HMN Financial, Inc. Announces Fourth Quarter Results, Declares Dividend and Announces Annual Meeting

Fourth Quarter Summary

• Net income of $2.4 million, up $0.4 million from $2.0 million for fourth quarter of 2021

• Diluted earnings per share of $0.56, up $0.11 from $0.45 for fourth quarter of 2021

• Net interest income of $8.9 million, up $1.9 million from $7.0 million for fourth quarter of 2021

• Net interest margin of 3.35%, up 55 basis points from 2.80% for fourth quarter of 2021

• Gain on sales of loans of $0.3 million, down $1.4 million from $1.7 million for fourth quarter of 2021

• Provision for loan losses of $0.1 million, down $0.1 million from $0.2 million for fourth quarter of 2021

Annual Summary

• Net income of $8.0 million, down $5.6 million from $13.6 million for 2021

• Diluted earnings per share of $1.83, down $1.18 from $3.01 for 2021

• Net interest income of $32.3 million, up $2.1 million from $30.2 million for 2021

• Net interest margin of 3.14%, down 4 basis points from 3.18% for 2021

• Gain on sales of loans of $2.4 million, down $4.2 million from $6.6 million for 2021

• Provision for loan losses of $1.1 million, up $3.2 million from ($2.1) million for 2021