HMN Financial, Inc. Announces Second Quarter Results

Second Quarter Summary

Year to Date Summary

Net Income Summary

ROCHESTER, Minn., July 21, 2022 (GLOBE NEWSWIRE) -- HMN Financial, Inc. (HMN or the Company) (Nasdaq:HMNF), the $1.1 billion holding company for Home Federal Savings Bank (the Bank), today reported net income of $2.3 million for the second quarter of 2022, a decrease of $2.2 million, compared to net income of $4.5 million for the second quarter of 2021. Diluted earnings per share for the second quarter of 2022 was $0.52, a decrease of $0.48, from the diluted earnings per share of $1.00 for the second quarter of 2021. The decrease in net income between the periods was primarily because of a $1.4 million decrease in other non-interest income due to a decrease in the gains realized on the sale of real estate owned. Other items impacting net income were a $1.0 million increase in the provision for loan losses primarily because of the increase in qualitative reserves and a $0.9 million decrease in the gain on sales of loans due to a decrease in mortgage loan originations and sales. These decreases in net income were partially offset by a $0.9 million decrease in income tax expense as a result of the decrease in pre-tax income between the periods.