HMN Financial Q1 net income $1.3M ($0.30/share) down 19% YoY; net interest margin shrinks to 2.63%

HMN FINANCIAL INC

2024-Q1 EPS reported $0.30

Net income $1.3M, diluted EPS $0.30, down from $1.6M ($0.37) in Q1 2023.
Net interest income fell $0.8M to $7.3M; net interest margin dropped 46 bps to 2.63%.
Provision for credit losses negative $0.2M, down from year ago due to lower general reserves.
Non-performing assets declined to $2.8M from $3.8M at year-end 2023.
Book value per share $24.39, up from $22.35 a year ago.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

HMN FINANCIAL INC reported quarter ended March 31, 2024 results: revenue $7.3 million, net income $1.3 million, EPS $0.30.

Period: quarter ended March 31, 2024
Revenue: $7.3 million
Net income: $1.3 million
EPS: $0.30
Result: reported results

Exact text from the filing

First Quarter Summary ● Net income of $1.3 million, down $0.3 million, from $1.6 million for first quarter of 2023 ● Diluted earnings per share of $0.30, down $0.07, from $0.37 for first quarter of 2023 ● Net interest income of $7.3 million, down $0.8 million, from $8.1 million for first quarter of 2023

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Source: SEC EDGAR

accession 0001437749-24-012479

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