Welcome to our dedicated page for HMN Financial news (Ticker: HMNF), a resource for investors and traders seeking the latest updates and insights on HMN Financial stock.
HMN Financial Inc (symbol: HMNF) is a prominent stock savings bank holding company for Home Federal Savings Bank. Recognized for its deep roots and community-focused approach, Home Federal Savings Bank offers a friendly, hometown banking experience. The bank operates in the heart of southeastern Minnesota, with branches in Rochester, Austin, Albert Lea, Kasson, La Crescent, Winona, and Spring Valley. Additionally, it extends its services to the Twin Cities metro area through a branch in Eagan, and has a presence in Iowa with a location in Marshalltown. The bank also has loan production offices in Sartell, Owatonna, and Mankato in Minnesota, and Delafield in Wisconsin.
HMN Financial Inc specializes in community banking and offers a comprehensive range of services. These include personal checking and savings accounts, mortgages, consumer loans, business and commercial banking, as well as investment banking. The bank is committed to attracting deposits from the general public and businesses, using these deposits to originate a variety of loans such as single-family residential, commercial real estate, multi-family mortgage loans, consumer loans, construction loans, and commercial business loans.
Beyond traditional banking, Home Federal Savings Bank invests in mortgage-backed and related securities, U.S. government agency obligations, and other permissible investments. Their goal is to provide accessible financial services that cater to the needs of their diverse customer base, including online banking and credit cards.
In recent developments, HMN Financial Inc has actively updated its accounting standards. As of January 1, 2023, the company adopted Accounting Standards Update (ASU) 2016-13, affecting the measurement of credit losses on financial instruments. This transition resulted in a cumulative-effect adjustment to the allowance for credit losses of $1.1 million, an increase in deferred tax assets of $0.3 million, and a decrease to retained earnings of $0.8 million. Additionally, a liability was established for projected future losses on unfunded commitments on outstanding lines of credit.
For the latest news and updates, HMN Financial Inc regularly publishes quarterly summaries. These summaries provide insights into non-performing assets, loan delinquency information, non-interest income and expenses, and more. The company's strong focus on transparency and financial health is evident in their detailed reports and continuous efforts to align with updated accounting standards.
Alerus Financial (Nasdaq: ALRS) has completed its acquisition of HMN Financial, Inc. (Nasdaq: HMNF) in an all-stock transaction valued at approximately $128.8 million. This acquisition, Alerus' largest bank acquisition to date, expands its footprint into Rochester, Minnesota. Home Federal, founded in 1934, brings 12 branches in Minnesota and one each in Iowa and Wisconsin.
As of June 30, 2024, HMNF had $1.1 billion in total assets, including $876.6 million in loans and $983.2 million in deposits. With this addition, Alerus now has approximately $5.5 billion in total assets, $3.8 billion in loans, $4.3 billion in deposits, and $43.6 billion in assets under administration and management across 29 locations.
The integration of Home Federal client accounts into Alerus systems is expected in Q4 2024. Jeffrey Bolton, former HMN Financial board member and ex-Mayo Clinic CAO, has joined Alerus' board of directors.
Alerus Financial (Nasdaq: ALRS) and HMN Financial, Inc. (Nasdaq: HMNF) have received all necessary regulatory approvals and stockholder approval to proceed with their merger. The acquisition is expected to close in early Q4 2024, subject to customary conditions. Key points:
- All-stock transaction unanimously approved by both companies' boards
- Stockholders approved the merger on September 12, 2024
- Post-merger, Alerus will have ~$5.5B in total assets, $3.7B in loans, $4.3B in deposits, and $43.1B in assets under administration/management
- Alerus will expand its footprint with 14 new branches across Minnesota, Iowa, and Wisconsin
- Total branch count will increase to 29 locations throughout the Midwest and Arizona
HMN Financial, Inc. (Nasdaq: HMNF) has announced a quarterly dividend of $0.10 per share of common stock. The dividend will be payable on September 9, 2024 to stockholders of record as of August 16, 2024. HMN Financial and its subsidiary, Home Federal Savings Bank, are headquartered in Rochester, Minnesota. The Bank operates twelve full service offices in Minnesota, one in Marshalltown, Iowa, and one in Pewaukee, Wisconsin. Additionally, it has a loan origination office in La Crosse, Wisconsin. The company's Board of Directors retains sole discretion over future cash dividends, considering factors such as financial condition, capital requirements, and business strategy.
HMN Financial reported net income of $1.0 million for Q2 2024, a decline from $1.4 million in Q2 2023. Diluted EPS dropped to $0.22 from $0.32. Net interest income fell to $7.5 million from $7.7 million, while net interest margin decreased by 20 basis points to 2.70%. However, gain on sales of loans rose to $0.6 million from $0.3 million. The company recorded a goodwill impairment of $0.8 million and merger-related expenses of $0.5 million.
Year-to-date, HMN Financial's net income is down to $2.3 million from $3.1 million, with diluted EPS at $0.52, down from $0.70. Net interest income also decreased to $14.7 million from $15.8 million, while net interest margin fell by 33 basis points to 2.67%. The company saw higher interest income but also increased interest expenses. The pending merger with Alerus Financial, announced in May 2024, is expected to close in Q4 2024.
Alerus Financial (Nasdaq: ALRS) and HMN Financial (Nasdaq: HMNF) announced a definitive merger agreement. Alerus will acquire HMNF in an all-stock deal valued at approximately $116.4 million.
The merger will combine assets, loans, and deposits, resulting in a company with approximately $5.5 billion in total assets, $3.7 billion in total loans, and $4.3 billion in total deposits.
The merger will expand Alerus' presence into new markets, including Rochester, Minnesota, and add Home Federal's 14 branches.
HMNF stockholders will receive 1.25 shares of Alerus for each HMNF share. The merger is expected to close in Q4 2024, pending regulatory and shareholder approvals.
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