million in Q2 2023 [4][21]. - Diluted earnings per share decreased to $0.22 from $0.32 year-over-year [4][21]. - Net interest income fell to $7.5 million, down from $7.7 million in Q2 2023 [4][21]. - Gain on sales of loans increased to $0.6 million, up from $0.3 million in Q2 2023 [4][21]. - Net interest margin decreased to 2.70%, down 20 basis points from 2.90% in Q2 2023 [4][21]. Year to Date Summary - Year-to-date net income was $2.3 million, down from $3.1 million for the first six months of 2023 [21]. - Diluted earnings per share for the first half of 2024 was $0.52, down from $0.70 in the same period of 2023 [21]. - Net interest income for the first six months was $14.7 million, down from $15.8 million in 2023 [22]. - Gain on sales of loans increased to $0.9 million, up from $0.6 million year-over-year [21]. - Net interest margin for the first half of 2024 was 2.67%, down 33 basis points from 3.00% in 2023 [22]. Non-Interest Income and Expense - Non-interest income for Q2 2024 was $2.2 million, an increase of 12.0% from $2.0 million in Q2 2023 [19]. - Non-interest expense increased to $8.7 million, up 16.2% from $7.5 million in Q2 2023, primarily due to goodwill impairment and merger-related expenses [19][20]. - Income tax expense for Q2 2024 was $0.4 million, down from $0.6 million in Q2 2023 [20]. Return on Assets and Equity - Return on average assets (annualized) for Q2 2024 was 0.34%, compared to 0.52% for Q2 2023 [20]. - Return on average equity (annualized) was 3.18% for Q2 2024, down from 4.81% in the same period of 2023 [20]. - Book value per common share at June 30, 2024, was $24.71, compared to $22.76 at June 30, 2023 [20]. Merger Activity - The company entered into a definitive Agreement and Plan of Merger with Alerus Financial Corporation, expected to close in Q4 2024, subject to regulatory and stockholder approvals [4][21]. - Merger-related expenses of $0.5 million were recorded in Q2 2024 [4][21]. Credit Losses - The provision for credit losses was ($0.3) million for Q2 2024, a decrease from $0.3 million in Q2 2023 [13][24]. - The allowance for credit losses was $11.292 million as of June 30, 2024, compared to $11.517 million at the same time in 2023 [15][30]. Non-Performing Assets - Total non-performing assets were $3.190 million as of June 30, 2024, compared to $2.800 million at the end of Q1 2024 [17][30]. - Delinquencies over 30 days increased to $3.198 million from $1.632 million in the previous quarter [18][31].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 0-24100 HMN FINANCIAL, INC. (Exact name of registrant as specified in its charter) | Delaware | 41-1777397 | | - ...

ROCHESTER, Minn., April 24, 2024 (GLOBE NEWSWIRE) -- HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF) today announced that its Board of Directors has declared a quarterly dividend of $0.10 per share of common stock, payable on June 7, 2024 to stockholders of record at the close of business on May 17, 2024. The declaration and amount of any future cash dividends remains subject to the sole discretion of the Board of Directors and will depend upon many factors, including the Company's results of operati ...

Financial Performance - Net income for the first quarter of 2024 was $1.3 million, a decrease of $0.3 million from $1.6 million in the first quarter of 2023[1] - Diluted earnings per share decreased to $0.30, down $0.07 from $0.37 in the first quarter of 2023[1] - Return on average assets (annualized) for Q1 2024 was 0.46%, down from 0.61% in Q1 2023, while return on average equity decreased to 4.36% from 5.64%[17] - Basic earnings per share for Q1 2024 was $0.30, down from $0.38 in Q1 2023, representing a decrease of 21.1%[25] - Income tax expense decreased to $503,000 in Q1 2024 from $672,000 in Q1 2023, a reduction of 25.2% attributed to lower pre-tax income[16] Interest Income and Expenses - Net interest income was $7.3 million, a decrease of $0.8 million or 10.0% compared to $8.1 million in the first quarter of 2023[3] - Interest expense increased to $4.7 million, an increase of $2.8 million or 156.4% compared to $1.9 million in the first quarter of 2023[4] - Interest income rose to $12.0 million, an increase of $2.1 million or 21.0% from $9.9 million in the first quarter of 2023[3] - Net interest income after provision for credit losses was $7,465,000 for Q1 2024, compared to $8,071,000 for Q1 2023, indicating a decline of 7.5%[25] - Net interest income decreased to $7,256,000 in Q1 2024 from $8,063,000 in Q1 2023, a decline of 10.0%[27] Asset Quality - The provision for credit losses was ($0.2) million, a decrease of $0.2 million compared to the provision for credit losses in the first quarter of 2023[6] - Total non-performing assets decreased to $2.8 million at March 31, 2024, down from $3.8 million at December 31, 2023[10] - Total non-performing assets decreased to $2,800,000 as of March 31, 2024, down from $3,818,000 as of December 31, 2023, representing a reduction of 26.6%[12] - Non-performing loans to total loans receivable improved to 0.32% in Q1 2024 from 0.44% in Q1 2023[27] - The allowance for credit losses was $11.6 million at March 31, 2024, compared to $11.3 million at the same time in 2023[8] Operational Efficiency - Non-interest income remained stable at $1,907,000 for Q1 2024, compared to $1,928,000 for Q1 2023, reflecting a slight decrease of 1.1%[13][25] - Non-interest expense decreased by $142,000, or 1.8%, to $7,551,000 in Q1 2024 from $7,693,000 in Q1 2023[15][25] - Efficiency ratio increased to 82.41% in Q1 2024 from 77.00% in Q1 2023, indicating a decline in operational efficiency[27] Balance Sheet Highlights - Total assets increased to $1,152,250,000 as of March 31, 2024, up from $1,107,135,000 as of December 31, 2023, marking a growth of 4.1%[23] - Deposits rose to $1,030,918,000 as of March 31, 2024, compared to $976,793,000 as of December 31, 2023, reflecting an increase of 5.5%[23] - The allowance for credit losses to non-performing loans improved to 413.78% as of March 31, 2024, compared to 309.69% as of December 31, 2023[12] - Book value per common share increased to $24.39 in Q1 2024 from $22.35 in Q1 2023, an increase of 9.1%[27] - Stockholders' equity to total assets at the end of Q1 2024 was 9.44%, down from 9.73% at the end of Q4 2023[27] - Average stockholders' equity to average assets was 10.62% in Q1 2024, compared to 10.74% in Q1 2023[27]

First Quarter Summary Net income of $1.3 million, down $0.3 million, from $1.6 million for first quarter of 2023Diluted earnings per share of $0.30, down $0.07, from $0.37 for first quarter of 2023Net interest income of $7.3 million, down $0.8 million, from $8.1 million for first quarter of 2023Net interest margin of 2.63%, down 46 basis points, from 3.09% for first quarter of 2023Provision for credit losses of ($0.2) million, down $0.2 million, from first quarter of 2023 Net Income Summary Three Months End ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______. Commission file number: 0-24100. HMN FINANCIAL, INC. (Exact name of registrant as specified in its charter) Delaware 41-1777397 (State or o ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number 0-24100 HMN FINANCIAL, INC. (Exact name of registrant as specified in its charter) Delaw ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents Commission File Number 0-24100 HMN FINANCIAL, INC. (Exact name of registrant as specified in its charter) | Delaware | 41-1777397 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | | 1016 Civic Center Drive N.W., Rochester, MN | 55901 | | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number 0-24100 HMN FINANCIAL, INC. (Exact name of registrant as specified in its charter) Delaware ...