Hmn Financial Inc (HMNF) 10-K Annual Report March 2019

●	Net income of $8.2 million, up $3.8 million, or 87.0%, from $4.4 million for 2017
●	Diluted earnings per share of $1.72, up $0.82 from $0.90 for 2017

●	Income tax expense of $2.9 million, down $1.5 million from $4.4 million for 2017

●	Net interest income of $28.1 million, up $2.2 million from $25.9 million for 2017

●	Non-performing assets of $3.1 million, down $0.7 million from December 31, 2017

Net Income Summary

Three Months Ended

Year Ended

December 31,

(Dollars in thousands, except per share amounts)

2018

2017

2018

2017

Net income

2,352

387

8,236

4,404

Diluted earnings per share

0.51

0.08

1.72

0.90

Return on average assets (annualized)

1.29

0.21

1.14

0.63

Return on average equity (annualized)

11.24

1.88

9.88

5.52

Book value per share

17.19

17.97

17.19

17.97

ROCHESTER, MINNESOTA, January 28, 2019 - HMN Financial, Inc. (HMN or the Company) (NASDAQ:HMNF), the $712 million holding company for Home Federal Savings Bank (the Bank), today reported net income of $2.4 million for the fourth quarter of 2018, an increase of $2.0 million compared to net income of $0.4 million for the fourth quarter of 2017. Diluted earnings per share for the fourth quarter of 2018 was $0.51, an increase of $0.43 from the diluted earnings per share of $0.08 for the fourth quarter of 2017. The increase in net income for the fourth quarter of 2018 is due primarily to a $1.0 million decrease in income tax expense, a $0.8 million increase in net interest income, and a $0.3 million decrease in the provision for loan losses between the periods. The decrease in income tax expense is primarily because of the enactment of the Tax Cuts and Jobs Act on December 22, 2017 which required the Company to record $1.1 million in additional income tax expense in the fourth quarter of 2017 and reduced the Company’s federal income tax rate in 2018. Net interest income increased primarily because of the higher interest amounts earned on loans and cash balances as a result of the 100 basis point increase in the federal funds rate between the periods. The provision for loan losses decreased primarily because of the improved credit quality of the loan portfolio and the payoff of certain non-performing commercial loans which resulted in a decrease in the loan loss reserves required between the periods.

The following information was filed by Hmn Financial Inc (HMNF) on Tuesday, January 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Hmn Financial Inc provided additional information to their SEC Filing as exhibits

Exhibit 13: Report To Security Holders

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: HMNF
CIK: 921183
Form Type: 10-K Annual Report
Accession Number: 0001437749-19-004458
Submitted to the SEC: Fri Mar 08 2019 4:00:17 PM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Savings Institution Federally Chartered